This is just like the stock market, people at the top are maniuplating the price to their benefit. The whales are working together, and they hold hundreds of millions, if not billions to be able to move the price of bitcoin as much as they want.
Now that many people panic sold or stop losses were triggered, there was mass selling and prices went down even more. They then buy back at a lower price, pocketing millions. This market manipulation is nothing new, and we'll see a lot of it in Bitcoin this year and next.
Just keep in mind that the only things that dictate the price of Bitcoin are demand and supply. Supply is always get smaller, especially with the halving and whales hoarding. There will always be a demand, because this is like a lottery. The price keeps going up and up, and everyone wants a part of that.
Just trust me on this one thing. They are fattening up the price of bitcoin using every tactic they can. And when the end is near next year, they will sell everything at one go.
This is why you have to be super careful if you own a bitcoin ETF. Bitcoin ETFs cannot be traded on weekends and holidays. Imagine it's the end of the cycle, and you haven't sold yet. It's Friday afternoon of a long weekend, and BTC just hit $400,000. Then, suddenly over the next three days Bitcoin crashes hard: 50%. You will feel sick and helpless as you watch all your money vanish.
There will be two peaks next year: one in the spring and one in the fall. The one in the fall will be bigger, but carry more risks. The price can come down very suddenly, as this is the prize they are seeking, and they will rug pull you when you least expect it.
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