First of all, I am not a trade analyst or a financial advisor but the recent trend of the market (specially bitcoin) speculated another event that took place a couple of years ago when a similar sell off later on turned to an exceptional growth.
Here is the current bitcoin price chart and all other cryptos have a similar trend so I will basically use it as a symbol for all.
It's been fluctuating for over a month now and this low trend is here from a week or so which is basically the way it happens every January-May. These months usually see a dip in the growth of cryptos. But this year, the awareness and craze is more than ever and people are eager to earn a lifetime of money in a very short time.
But due to people being less positive and more hesitant in trading the cryptos, a regular short-term dip seems to then as a loss and to compensate as much lesser loss as possible, they sell out and end up losing fortune.
With my speculations, within next couple of weeks, the market would be in a much better situation and bitcoin's price could be anywhere around 10000$-13000$ and anything below that would mean a much longer waiting period before the market settles.
Ripple, on the other hand, is seeing even worse situation as it was traded somewhere around 3$ and now it is 0.75$. People are not trusting the coin anymore and it being the most centralised among other cryptos, it is being dipped lower.
Every other coin is seeing the same speculations as bitcoin and as market is now at around 400$ billion market cap, somewhere around 550$Billion-680$Billion would be a sigh of relief.
My deadline for the market to be better is 26th Feb. Let's see what happens. Share your views as well.Let's see how everything goes.