- Bitcoin could hit $1,000 if coronavirus crisis gets worse
- Cartel are initiating crashes to frighten retail and keep them away so they can accumulate more
- “The real crash hasn’t happened yet – this was just a dress rehearsal.”
In October 2019 we interviewed one of the more controversial figures in the crypto community – Bitcoin cartel theorist, @Super_Crypto. His theories on the manipulation of the markets by wealthy ‘cartels’ have stirred up plenty of emotions in the community and turned him into a pariah and a celebrated prophet in equal measure.
In December 2017, with Bitcoin at all-time highs, Super_Crypto called for a 95% correction. With Bitcoin’s recent 51% crash and the potential to go lower due to the coronavirus outbreak, we thought we’d get Super_Crypto’s thoughts on Bitcoin, the global markets, and the bigger geopolitical picture. Will we get his predicted 95% correction after all? Will Bitcoin even survive?
What do you think the ongoing coronavirus threat and the response in the markets means for Bitcoin during the next few weeks?
In my view COVID19 is going to be the main driver for all markets – stocks, gold/silver, and Bitcoin (crypto overall). If the global situation improves, then $3,850 will prove to have been the second major bottom, following $3,200 in December 2018. In my view this will remain intact for a long time, at least until the next financial crisis.
How low do you think Bitcoin will ultimately go during this period?
All depends on COVID19. If it improves, then $3,850 is the floor. If the situation gets worse, it’s possible for Bitcoin to visit $3,000 and below. It all depends on how bad the lockdown in the US becomes and how effective the counter measures are.
Overall, the economy is going to be severely damaged. At the same time the Federal Reserve’s quantitative easing bazooka is going to provide big ammunition for a future rise in BTC price.
Did you realize Bitcoin could go this low because of the outbreak and its impact, and if so when?
I was always inclined to believe it would be hit hard before the halving. The ‘invisible hand’ (the cartels) have major interest in keeping Bitcoin under control. With a new bottom of $3,850, I believe the price after the halving might be capped at $10k.
In my view, the recent dump was supposed to be only upto $7,000. In my opinion the drop to $3,580 was a flash crash event created by Cartel. The real crash hasn’t happened yet – this was just a dress rehearsal.
Does Bitcoin’s recent price action damage it fundamentally?
Not at all. Everything stays as it is in the long term – fundamentals remain strong. What it does do is frighten retail and prevent them from getting into the market, which is the exact purpose behind these flash crashes.
Technically Bitcoin is damaged in the short term. Many TA experts were looking at $28k after recent breach of long-term bearish line. This has failed again.
Do you believe we’re approaching a full-blown recession? If so, what does that mean for Bitcoin?
It is possible. If a recession hits, Bitcoin will go below the recent bottom – I wouldn’t be surprised to see Bitcoin in the range of $2,000. If a depression arrives, Bitcoin will go below $1,000. I have previously said that $1,000 is possible because many things are yet to happen. If this happens you will see Bitcoin mining companies cutting staff and some closing altogether as they struggle to turn a profit.
We have very unusual times ahead. When the Federal Reserve loses control of the economy we will be entering into uncharted territory. It will be very difficult to trade most of the markets – there will be violent up and down moves.
How effective do you think the government’s attempts at stimulating the economy will be?
We really don’t know, although a depression and hyperinflation are possible. We could see a depression first followed by hyperinflation, or we could skip straight to hyperinflation. In case of hyperinflation every asset will rally – gold, silver, Bitcoin, and a whole bunch of alt coins.
Super_Crypto’s opinions often provoke strong reactions from both sides of the community, and his prediction of another flash crash to take Bitcoin down to $1,000 is likely to be no exception. Only time will well if this eventuality comes to pass, but if you’re looking for a Twitter account that balances the overoptimistic moonboys, then you can’t do any better than @Super_Crypto.