Bearish on Bitcoin in August
August will be bearish for bitcoin. We will continue the downtrend that started on July 24th for a few weeks. This is based on my hypothesis that the market is heavily overbought and overleveraged mainly due to a credit bubble occuring on bitfinex (which started in May). I think we will see margin calls during this time and even a flash crash. Without any buying pressure the leveraged longs are crumbling under the 60% per year overextended bulls are paying in interest for loans.
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