BTC bull market is incoming - but not just yet?

14 May, 2019
by David Robb
Price Analysis
BTC bull market is incoming - but not just yet?

With BTC testing the $8000 level after a month of huge gains, many are claiming that the bull market is already well underway. One user on TradingView is making the case that this might not a correct analysis of the current price action, although a bull run could be around the corner.

D4rkEnergY claims to be part of a leading community of crypto traders, and believes that the big price increase that BTC is seeing is part of a plan cooked up by Bitcoin whales. Investors with very deep pockets are buying up BTC to drive up the price and trap the more hesitant traders, and soon they will start to sell off again.

BTC/USD Chart by Tradingview

The whales' trap apparently became clear due to "the huge disproportion between Longs vs Shorts, which made it easy for the Whales to steer the market to 6k and 7k and above".

According to the analysis, "everything is as the Whales want. Dumb Money are starting to go long and soon retail investors will also go LONG, which you can see from my chart is on the end of the 5th Wave. That is pure (bait). When first THAT happens, the Whales will dump the price and the Dumb Money will once again get caught. We will probably go all the way down to 61.8 % and maybe below 5k to bait people to go Short".

Despite this short-term pullback, engineered by the whales, BTC will soon break out again. Around September, the bull run will kick into gear again, and likely extend past where we are now. D4rkEnergY points to the convergence between price and volume as a strong sign of this, as well as beating important moving average figures.

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Read more about: Bitcoin (BTC)

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