2021-07-06 15:32:09
You worried about the big Greyscale unlocking?
The upcoming unlocking of Bitcoin shares 140,000 worth of Bitcoin this month in itself is a bearish news.
The real question is is it powerful enough to make us break the 30k level and go to low 20-es?
I don’t think so.
Here’s why.
There is unregistered, under-the-radar, MASSIVE interest in bitcoin that is causing this chart to look so weird and choppy - because market maker cannot comprehend that there is actually a smart entity buying and topping up bitcoin at critical points.
If greyscale will be bearish will depend the price we reach nearing the time of unlock.
If the unlock would be tomorrow, I’d say sell all and go usdt, it would be bearish.
But since we have more than 10 days, if the price recovers nearing 40k level… we can see just a correction back to low 30k levels by the mean of a wick even and reclimbing back up.
I am not completely dismissing Greyscale thing, but also I am aware that bitcoin market EASILY absorbs 140,000 btc sale especially with the FACT that all shareholders do NOT want to sell their btc. (especially at this price). So let’s put it relisticlaly to like 50k btc. It’s unnoticable by the market. More noticable could be the fud that could follow it, but retail will never react to greyscale as they will to Musk or such, and we are in big retrace now, I believe many will be surprised by how small-to-no effect it will cause.
Again, depends on the price levels nearing to the unlock event.
I hope you find this update useful
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