Bitcoin growth possibly recur on June 6
The analysis of BTC/USD trend from the beginning of the year, suggests there is a correlation between the price and 6th day of the month.
Based on the technical analysis, every 6th day of the month there is either a large retracement or a growth of the price; referring to the pump and dump activities of the Asian market participants.
Specifically, Japanese market participants were dumping the market for the last week. They sell over BTC 20,000 to dump the price below USD 7,000 thus broke the upward wedge and settled the opportunity for a price to break down to USD 6,000.
Meanwhile, Chinese miners preparing a revers strategy for Japanese traders. Referring to our source with the current price of bitcoin,
mining for Chinese becomes worthless, as they almost breakeven with the current operating costs. Therefore, Chinese miners are actively preparing for the bitcoin pump. Moreover, Bitmain (Asic manufacturer) postponed release date for their new mining equipment, which also suggests that bitcoin will break upward in the near future, otherwise miners will see no incentive to purchase new mining equipment and Bitmain will find it hard to convince the market to buy their new equipment.
Everything said above, we assume with the confidence that bitcoin price will streamline to USD 16,000. Even in the short-run if the bears manage to squeeze out the mark of USD 7,000 by June 6, the price of USD 6,000 won’t last long. The main
cryptocurrency growth is Inevitable as well as for the rest of the market.
Therefore, stock with the patience, find the best entry point according your trade strategy and yield the return. Always remember - whatever the mind can conceive and believe, it can achieve.
Author Siam Ruby