Are the next few days going to be dificult for altcoins?
Bitcoin currently stands at $9180. It has slightly dropped from the $9440, its highest price in 24h(reference Binance).
So what could possibly go wrong? Why do I believe alts may bleed?
We have two possible scenarios here.
First, Bitcoin is going to continue rising.
This means most of the traders and investors are going to ditch their alt coins for the "Daddy of them all". To gain bigger profit from the obvious rise and bank the dollars. Leaving alts behind and waiting for the better days to come to start moving profits around, based on the condition of the market. Which will quickly decreas the price of smaller coins.
I think you can see where I am heading here.
Other very possible scenario is that BTC is going to go lower, quickly, very quickly.
All of the investors will take the escape route to protect their investments from plomiting down, like there is no tomorrow. Stable coins will be the obvious way to go as the whole market is most likely to see a few % drop in that case. We will most likely see the stop limits being liquidated and unexperienced traders will panic and dump, which will lead to decrease the prices even more.
The only way Altcoins will survive, without a bloody masacre, is if BTC will trade sideways for next couple of days above the 9k level. Howver I know for the fact, that usually when we get to the significant levels on top, there is a correction coming, for sure. Something like 6% would be beneficial for the BTC and the whole market, not the Altcoins however.