It has been a brutal downward trend for all the crypto market. A lot of fear is in market right now. If you look back at the past in Bitcoin prices you will notice the up and downs are so to speak quite normal. You can see this also in my analysis post on Bitcoin Cycles 2013-2018. I have taken a look at past mayor up trends and projected them to the current situation and created this forward looking statement, which is by no means financial advisory and more my personal opinion and maybe hope;)
I project three possible scenarios. The Rocket scenario is assuming the SEC approves Bitcoin ETFs end of September and we see a parabolic short time rocket booster rise in Bitcoin price to 40,000USD by end of the year. The Cruising target is also assuming the SEC’s BTC ETF approval by end of September, but assumes a calmer and more long term increase until spring 2020 to 24,000USD for Bitoin. And the third scenario are the “comfortable upper and lower ranges I show. These should be fair territory for Bitcoin to develop upwards or for a correction of the e.g. the jump to 40,000USD.
My assumptions is that the altcoins will follow suit once Bitcoin gets back on its feet and also show similar exponential growth.
Looking at the market for the last 8 month or so it is time for either the breakthrough recovery or for further cuts. The SEC approvals for Bitcoin ETFs are bit far in the future and one would assume that the market will start pricing in the potential approval.