Is Bitcoin Cash Worst Case Scenario Still Yet To Come? What Should We Do?

Bears has beaten bulls and we have finally came in a very traumatizing season of a bear market. Analysts and market makers/dip buyers nearly reached their big target for Bitcoin as the price plummeted to $20,100 which was last seen over 2 years ago. As the reigning cryptocurrency, Bitcoin dragged the crypto market along with itself where top altcoins are losing already more than -90% since its peak during 2021 bull market.

Along with other top altcoins, Bitcoin Cash that was even fundamentally strong was not an exception to once again experienced a -90% loss in value. No matter how much confidence people has with the fundamentals and potential of Bitcoin Cash, it was still taken over by the fear of bear market.

Bitcoin Cash Possible Worst Scenario In This Bearish Market.

When it comes to its price, Bitcoin Cash somehow correlates with Bitcoin. When Bitcoin started dropping from $30,000 to nearly down to $20,000, the price of Bitcoin Cash was also dragged down but even more painful as it has dropped nearly -50% since the first day of June 2022. From $210 on June 1st to currently just over $114 as of making this article.

Though Bitcoin has dropped to a key levels traders were expecting to reach, there was no sign of demands and it was concluded that a possibility to drop even lower might happen in the next coming days or weeks. This could also mean that there will be potentially new bloodbath in the market and as Bitcoin Cash showing weakness in the charts, there is a high possibility that it will once again dropped below $100, or worst go below to its all-time low of $75 from 2018 bear market.

Data from Coinmarketcap.

As I'm doing my research, there is currently no centralized exchange data for the total chart history of Bitcoin Cash and this is also the reason why the current chart of Bitcoin Cash in every centralized exchanges shows new all time low and showing very weak and massive sell pressures.

As we are already 100% sure that we are in a bear market, there is no assurance when will the market will start recovering or if there will be a continued bloodbath or will it be a long side way market. If the bears continues to take over the price action, surely more dumps will be seen in the next coming months. And in the case with Bitcoin Cash, this might be hard to accept but as the chart and emotions are saying, reaching or making a new all time lows are more possible in the short than a +100% recovery.

What Should You Do?

During bull market, people say to buy the dip and keep holding. For long term holder, this is a very good approach but if you want to maximize the potential earnings in the market, you should know when you should go in and go out.

Fomo and hype were building during a bullish market when people started buying instead of selling. While fears and panicked are build during a bear market when people are selling and staying aways instead of accumulating.

As one of the cryptocurrencies, Bitcoin Cash is one of the strongest coin/asset that are fully decentralized and community-driven with a long term potential.

No one can really predict how low can Bitcoin Cash go or when will it start its run again in the market. But as one the strongest and pioneer cryptocurrency in the crypto market, Bitcoin Cash gives assurance that even if it creates a new all time low, it will always be back on its knees and high possibility to reach and break and its past highs.

Conclusion.

Bear market is time when lots of people are staying away in market instead of building up their portfolio. People should know that if a bull market ends, a bear market should too. There will always be opportunities in the crypto market and a bear market is a good time to start building up your wealth.

In the case of Bitcoin Cash, buying it below $100 will always be better that the time you were buying it above $500. No one knows how and when will the painful days will end but one thing is for sure, a bull market is just ahead of us.