Coinbase Wyckoff Accumulation. SPRING in play?We will find out shortly.
The bear case: Coin goes to zero, after the US authorities pull on some threads and we unwind some massive criminal activity between the inner dealings of DCG - GENESIS - COINBASE - SILVERGATE - FTX - etc etc etc....
The Bull case: The bear case above is the overhanging Fear Uncertainty And doubt which is being amplified by the market maker so that he can scoop the final remaining shares. Within days we should see the beginning of a rally which should be relentless in its pursuit of reaching 115 dollars per share. Many will take this opportunity to sell at break even, or a slight loss from previous purchases (the remaining supply is absorbed by the market maker) Once this final supply is absorbed, we will see the market drift higher. People will ask, how was coinbase ever valued at 32 dollars per share??? how did the market dislocate so much and provide the opportunity for a 10x in such a short period of time?
The market often over corrects just as much as it overshoots, providing great opportunity. Is this a case in which this has happened? or is coin really going to zero?
We must dig deeper to understand. However, I am not here to do your homework. So do it yourself.
Here are some hints though.
USDC
LSD
SUBSCRIPTIONS
Furthermore we must admit that coinbase has:
Pricing power
Trust
Assets backed 1-1
I, Like my perceived market maker, have been accumulating at any price below 70 dollars, I would thus argue the market maker may not in fact be a single person, but rather a collective of people like myself thinking similarly. We take the risk when few others will, and for this we stand to profit more than usual. Or go broke.
