Alert: Bitcoin Price Pump is Market Manipulation according to Crypto Analyst, Don’t be fooled

2 months ago

Bitcoin is trading around $7360 (at the time of publication) after rising up to around $7580 earlier today, fully doubling its value since the lows earlier this year. The volume right now is also insane and we are reaching levels of the height of the 2017 bull run but without the kind of hype we had at that time which means that its the whales, institutions, or exchanges are controlling the current market situation and most of the retail buyers are just sitting with their empty bags full of losses.

Understanding the Bitcoin Market:

To understand the bitcoin market, we need to understand that the markets cannot run without a person or an institution buying bitcoin and another person or institution selling it. However, the institutions, whales and large cryptocurrency exchanges are well trained in manipulating the price of bitcoin and taking the money away from small retail investors.

There is always a situation of FOMO amongst the retail investors whenever the market is rapidly surging or crashing which leads to instant decision making and thereafter facing massive amounts of losses. These are the kinds of situations where large institutional investors and whales fill their bags with large amounts of profits.

To understand if such a situation is occurring or not, we need to check whether there is actually some kind of hype, situation or positive news for the price of a certain commodity such as bitcoin to rise or fall. If there isn’t, it might just be a pack of whales trying to grab away bitcoin from the small retail investors.

In 2017, the price of bitcoin surged massively from around $7000 to $20,000 in just a couple of weeks, however, at that time bitcoin hype was spread throughout the world and the markets were being controlled by retail investors and not big money players. However, the situation right now is quite different, where there is absolutely no hype, positive news or any such situation which could lead to a sudden price surge. So how is the price rising?

Cryptocurrency Analyst: Market Manipulation, Exchanges making profits

Currently, every few minutes, there are hundreds of people getting wrecked on bitcoin leverage trading platforms such as Bitmex and Bitfinex. Cryptocurrency analysts such as Snookerer have been constantly warning people about the current situation explaining how shorts are being liquidated.

According to Snookerer, cryptocurrency exchanges are pumping the markets as much as they can in order to liquidate the shorts. He even mentions that the exchanges are well aware of the fact that a huge dump is coming ahead and hence they are pushing the price upwards before the drop happens. The current market situation is not the result of organic growth as we have seen bitcoin break above the major resistance levels like a knife through butter. He also explains that the current market is a win-win situation for the exchanges that are manipulating the price of bitcoin. He says that the bubble is expanding and is currently on the verge of popping and when the price falls, it will be a free fall.

Source: snookererm, Tradingview.com

In another post, Snookerer says that the manipulation is currently in full effect as cryptocurrency exchanges are liquidating leveraged shorts that have been stacking. He says that due to this, the length of the current bear market that we were previously facing will be largely extended and will also cause a much faster and harder drop and possibly bring the price of bitcoin to such a level that ever the most bearish people had not expected.

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