Has the game fundamentally changed?
Greetings great #Steemian people of the world!
I've been in the markets, analyzing and I've witness a few major pull backs with BTC -
December 2016
June 2016--- "longest bearish stretch"
January 2017
March 2017
May and June 2017
August and September 2017
November 2017
December 2017 up to now
The patterns I saw similar each time,
- An accumulation stage for BTC -- the bull start coming while altcoins stay quiet.
- A massive bull run with BTC that would last days and weeks, about halfway through the newbes would discover altcoins would then start creeping up
- A major BTC bearish reversal entering into a distribution stage and then a major increase in altcoins market cap
- Then Back the beginning of the cycle as altcoins loose some steam, BTC would then begin to get some traction towards another all-time high.
Except for the last BTC correction-- the pattern is similar,, but the main differences are (the near 1 trillion dollar market cap, the birth of Bitcoin Cash attempting to overthrow BTC through the ignorance of new comers, Ripple because of connection with banks which is in itself a fallacy, the major major whales in the market push prices where they want, BTC dominance being (right now) at an all time low. (check screenshot at the end)
So the question is --
Do you believe BTC will again reach new all-time highs??
I do-- just my opinion- not financial advise,,
Thank you for reading and please up-vote and follow
Nice writeup. I notice the same thing. I believe as bitcoin surges each time a small selloff of profit taking happens. Then because of bitcoins surge the altcoin market seems undervalued so people take their profits and insert them into their favorite altcoin. This brings the Altcoin market back to it's relative price in relation to bitcoin price. Then people take profits on altcoins and re-insert into bitcoin starting a fresh new cycle. Expect each year to have a minimum of 4 cycles. Holidays caused this drop in prices which is usual and as tax season comes expect a lot of money injected into the market which will start the first major cycle of 2018.
Just my Opinion!
Yeah man! exactly,, Thanks a lot for the feedback!