I'm sure you saw the price of Bitcoin (and all other cryptos, too) drop dramatically yesterday.
I'm here to tell you to hold on tight to your towel and DON'T PANIC.
In a previous posts I showed how in sync the top cryptocurrencies were yesterday.
I would think that this is profit taking by whales.
Traders who are heavily invested in cryptos sold everything they could while the price was at all-time-highs, and the market responds by dumping as quickly as possible.
Why you shouldn't panic-sell
There are too many seasoned investors.
So many people are long on Bitcoin that they are going to see this as a massive buying opportunity. So all the whales will take there profits while the medium- to small-sized investors are going to BTFD (buy the fucking dip).
This is not MtGox, and it never will be
Don't get caught up in this frenzy and panic-sell.
This drama isn't for you and you'll just lose money if you have a weak hand.
There are plenty of people who are looking at a hugely undervalued crypto market and are chomping at the bit to get more Bitcoin before the price bounces back up to $3k or higher in the next few weeks.
Have a strong hand and tell me what you think
What are your theories on what's happening?
Do you concur with what I've said or do you think there's a better explanation?
Tell me in the comments below :D