The crypto market is on fire, at least that is what it feels like to new investors. The truth is, this is just another day in crypto-mania. Currently, the signs show that we will shake out most of the past two weeks' gains during the over-extension on the daily timeframe.
While shaking out the fear we will probably see Bitcoin drop towards a more reasonable value of about 40K, while accumulating for the next run-up. This also indicates that until Bitcoin cools down, altcoins are likely not to do well. Note however that it may take less time for Bitcoin to stabilize than get out of its bear mode.
Meaning:
1. I expect Bitcoin to drop with a higher momentum this week and then have a slightly slower bleed
2. During this slow bleed, a lot of bag holders will load up on more altcoins because their value will have dropped substantially
3. Around the start of next will we may see great buy opportunities
While shaking out the fear we will probably see Bitcoin drop towards a more reasonable value of about 40K, while accumulating for the next run-up. This also indicates that until Bitcoin cools down, altcoins are likely not to do well. Note however that it may take less time for Bitcoin to stabilize than get out of its bear mode.
Meaning:
1. I expect Bitcoin to drop with a higher momentum this week and then have a slightly slower bleed
2. During this slow bleed, a lot of bag holders will load up on more altcoins because their value will have dropped substantially
3. Around the start of next will we may see great buy opportunities