For whatever reason, it seems last night this post well failed to post so here is my second attempt to post it!
So far today Crypto has retreated from the highs it had hit over the weekend and that is not necessarily a bad thing. This month the coin, along with the larger market overall, has been on an absolute tear. At the beginning of the year, we were down in the high $16,000s, and even now with the pullback into the $22,000 range, we are still looking at increases of $6,000 or roughly 36% in the last 30 days.
As I think most of us know by now 36% gains each month are not sustainable. In the short term can lead to people over-extending themselves thinking a rally is going to continue and being left to hold the bag at a much higher price point than they are comfortable with resulting in forced selling. The snowballing effect that can result from this results in price collapses and most likely played a part in the price collapse last year as leveraged individuals were forced to sell thereby exposing others and so on and so forth.
Having Bitcoin and the market as a whole take a breather is something that is best for the price recovery for the rest of the year. The exception here would be Ethereum which has really been trending sideways since the 16th of July. What is really going to decide how it plays out though is all of the numbers/economic reports that we are about to get this week. From major companies reporting to the Fed making announcements about rate hikes how much of an increase is priced in to Bitcoin will be an interesting idea to say the least. In the long run, this is exactly what Bitcoin and the rest of the crypto market needed.
Please know I am not a financial advisor and make sure you do your own research! If you enjoyed this article and would like to support me further below are a few referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_
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