The sad part is that Wall Street is (temporarily) driving this bull now.
What appears to be happening is that the futures market is being used by the Wall Street players as a forecaster of prices and the
bulk of other bitcoin traders are following suit. Sad but true, as predicted the legendary Bitcoiners are loosing control of this market.
Watch this video by a pro trader that i have been following for about a year.
"SPECIAL REPORT: Bitcoin Price Falls As CME Futures Exchange Bids Lower. By Gregory Mannarino"
https://www.youtube.com/watch?v=xSRal9NQZi0&t=40sThe judge is still out, but this event may or may not affect the future prices of Bitcoin on the long term. We all know many heavy hitters in Wall Street do not believe in Bitcoin and they are going to short this market whenever possible to protect their inflationary assets like cash, gold, silver, stocks, etc. That is why it is called the futures market, because is typically used to predict the FUTURE, although it has been proven that they do not predict it but rather manipulate it!
Is Bitcoin DEAD?
No, I dont think so, not by a long shot! The true value of this asset has not changed, its deflationary model has not changed, its security model has not changed, its destiny has not changed, nothing has changed except that the big boys BETTING-CLUB is now wanting to take some profits out of this bull run. The big boys betting-club has been doing this for a long time and dont want to miss the adrenaline and the gains ($$$) of this market. Some of the Banksters that participate in this club also have to protect their inflationary assets and they will be betting against while other fund managers will be betting for the continuation of this run.
Should I buy the DIP?
Absolutely! This market volatility is going to increase and if the price is pushed down too much it will rebound when the bitcoin believers take control. In this case the believers participating in the futures market will also help push BTC to much higher adding to the rebound.
Can Wall Street stop Bitcoin now?
This is still a free market and its forces will take BTC much higher since the true value of this asset that is now worth $306 Billion dollars is intact. Wall Street with its huge financial backing can kick BTC around but it wont be long before the underlying market forces will take control away from Wall Street.