Early last week, we shared with you different ways to mitigate risk with Bitcoin’s price leaning on crucial support - the 7.6k level. As last week concluded, you may have found some of those tactics very useful. The total market cap for cryptocurrency lost nearly 33% of its value since the 26th of March (last Monday). These types of swings are what we have become accustomed to, but it is our goal to be able to play not only bull markets with skill, but also bear markets as well.
📊We have consistently iterated the $250bn-$280bn market cap level as a heavy support line for the overall health of the industry. So far that support stands firm as we have only briefly dipped below the $250bn number in recent weeks. That being said, there has not been a convincing bounce from the aforementioned support levels. Our best assumption leads us to believe that the market will see continued bearish pressure and drive us below this support level with the next major supports for total market capitalization being synchronized to the 6k price range for Bitcoin.
At this time there are a handful of ALTs that have really bottomed out. Over the course of this week, we're going to share a few of the ones we like here on Telegram. Make sure the channel is unmuted and pinned to the top so we're easier to find.
Best case scenario, in our opinion, would be to see some sideways movement for the industry as a whole to allow time for consolidation, as we've stated repeatedly. This would signal to institutional and retail investors alike, that the harsh volatility of the past year would be slowing, which would, in turn, signal good accumulation times for investors.
As of right now, we're remaining cautious in our approach. We are holding onto some fiat reserves for either a stronger support zone, signs of consolidation, or a bull surge that would push us towards the 10k levels.
Remember that success in this industry is not an overnight story. It's not always about trying to catch perfect bottoms and tops, but rather mitigate risk and preserve wealth. This process takes a lot of patience and is a process that requires diligence. If we can maintain our composure and not rush our decisions then the coming months and years should have a high promise of profitability to all those who take the time and effort to join this movement, even in its unpopular stages👊