BITCOIN AND "PREDICTIONS"
Everybody always talks about buying the dip, but the truth is that when the dip starts, it goes lower. Ultimately, compared to other cryptocurrencies, Bitcoin does not drastically go low during dips; it's even in its recovery phase right now after the last dump. On the bright side, Altcoins have not suffered that badly at all during the dump.
Bitcoin sees periods of bearishness within bull markets, and it is not a bear market until we go back below $20,000. At this rate, Bitcoin shows no sign of doing so, and that would mean a further decline from here.
Business insider published the headline above; the headline implies that there is a problem with Bitcoin. This headline got blasted throughout the traditional news media because it is entirely fake news. It stirred up the market and caused the dump.
Guggenheim CIO expects Bitcoin to drop to $20,000. Meanwhile, last week, they "confidently" stated that Bitcoin would go to $400,000. There is a possibility that this institution does not have the amount of Bitcoin they want to hold.
Bearing predictions from companies like this are one of the reasons why dips occur in the crypto market. Companies like that say such predictions to get people to panic sell to purchase those sold bitcoins at lower prices. It is all a tactic. They use you to reduce the value of Bitcoin, knowing fully that Bitcoin will eventually l get to the $400,000 which they predicted earlier on, and you will end up buying Bitcoin after they have now caused inflation on the market.
If Bitcoin goes below $30,000, there will be a massive panic, people will get liquidated, and it will cause the price of Bitcoin to drop drastically. The good thing is that this drop will be short-lived, and there will be a quick recovery.
Grayscale, on the other hand, does not care how expensive Bitcoin is; they are not making silly predictions, a matter of fact. Grayscale scooped up 7x the amount of Bitcoin mined this week alone. Grayscale has 641,520 BTC; Guggenheim does not, hence why they are making those types of predictions. They are trying to see how they can get a hold of coins.
Institutional buying pressure is not going to stop; that does not mean that these institutions will not try to manipulate the price of Bitcoin to get it to where they want it to be.
