“Time for great opportunities!”
There are technical and fundamental aspects that have had a consistent impact on the crypto market. On the technical side, the Fibonacci regression gives us an indication of $15,152 as the least likely “technical” point. This, coupled with the fact that the current correction is 77% from its “All Time High”, which coincides with the maximum “down” point historically reached after the peak price.
As for the fundamentals, they tell us about large custodians that are having major exit requests. I do not see why these custodians should exit to sell, as many claim, given that their contracts allow them to deliver tokens to clients. On the other hand, on Friday (November 18, 2022), Minneapolis Fed President, Neel Kashkari, referred in derogatory terms towards “cryptos”, in general. Being that the comment came from the biggest competitor in the digital world, apart from the fact that he made it lacking documentation, it is clear that it carries an obvious conflict of interest, apart from being irresponsible and lacking in seriousness, at the end of the day.
We also do not see that their mentions concern Bitcoin (BTC) and Ethereum (ETH), currencies that are a “world apart” from the rest of the existing tokens, as we have amply mentioned before. With the other 21,993 existing tokens, the unexpected may happen. The “clean up” that is currently taking place is healthy; hard, but healthy, as are always the exits of toxic participants in any market. Stronger regulations will come for the exchanges, which is of course positive, and eventually also for the custodians belonging to the trustees; these will be decentralized, although transcendent after all.
Finally, to the question of whether this is a good time to get out of the fund, the answer is: of course not, given the aspects clearly mentioned. FUD (fear, uncertainty, and doubt) is the very psychology that turns the “strongest and most persistent” into millionaires. We must not fall into this trap. We are called to be among the last, but never among the first.
With all that is happening, Bitcoin and Ethereum will come out “reinforced”, so their price will rise in the medium term. The phenomena I am referring to, to affirm the above, are two: “Safe Haven” (refuge) and “Flight to Quality” (search for assets with better risk) of the crypto world; I am talking about the fact that a large number of holders of alternative cryptocurrencies (“altcoins”), will naturally move to Bitcoin and Ethereum, as part of their psychological process of analyzing what has happened.
Time for the strong!
“Time for great opportunities!”