Why institutions buying bitcoin worries me.
Been doing some research on bitcoin., Here's an excerpt from an article;
"July 30/2014
Over the summer, a slew of eager businesses joined the Bitcoin bandwagon, including Microsoft (MSFT), Dell (DELL), Braintree (a Paypal (PYPL) subsidiary), and online shopping behemoth Overstock (OSTK). However, the long-term price decline continues, and by the end of the year, Bitcoin will be back below $300. In fact, it's possible that the major corporations were the ones that pushed the price down. Accepting Bitcoin as payment, they'd instantly sell their holdings on the market in order to convert them back into regular cash, increasing supply and depreciating Bitcoin."
Could the next couple of weeks be bearish?
"July 30/2014
Over the summer, a slew of eager businesses joined the Bitcoin bandwagon, including Microsoft (MSFT), Dell (DELL), Braintree (a Paypal (PYPL) subsidiary), and online shopping behemoth Overstock (OSTK). However, the long-term price decline continues, and by the end of the year, Bitcoin will be back below $300. In fact, it's possible that the major corporations were the ones that pushed the price down. Accepting Bitcoin as payment, they'd instantly sell their holdings on the market in order to convert them back into regular cash, increasing supply and depreciating Bitcoin."
Could the next couple of weeks be bearish?
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The article is linked below
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Price is looking really attractive for a sell. Is this a fake rally, the short will be invalidated once we break 43k
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sell still on
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Well well a week later and we are back below 40k.
