Welcome back,
A lot of people are talking about whether the bull market is already over as Bitcoin fell down by almost $23K to $24K, dropping from $126K to around $102K to $103K. It is surely a massive fall for Bitcoin, but before we start to panic, let us discuss whether the bull market is actually over or not. Because if we do not take decisions at the right time, we might regret them later.
So, let’s talk about it.
Should You Panic?
The answer is simple, no! you don’t have to panic.
The recent crypto crash was mainly because of the USDE de-pegging. When market makers stopped their bots, liquidity vanished, and that’s why many coins temporarily went to zero. The same kind of event happening again is very unlikely or even impossible in the near future because a de-pegging event is very unique and does not occur frequently. So, there’s no need to panic.
Should You Sell Now?
If you start selling right now, that will be panic selling, and if you have been here for the last three to four years holding your coins, then selling at this point makes no sense. You will most likely regret it later. Markets recover, and patience is what rewards true holders.
Will the Altseason Come?
Now, many people are asking whether the altseason will come or not. The truth is that the market has matured a lot, and altcoins do not move like they used to before. While I still believe that the market will show us a good improvement and altcoins can go up by 150% to 200%, I do not believe we will see 5x or 10x jumps like the earlier bull runs. So yes, the altseason will come, but not in the same explosive way we used to see before.
Can the Market Recover?
Yes, the market can recover from this phase.
The max pain level for Bitcoin was around $100K, and thankfully we survived that. We are currently trading above an important support level, which is a good sign.
However, the reality is that only 4% to 5% of holders will actually recover and make profit because 90%+ of traders were washed out during the recent crypto crash that happened on October 10. So if you are not one of those who got liquidated and you were holding spot, you are in a good position.
Final Thoughts / MY POV
Do not panic. Do not listen to people on Twitter saying the bull run is over. Always remember, the top never forms when the crowd believes it already has.
Never follow the crowd blindly. These are my personal thoughts and not financial advice. I always share based on my own experience, and I am going to follow my words. You are free to follow yours.
Thank you and happy trading everyone.
Posted Using INLEO