So what's happening here? The final BTC move for this year was executed. The stochastic has been broken since almost 1,000 USD so I definitely believe the momentum is exhausted, and now, it's time for the momentum to reset. Sometimes it does resets so it has more room to keep going up, sometimes the price breaks down as fast as the momentum and I believe is time for that for many reasons.
-People still believe BTC is everything and the whole crypto market is dependent on it. Altcoins always show an inverse correlation with btc moves, and altcoin's fiat value is always correlated with bitcoins fiat value. Bitcoin drops, alts drops in fiat and correct in btc value, Bitcoin rises and alts fiat value rises, but depending on how strong the btc move is, altcoins correct their btc value. This has been like that because the main route for capital to flow in the markets is through bitcoin.
-The 4.23 fib was hit at 16k and price couldn't be sustained above that. Those candle wicks above it were just for liquidation purposes.
We already experienced lots of FUD in altcoins by statements that btc is the king, etc but why? Because it was the first? That only means that initial bitcoin whales are swapping bags with newcomers. Lots of innovative coins have been on the rise and continue to rise because they prove utility, they do all bitcoin can do, but better. Lots of altcoins have proven to only be a scam. Bitcoin is just proving to be the good oldie pioneer that can't keep up with newer and better competitors.
I don't think this market deserves the 0.5 trillion cap it has currently simply because there's still too much useless noise (useless coins) absorbing some of this cap. I hope we see an altcoin slaughter next year because too many coins have too much cap for what they really are. Will this altcoin slaughter reveal what is bitcoin real value?
-People still believe BTC is everything and the whole crypto market is dependent on it. Altcoins always show an inverse correlation with btc moves, and altcoin's fiat value is always correlated with bitcoins fiat value. Bitcoin drops, alts drops in fiat and correct in btc value, Bitcoin rises and alts fiat value rises, but depending on how strong the btc move is, altcoins correct their btc value. This has been like that because the main route for capital to flow in the markets is through bitcoin.
-The 4.23 fib was hit at 16k and price couldn't be sustained above that. Those candle wicks above it were just for liquidation purposes.
We already experienced lots of FUD in altcoins by statements that btc is the king, etc but why? Because it was the first? That only means that initial bitcoin whales are swapping bags with newcomers. Lots of innovative coins have been on the rise and continue to rise because they prove utility, they do all bitcoin can do, but better. Lots of altcoins have proven to only be a scam. Bitcoin is just proving to be the good oldie pioneer that can't keep up with newer and better competitors.
I don't think this market deserves the 0.5 trillion cap it has currently simply because there's still too much useless noise (useless coins) absorbing some of this cap. I hope we see an altcoin slaughter next year because too many coins have too much cap for what they really are. Will this altcoin slaughter reveal what is bitcoin real value?