I have heard a whole lot of different speculation from traders, analysts, and crypto lovers about where this market is heading, and where a bottom might be found. I am not going to make a guess about the bottom, but I'd like to pose a hypothetical question to everyone. Where do you think the alt market will be if Bitcoin falls below $3,000 this year? That is a very important question to consider, because that's certainly a possibility here. Will you hold on and weather the storm, or will you panic sell on the way down with the masses? These are all questions we need to be asking ourselves right now, because a real market capitulation could be on the way. And if it does happen, it's going to make the correction so far look like child's play.
One thing we all need to agree on, $3,000 Bitcoin is still VERY bullish in the long term, and it would be a perfectly healthy correction from the all time high of $19,000. It probably wouldn't stay that low for very long. There would be plenty of buyers at that level. But a lot of these alt coins may fall all the way to zero if Bitcoin gets that low. The alt coin market has already begun to capitulate, and Bitcoin is still holding strong over $6,000. I think that we're getting our first taste of the blood bath to come.
Personally I am excited about all of this. I see it as the investment opportunity of a lifetime. I am a long term bull on cryptocurrency. I am planning to buy up as much as I can if Bitcoin gets down to $3,000 or lower, and I will be holding my long positions for the next 3-5 years. I will be investing into the alt coin market, not Bitcoin. But I recognize that Bitcoin still controls the entire market. I don't expect to see massive returns from my investments for a long time. This correction is going to lead into a SLOW building bull run, I think. Don't expect to become a millionaire over night just because you get a good entry point. You have to have the patience to hold for several years if you want to see the big returns.
Good luck everyone! Let me know what you're planning to buy in the comments. I am hoping for sub-5 cent Ada and sub-10 cent XLM!
NOTE: This is not investment advice. Everything written here is for educational or entertainment purposes only. Always do your own research before you invest, and never invest more than you can afford to lose.
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Thanks for visiting my page! Seldons PlanWriter | Trader | Traveler | Father of 5
