[0251] Bitfinex / Tether Court Order... Trigger for Short-Term Crypto Downtrend?
The crypto market is heating up after the bear Winter. TA chartists are copy-n-pasting the start of the last bull market with great frenzy and everyone can see a bull run on the horizon.
Then today the market dumps, largely due to the recent Tether news. More accounting shenanigans from the stablecoin.
In my mind this will trigger the predicted downtrend that will see a retest of the bottom of the market somewhere around June, July or August. Then, if history repeats, we are in for a slow and steady uptrend.
Looking at the Bitcoin chart, you can see a correction teetering in the balance. While Bitcoin may not fall as far as it did, keep your eyes on the altcoins. They may well achieve new all time lows over the next 3-4 months, which means your maximum profits can be made by buying in during the period. Before the bull uptrend.
If you check out coins like #PIVX, it is near to it's 3 monthly lows. Any further down pressure by bitcoin could see a nice chance to pick up some solid altcoins to stake for the bull run.
Personally, I'm not buying right now but I am busy researching projects outside of my usual favourites list. There are a few gems out there that I will look into further.
Anyhoo, I just wanted to give a heads up on the market and potential for ultra cheap altcoins.
The Tether news is just starting and I can see further dumping of the market as the news propagates around the crypto market. Given the amount of money in tether ( 75% of all stablecoins ), the court order against Bitfinex and Tether would have a seismic effect of the market. So keep your eyes peeled for some great ( and risky ) trades.
Thanks for watching,
Brendan Rohan - Indie developer of 'next gen' natural medicine from Melbourne, Australia
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