The typical question is ‘why is crypto selling off’ which unfortunately is a question that does not make sense at all. As if anyone is asking ‘why is crypto rising’ on days they go up double digits.
The point is this: the crypto market is ultra volatile so heavy sell offs are part of the game. It’s part of the DNA of the crypto market.
Moreover, and more importantly, all that matters is the long term trend. We call it the ‘secular trend’. As seen on this up-to-date long term Bitcoin chart on this crypto & blockchain page (scroll down a bit on the page) the secular trend in Bitcoin looks gorgeous. Hence, the long term trend for the crypto market is gorgeous!
In sum, we do not care about fundamentals because they are great. We do not care about the dominant trend because it looks promising.
The crypto market is going through a rough weekend. Bitcoin (BTC) fell today from $11,400 to $10,400. This should not come as a surprise because we wrote last week that Bitcoin Would Go Through A Healthy Correction and the possibility of a continued rise was very low. This obviously is a short to medium term market call, it is unrelated to our Bitcoin forecast which is long term oriented. With awesome fundamentals as per our cryptocurrency predictions we see the ongoing sell-off as short term as well as a BUY opportunity. In other words no need to panic, only a need to prepare a trade because this might be the last opportunity to get in before the crypto market takes off.