Ehh... just the start of another crypto winter. It's just the cycle in crypto and with it, all the newbies start panicking and the scammers turn desperate to get that one last pot of gold in before it happens because Winter is Coming.
Hence the reason why meme coins are a thing, scammers create them and market them to the desperate people who lost money because they came in near or at the top of the bull cycle. The crypto winter will cause 99% of the scam altcoins to perish, leaving the legitimate altcoins to survive.
This is the point where taking profits is a good idea if you are a trader who has clearly missed the peak of the bull run but still has a nice profit. One of the best techniques if you don't want to leave the crypto market is to convert everything to a stable coin pegged to the US dollar and then wait until the bottom has been hit before converting to Bitcoin or Ethereum because they are the ones that kickstart the next bull run cycle.
Finding the bottom is hard though, technical traders will point to support level, RSI, etc but in general 2 things are key to watch for. The first and most important is the price point where mining Bitcoin becomes unprofitable for the miners, the 2nd is the peak of the previous bull cycle.
The first is a red line that must not be crossed, if crossed Bitcoin goes into freefall as many miners slow operations until Bitcoins algorithm adjusts and mining becomes profitable again. The 2nd usually is the best time to reinvest in Bitcoin, Bitcoin always putters around well under the previous bull peak and then slowly legs up until it hits that peak. In this case, somewhere around $10,000 give or take a few thousand in either direction is where I expect Bitcoin to bottom and the previous peak was around $19,000 if my memory doesn't fail me.
www.coingecko.com
