roughly a week ago, I posted a simple TA of mine that came to fruition just yesterday predicting this crash. Basically, the two most bearish signs manifested themselves on the weekly chart, rendering any upward movements virtually impossible. The only way henceforth is down.
The stand-off between the $30K support and Bitcoin's price is going to be of epic proportions, so much so that it could dictate our trajectory for the next 4 years till the halving. If the support successfully deflects the price upwards, then $80-100K might just be on the table. If not, then our next stop would be $17K.
If we look at it from a historical standpoint, BTC always blows its top off right after the halving, and goes down to a new high (as compared to the pre-halving price) after it goes down. The time period for this pattern is usually a year.
This is, however, is assuming that no major external events interfere with the progression of the price. In those terms, there is one silver lining to be aware of that is so monumental, it could reverse the tracks towards the upside
XRP v. U.S. SEC
In May 2018, the U.S. SEC sued Ripple on grounds of unregistered sales of its tokens, culminating in about $1.4 billion in profits for the company by way of printing them 'out of thin air.' And of course, this has had far-reaching implications, resulting in multiple exchanges halting trades of XRP, going as far as to delist the token from their platform. The subsequent effect, at that time, on the market as a whole cannot be overstated.
the lawsuit, after 4 years of grueling back-and-forth with the courts, is set to conclude on April of this year, with CNBC reporting that the company has made significant strides in their favour to win this lawsuit.
XRP winning against the SEC is extremely substantial for the crypto market in general. This is the first time a major cryptocurrency was ever brought to the courts and challenged to prove its own legitimacy against the centralized government, and if it proves itself worthy, this would inject a TON of adrenaline into the crypto industry as a whole and instill confidence into investors for a long time, essentially reversing the current downtrend. Again, this cannot be overstated.
There is hope. The good, well-founded, kind of hope that this win is not just going to be for the sake of XRP, but for Crypto as a whole. This could be even be a historical moment!
Good luck.
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