It's the same old song and dance: Bitcoin's creating panic, and altcoins are bleeding out in sympathy. Sure, the latest Israel-Iran spat plays a role, but not in the way many believe. It's just another convenient excuse to bleed the altcoin market dry, keeping the dream of a sudden price explosion alive for those who still cling to it.
Make no mistake, even if Bitcoin goes down, its dominance goes up, which means that eventually altcoins are sold into stablecoins, and with this, Bitcoin is bought back at a discount... that's the game. In fact, the normal thing that BITCOIN should have done is to grow in the face of the war threat, just as GOLD or oil has done... but what happens is that the large institutions continue accumulating and prefer to short a few and buy at a discount, leaving them out of the market, rather than continue to rise, since that does not give them the best reward-risk ratio.
Have a nice weekend!
Spot on. Plebs have just sold in panic one more time...
I agree with your outlook. BTC will bounce back eventually so we should just let the situation play out and see what happens.
@tipu curate
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Happy Hive Birthday! I joined in June 2017 too!
Excellent
Sharp analysis with a realistic perspective. 👌
now can be a good time to buy, israel-iran will dump it and push gold to the moon
#hive