The last 3 months in the cryptocurrency market have reminded us how quickly things can fluctuate in these markets. Bitcoin soared to over $19,000, Ethereum to $1,400 and Litecoin saw a huge jump to $350. This brought a lot of attention to the market that otherwise wasn't really there. You know something is overblown when everyone from your barber to your co worker who has never invested in anything besides video games and vape juice suddenly becomes a crypto expert. This was a worrisome sign for myself as well as many others, I halted new purchasing of anything until the market saw a sizable pullback(20%+). Too many newbies and first time investors poured most or everything they had into the market at all time highs, which has cost them dearly given the 50%+ correction we've seen in Bitcoin and most other alt-coins. Ethereum faired the best of them all.
All of this begs the question? How far will Bitcoin and other cryptocurrencies fall..many charts and indicators suggest that a $6,000 BTC would be the most likely floor, but that is not certain all though most likely. I believe BTC as well as most other alts will kind of sputter over the next month or two, but what will follow will be the biggest bull run the community has ever seen. It is still very probable that we will see a $60,000 Bitcoin and a $4,000 Ether, with that said, the highs of last month still seem cheap. My theory is if you believe in something and are convicted in your decisions than these short term fluctuations don't truly matter in the long run. If you are here to make a quick buck by all means go ahead, but this technology is here to stay for the long run and is still in its infancy in my opinion. The short gains that can be made trading in and out of these coins will pale in comparison to the gains of those that simply bought and held. That is the theory of many millionaire/billionaire investors and I choose to follow the same logic.
In other news the corrupt financial system saw its largest single day loss in history with the DJIA closing negative 1,000 points...ouch. Heres a video of it as it happened.----->
I believe we are finally beginning to see the dominoes fall towards a larger financial crisis(which is why crypto is so important!) We cannot continue to allow central banks, governments and other entities to control our wealth, health and freedom. Its time we take control of our own destiny.
Photo courtesy: CoinTelegraph.
Are you a buyer during this time? Are you selling? Or just standing on the sidelines watching it all go down? Let me know either way by leaving feedback I'd love to know what everyone else is thinking during these times and if I'm the only optimistic one left!! HODL!