Great write up and I agree. I think that previous run up is over and many people are taking profits on top of the exchanges cashing in. There is always FUD when markets tank, so the CNBC guy saying BTC will drop to $1,000 falls into that category, but it's not outside the realm of possiblity I suppose. However, it's highly unlikely and that guy was likely biased against cryptos like many on Wall Street.

What sucks is BTC is driving down the entire market. I don't think ALL of these cryptos would still be going down were it not for Bitcoin. That's a serious problem in this space and effectively means you can't safely invest in any crypto without having to worry about BTC driving down your company's price value. That doesn't even happen in penny stocks, though I know we're talking about completely different assets here.

Bitcoin hasn't stabilized yet either, so we don't know how low it'll go. I'm a long-term hodler, so I watch the weekly charts too and it's important to note that on the RSI over the past year, BTC has never dropped below 50. Since January of 2016, 2 years, Bitcoin has stayed above 50 RSI. It's now coming really close to breaking it. If it does, that's not a great sign but doesn't mean it won't turn back up because it's getting close to being oversold on the daily chart.

Over the past 2 years, when the market got this oversold...it rebounded hard. We'll have to wait for that to happen.