3 Reasons Bitcoin is going back up! - Sept 21, 2017

With the crypto markets being so turbulent, it can make anyone feel uneasy. Well you can be confident the markets will continue back up starting in October. Here's my top 3 reasons why:

1. End of Financial Quarter sell off.
   -Despite the major FUD from the recent China news, exchanges shutting down and the markets panicking, my number one reason is that much of this downtrend is due to simple profit taking by companies. A huge number of ICOs happened Q2 and Q3 of this year, and now that we're at the end of Q4, it's totally expected that many of those companies will convert their holdings into fiat for profit taking and tax reasons. This happened at the end of Q3, and is repeating itself now at the end of Q4. Once Q1 starts, this major reason for sell pressure will be removed and replaced with buy pressure for the new fiscal year (US).

2. China Bans Bitcoin..... again.
   -There is no denying that the news from China has put extraordinary sell pressure on the Crypto markets. Combined with the banning of ICOs, refunds happening, and general market panic in China, many traders in China were probably looking to liquidate a good part of their holdings. You can see how this will cause a spike in sell pressure. However this news came when Bitcoin was trading close to $5000 and was hugely over extended on TA. I expect it may have kicked off the profit taking, but isn't really bad news that will linger much past end of September. Most likely China simply wants exchanges to register and possibly bring on board KYC and AML practices. News of China re-opening exchanges would turn this FUD upside-down and kick off a major, major Hype cycle.

3. Huge advancements coming up.
   - Q1 is going to bring in fresh capital, exciting news, company announcements, and will bring back all the traders from vacation. This could be the most exciting quarter yet for Cryptocurrencies. While a lot of the news from the summer has been kept within the Crypto circle, it's the fall when people get together and start talking. Marketing cycles generally kick off in the fall as well and this fresh hype cycle will clear away all the FUD from September.

TL;DR - You will see sideways movement for another week as companies take profit after a sell cycle was kicked off by news from China, which will reverse trend at the fresh start of Q1 and the start of marketing campaigns.

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