So Bitcoin flash crashed $1500 about an hour ago.
Guess what happened to Hive.
Didn't even flinch.
That's right! In fact, most altcoins retained all their value relative to Bitcoin. I don't know if I've ever seen this happen before, and it actually really confused me because the dollar value of Hive decreased from 35 cents to 32 cents and I had no idea why for a few minutes.
Bullish?
Usually when Bitcoin crashes, it steps on altcoins and the other projects retreat into Bitcoin and keep it propped up. That didn't happen. What's going on here?
If I had to guess, it looks like a single BTC whale dumped on the market thinking we are due for a halving crash. It is going to be here in about 2 days, after all.
2020 Bitcoin Doubling Curve
| Jan | Feb | Mar | April | May | June |
|---|---|---|---|---|---|
| $6933 | $7467 | $8000 | $8533 | $9067 | $9600 |
| July | Aug | Sept | Oct | Nov | Dec |
|---|---|---|---|---|---|
| $10133 | $10667 | $11200 | $11733 | $12267 | $12800 |
We see once again that we are pretty much trading exactly on the doubling curve. A lot of weak hands are selling into this base support line up to the $10k unit bias level. When all the sell pressure is gone we should see some pretty monumental action. However, we'll probably have to wait for the economy to reopen before things really start heating up.
On that note, one of the restaurants I frequent is talking about opening up next week. Our economy has been successfully demolished by the elite, and we'll begin returning to a "new normal" soon. On the announcement of said "new normal" I expect a lot of those sidelined billions to flow into Granddaddy Bitcoin. If not, I expect we'll just continue trading at the doubling line for a while.
Summer bull run?
There's a very good chance in my opinion for an epic summer bull run to occur this year. If that happens, we can probably cancel any kind of winter bull run, as the market will need time to deflate and head back down to the doubling curve at $12800 at the end of the year.
However, if there is no summer bull run, I am somewhat expecting a Goliath winter bull run to make up for it at the end of the year. Of course, this is all speculation and my track record isn't the best, but it's still fun to try.
Return from Market Watch May 9, 2020: Have you ever seen this before? to edicted's Web3 Blog
