In recent weeks crypto enthusiasts have been hoping that Bitcoin can break through the $60k resistance and drag the rest of the market with them. However many were predicting that we could break down to the $55k price range again testing levels we had hoped we moved past. What some weren’t expecting however was a drop to $50k!
Is There More To Come?
Hopefully, most of the markets now can show slow signs of recovery and build a solid support line around $50k. If we were to break out to about $55k during the weekend then this will be a very positive sign as it is always a good indication when an asset can shake off mass sell-offs.
Some are predicting that we can see even further dips but we believe it is very unlikely that we would see prices much lower than they are now due to the support the price has gained throughout the last months entwined with the amount of institutional support who bought Bitcoin around this price range also.
With all these things considered we still believe this to be a sell-off that removes the weak and we expect to be where we were in just a few weeks.
Could This Sell-Off Be Good For Altcoins
If you feel like you have missed the boat on selected altcoins then this could represent a great opportunity to buy such coins like Theta that have seen enormous gains this past week before yesterday’s crash.
If Bitcoins recover in the coming months or at the very least show strong signs of stability we feel it is almost inevitable that altcoins can explode. At the time of writing Cardano is 23% down for the week while Polkadot is 16% down for the week. We obviously can’t guarantee that the value of these coins won’t go lower but it does certainly look like it could be a profitable time to buy.