Welcome back,
The entire market situation has changed drastically. We were trading close to 120,000 USD last month, and this month we are down by more than 30,000 because Bitcoin went below 90,000 USD. This is a dump of 30,000 USD, and it is not a joke. If we see this in percentage, it is around a 24% to 25% dump in the price of Bitcoin.
Comparatively, the alts have also fallen, but I expected them to fall even more. When Bitcoin dumps with this speed, the alts usually bleed harder, but somehow they are managing to stay above the important support. That is why I think the run is not over yet. The market is going to surprise us.
We are currently in extreme fear, and there is no chance I am going to exit the market at this point. Retailers are already bleeding, and they will panic even more if the market comes down further.
I was checking the levels on the charts, and I think the 87,000 to 88,000 USD range is easily achievable for the price of Bitcoin. So I think a little more pain is waiting for all of us. After that, we may see a relief rally. I do not know where we are going after that. Maybe we will cross 100,000 USD easily, but for now I will not say anything.
I am simply holding my bags. I am not going to sell anything, and I will wait for the next 2 to 3 months to see what the market gives us. After that, I will take my decisions.
If you did not sell your tokens back in November last year or in August and September when the market was in a strong position, then there is no reason to sell them now in panic.
Even if you want to exit the market, do it smartly. Exit in portions when the market recovers slowly so that you do not end up living the rest of your life in regret for selling at lower prices. This is what I believe, and this is what I am going to follow.
What are your thoughts on the current market situation? Do comment and let me know.
Thank you, and happy trading everyone.