Cryptocurrency Market Cap

Bitcoin and cryptocurrency proved to the world this weekend that they are not in fact digital gold, nor a store of value, but in fact just a leveraged tech stock destined to fall with the rest of the legacy markets. I think we are near (within 10-15% of short term) the lows for now and should see a bounce soon to get all the fan boys all happy on their inverse head and shoulders meme while the legacy markets create a dead cat bounce. At the end of this bounce I expect this market to decline another 90% over the next few years.

In hindsight I believe taking a shot at crypto as a digital hedge against legacy markets and fiat money was a bright idea that I would repeat; however, I do not think cryptos will do well until legacy markets can show they are still in a bull market or have bottomed from the, what looks like, start of this new bear market. Good luck as always to everyone trading.

Not Financial Advice, for educational purposes only.

تعليق: