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Bitcoin Market Manipulation: A Bearish Medium-Term Outlook with Altcoin Opportunities

BITCOIN SPOT ETF: JUST 1 WEEK AWAY?
BITCOIN SPOT ETF: JUST 1 WEEK AWAY?

Introduction

In a recent video, Nick takes a walk and talk to discuss Bitcoin and recent developments. Bitcoin’s price has been moving significantly upward, with speculation around Bitcoin spot ETFs driving this surge.

Speculation and Manipulation

Nick discusses the possibility of a Bitcoin spot ETF being approved soon, but believes this is unlikely. They also raise questions about the authenticity of the current Bitcoin bull market, given the lack of volume and demand. Nick suggests that market makers and whales may be manipulating the price action to create liquidity for their exits.

Political and Regulatory Factors

Nick mentions political issues with the Bitcoin spot ETF, with Gary Gensler being a key figure in cryptocurrency regulation. Nick emphasizes the importance of patience and a correct approach to seeing these developments come to fruition.

Medium-Term Outlook

Nick expresses a bearish outlook for Bitcoin in the medium term due to the lack of volume and demand, suggesting a potential move down to around $20,000. Nick references the CME gap at $35,000, which has been filled, and highlight $20,000 as a key support and resistance area for Bitcoin.

Altcoin Opportunities

Nick anticipates that when Bitcoin moves down to $20,000, altcoins will experience significant corrections, offering opportunities for dollar-cost averaging. Nick believes this will lead to substantial gains in the next bullish market, expected to start in 2024.

Audience Engagement

Nick encourages viewers to share their thoughts on the discussed topics, such as Bitcoin manipulation and the $20,000 support level.

Conclusion

The video concludes with a call to like, subscribe, and join the Cheeky Crypto Discord community.

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