After a week of massacres and bloodbaths in the crypto market, are we finally seeing the light at the end of the tunnel?
It’s finally green again, but for how long?
Waking up this morning and looking at the charts, and it felt like looking out the window to a blue sky and green meadow after a massive storm:
Does this mean the storm has passed? Are we finally back to Bull runs and crazy Thousand Dollar valuations? I doubt it!
Although this does look like a rally, with BCH making a surging 17% gain in 24 hours, and most other coins rising from their lows, the market is still heavily oversold and we can expect to see a couple of drops over the coming hours and days. I do not see this dust storm settling this soon, but at least we are seeing the first glimmer of hope in what has been a pretty chaotic week for the industry.
Is it all bad though?
To be fair, although a huge part of the market cap has been wiped out, and people who were trading probably made and lost a lot of money, one positive to this is that as the market re-adjusts, opportunity is created. It is suddenly a fierce game to gain market cap, and technologies are fighting hard to place themselves as the knight in shining armour of the CryptoCurrency Market. As we mentioned yesterday, XRP and XLM have both shown they can weather the storm against BTC, ETH & LTC and their resistance to a mass sell-off has made them rise in the ranks of top currency.
What’s going to happen to BTC?
All indications are pointing to it breaking out of the previous low of $4,000 and trading and possibly stabilising on the $3,000 mark which has been a support for the currency ever since its meteoric rise many years ago. I think when the dust has settled and people are less inclined towards talking about the market, and more about the technology and it’s use, then we will see it re-emerge to its lofty heights and possibly rise again towards the high thousands or low tens of thousands. Expect to see BTC trade around the $8,000 – $12,000 by the end of the year, which would point to a 300 – 400% gain on trade.
The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on our Site constitutes a solicitation, recommendation, endorsement, or offer by KeithZammit.com or any third party service provider to buy or sell any securities or other financial instruments in this or in any other country in which such solicitation or offer would be unlawful under the securities laws of such country.