Mtgox are the one dumping their coins and I see this as an attack on crypto currencies market. Last time that we have serious dump like this the governments was behind it and now that most of the regulations issues are over we have started see Mtgox dumping bitcoin at a very cheap prices.
The trustee already sold huge amounts of BTC and until september, when a decision will be made if more BTC needs to be sold, no more BTC is going to reach the market. Furthermore the Mt. Gox BTC adresses are know now and many eyes are on them.
So it's not the Mt. Gox trustee behind the actual decline!
What about accepting that we are in a obviously strong bear market. Two years in a row bulls had a lot of fun and where partying. Now it's the bear's time.
Oh well, the bears is really taking the market for the first 3 months of this year, and there's no clear site as to when and why are we going to bounce. But we have to take note that its not only bitcoin that is taking so much beating here, the whole crypto market is, so yeah, bears is all over. But as we can't go parabolic for a long time, I don't think that the bears can keep this up. The bulls may be just all around scattered, but we all know that once the herd consolidates, then expect a massive bull run.
And just to give my prediction how low we could go. 5k is on the table. And with more fear, uncertainty and weakness in the market, hell even 3k could be a possible low target for the bears.
Just have a look on the weekly chart and spot the gaps.
Currently we are just a shade above $7000 and weekends is coming. We all know that there are "mini dumps" occurring in those days, so I might as well see the price going below $7000 in the next coming days. But let's put a positive spin out of it and see it as a bargain price to purchase bitcoin.
