Crypto trader and analyst Lark Davis says whale games are at play as Bitcoin takes a nosedive below $34,000.
In a new synopsis of the markets, Davis says large Bitcoin holders are capitalizing on the massive move to the downside and hoping retail investors sell their BTC.
“There are very rich and very powerful players in this market who are very good at manipulating the market. They’re good at playing the game, right? And they play the game with billions of dollars in capital at a time. They shake the market with massive selloffs while at the same time shorting the market.
Then, when the market’s down, they take your Bitcoin that you panic sold after a 10% drop. Rinse and repeat. Rinse and repeat. Gaining more Bitcoin, adding to their positions. This is the process of trying to shake you out of your position. Remember friends, don’t be whale food.”
In Bitcoin’s 2017 bull run, the top