Wow, what a week! Actually, what a month! This has been the most severe correction during any bull market in Bitcoin history so far. Bitcoin correction from the market top at around 64,000 US dollars to 30,000 US dollars is about 53%, while altcoins suffered even bigger correction.
The final meltdown started last weekend with the famous Elon Musk's tweet about Bitcoin mining and usage of fosil electricity. At that time BTC was trading around 50,000 + US dollars for Bitcoin. And after, during the week we were reading everyday about FUD stories in the mainstream media, which accelerated market drop.
As per time of writing this blog the price of Bitcoin is Trading aroung $36,300 per Bitcoin after it re-tested the levels around $30,000 on Sunday. Some investors and Traders are forecasting that this was not the last dip and are expecting BTC to fall to $20,000 or even $10,000 per Bitcoin. On the other hand, there are traders that are seeing $30,000 as the bottom and that we will enter the period of consolidation before the next leg up towards new all-time highs.
I am more leaning towards the later version of market developments. We used this Market dip to rebalance our portfolio in the favor of Ethereum and some altcoins as they lost significantly compared to Bitcoin.
In the next few months we might be increasing our stable coin position due to the market volatility and uncertainty. In any case, we remain very bullish on digital assets outlook in the future and will continue to accumulate blue chips some other promising projects in our portfolio.