The more I dig, the more I convince myself Bitfinex is in a shit ton of trouble and is Tether as it's own central bank to stay afloat by buying BTC on margin and forcing the price up. This move up feels wrong to me. All previous retracements and extensions were a high followed by a dip to 61.8% of that high, followed by a new high of 1.618% of the previous high.
The pull back leading up to 11/12 only saw BTC drop 30%. BCH was on its way to advancing to that level on its own before Roger Ver came along and essentially spiked the football.
TLDR: Don't think BTC's pull back on 11/12 was the correction and it's current price status is being propped up on Bitfinex, through truly fake money, Tethers.
if BFX dies, there will be a crypto nuclear-winter :(
They've become the banker's bitcoin, which is why they won't win in the end. The entire purpose of bitcoin is to bypass the banks, central bank created inflation and the money changers. It's a gift from God in my view.
My only crontra-view is that perhaps as BTC climbs, they need more Tether to satisfy buying demand (for BTCUSDT) so maybe they are both 'related' more so than one 'causing' the other?
Bitcoin Core is the 'corrupted' Bitcoin, which is why it will ultimately lose in my view.
But I do not understand with Bitcoin Core has to do with Tether?
(not that I agree with them in a lot of cases anyway, but not sure how/why Core can influence the issuance of tethers?)
BFX has only been shown to manipulate the price of BTC. If fraud does turn out to be the cause, it's going to send BTC's price crashing down to a low we can hardly imagine. I could see $3k in that scenario. The only question is if it spills into the other coins.
Blockstream, to me, represents a corruption of what Bitcoin is supposed to be about and they complete forget Bitcoin's true purpose. The purpose of bitcoin is to return freedom to the people by returning control of the money supply to the people and away from the central banks.
The banks and corporate interests have corrupted the free nature of Bitcoin, which is why we now have Bitcoin Cash, soon to be simply "Bitcoin".
Doesn't BTC just feel primed for a deep pull back to you? Down to $5k? Right now, it feels, to me at least, artificially propped up about $8K. Bull trap I suspect.