Is the market ripe for an overdue correction?
A cryptocurrency correction is defined as more than a 10% decline in the price of these assets. With the total market capitalization of the sector hovering around $1,45 trillion, is the market ready for a first bull-back?
Waiting for that resistance-support-level correction. This former resistance level was at a +- $30,000 Bitcoin price level.
I believe that a correction would be an extremely valuable one that could land us at an important resistance level, which ideally would become a new and confirmed support level, before continuing the bull market into 2024. These bull-backs can be extremely painful when holding altcoins, a segment of the overall crypto ecosystem, and volatile as Trump pushed into a corner. If the correction happens as I expect, the altcoins will take a knockout punch below the belt. But you're still able to protect the crown jewels, as you were warned on PublishOx!
Looking at the smart money.
Some influencers predict a sharp correction, such as Cathie Wood, who sold her bags of COIN (Coinbase) at $120 apiece. Several hosts on YouTube that bring you daily crypto updates, expect a drop as well, as the altcoins have gone up too fast and too furious. For example, Ran Neuner, the host of the extremely popular YouTube Crypto Banter show expects pain in the markets. More voices should tell you we're in for a temporary pull-back. It is up to you to decide whether it is smart to listen when you hear voices.
Investors vs Newbies-Gamblers.
People who invest for the long term, are often in good shape, as they don't bother with the extreme volatility in the market, but when newbies, driven by their first FOMO experience, aped into small coins, they take such a violent hit: that they PANIC SELL! They typically take their losses and swear they'll never look at the sector again. Fair enough, weak hands never survive. Make sure you're an investor, not a gambler.
This market, even if the Spot Bitcoin ETF is approved will not be as stable as the matured gold market, which will take another decade to unfold. But gold ETFs did drive up gold's total market capitalization, as institutions felt confident they were backed by the regulators. 2024 will be an extremely bullish year, but the denial of the SPOTS hangs over our heads as a sword of Damocles.