Dear Readers,
I am new to the Steemit cryptocurrency community and though I know that it is a saturated market, you will soon realize that the predictions I make are like none other and my full intent is to make everyone a winner.
Let's jump right into this!
Why is the market currently down?
There are three main reasons for this:
It is getting closer to the August 1st deadline for the BIP 148 UASF on Bitcoin - this is causing uncertainty and fear throughout the market resulting in people panic selling.
When the marketcap of bitcoin falls, sadly altcoins usually follow... less BTC, less money to fund BTC altcoins.
Altcoins soared over the month of May seeing CRAZY returns so we were due for a correction phase.
How to combat the bear market to REDUCE your losses?
Remember to always HODL. This is the time to shop not sell. Remember the fundamentals "buy low, sell high". WE ARE LOW SO BUY. My prediction is the week before August 1st we will have the lowest prices to buy into the market specifically before July 31st as prices will be up trending that day across the board. I recommend the safest coins leading up to BIP 148 is 100 percent LiteCoin but any ETH based coin should be fine such a Golem, BTC based altcoins will suffer further losses until July 31st but will definitely start to recover in the months after BIP 148!
What to buy into at this time?
Remember this is shopping month! NOTHING has changed, the technologies of each company are still amazing and the crypto craze is just starting to gain traction so get in while prices are cheap and before they start to gradually go up on July 31st. BTC should fall to about the 1600-1900 range and that's when to pull the trigger and buy in! If you are buying today look into Litecoin/Golem if you are looking to buy the week of July 31st (buy before the 31st though) purchase any altcoin you deem to have a great project and is a steal of a price! I will mention my top buys in a post closer to that date.
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Thank you.