Will be there be a Bitcoin Correction as we near $10,000 USD?
Bitcoin Correction imminent?
History doesn't always predict the future but let's recap the $5,000 milestone.
September 2nd – BTC flirts with 5K reaching an all time high of $4904.
September 5th – Profit taking dries up the bid and BTC plunges almost 20% to $4047.
September 8th – The bulls rush in to buy discounted coin but they miss the mark, there’s not enough buying pressure to take it back up to the all time high. It becomes a bull trap. Profit taking continues.
September 15th – Everyone sitting on the sidelines now realizes that 5k will not be broken. The profit taking cascades into a full scale panic as everyone starts to realize the market has turned. The media piles on with “Bitcoin is dead” articles fueling the fire. Bitcoin down almost 40% from Sep 2 high to $2970.
September 22nd – October 12th - After BTC immediately bounces back to the 4K level (the low of the first correction at #2) it stabilizes in this trading range on lower volume for a few weeks and slowly starts creeping back up.
The all time high is tested and broken. Panic buying ensues and the price shoots up. Everyone that panic sold at #4 is left holding their dicks.
What's Your Opinion?
Do you think a similar pattern is likely unfold in the coming days? Tell me why or why not in the comments below. Also, tell me what you think the best course of action trading wise is in the short term and why. USDT? ETH? BCC? Just sit tight?
Lambos for everybody.... one day.
No matter what happens or doesn't happen in the coming days we all know that eventually we will revisit this subject one day as BTC closes in on $20,000, and $25,000, and $50,000..... :) 
DO NOT PISS OFF THE @angrybartender Be sure to Upvote, Comment (carefully), Follow, and Re-Steem
Hey man, I like your thoughts here. Read your into too, never been a big fan of Jersey, but I like the cut of your jib ;)
I'm not too much on the technical side, so I'll bite my tongue on any predictions. Regardless where BTC ends up, I truly think STEEM will be very closely trailing in the wake of BTC's blast to the moon. For sure it will take some time, but it's better to be early than late.
Thanks for reading brother! Followed. Also, I agree. STEEM is way overdue for a run especially given the continued development of DTube and demonetization of so many Youtube channels.
Ethereum is the only REAL contender for Bitcoin's spot IMO. It is extremely undervalued considering how many different projects are built on the Ethereum platform.
Bitcoin is the clear winner at this point in time and will continue to be the life-blood of the entire crypto economy so I say just keep stashing BTC.
Thanks for replying @hotsauceislethal
I have no doubt both coins will continue to appreciate long term. I'm trying to get a feel for what people are thinking short term as we approach the 10k milestone for BTC. Will the whales pull the plug like 5k and shake the tree or does the rally continue?