Bitcoin Slides to $35,500

"The Bitcoin bulls and bears are playing a tug-of-war near the $35,000 support level. Neither side seems to have a clear advantage, which creates an opportunity for Bitcoin to stay close to occupied levels. Over the past 24 hours, Bitcoin has lost about 3% of its value and is trading at around $35,500. In addition to supporters of the $50,000 growth theory, there are also other market participants who believe what is happening right now could resemble the late 2017 scenario, when BTC hit its ATH of $20,000 for the first time. Then came a fairly short good season for altcoins, and then came the 'crypto winter.'

If this scenario ends up becoming a reality, then we have already seen the all-time high of Bitcoin above $40,000, Ether (ETH) reached its ATH yesterday, which could become the starting point of the season for altcoins. The demand for graphic cards by miners is also similar to that registered in early 2018, when the altcoins experienced an explosive growth.

As a result, if the crypto market is truly cyclical, we should be extremely cautious over the next few weeks in case Bitcoin drops sharply, which would result in altcoins attracting massive retail FOMO, thus driving up the BTC for a while. Ethereum futures will be released in early February. Now the currency is growing in anticipation of this event, however, as happened with Bitcoin back in 2017, this event cannot guarantee the growth of the currency."