Ricardo Martinez, Author at Ethers News -Daily Crypto currency Feed

Yesterday’s meltdown of the crypto markets was not entirely negative, Bitcoin, although price dropped substantially, has remained resilient through its first financial crisis. The network has stayed up, and even made a higher low than 2018, and the halving is less than 60 days away. 1. Crypto Markets Weather First Major Global Crisis Even though we saw extreme devaluations in the crypto market this week, as weak hands capitulated en masse, Bitcoin and other crypto-assets did not hit zero. This is very significant considering that Bitcoin and cryptocurrency were born out of the financial crisis of 2008, yet haven’t been tested by a serious financial threat in the 12 years since. When #Bitcoin survives this people will know it can survive anything. It will be just another chapter in the book. — Mr.Hodl (@MrHodl) March 13, 2020 Many investors were fearful that Bitcoin would print a new low below $3K this week, yet the market actually bounced from the 200 day MA with a higher low. This means that the upward trend is still intact, and that the crypto markets are more resilient than many previously thought. Satoshi designed Bitcoin to be anti-fragile, and to weather the storms of unchecked fiat printing. Considering the US’ announcement of a possible 1.5 trillion in stimulus, things are going according to Satoshi’s master plan. 2. Everything’s Trading at a Major Discount Before the Halving Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, etc. have not been at these rock-bottom prices since April of last year. Warren Buffet is famous for saying “be greedy when others are fearful”. Well, now is definitely the time to be greedy. If crypto didn’t die yesterday, then now is your chance to buy the biggest dip in over a year. Wanna know how to get rich? Buy cheap when everyone is scared. Then wait, and do nothing. Sit on your hands. Smoke some cigars. Read some books. And continue to do nothing. Sell when everyone is euphoric. Then wait, and do nothing. Buy again when everyone is scared… — Bitcoin Macro (@BTC_Macro) March 6, 2020 These fire sale prices are unlikely to last long, especially once the investors who panic sold yesterday FOMO buy back in before the halving. Now is the time when fortunes are made. Crypto hodlers remained calm throughout yesterday’s bloodbath. Although many altcoins lost substantially more than Bitcoin yesterday, they did not disappear entirely. Many traders will be accumulating more of their favorite alts, and most will likely have bought coins at extremely low prices. Yesterday, a lucky trader was fortunate enough to get partial fill on a LINK order at fractions of a penny per coin. 3. Strong Bull Markets Usually Follow Steep Corrections Typically, after we have a massive bearish correction, like we saw yesterday, we tend to see a strong bullish resurgence in the months that follow. On December 10th, 2018, Bitcoin hit a low of $3121. By June of the same year, Bitcoin had a bullish breakout to almost $14,000. Right now is the time that crypto whales are placing their long term positions for the post halving bull run that is sure to come. Bitcoin has commonly had 80+ % corrections that were followed by huge bull runs, which again “crashed” to much higher lows. At yesterday’s low of $3596, we were still $470 dollars above the prior low, the 200 day MA support held, and FOMO buying of the dip by hodlers of last resort caused a nice bounce. We might linger here for a moment, retesting the low to form a nice bottom, but the worst appears to be over. With the halving on the horizon, we may see new yearly highs sooner rather than later. What positive things have you taken away from this latest crypto bear market? Let us know in the come below! Images via Shutterstock, Twitter @BTC_Macro @@MrHodl

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