Dear Readers,
I am new to the Steemit cryptocurrency community and though I know that it is a saturated market, you will soon realize that the predictions I make are like none other and my full intent is to make everyone a winner.
Let's jump right into this!
Why is the market currently down?
There are three main reasons for this:
It is getting closer to the August 1st deadline for the BIP 148 UASF on Bitcoin - this is causing uncertainty and fear throughout the market resulting in people panic selling.
When the marketcap of bitcoin falls, sadly altcoins usually follow... less BTC, less money to fund BTC altcoins.
Altcoins soared over the month of May seeing CRAZY returns so we were due for a correction phase.
How to combat the bear market to REDUCE your losses?
Remember to always HODL. This is the time to shop not sell. Remember the fundamentals "buy low, sell high". WE ARE LOW SO BUY. My prediction is the week before August 1st we will have the lowest prices to buy into the market specifically before July 31st as prices will be up trending that day across the board. I recommend the safest coins leading up to BIP 148 is 100 percent LiteCoin but any ETH based coin should be fine such a Golem, BTC based altcoins will suffer further losses until July 31st but will definitely start to recover in the months after BIP 148!
What to buy into at this time?
Remember this is shopping month! NOTHING has changed, the technologies of each company are still amazing and the crypto craze is just starting to gain traction so get in while prices are cheap and before they start to gradually go up on July 31st. BTC should fall to about the 1600-1900 range and that's when to pull the trigger and buy in! If you are buying today look into Litecoin/Golem if you are looking to buy the week of July 31st (buy before the 31st though) purchase any altcoin you deem to have a great project and is a steal of a price! I will mention my top buys in a post closer to that date.
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Thank you.
Great first post! I too am on the same boat as you. I'm thinking of getting some bitcoin and holding until the end of July to see what kind of prices valuable alt coins will reach. I got my eye on AntShares and Steem but let's see what takes the biggest dive. Does it make sense to buy bitcoin now and hold until then or should I buy my bitcoin at the end of the month? Also do you anticipate any bitcoin transactions to be a lot slower at the end of the month? I'm wondering if the volume and bitcoin panic will cause some delays with moving coins into my exchange wallet.
Thank you! I would personally suggest buying bitcoin at around the 1600-1900 price range as I foresee the prices definitely going that low. Currently, we are at about 2250 USD so I would hold off buying BTC for a little. I know it is tough because it is already at such a low price but the panic is still high and prices will continue to fall. When will it hit that range, I am not sure the exact date but definitely before BIP 148. Slower transactions could definitely be a possibility, I can't say for sure but I wouldn't be surprised to see slow tranaction speeds on that day. After BIP 148 they should fix the transaction speeds so that problem should never occur after! I appreciate your feedback :)
Great first post and welcome. I have to say that my gut feeling is pretty much where you're going. I'm moving funds and HODL-ing in the sense that I'm HODL-ing in FIAT and hoping not to lose my nerve when I suspect a further correction. The current prices of certain ALT coins do look tempting :)
Thank you for the friendly welcoming Andy! Realistically this is a long term play so definitely hold your investment and stick to your portfolio and in a couple years down the line you will be laughing! There will always be corrections in the short term but in the long term we like to see an uptrend! They are super tempting but I expect all BTC- ALTs to fall a little more so buy into them around July 26th - July 29th :)
May the hodl be with you
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haha you as well. To the moon we go :)