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RE: Vlog #88: Crypto Correction day. Distracting myself as a Hodler from watching the markets.
Yes, these things will happen when an imminent target is reached.... $5000 is such target where traders want to book profits and buy back when the price falls, this is again a great opportunity to invest and hold while the next imminent target of $10,000 is reached.
Hitting $5,000 definitely put a bit of downward pressure on crypto markets - BUT, I don't think that's it. This is probably directly related to China's recent decision to regulate ICOs in a very serious way - see Dragos's recent post, he sums it up well: https://steemit.com/bitcoin/@dragosroua/icos-declared-illegal-in-china-markets-turn-red-all-across-the-crypto-spectrum
edit: And this was bound to happen. In today's political environment, with the insane proliferation of ICOs enabling people with little or no experience to raise millions... IDK. When I see dozens of million dollar ICOs run by people who have never actually built a business before (no, becoming VP of marketing at an established company doesn't count) - it's just not right.
Hopefully a small downturn in the 10-15% range now can save us from a much more catastrophic event down the line.
It would be great if your forecast is successful :)