It is true that Bitcoin has fulfilled the prophecy of touching $ 50,000 as expected. The Halving had its effect, in time, and has become the center of all the news in recent days.
The market is cyclical and the injection of demand is not infinite. BTC is slowly approaching the terrain of becoming an overbought asset and this is perfectly natural. The pros have hit new all-time highs and it's time to cash out the profits.
In an article about mining read here it was mentioned that we are in a stage of the market called: Euphoria. Everybody wants to buy and buy. There is a bullish sentiment that seems to have no end and it is exactly what the professionals need. To withdraw their profits, they need to sell, therefore, they must encourage newbies to buy long positions that they will later liquidate, transforming into sales that will give them the necessary offer to sell and not get trapped, thus being able to take their profits.
Rather than buying Bitcoin, we can say that STEEM is a currency that can offer us great profitability in the long term. The STEEM market is now at the end of a distribution phase. A market cycle has ended, which means that a new cycle is about to begin.
The price has marked historical lows and the decreasing structure that has lasted for so long, finally begins to show important signs of breakdown and accumulation phases with a growing structure.
In addition to that, Justin Sun, the creator, has introduced his other cryptocurrency to Tron to the Steemit Network, which has further encouraged Steemit users to work on the network. Generating an even bigger market capitalization stimulus.
Just like STEEM, other altcoins are preparing to start a new market cycle, which for many is a great and better opportunity than BTC or ETH right now.
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Alejandro Aristeguieta
CEO in Aristeguieta Capital.
Investment Firm and Financial Analysis.
