A record drop in Bitcoin and the entire crypto bank. How do traders behave?

The first cryptocurrency of the world has updated its annual minimum. Bitcoin lost more than a quarter of the price in just a week. Altcoins suffered a very logical fate, and the total capitalization of cryptocurrency fell 57 billion dollars. At the same time, according to Coinmarketcap , Ethereum gave way to Ripple . The difference in capitalization is almost 3 billion. Naturally, many crypto traders were subject to panic, which could be observed both during trading sessions and in social networks. More experienced market participants have managed to take advantage of the current situation. In order to adequately respond and make the right decisions, you need to sensibly evaluate what is happening , as well as follow the statements and actions of leading cryptanalysts.

So, on November 19, Ran Neuner , host of Cryptotrader on CNBC, said on his twitter that the market was overwhelmed by a pessimistic mood. He said that on this day even the most courageous ones had subsided, and many, even making fun of the blockchain technology , vowed never to return to cryptocurrency .

Following such a tweet, there were a lot of messages from major market players who began to get rid of their cryptoactive assets. So, on the English-language forum 4chan, a post appeared with the following content: “Finally, I am free. I sold everything that was and now burst out of this lair of scammers. Now it looks more like an evil joke. Hardly anyone fun now. I purchased Bitcoins , when it was worth $ 15,000. No one in their right mind can calmly observe how his assets evaporate. This is not the end and the price goes to $ 3000. It’s enough to blindly believe that we can see something else other than the bearish trend until 2020. “

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Massive sales of the first cryptocurrency touched and long-term holders. According to the information of the cryptocurrency trading company Genesis , quite a few investors, who were purchased in early 2017 , began to sell their assets. These are the people who took it at a price of about $ 1000 and watched the entire runway rise and fall to the current position. As the head of Genesis Michael Moreau explained , the current situation on the cryptocurrency market does not inspire significant hopes that there can be serious changes for the better. On November 19, an interview with a crypto trader and investor, known under the pseudonym Altcoin Thoreau,was published on the Forbes portal.. He also confirmed that we should not expect the bear market to stop in the near future. Even taking into account the fact that the current state of the market differs in many respects from the previous parabolic pattern for 2013, the trend reversal will occur later. Last time it took more than 600 days , and now only 340 have passed .

The same forecast was given by the well-known crypto analyst Willy Woo , noting that Bitcoin has not yet reached the real bottom, and will have to watch the bear market for at least until the second quarter of 2019. He outlined that their analytics tools point to further domination of the bearish trend . And despite the fact that NVTS , MVRV , BNM , NVT and NVM are considered experimental, up to this point, they provided accurate predictions even at times when classic stock exchanges indicated otherwise. Willy WuHe said that he would have to observe what was going on until a catalyst emerged that could change the direction of the trend. In the meantime, the trend will not go to reversal, the cryptanalyst believes that Bitcoin will be traded in the flat or may completely capitulate. With Altcoin, the situation is somewhat different.  In conditions of instability, there is a high probability that the number of Pamp cases will increase. But the profit from such actions will most likely be “ settled ” in Bitcoin , as long as it is ready for a new bullish trend . It will most likely last until the next block reward, which will occur in 2020.

When will the cryptocurrency market reach bottom?

Known cryptanalyst and head of Civic startup Winnie Lingham gives a very discreet forecast. Like most of his colleagues, he believes that the price of $ 6000 to the end of 2018 Bitcoin punch will not be able. Another crypto expert Murad Makhmudov on November 15 published his forecast, in which he noted that at the moment the first cryptocurrency is in a long-term downward triangle. If this trend is maintained, by the end of the year it will be possible to expect that the price of $ 3000 will be broken.

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Mati Greenspan , a key analyst on the eToro trading platform , also spoke about the level of support at $ 3,000 . He said that it is impossible to say exactly, but the breakdown of the psychological level of $ 5000 , the next one is exactly $ 3000. Although, if there is a reversal before this time, then this may serve as a signal of the beginning of a bullish trend .

Another opinion was expressed by Jani Zidins , specialist for technical analysis of Cracked Market . He believes that the rebound should occur at about $ 3500 , and then return to the level of $ 5000 .

Altcoins for the most part will follow the movement of Bitcoin and with the increase in the price of the first cryptocurrency , we can expect the growth of all others. The relationship is still visible. So, for the second week of a sharp fall in prices, “alts” lost from 10% to 40% of their previous price.

It is very interesting that the current situation did not create panic in the ranks of institutional investors. Gabor Gurbaks , head of VanECK ‘s digital assets department , confirmed this in an interview with Forbes . He said that institutional investors are not afraid of Bitcoin at a price of $ 3000 as well as when it will cost $ 10,000 . The maximum value for them is the pace of infrastructure development , which will make the cryptocurrency market even more attractive for investments.

It is also important to note that over the past few weeks, the demand for bitcoin futures has increased from large investors. At the moment – this is quite logical, since playing against bitcoin in futures, you can get a good profit during the fall of the entire cryptocurrency market .

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