YoungShkreli is UP $500/btc short - deja vu - get his take here!How's it going everyone? Hope you're all well,
Bitcoin has been pretty funny for the bears all year. I've been expecting 5k for a long time now, before I was on TV even. Anyways...
I'm still short bitcoin, I'm expecting $5,000 next; hopefully we will bounce off of that, but don't hold your breath on that. There were two levels I was considering when we were falling from $13,000 and I knew we'd be headed lower. Those two levels were $7,500 and $5,000. Once we got to $7,500 ($8,000 on some other exchanges - same level though) we had a v-shaped bounce and some people thought that was the end of that - not me. We only bounced something like 15% from that. I knew that wasn't strong enough to end the fall - that was when I was SURE we were in a bear market.
I'm considering the possibility that 5k is the new 7.5k, what I mean is that we might bounce off of 5k, but that very well might not be it. If it isn't, expect capitulation. I was talking with my brother about this yesterday, let me tell you why bitcoin will always have so many weak hands - and therefore be prone to intense crashes. The reason is because some people have a lot of bitcoin. For some people, bitcoin is the only reason they are rich. They got rich really fast and don't want to go back, so there is always some price at which they must sell to protect their finances.
I believe that we have lower to go from here on this move and that is due to the fact that usually the first day of selling isn't the biggest day, here it has been so far. We have also been having long periods of selling when they come around ~10-15 days of solid red each time. $6,000 is right around the corner, it should not be holding up for much longer...
I will keep you all updated. Thanks for reading!
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