It has been the most insane week in Crypto since 2013 and has left many asking “Is the bull market over?”. Experts joined Man Ran on Crypto Banter to discuss the recent happenings in the broad crypto space, opportunities, potential new meaning for the word “parabolic” and exact steps moving into next week.
Is This The End Of The Bull Market?
Man Ran says the trend is simply weak hands (retailers) getting shaken out with all derivative leverages which are at all time high getting liquidated.
Sheldon says this is not the end of the bull market and the market crash looked like a coordinated process by particular entities. He believes Binance turning off institutional and retailers API on the exchange platform, Coingecko, Coinmarketcap, Coinbase and Kraken all going down, backs up his claim. He added the recovery will be a gradual process and not super fast.
Lisa says the correction was a healthy one with too much leverage in the market at the moment by noobs who joined in on the fun and needed to be flushed out.
Wolf Crypto says derivatives leverage reaching it’s all time highs is because there are more options (exchanges) to take leverage bets on unlike 2017 and that resulted in more people taking leverage bets especially in the current bull market. Wolf said it’s too early to call for the end if the bull market and strongly believed news about China banning Bitcoin mining, Hong Kong regulating Bitcoin transactions caused Fear, Uncertainty and Doubt — and was used to manipulate the market.
Mr Business says he noticed major bearish news surafces every time the market tries to pick up pace and wipes away the progress made. He says he thinks low market caps coins are dead, retailers will now move to safer assets and expects certain big caps with narratives like Polkadot, Ethereum, Solana, Cardano and LINK will continue to do well.
Are We Buying Or Selling?
Wolf Crypto says it depends on the timing. This is the first lesson for many who joined Crypto not long ago and it makes no sense to sell at the bottom of a panic dumb. He added if anyone is looking to exit and observe the market before getting back in, it should be after the imminent bounce.
Lisa says she has 10 altcoins on her shopping list for the dip but hasn’t bought yet because she believes the market will drop down a little bit more and that will be the perfect entry for long term holds. The coins on her list are KSM, ICP, RVP, MATIC, KCS, DOT, eGLD, LINK, ADA.
Wolf says he is not buying anything at the moment due to the trend and urges a bit of caution for everyone trying to chase the trend but admits it is okay to have a shopping list for long term holds accumulation.
This episode premiered on May 21, 2021.