Topic: Abolute bottom of Bitcoin? (Read 936 times)

I don't think price ofbitcoin falling below $30K is feasible based on past Price Action, there is a strong support at $33K to $34 which the price had tried to break after several attempts even today the price got rejected now, I beleive this is a bottom for buying and accumulating in fact buying at that zone and selling high will fetch some little profits, although bull taking over the market is not at sight now, the market is still in deep bearish sentiment which I believed is due to all the negative fundamental news which triggers massive dump as a result of FUDs.

In any case, if the BTC price falls below 30k$ then it will probably go below 20k$ for sure. There is no strong support below 30k$ but that itself is great support right now. Bulls are not able to clear the 40k$ resistance so we are just going sideways in between. I will definitely wait for BTC to break the support and will invest when we can see stronger support otherwise I am happy with my positions.

How can be you so sure that bitcoin price can't go below 30,000$. If it tried couple more times, the support at 30K would be broken.

Noting is impossible in bitcoin. Bitcoin can reach 20,000$ or 100,000$ and both of these targets seems impossible for now.

Maybe $20k, but I don't expect a lower level than that. Because Bitcoin is at another level right now. Its price can't go down too low like in old times against FUDs I believe.

$30k is probably the bottom. Certainly a chance it breaks at some point and we see high $20,000s for a bit or maybe only very briefly, but very possible $30k holds. Basically if there is some sort of huge panic causing news I could see $30k breaking but I think it'd be bought back up pretty quickly. Without big time panic news I think it'll hold.

After initially hitting $30,000 a month ago and getting rejected it has only twice gotten back down to $31,000s. With whales accumulating and pushback on the false anti-bitcoin energy narrative gaining steam and Musk flip-flopping so much hiss tweets are becoming closer to just being noise, it's only a matter of time until getting back close to $30k gets harder and harder. All that plus the El Salvador news and that causing other small countries to start talking about doing the same thing, the directional momentum of the market is definitely gradually switching to the upside. But at long as Bitcoin is ranging at the bottom in the $30,000s, going under $30k it is still on the table, and i expect we'll have a couple more months of ranging.

I believe 30k is strong support as well but if a support is broken it is hard to go back above that level that quickly. Which means if we can manage to get the price under 30k there is a good chance that we will not see above 30k for a while, and in that case reaching as low as 20k will become possible.

This is why I am keeping my finger in the trigger, if I see it go down 1 dollar under 30k I will be selling all my coins and I will rebuy them at around 20k to 24k range, I still do not think that there is any chance we go under 20k, but the 30k price is way too close for comfort right now so I am not going to act as if that is not a possible situation, it is very well possible but it is just not expected there is a difference, I wouldn't say there is a high chance of it going under 30k, but there is a chance, even if small.

$20,000 is way too sharp for a dip at this current market condition. $30,000 is the strong support, and Bitcoin might be consolidating for another bull market, or it could dive below $30,000.
Whichever way Bitcoin goes, the current price is good for accumulation. For those people who's looking for further dip to buy might start accumulating today. You might not see Bitcoin below $30,000 again.

We can't tell it will not fall below that level, we must understand that part of the volatility of Bitcoin is it's movement that that sometimes disrupted by even a piece of small bad news, the market is doing great until a piece of bad news becomes viral and we are sometimes in our sleeping time while it happens and we just woke the market direction has changed.

It seems 20k has a strong support and it will never go below that, as there are lot of institutional investment I even think 20k is lot to fall.

It is a simply calculation and many things are changing. Things in 2017 to 2020 will be different than in 2021 to 2024.

Combine your simple math with chart, I think price from $13,000 to $21,000 are safe to buy dips. I know $13,000 and $21,000 are very different in price but that range is a safe zone to accumulate Bitcoin if for whatever reasons, Bitcoin dives like that.

$20,000 is a very strong support but I know it can be broken.

We could do

20000/3900= 64000/12480

same ratios of peak in 2017 to min in 2020

gives us 12480


so under 12480 = WTF not 30000

Absolute bottom price for the year is to happen in the coming months. Possibly this time the price will go low to $20k. This can be of price manipulation from whales, or can be the gradual fall in the price. Everything happens over the cyclic pattern, and for the growth it has attained over the previous months there'll be a bear market.

If I had to pick the lowest possible bottom, no matter how unlikely... I'd probably put it at $200/BTC.

Now, do I actually think it'll go that low? No, of course not. $200/BTC is a ridiculous number. Bitcoin prices have never dropped that steeply before. The worst bear market we've ever had was a 90% drop. More generally, the nadir of a bear market in BTC strongly resists crossing below the peak of the previous cycle's bull market; that would imply that $15k-$20k/BTC is a more "reasonable" floor.

But if we go beyond "reasonable" and into "possible at all"... consider the sentiment that followed the 2013 bubble. This was the first time a Bitcoin bull market made it into the local newspaper. This was the first time people were sounding the alarm in a serious way about the carbon footprint of PoW. The biggest Bitcoin exchange had just closed its doors after being "hacked" (and then revealed to have been a bucket shop). And then we had a year and a half of bear market before stabilizing at $250 - a downward trend longer than the project had ever seen before.

The argument against a $15k/BTC pricepoint is mostly based on technicals - it requires us to assume that numbers on a chart will move the way they moved before.

But the argument against a $150/BTC pricepoint is based on sentiment and fundamentals - it only fails if there's some type of news worse for Bitcoin than the news was in 2014-15, and I can't think of any news that would meet that standard without destroying the ability to transfer a bitcoin at all (in which case price would be meaningless).

So if you want the "absolute bottom" - the "lowest possible price", even if it's only barely plausible - then that's where I'd point.

If only somebody knows it 100% then he might be rich by now because he can predict the market with 100% accuracy.
I can say $30,000 is the current strong support by now and going below that price will start the bear market .

If Bitcoin will go $30,000 then it might be the start of the bear market but it doesn't mean that Bitcoin will be failed forever. You are like one of those newbies saying that Bitcoin is dead or just saying negative things about it. There are many times that Bitcoin has been declared dead, Bitcoin has been thru ups and downs for the past 12 years but it isn't considered failed. Maybe as a currency it failed since it isn't been used for transactions that often because of the speed.

Bitcoin won't reduce below the value of 30k,because bitcoin had huge amount of investors.If you compare this among the other coins in the cryptocurrency market.Being a experience traders,I request you to inverse in bitcoin as compare to other coin.The percentage of profit in bitcoin will be huge as compared to other coin.

Bitcoin goes down below $30k but at what price it will find the bottom?

I am tired when people raise their calling in bull run and change their minds with lower lows in bull market.

I believe the worst scenario is when Bitcoin falls to $20k to $21k but if I don't have money to buy that dip when it happens, I am fine and don't panic or regret. I will hold my Bitcoin and wait for the bounce to $50k. I don't want to lose my Bitcoin with the bet at $20k to $21k.

It is very possible bottom if Bitcoin crashes again.

If he plays the downwards movement smart he just tries to buy with a limited budget in predefined steps all the way down. I wouldn't think Bitcoin goes under $20k because there is just too much buzz around it and too much at stake with all the institutional investors that are now on board, but I can see Bitcoin hitting the 20s.
Would it harm Bitcoin in the long run? I would say no. Gold hasn't died either when it dropped dramatically and gold had ver volatile times.

He is obviously wrong and we do not have to make too much of an effort to prove this, however this give us insight about his state of mind, it is likely the user you quote above is actually saying that if bitcoin went down below 30k then he will be done with bitcoin forever which means that from that point on it will not matter to him what bitcoin did as he will not come back to the market, when you read his comment in that way it makes more sense even if we do not agree with it.

Before making a bold statement such as this, you have to consider the facts leading to the dump in price to that level. You can't expect a scenario when there are fud all over from banning of Bitcoin related activities to punishment been given to offenders caught and still expect Bitcoin to be performing well.

Obviously in situations like that the price of bitcoin will decline just for the time been and usually it bounces back bigger. You concluding that Bitcoin has failed at the moment it was trading below your estimated value would be wrong. Top assets falls but it's the potential of them raising back is what makes them perfect investment vehicle.

Most of the time Bitcoin move to a different directions, It's against from how the indicators showed up, more on people's reactions and how they managed to handle all the risk that they are taking.

Personally, I'm hoping that $30K is the bottom and what we expect afterwards is another bullish momentum that will bring those investors in the table.

With slow bounce, a little step upwards is very crucial to attract more investors to bring investment to this market.