It’s been a pretty terrifying ride for traders over the past few months as we’ve seen Bitcoin continually drop away from it’s all time high in January 0f $20,000 to continually smash through all major support levels. At the time of writing this article Bitcoin is bouncing around the $7500 – $8000 levels, however it’s strength to retain this level is weakening by the hour and many experts are now expecting Bitcoin’s value to drop further.
Though in our opinion Trading Bitcoin right now is a fools game, which way it will go is anybody’s guess, though if we drop below $7200 its likely we’ll see $6k Bitcoin once again, but on the flipside if we see Bitcoin break above $9500 we could see Bitcoin at $10k level’s. The next 24 hours are critical as we see this weeks candle come to a close.
‘If I’m Going Down, Your All Going Down With Me!’
Whether people like to accept it or not Bitcoin is the base value for the Cryptocurrency space, everything else is just an expression of Bitcoins current value. Many like to believe that the value of their preferred altcoin no longer correlates to Bitcoins value, but in 99.99% of cases this is nonsense – If Bitcoin falls, they all fall – and harder!
The entire Cryptocurrency space reached a total market capital of $830 Billion back in January where we also saw Bitcoins share of the Cryptocurrency markets drop to a new all time low of 32%. Then the markets popped and we’ve seen the total market capital for Cryptocurrencies fallback to under $300 Billion, with Bitcoins market share gradually creeping back up. Currently Bitcoin has 44% market shares and we’d expect this to continue to at least 50% over the coming days and weeks.
Many altcoin communities have an increasing dislike for Bitcoin, however what these people really need to understand is this – if Bitcoin goes to zero, your altcoin will also go to zero, not only will it go to zero it won’t even get remembered. Love it or hate it, Bitcoin is the reason your altcoin exists and has any form of value.
Fortunately Bitcoin is highly unlikely to go to zero anytime soon, with huge amounts of institutional money now behind the asset, Lightning just around the corner and thus micropayments just a step away it would seem Bitcoin in the mid to long term can only continue to make new all time highs.