Bitcoin has had a great month. I hope you were all invested.
The other crypto's have been on the sidelines - waiting for action. Will Oktober finally be the altcoin month?
Youtubers Data Dash and Crypto Investor are definitely saying so.
I personally think more bad price action will happen before it turns good again.
Lets take the Ethereum price as an example
We're seeing:
- The performance against USD is okay-ish (green line)
- The price vs Bitcoin is low (gold line)
Bitcoin has outperformed altcoin crypto's the previous month. So this is a trend I'm seeing in most charts.
Eventually the two lines will come together again.
But how. How will this resolve itself? Two possibilities:
- Altcoins have to do better in Bitcoin terms than in Dollar terms - meaning Bitcoin has to drop in price while altcoins go up
- Everything goes down, with Bitcoin going down more than altcoins.
With the track record being "Bitcoin goes up, everything goes up" and "Bitcoin goes down, everything goes down", I don't see Bitcoin going down and altcoins holding their USD price level.
So I expect the bad scenario, and I'm going mostly out of Bitcoin and altcoins waiting for a price drop.