Bitcoin Drops, Alts Crash: Is this Black Friday Sale?

BITCOIN DROPS, ALTS CRASHED: DID YOU BUY OR DID YOU SELL?

BTC TOP 3

BITCOIN DROPS AS LOW AS $53K

WAS THAT THE TOP? OR IS THIS THE BOTTOM?

This is a familiar scenario of ‘Is the glass half empty or half full?’. As Bitcoin drops to the low 50’s, people are yet again divided whether to buy or sell, bear or bull, top or bottom.

OGs and traders who have started (and stayed) in the space long enough to experience at least one full cycle says this is normal, this is a healthy correction while small retail investors and new traders are shaking, checking their phones/computers in every 5 minutes, anxious how low will this drop go.

For one, PlanB, who has called a $98k target by the end of this month, said that this month could be the first miss since August.

Then, here’s El Salvador…

And more…

But….

Then a good counterattack…

It all boils down to this question though: Whose opinion/obsevation weighs more for you?

WHY DID THE MARKETS DROP?

Several countries have announced to be on lockdown again with another Covid-19 variant, worse than Delta, is on the loose.

And with this fear, not only in the cryptocurrency market, but almost every market has dropped today.

But as Bitcoin being Bitcoin, and as crypto market being the best market of all, with a proven track record when the first Covid-19 surge happened last year, we are expecting a swift bounce after this drop.

WHAT NOW, BITCOIN?

Now, every time we drop, more and more traders/analysts are inclining to the lengthening cycle theory on the market.

Crypto Zombie said in his recent vlog, “The reality now is that BTC is not doing what it has done in the past 3 cycles – it is a completely new market, we have all diff types of investors, countries putting it on their balance sheet, huge investment firms getting into crypto”.

He also added that BTC is nowhere bearish. We have not broken any structure and there is still that chance of going down to $50k then either bounce or have a fake out on the downside.

Scott Melker also pointed out a bullish structure on the 4hr timeframe signalling that we might probably have bottomed now and just no other way but up in the coming weeks.

And for the alts, you ask?

Whether we’ve bottomed out or not, the key thing would still be your own timeframe: How long are you going to be in the space? If you’ll be here for the long-term, Bitcoin and the whole of crypto surely won’t disappoint.

So, as most markets are going on sale this Black Friday, did you think of today’s drop as a Black Friday Bitcoin Sale?

DISCLAIMER: THIS IS NOT FINANCIAL ADVICE. TRADE AT YOUR OWN RISK.


ABOUT THE AUTHOR

Elisa A.

Elisa is our Head of Market Analysis at Rocket Crypto X

You can join her Slack channel to get real-time updates from the top Crypto influencers.

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