Based on the rather unimpressive declines usually under 7%, it is clear to me that a temporary, and slow climb to at or over $9,000 is in approaching before a rather sharp decline to my previous target of $5,200.
While sentiment is rather bearish, that is when the largest actors benefit most for short term price action. The flooding in China, which (supposedly) 'destroyed' mining equipment seems somewhat unsubstantiated; pictures are easily falsely produced... and I would expect mining difficulty to decrease, and remain less-difficult but it has not.
I find it rather peculiar how the machines are arranged to be photographed, its source is of questionable nature, and I question the fact of its low resolution, plus I find it odd that mining operations would let it be known various details of their setup, unless to misdirect.
It is likely a ruse to trick people into hoarding gear to assist Nvidia in clearing out inventory for a product that will be unlikely to launch this year; which may make one wonder who stands to gain the most from an unexpected bitcoin jump and have the ability to make such an increase happen in a short timeframe.
