The crypto market was showing signs of weakness for a few days now and $25,000 might have been a so-called local top for now. Over the past ten hours or so, BTC has dropped about $2,000 in valuation, currently trading at around $21,700 after shaking its knees in the $23,700 to $24,000 area.
Just a couple of weeks ago some so-called experts were talking of Bitcoin hitting $28,000 and then correcting to as low as $20k and... Well, we didn't touch any $28k with BTC, but $20k is definitely on the table imo.
We've been grinding higher for a while now and it was about time for a correction to occur. I don't see this thing going back to $17,500, if ever, but I clearly see a lot of potential for BTC to revisit $20k in its current bottoming formation.
The bottoming process is a phase that takes time, especially during a bear market. It's not like BTC would drop from $69,000 to $17,500 over a few months' time frame and climb back up in just a couple of months...
It doesn't work that way. I don't see BTC back up at $69,000 in less than one year or more.
When BTC sniffs, the alts get covid :). And yeah, there's plenty of them on a discount recently. ETH looks quite strong, though, it has not suffered much from this overnight drop, but my fav one, Elrond, is back at $50 and I had to buy some...
Just a few days ago when it was trading close to $70, I was regretting not buying more... Well, I just had the chance to do that and that's what I did. I bought myself 4 more EGLD and added them to my noncustodial wallet. Not sending them to staking because I don't want all my coins locked because it takes time to unstake and I don't want to regret having them all staked in case EGLD booms overnight.
Sometimes you need liquidity as well.
I'm proud of myself, you know, because I've managed to master my emotions. I used to stay out of the market whenever there was blood on the streets because I always feared it could go even lower, but I've changed my attitude and now buy whenever there's blood on the streets, even if it's my own.
What if your EGLD goes even lower, sir ;)?
I'll buy more... I would really LOVE to have the chance of buying some at $30, and who knows... I might get it. No rush at all. We're far from any bull market, thus we need to be patient and add to our long-term portfolios during corrections not when there's euphoria and plebs turn bullish.
At least that's what I'm doing. Oh, and HIVE... Man, this thing is of a different breed. While the whole market fell off the cliff, our beloved HIVE token has benefitted from a Korean mini pump which practically pushed HIVE up from $0.57 to $0.60. HBD is also ridding the wave high, currently being valued at well over $1 and the 24h volume got an over 50% boost as well on Upbit.
I don't do TA, I don't have the patience to learn it and probably wouldn't do good in trading, but I can say I have learned to master my emotions, and "I might be on track to becoming a good investor in crypto"... It took me about five years to learn these basic principles, though... :).
What do you think, will $20K hold?
Thanks for your attention,
Adrian