Just a couple of days ago, on Sunday to be more specific, Cryptos experienced a short flash crash.
Img Src: tradingview.com
I was sitting there, looking at the charts of Ethereum and all the cryptos on my screen using Tradingview when the numbers flickered uncontrollably. Bitcoin had crossed 12k and I celebrated too early.
The Bearwhale had begun shorting. Many fell victim to the bull trap. Ethereum crossed 400 and was moving towards 404. I hold most of my investments in Ethers and I rejoiced. But then, flickering. The numbers dropped so fast that your mind doesn't have time to fully comprehend what was actually going on.
Bitcoin plunged 12k all the way down through 11k. Ether down to 320 usd from 404.. The last time this happen a couple of weeks ago, it was to liquidate the shorts, however, this time around liquidation of longs. Then not long later, many articles suddenly pop up about the crash.
The comeback
Ethereum did something magical. In my entire life, I have never seen such chart patterns before. A suddenly drop and more than 50 USD a day and to recover it back.
As of now, it is flirting with 400 USD and it it does pushes through, the next lag of bull run begins. I've been busy doing analysis of Bitcoin and Ethereum.
That night, Ethereum recovered. It's like jumping off the cliff and having a jet pack strapped. The good thing about Bitcoin is that it is rallying at a slower pace which reduces volatility and also lets other altcoins the chance to play catch up.
what's next?
Anytime before Ethereum 2.0 and the Bitcoin mega cycle comes, it is bullish and any time after that, then we have to sell everything by then because of the mega bubble that would pop by then. The good news is that, the mega bull cycle has just begun. There may be a temporary pull back in December which would be a good time to accumulate more as I see the next year 2021 to have the mega bull run coming and it will be huge. Bitcoin could hit 50k to 100k next year with a target price of approximately 20 to 28k. In fact, no one really knows the exact price that it will land on. In all my investment years, I have never seen anyone accurately giving the target price.
Welcome to the club.