With markets tanking and over 30 billion dollars wiped out of crypto in the last 24 hours it might look all doom and gloom at the moment. But take this into account.
In March 2019 the crypto market cap was half of what it is now.
In March 2019 bitcoins was was just $3,500 - $4,000
In 4 months time we tripled our market cap and tripled our price and a LARGE majority of it was based on hype and Facebooks new coin.
Now that both of these things have settled down its time for the market to start doing a healthy correction.
In all honestly I expect bitcoin to fall to $7,500 still there is literally NO reason for it to be at current levels. Given that some hype will remain in the market my target price would then fall on $8,000 to $8,500 as a healthy level.
*BTW I don't do all that fancy BS chart crap. Bitcoin is traded solely on news and you can pretty much gauge where the markets are headed based on the news.
There also wont be any ETF any time soon, due to the wild swings we just had that is pretty much off the table.
Thus bitcoins going to have to be fueled on it's own like it should have been. I think to many people had way to much hope that governments would actually approve a worldwide currency. That is never going to happen just like ripple will never be a part of banks like they promised.
Much like a bank would not give up their control to a cryptocurrency XRP the government wont give up control to a cryptocurrency. There is just far to much risk for money to come flying out of the country compared to the Forex and fiat systems in place now.
Bitcoin and other cryptos are going to need to grow on their own, through quality development, security, private investors, every day investors and every day users. User interfaces need to be easier, systems need to be smooth and I will say Coinbase has done a great deal for cryptocurrency in terms of a clean easy UI and easy access from fiat to crypto.
That all being said you are looking at some key areas right now to grab up some cryptos for a bargain. However don't be fooled by many alts. A majority of altcoins are dead. Those with no development and no on going support are going to now dry up and wither away and only altcoins with development teams such as Ethereum and litecoin will start to thrive.
Also as a side note Coinbase added a pretty cool feature to each cryptocurrency they currently list. You can view top holder activity and the typical holding times etc seen here.