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Psychologically Prepared for Bitcoin Bull Market Bubble MANIA Rug Pull Corrections 2024

Currencies / Bitcoin May 08, 2024 - 10:53 PM GMT

By: Nadeem_Walayat

Currencies

Bitcoin sets a new all time high of $69,000 before the exchanges pulled the rug on leveraged longs by dumping BTC down to 59,976 within a few hours of the high, job done and bitcoin is back to near where it was before the rug pull. Think about that for a moment, Bitcoin just dumped near $10k in a few hours and then recovered almost all of it! And this bull market is only getting started!


Unfortunately most folks have no idea of what is coming. Even just considering Bitcoin let alone the alt-coins most crypto investors are unprepared for what is to come. The amount of manipulation and volatility is going to be HUGE as the exchanges / insiders are going to EAT retail investors alive! It's not just mayhem in prices but even the biggest exchange CONBASE is already having TRADING BLACKOUTS just as the time when most investors need to log in and manage their positions so as to prevent losses or capitalise on moves, what does CONBASE DO? SHUTS their system down where their retail customers can't even see what their deposit is let alone manage their open trades, as the CONBASE bot's rifle through the frozen stops and limit orders to see how much they can take of customer funds, only allowing access once the job is done, this has happened TWICE in just ONE WEEK!

To get some inkling of what's to come lets take a look at the previous Bitcoin bull market.

Following the breakout to a new all time high above $20k there was huge volatility on numerous days with intraday swings of 10%+. I imagine every such day felt as yesterday (5th of March) as the exchanges wiped out leveraged players. You have to understand 10% is a move that wipes out both LONGS and SHORTS! And this bull market is only now starting to break to new all time highs thus suggests expect many more such moves, and you can double even triple that for the Alt coins!

You may think you are ready but you are not! A 10% crash every few days followed by a bounce back.

BE PSYCHOLOGICALLY PREPARED FOR DAILY 10% MOVES THAT GO NOWHERE!

In terms of trend Bitcoin is doing what I expected it to do which is to first target $61k, and then $71k+ by the halving which has caught the many crypto experts off guard as they had collectively convinced themselves that Bitcoin would be CORRECTING going into it's halving event i.e. the new all time highs are penciled in by most some months AFTER the having event. Whilst my view has been that Bitcoin will likely trade to a new all time high by the halving and that this bull market will likely be compressed in time i.e. it will move a lot earlier and further than most imagine which also means will top out a lot earlier with October 2024 sticking out as a possible top whilst the consensus are focused on the bull market running into the end of 2025 which presents a huge disconnect between what most crypto folks expect to happen and what actually could happen that we are getting an early taste of this week.

This article on how to capitalise on the Crypto Bull Market of 2024 is excerpted from - Bitcoin Bull Market Bubble MANIA Rug Pulls 2024! which was first made available to patrons who support my work. So for immediate first access to ALL of my analysis and trend forecasts then do consider becoming a Patron by supporting my work for just $5 per month, this is your very last chance to lock it in now at $5 before it imminently rises to $7 per month for new sign-ups. https://www.patreon.com/Nadeem_Walayat.

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By Nadeem Walayat

http://www.marketoracle.co.uk

Copyright © 2005-2023 Marketoracle.co.uk (Market Oracle Ltd). All rights reserved.

Nadeem Walayat has over 30 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of five ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series that can be downloaded for Free.

Housing Markets Forecast 2014-2018The Stocks Stealth Bull Market 2013 and Beyond EbookThe Stocks Stealth Bull Market Update 2011 EbookThe Interest Rate Mega-Trend EbookThe Inflation Mega-trend Ebook

Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication that presents in-depth analysis from over 1000 experienced analysts on a range of views of the probable direction of the financial markets, thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

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