Bearish on Bitcoin in August
August will be bearish for bitcoin. We will continue the downtrend that started on July 24th for a few weeks. This is based on my hypothesis that the market is heavily overbought and overleveraged mainly due to a credit bubble occuring on bitfinex (which started in May). I think we will see margin calls during this time and even a flash crash. Without any buying pressure the leveraged longs are crumbling under the 60% per year overextended bulls are paying in interest for loans.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.