Black Friday for Bitcoin
Updated: May 5, 2021
Today was a Black Friday for Bitcoin. The price dropped below 48k and the majority of the altcoins were hit by a HUGE CORRECTION too. For Bitcoin, it means a 27% correction from the all time highs of almost 65k, which is a normal, or even a healthy correction during a bull run.
We still have some room to touch 21 week moving average, so potentially we could see some more downward pressure for the Bitcoin and altcoins. We still keep our spot long position on Bitcoin and majority of our other digital assets in out portfolio. We increased our Etherium position, as we think that closer to the summer, we are going to see Etherium strength due to the upcoming upgrades of the protocol.
We are confident that we have still a long way to go until the end of this bull run by the end of the year.