Bloodbath. There is no other way to describe the cryptocurrency market we've seen in the first quarter of 2018. The value of Bitcoin is dropping below the $7,000 threshold for the first time this year and it may be staying there for a while. The only blue skies ahead are the predictions of some market analysts who highlight technical indicators that foreshadow a strong rally and a potential Bitcoin run-up to $20,000 by July.
Despite bullish developments within the cryptocurrency ecosystem which include a positive G20 financial summit stance to crypto regulation, CBOE support for Bitcoin ETFs, and distributed ledger tech support from telecommunications giant T-Mobile, investor sentiment is fluctuating, sparking a possible repeat of February’s “Red Tuesday” Bitcoin price drop to below $6,000
A 'Red Tuesday' scenerio is certainly possible... At this point it is hard to say but the fact of the matter is if you've been hodl this far you've probably seen 60-80% losses from your ATH so why bail now?
If you believe in the long term trend or more specifically that the trend for the space is going upwards then you can feel free to just sit back and let it take its time... You've got more to gain than you've got to lose at these prices, especially if you bought the top.
I remember when I first got into the cryptospace there was a saying and I still hear it sometimes amongst veteran cryptocurrency traders. That saying is 'welcome to the shitshow' so use this time to reflect upon why you got into cryptos in the first place... If you believed then, what reason would you not have to believe now (beyond the bloodbath correction).
Source:
Cryptocurrency Bloodbath Continues as “Monster Rally” Looms on Horizon - CryptoSlate
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CryptoSlate