Bitcoin (BTC) CRASH, Doom and Gloom Reality Check !!!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar

As I said in my previous Post, I sent out this chart on 19th January to my group suggesting BTC             would break to 6000 level (5600 to be specific).

Please check this chart:

BTC             is heading to 12K and a lot of optimism is building up BUT with "caution"; faith and trust has been damaged somewhere and sentiments are broken. At one point it was hard to believe that BTC             could even go to 6000, in many of the retail buys and passionate Crypto fans imagination. This has now completely damaged the belief.

If I see the buy and sell volumes of major exchanges then there were roughly 8 million BTC             which were bought between October and the day BTC             touched 6000 mark, there are roughly 4 million BTC             sold so far between October and now. This suggests that almost half of the BTC             are still on hold which was bought during the boom. They are the one who missed the party while BTC             quickly moved to 6000. They are the one refused to book profit when BTC             moved down below 10K. What are they going to do if BTC             arrives at 12K? Are they still going to hold for 20K or are they going to book profit and get rid of it? Certainly the big ones would offload some or all. What would happen if 4 million BTC             are pumped into the supply?

Since BTC             now is heading to 12K, is it going to boom again? Well, if you see the chart BTC             broke double top support line and therefore, already confirmed the reversal, it is quite normal for these reversal patterns to test the broken support line. So, as I mentioned in my user group, a "dead cat bounce" was expected at 6000 level. BTC             has already established a downtrend and hasn't finished the bottoming up yet, much will also depend on how BTC             reacts to 12K area. But looking into volume since 6000 low and until now, it looks a "dead cat bounce", its highly likely that BTC             will test 6000 again and I expect BTC             to breach 6000 support and go down to below 3000 level by end of the year.
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