A popular crypto trader expects the government to crack down on the industry but not as quickly as some pessimists think.
Crypto Strategist Alias Credibility Tells His 337,700 Twitter followers are alarmed by the news that part of Congress’ Democrats’ new spending bill includes a provision for the IRS to receive $80 billion in funding as well as potentially hiring 87,000 new employees.
The analyst believes that regulatory crackdowns and tax scrutiny on crypto investors are likely to cripple the industry, but there is still a very bright spot looming before the markets are blown up as the latest massive recovery outweighs the slow pace of the government.
“It will probably lead to the next multi-year bear [market]. The collapse of the dot-com era is fueled by new regulations across the crypto space that wipes out 90% of what exists now.
We still haven’t seen a major purge just yet, but it’s bound to come in my opinion.
A new all-time high first – regulators are moving slowly.”
When it comes to Bitcoin (BTC), Credible follows up on a tweet on August 8 where he is He said He questioned the strength behind last week’s rally and was eyeing further price drops after the initial correction.
Chart expert is now convinced That the BTC increase was actually a hoax and some intermittent bearish action is expected that will eventually lead to a drop in the value of Bitcoin below $22,000.
“It was right that I was skeptical about this gathering, it seemed to be a fake.
I just took advantage of the local demand area that I was looking at earlier and I think we might see some relief in the short term, but we’re looking at rejection at RED and continue to reach our original goals.”
At the time of writing, Bitcoin is trading at $23,962, an increase of 6% in the past 24 hours.
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