I've been "preaching" caution, and not celebrating ahead of time. It is better to wait and see; to analyze the charts.
Since news is happening every single minute of every single day, new data is coming around and coming our way, it is better to remain open, and change as the market change.
Based on my experience and how the charts look, Bitcoin still needs another month of downtrend, maybe not as strong as before, plus another few weeks/months of up, in order to stabilize and form a new long term uptrend.
*** BITCOIN PREDICTION (NOT TO BE TRUSTED - BETTER ADAPT TO MARKET AS IT MOVES - GOOD FOR LONG TERM VIEW ONLY) ***
I am looking at late March (21st March+) for a change of sentiment, injecting Bitcoin with a new uptrend which this time around will break and cancel the downtrend started in December and start a new confirmed up run that will last longer than this time around.
These are predictions and I don't enjoy those, I rather analyze the charts but, my long time experience in this market should also be taken advantage of, so, after the above speculation takes place, we will have a long period of consolidation/accumulation and after that we start Bitcoins next run.
We don't need Bitcoin to be really strong to trade the Altcoins market, all we need is either stable or going up and finally stabilizing. Stable is the best for us.
Don't get me wrong, I am not saying that Bitcoin will go to $1,000 or that cryptocurrencies will be over. The price can hover and stay around the $8,000 levels, maybe touch a low point and bounce strong from there, and then level out. But I still believe that Bitcoin will have to go on a period of accumulation before we can break strong resistance levels, remain above them (important) and prepare for a strong move up.
*** WHAT TO DO ABOUT OUR TRADES AND ALTCOINS? ***
Bitcoin is calling for more down. For our recent trades, all risky and subject to market conditions, you can sell and move to USD (I do not recommend touching USDT, ever). You can also sell and move to BTC and hold until market conditions changes, or use your BTC to trade alts while the market is down (some opportunities always come around which can increase your total amount of Bitcoins which you can later withdraw when the price goes high), the price will go back up when the time is right. When the market decides.
Another option is to hold these coins long, but many people have a hard time doing that.
I give you the different options, you make the choice.
Everybody can use and uses different strategies, everybody has different goals...