We may actually, be looking at $5000.00 Bitcoin again. What does this mean for other coins? Well, Bitcoin has a strong tendency to drag the entire market down with it. One of the main reasons for this is probably trade bots that are focused to maximize shatoshi counts over USD. When BTC goes down in value all other coins gain in satoshis. So the bots will continue to find coins that are up in satoshis sell them off dumping the value down then buying back at increase satoshi counts. Then repeating until literally every coin on the market has dumped roughly as much as BTC did.
Alright so, what does this mean? Well we might see a lot of alt coins drop more than 50% as BTC drops to 5k. We may see a lot of coins drop down by 80% during this phase. Even ETH may be worth as little as 500 USD again. Steem will probably be under 2 dollars at least. SBD will probably crash to a dollar. EOS will likely be down to $6 again.
This is it guys, this is the big crash. This is going to be rough. Be prepared for this. And if you catch this dip it may be extremely profitable too. Just make damn sure you know where the bottom is before you get in. My guess is that if you see BTC in the 5-6k range its probably pretty safe to start getting in those long positions.
This process may take weeks as well. We will probably be well into Feb before we reach the bottom.