Blood for the Blood Gods!
And god damn are they getting greedy.
With so much FUD going on right now in the ALT markets (Bittrex rumors) and grand daddy BTC looking to break $5K, I thought I'd give some opinions on current market outlook as the ALT market continues to get destroyed.
The Good:
It seems that the market has reflected its confidence in BTC, even with the upcoming forks. Rather than capital leaving the market, we're seeing a large shift into BTC as people try to claim their hard earned 'free monies'. The inevitable pump & dump that will ensue on these forked shitcoins will be profitable for the whales that will pump them, and will hurt others. Be wary. Long-term, I believe this adds value to the classic Bitcoin protocol, as these shit alts wane and weather - their fundamental weakness crushed by BTC's superiority.
While this accounts for part of Bitcoins rally, the momentum we're seeing may take us past $5K and upwards to a near-term high of $6K - hold on to your hats.
Institutional investors seem to have accumulated during the last dip and are now happy to let the bull ride. The close over $4800 will confirm a move to the upside of $5K. Godspeed
The Bad:
The ALT markets got destroyed. Demolished. Slapped down. Stone-Cold Steve Austin Stunner.
It's Bloody.
There are many, myself included, that found ourselves over-extended in alts and are now in some tough spots. In addition, FUD about Bittrex and potential dirty tactics have given many the push needed to sell at the (current) bottom.
As I think about a possible coordinated dump by market movers, I can't help to think of how plausible it is. Let me explain. Word of Goldman Sachs and other large institutions / hedge funds dealing in or interested in cryptocurrency has been released. To me, it says that these institutions are now very fluent in these markets, confident enough to take positions in the market but that doesn't mean that they are just now flooding in. They stacked up during the last pull back, if not months back flying under the radar. These big boys love the fact that this is an unregulated market, and are going to take advantage. I can see a coordinated dump orchestrated by some of these institutions, whether or not BIttrex was actually involved (I don't have evidence to prove or disprove this, we've all read the cryptosyndicate article). Alts have seen a tremendous rise over the last year, many with a life-span of under 4 months who's fundamentals are now being tested. The projects with strong fundamentals will survive, but 90% of the alts will not. This may become apparent in the next 6 months.
The Ugly:
In 3 months time we're going to see 3 BTC forks. Confusion for the space, maybe off-putting potential new investors. Closing in on November's 2X HF may see further market downfall, if the market isn't fully reflecting this yet. The healthiest thing would be a nice BTC correction from $6k to around the $5K mark, and a period of consolidation. Will the alts bounce back then? Hard to say.
For those that have seen their Alt bags dwindle, my only advice is to not forget the long-term potential of this space. Things happen so fast it's hard to step back and look at the space from a 3-4 year perspective, especially during periods like this, but fundamental projects will survive.
Also, don't sell the bottom.
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Moon OR Doom!
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