Get ready for the crypto limbo. Bitcoin breaks below $8000. Altcoins start to follow.

We are currently looking at $7950 Bitcoin on Binance. It has broken below $8000. If you go to any YouTube video you will find people talking about $10,000, you will find in people talking about $12,000, you will find people talking about $20,000 Bitcoin coming up within the next month.

That's right.

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Within the next month.

People are talking about a great rise up in Bitcoin. All of us expect Bitcoin to do fairly well by the end of the year. If you ask me though it's a bit early for us to be rising up that far despite the fact that the halving is less than a year away now.

The truth is that when Bitcoin decides to rise up..... it is generally quick and forceful. When we've got a gradual rise like we've been having lately, even if it's a gradual rise that appears to be up the side of a mountain with no summit in sight, it is also entirely possible that people will want to take profits.

It's entirely possible that people will want to lower the costs so that they can get in at a lower rates. If you don't think whales and other market manipulators are capable of this.... then you don't know the crypto game very well.

What is more likely....the idea that we are going to fall back down to around $6000 so that a lot of people will be able to get in at a better rate, or the possibility that we are going to very quickly head up to $12,000 so that we can begin the climb to $20,000 that might happen in a few months?

I'm not a bearish person. I've never really been a bearish person. However, at this point I would definitely put my money more on $6,000 than $12,000.... at least in the short term.

I do think that we are likely to hit $20,000 by the end of this year. I don't think we're going to hit $50,000. I think $20,000 is right about on the money. Now I'm just a normal guy with a normal outlook, but I think that based on my own personal experiences $20,000 seems like a reasonable amount for the end of the year.

I do however think that we are due for a correction right around now. This correction appears to be happening, and if everything goes the way I think it will we probably head below $6800.

I would probably start putting money in the moment we fall below $6800. We might head down to $6000, but I don't think we will go very much below that. If we do fall down below $6800 then we're going to take some of the altcoins with us without a doubt.

Steem is sitting at $0.36 and it is struggling not to fall down more.... but I'm confident that it will fall back down. I think it's probably going to fall below $0.30 in order to match Bitcoin's descent. I wouldn't be surprised to see $0.20. Of course, it'll rise back up to when Bitcoin rises back up.

What will likely happen is that Bitcoin falls down below $6800 for a short period of time, the alt coins also fall down..... possibly to half of their current price, Bitcoin goes back up and then starts to go much higher..... maybe up to $12,000 or $15,000, the altcoins reach their previos point..... they to start to go up too.

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If we have any luck then Bitcoin will quickly hit $20,000 at that point, which might be in two months or so, and then the altcoins could start doubling, or even tripling, or even quadrupling.

It's great news that EOS did not come out their Steemit killer. They have instead come out with a Twitter clone of sorts. I don't know if anyone has actually been able to try it out. I'm on the beta sign up list for it, and I'm hoping to be able to use it soon, but I've never been a huge fan of Twitter.

I'm obviously a content creator that writes fiction, so what makes more sense for me is a site like Steem. My original intention was to pull out half of my stake due to some issues that I'm experiencing currently, but leave half of it in. I want at the very least to remain a dolphin with 5000 SP.

I'm not entirely sure that's the way I want to continue doing things though since I'm pretty sure we are going to head back down below $0.30, and maybe all the way back down to $0.20.... at least for a month or two while Bitcoin falls down as well.

I could be completely wrong about this of course, because you should never take anyone's financial advice.

However, I was able to predict the fall from $0.80 to below $0.50 though I did not realize we would fall down to $0.21. I do think that if Bitcoin falls below $6800 then we're going to see maybe $0.28, $0.27, or $0.25 Steem .

Of course, if someone wants to take their $0.37 Steem and then turn it into something like tether or USDC, they could then buy in at a lower level. The cryptocurrency game is all about making money isn't it?

So we will see what happens. I hope you were able to sell the news when it came to EOS. I was thinking it was going to continue rising up, but it did exactly what we've all been used to. It rose up on the rumor and then sold off on the news. Of course it probably would have done a lot better if the news had actually lived up to the hype that Dan had produced.

I don't think any of us really were expecting a Twitter based cryptocurrency coin that you can't even sell because it isn't actually EOS at all, but instead is some unknown token that nobody probably needs or wants.

Now I do see Bitcoin falling more. I could be wrong, but I think the best place to put money right now is something like USDC or some other stable coin.

It's not financial advice....you can do whatever you want.... but if there's one thing I've learned from the 2018 season it's that taking money and putting it in a place where it remains money and doesn't become a vapor is probably a pretty good idea unless you are looking at a sure thing.

Bitcoin is never a sure thing. Right now, at this very moment, I know a lot of people that are looking for a correction.... and I'm one of them.

I wish you the best of luck with all of your cryptocurrency endeavors.

Good trading.