Gitcoin | Bottomed Out But, Will It Grow? (800%-2000%)Good night my fellow traders, take a look at this chart, we have another interesting situation here.
The bear-market for this pair has been brutal, which we always take as a positive signal when looking for a reversal and long-term growth potential.
➖ The Cryptocurrency market is young.
➖ The market moves in cycles.
➖ After a bearish wave comes a bullish wave.
If a pair hits bottom; goes further down and hits a new All-Time Low; then hits even lower; then lower more and then another drop; this is something to look at, because sellers eventually run out of ammunition and the opportunity to buy shows up.
Now, really low isn't bad. Think of the same scenario but in reverse.
A Cryptocurrency project starts growing, it goes up; hits a new All-Time High, people think that it will end there but, it keeps on going higher; then it goes some more; another peak; another rise... Eventually, the bullish wave runs its of course and bears will be looking, waiting and calculating to take the plunge.
While the sentiment can be down and doubt can even creep up, it is never the end; the market will recover and it will become better and stronger than ever before.
The All-Time Low for Gitcoin (GTCBTC) was hit on the 16-August, and a shy higher low yesterday (2-Sept.). This information is relevant because no major event happened on this date and because trading volume is basically non-existent. When new lows are being hit without volume, it means the down-wave ran its course.
I am saying all this just to try to get across the fact that soon, this market will turn.
What happens if prices keep on falling rather than bounce right away?
Remember our strategy: 👉 Buy and hold; focus on the long-term.
Buy and hold and accumulate.
If prices move lower, after years of bearish action, the worst case scenario would be a little more waiting followed by change.
Once we hit bottom, the only place left to go is up!
Get ready because we are about to witness long-term growth.
The targets on the chart are for the mid-term only, long-term there can be more.
Namaste.
