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KennyR

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Quote from: proudhon on June 22, 2021, 06:24:34 PM

Quote from: 2double0 on June 22, 2021, 06:04:33 PM

@Ratimov Sir, I'm watching a lot of sentiments from people and most of them have called $20k to be the bottom for this year, but I think that if $20k will be touched, btc will continue its downtrend till $9650 more and it will be more tragic to say but btc will not recover for at least a few more years based on its previous ranging cycles.

When bitcoin dips below $20k, there will be no recovery. There already will never be a sustained (10+ days) recovery above $35k, as I've confirmed and mathematically proven.

I don't know whether there is possible chances for recovery or not, but I believe the market is gonna experience downfall as it happened during the years after the previous bull market. You're great and you've done a perfect calculation of the market to sustain above $35k for ten days. I was counting the days, anyhow thats a precise prediction from you.

sunsilk

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$25,000 could be the next bottom but bitcoin is still showing us how resilient it is. Within a few hours, it came back to $32,000 after it has hit $29,000.

Quote from: BrewMaster on June 22, 2021, 10:00:43 AM

i have found that at times like this the best course of action is just watching the market with a bag of popcorn.

Yup, I agree. Many times I've also watched the market the same as these and my action is also depending how the market will react while watching it.

proudhon

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Quote from: 2double0 on June 22, 2021, 06:04:33 PM

@Ratimov Sir, I'm watching a lot of sentiments from people and most of them have called $20k to be the bottom for this year, but I think that if $20k will be touched, btc will continue its downtrend till $9650 more and it will be more tragic to say but btc will not recover for at least a few more years based on its previous ranging cycles.

When bitcoin dips below $20k, there will be no recovery. There already will never be a sustained (10+ days) recovery above $35k, as I've confirmed and mathematically proven.

2double0

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@Ratimov Sir, I'm watching a lot of sentiments from people and most of them have called $20k to be the bottom for this year, but I think that if $20k will be touched, btc will continue its downtrend till $9650 more and it will be more tragic to say but btc will not recover for at least a few more years based on its previous ranging cycles.

thecodebear

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Quote from: Oasisman on June 22, 2021, 05:16:52 PM

Quote from: thecodebear on June 22, 2021, 12:34:40 PM

So who was smart and picked up cheap coin today? I personally got some $1810 Ethereum. Just missed out on a couple super cheap altcoin buy orders but we may still get a lower leg down at some point. For now it's rebound time to take profits on as the price jumps back up. Hoping Bitcoin heads back to high $30000s before it does another big drop back to the bottom of the barrel.

Currently trading at $32,000. It did bounced back, while ETH around $1,900. You could either short or hodl. But, I guess there's a huge chance for Btc to fall below the strong support at $30,000 again.
The chart presented by the OP really suggest a downtrend. Though it may looks like we're seeing a 2018-ish bear pattern, but we're in a completely different market situation. Bitcoin price might steer in a different direction.

Looks like we're scraping the bottom of the market these days, China banning fud has reached peak excitement but its also almost over as it seems about 75% of mining in China has already ended, so the time for that to cause panic sell-offs is nearing an end. I expect we'll see under $30k again, maybe even a few more times this summer, but I don't think it'll go much lower than it did today. Maybe we get a $27k briefly at some point. $30,000s seems to be the bottom range. This does look a lot like the 2018/2019 bottom in the $3000s. It took 4.5 months to carve out the bottom and go into bull market again at that point, I expect it won't be quite so long this time, and we're already a month in. Shorting at this point is quite risky, while holding has no risk. Nothing wrong with taking some trading profits and playing the market volatility in this $30,000s ranging though, while it lasts. I expect by end of summer we'll be firmly back above $40k and heading upwards again. For those with a lot of cash this must be a fun time for buying! One of those rare opportunities when you get to buy ultra low at prices that seemed like you missed out on forever just a short while ago.

LUCKMCFLY

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The price of BTC has dropped a lot, the reason is still unknown, at the moment the bears are dominating the market, the bulls have not yet manifested with a clear answer, for now I think that the bulls must be planning their counterattack plan, now what remains is to wait and see how everything continues to develop:

Quote

Bitcoin’s market capitalization fell by 3.3%, at the time of writing, and BTC was down by 22.1% in 7 days. Bitcoin has held on to the $32,600-support level since 8 June. However, at press time, it had broken and fell below that support level to $31,600.

Source: https://ambcrypto.com/bitcoin-litecoin-chainlink-price-analysis-22-june/

Some analyzes show that the price can reach a maximum of $ 20k, it is the worst of all scenarios, but everything can change, any movement can change the scenario shown for now and its slight bearish trend.

Oasisman

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Rollbit

Quote from: thecodebear on June 22, 2021, 12:34:40 PM

So who was smart and picked up cheap coin today? I personally got some $1810 Ethereum. Just missed out on a couple super cheap altcoin buy orders but we may still get a lower leg down at some point. For now it's rebound time to take profits on as the price jumps back up. Hoping Bitcoin heads back to high $30000s before it does another big drop back to the bottom of the barrel.

Currently trading at $32,000. It did bounced back, while ETH around $1,900. You could either short or hodl. But, I guess there's a huge chance for Btc to fall below the strong support at $30,000 again.
The chart presented by the OP really suggest a downtrend. Though it may looks like we're seeing a 2018-ish bear pattern, but we're in a completely different market situation. Bitcoin price might steer in a different direction.

sana54210

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Quote from: proudhon on June 22, 2021, 10:23:18 AM

Quote from: BrewMaster on June 22, 2021, 10:00:43 AM

when everything is based on fear and lack of logic it is not possible to predict anything.

It's possible. The price will continue to go down.

It is not possible to predict the price and not the direction, it is impossible to predict the direction as well but leaving that aside nobody in the world could give a date and a price. Even the people who scam others by saying they can predict the direction do not give a price and date at the same time, sometimes they give a price number like say "it will be 23k" or whatever but even they do not give a date.

Nobody can say "it will be 25k by 27th of June" or something like that, it is impossible and anyone who even tries to do something like that will not be remotely close and will be making it up. Why? Because we have no clue who will buy and who will sell and when they will do that, it is not something predictable and will never be. Sure it looks like it is going down but it went down enough if you ask me, I say we are going to keep doing this dance up and down for a while longer.

DarkIT

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It was a huge fall in the price.Everyone should do of buying more of bitcoin for now.We can't see this low for the next time in the history.Because bitcoin had a huge supporters for now.So the price will increase in a short period of one week.But in the market,the dump and pump is common.It doesn't mean of bitcoin losing it value.

Yaunfitda

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Quote from: BrewMaster on June 22, 2021, 10:00:43 AM

Quote from: Symmetrick on June 22, 2021, 09:46:26 AM

Where do you think the bottom is and what will happen next for the bitcoin price?

we can only predict normal market movements and logical human behavior which in turn affects the price. when everything is based on fear and lack of logic it is not possible to predict anything.

i have found that at times like this the best course of action is just watching the market with a bag of popcorn.

That bolded part, when seen this in the past, now it's going to be a long boring game now. Either we have a break out run in the next couple of months, or it will continue this sideways pattern and investors are not willing to pour their hard earn money. As you have said, it's logical human behavior since the movement is not that attractive. Unless they just one thing in mind, that is to accumulate sats.

buwaytress

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Quote from: jackg on June 22, 2021, 12:06:09 PM

There might be an opposite of a short squeeze that occurred or something then too - on a bunch of exchanges at different times.

Bitcoin has a good history for trying to chase random stops and breaking additional support zones to try to liquidate positions (either traders themselves or exchanges doing it idk).

A lot of people might also have moved their 29k-30k orders a bit upwards to where we'd have left the last pattern because they might not have seen much of a point leaving it there.

Random and almost purely logical from a milestone perspective rather than technical so yeah, I see that happening (exchanges especially, on instruction from big brokerages). I did say I was disappointed in 30k not holding but as long as we don't revisit it for another 24 hours, we'll make it to mid-week and it'll be a blip.

@proudhon You're a happy camper, aren't you? Wink

uneng

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I don't see a pattern, because in 2017 China wasn't so harsh over bitcoin like they are doing right now and at same time shilling for their own centralized crypto currency. We have a new event happening, that is the main cause of this bitcoin crash. Now a positive event is needed to push bitcoin upside again: for an example, it could be a friendly country giving propitious conditions to crypto mining farms operate on their territories.
Shutting down mining farms was the Achilles' tendon of bitcoin and China knew how to do it efficiently to boost their own crypto meanwhile. I think if it can be reverted bitcoin will fastly recover.

thecodebear

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So who was smart and picked up cheap coin today? I personally got some $1810 Ethereum. Just missed out on a couple super cheap altcoin buy orders but we may still get a lower leg down at some point. For now it's rebound time to take profits on as the price jumps back up. Hoping Bitcoin heads back to high $30000s before it does another big drop back to the bottom of the barrel.

jackg

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https://bit.ly/387FXHi lightning theory

Quote from: proudhon on June 22, 2021, 10:23:18 AM

Quote from: BrewMaster on June 22, 2021, 10:00:43 AM

when everything is based on fear and lack of logic it is not possible to predict anything.

It's possible. The price will continue to go down.

👀 Hmmmm. Seemed to rebound a little just after you said that.

We could still go down and the current move up could be due to the slight S&P move but I don't think we're fully in a bear market yet. It looks a bit like May-June of 2017 now and the one op put on too (I want it to look like September).

Quote from: buwaytress on June 22, 2021, 11:49:26 AM

Completely missed it, it seems, as it's back to around 32k when I looked last earlier today. Probably just triggered a lot of stop losses at 30k and then bounced back on buy limit orders just below 29k, nice 10% gains in a flash for whomever did the latter!

Slightly disappointed 30k didn't hold, but I'd rather flush these shorts out before Friday!

There might be an opposite of a short squeeze that occurred or something then too - on a bunch of exchanges at different times.

Bitcoin has a good history for trying to chase random stops and breaking additional support zones to try to liquidate positions (either traders themselves or exchanges doing it idk).

A lot of people might also have moved their 29k-30k orders a bit upwards to where we'd have left the last pattern because they might not have seen much of a point leaving it there.

buwaytress

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Completely missed it, it seems, as it's back to around 32k when I looked last earlier today. Probably just triggered a lot of stop losses at 30k and then bounced back on buy limit orders just below 29k, nice 10% gains in a flash for whomever did the latter!

Slightly disappointed 30k didn't hold, but I'd rather flush these shorts out before Friday!

LogitechMouse

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Chancellor on brink of second bailout for banks

With what happened, there is a high chance that weak hands might push the price of Bitcoin to even lower prices.
Now that the $30,000 support of Bitcoin has already been broke, when it will not go higher than that price in the next few days I might see Bitcoin's support at the 2017-2018 ATH which is at near $20,000.

That is the next support that I see. On the other hand though, its also possible that it is a false breakout and price will go rise in the next few days or weeks. Lets wait for what will happen but for me, I think that the chances of the bears controlling the market already is high and a bear market might happen.

proudhon

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Quote from: BrewMaster on June 22, 2021, 10:00:43 AM

when everything is based on fear and lack of logic it is not possible to predict anything.

It's possible. The price will continue to go down.

Ararbermas

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Don't make comparison mate through the chart because there's actually a big difference especially when it comes the situation, just keep monitoring the performance instead, and never place an order as long as it still crashing because its not safe wherein just wait for the right time and remember on this kind of situation even you see it turns green it doesn't mean it's a bullish, make analysis and always follow the trend for your safety..

BrewMaster

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There is trouble abrewing

Quote from: Symmetrick on June 22, 2021, 09:46:26 AM

Where do you think the bottom is and what will happen next for the bitcoin price?

we can only predict normal market movements and logical human behavior which in turn affects the price. when everything is based on fear and lack of logic it is not possible to predict anything.

i have found that at times like this the best course of action is just watching the market with a bag of popcorn.

Symmetrick

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