Bitcoin Dips Below $1900! What To Do From Here?
Since the beginning of the year, we've seen an influx of new investors attracted by the rise in cryptocurrencies. They saw the 1000% profits and all wanted a piece. Although now, it's a different story. With the fast approaching Segwit2x and the possible hardfork coming in August, everyone is scared. All of the new investors are confused as to why Bitcoin is dropping so much because they don't understand the technology and are selling because of it. This "panic selling" is part of the reason we've seen Bitcoin (and all other alt coins) drop. In addition to this, other investors are scared because of the uncertainty surrounding the August 1st date, and what will happen afterwards.
August 1st
As mentioned in my previous blog post, I expected Bitcoin to reach $1800 because of all the uncertainty surrounding the hard fork . The hard fork that happens on August 1st will have a big impact on the future of Bitcoin. We'll see it either split into two different coins, or up to four. This means that if you're holding Bitcoin during the time of this split, you will get an equal amount of each Bitcoin. Afterwards, we'll see one Bitcoin that rises above the rest, and THAT will be the one that people invest in, and it will rally like we've never seen before.
What To Do From Here?
With all of the market volatility happening, along with the uncertainty, I recommend holding cash until we reach a bottom. That's not to say don't buy anything as we're dropping (I recommend "nibbling" at these low prices), but hold the bulk of your investment until we get closer to the August 1st date. I believe we'll still see a decline in Bitcoin in the next coming days (below $1800, possibly $1500-$1600). I've already spent $500 buying alt coins (XRP mainly, but LTC, DASH, and ETH are also good investments), but will wait to spend the remaining portion until we approach the end of July (July 25th, 26th), and save a little for after August, in case it dips more.
This is a time when everyone is scared because they don't understand that the market goes in cycles and we were heading for a correction anyway (Segwit2x only added to that drop). I am more excited than anything because this means I can pick up cheap coins and will reap 100%+ profits in a couple of months. So don't panic, and continue buying a little as we drop down. If you are holding coins that you purchased at high prices, just keep holding them. We will have a price correction as we approach August, and soon afterwards, because all of the uncertainty will be gone.
great post @cryptodata! I agree with you, this is the time to be cold and calculated rather than rushing into anything. I have bitcoins that I bought at near $3000 but still cool about it and looking to invest more near 1st Aug. Markets go up and down - u just have to stick to it for the long run. Upvoted, re-posted and followed
Thanks for the re-post, upvote, follow, and comment @fitnessgirl! I really appreciate that. You are definitely right that these are the times to remain calm. It's hard to see your investments go down, but if you know the reasons, and take advantage of them, you will be rewarded in the long-run :)
ya I think these markets will fall 10% - 20% but then its difficult to say how high will it go... might go flat for a while and do small bounces
I believe it may be slow for the first week or two of August, but once people choose which Bitcoin they're going to invest in, we'll see a huge rally in it, as well as every other alt coin. So hang on tight, buy at the low prices, and enjoy the profits in the next coming months :)
so there is going to be 3 bitcoins... this is going to be very odd... I wonder how the markets will react. and i hope this new ones dont spiral to even more new ones..
I don't think they will. Basically, investors are going to pick one Bitcoin out of the ones created, and you'll see a lot of people invest into that one. Right now we don't know which Bitcoin they'll invest in, so that'll be the reason for the delay in price rise, but once it starts rising, it won't stop. Similar to what happened with Etherium and Etherium Classic.
Well what might happen the primary will be the one with sold moves and solid prices and the others will be pump and dumps, but with that bitcoin name it will be popular pump and dump
Thanks for the content @cryptodata, upvoted! I think the markets will wait till august 1. But this creates a good opportunity to buy some crypto's at a good price!
Exactly! I'm taking advantage of these while I can. Thanks for the comment :)
If in an airplane and one hits turbulence one would not jump out, it would be one's end, similarly if crypto hit turbulence one would not sell, it would be one's financial loss. If one bought high, dont double down and sell all low. Imho. This is not financial advice.
You make a great point @leeuw. People tend to get scared whenever there's a little "turbulence" in the market. It's controlling these emotions that's the key to becoming a great investor. Thanks for the comment!
If your not in profits with your cryptocurrency just hold. This crash is because of investor uncertainty and once all this segwit2x stuff settles down this market will most likely go on a rally and the cryptocurrency market cap will reach new highs
You're definitely right about that @cryptotraderx. Everyone is scared because they don't know what's going to happen August 1st, coupled with the average investor seeing a downturn and withdrawing their money, we have a big decline. We're going to see a huge rally after August 1st, and those that stayed in, will see the profits. Thanks for the comment!
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I appreciate the follow! I'm glad you searched for me lol
You've been UpVoted via the UpVote Experiment 002 Bot. Depending on my VP & the price of STEEM you should get a $.01-$.03 for your trouble.
Read more about this experiment here.
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