If you are curious to know why Bitcoin is not going up, it’s not only you. There are tens of thousands asking this question, at least to themselves.
Here is my opinion if this is a Bitcoin crash or a dip.
Some people believe that as other coins depend on Bitcoin, nothing else will go up if it doesn’t go up. Most people don’t own Bitcoin but the altcoins and memes, but still, as nothing goes up unless Bitcoin goes up, everyone is curious to know why bitcoin is stuck below some prices.
I have also been curious and found some crazy facts about why Bitcoin and altcoins don’t go up.
Before I share my opinion, I am curious to know, do you believe that the flow of Bitcoin is natural? Or are there some other reasons for which whales dump the price? Also, what do you think about why Bitcoin often doesn’t go up?
You can share your opinion in the comments.
Here is my research.
Here are the top 3 reasons why Bitcoin doesn’t go up.
The whales want to ruin leverage.
Here is a simple question that will make you understand the myth easily.
If I tell you that, hey, Bitcoin is at this price X and will be at a price 2x in the following two months. You can only have $1000 in your account. What shall you do?
You might see that some exchanges offer 20x leverage, and you will definitely go for it. Now you are not buying for $1000, you are buying for $20K with your $1000, and the profits will be huge. Right?
That means you are using others’ money and making huge profits. Simple.
This is what people do.
When bitcoin dropped in the early days of this cycle, exchanges washed millions of dollars within 1 hour.
Many times it’s the only reason bitcoin doesn’t go up. It’s cleaning many accounts, and it isn’t easy to guess where it will go to create fear.
It’s part of the cycle.
Let’s look at the previous example once again.
If it was so simple, everyone was about to guess which direction it would go.
But it never happens.
Just do an experiment.
No matter where the bitcoin is, if it has traveled a few thousand down from its last resistance, ask people if it’s bearish or bull period.
The result can never be one-sided.
Many will be bullish, and many will be getting it back to $18K once again.
The reason is the same as mentioned earlier. The whales would never let you understand in which direction it’s going.
Look, Bitcoin has never been in a bearish period.
If you see, it was $2 once, and it’s now thousands of times from here. So can you imagine it’s bearish anyhow?
But it has to follow a pattern that I have found for myself.
If you see the chart of Bitcoin or any other coin, you will know that it follows the same pattern. It’s going up and then coming back for correction on each level.
Say it’s 5m graphs; if it’s going up, it will definitely come down, the same as the daily and weekly charts. And when this pattern is applied to monthly charts, it results in huge dumps.
Once created, Crypto has never been bearish; it’s just completing the essential pattern to balance the loss and profits.
It’s complicated math.
It’s never one side, and it should never be.
Whales want to complete altcoin cycles.
This is another essential thing to understand.
As Bitcoin follows a pattern, the same is for Altcoins.
Many coins follow the patterns easily, people buy and sell, and it keeps on traveling.
But people are often so bullish that they don’t want to sell some coins. They believed that those coins could be life-changing or could get massive gains.
Whales: What the heck? How to manage those people?
Answer: Create fear, and they will sell.
Yup. Bitcoin dominance is just a myth; it’s not factual.
And this myth was started for altcoins.
When people are super bullish about some coins and aren’t ready to sell, fear is created with Bitcoin.
People used to believe that if the Bitcoin price comes down, everything comes down, so as Bitcoin is not going up, it can come down and touch that support level, which will happen with my coins. So
I should sell here and buy there again.
So often, it’s not bitcoin itself for which its value is going up, but it’s other coins.
That’s what I am feeling now. This time, Bitcoin is completing its cycle and helping many other coins achieve the cycle so that everyone can enjoy the upcoming bullish period in the following months.
Disclaimer: I am not a Bitcoin market analyst. And I am not your financial advisor. I am sharing what I have learned for myself and what I believe in. I follow this for my investments. Learn it as an opinion and build your own opinion.