Are we in a crypto bubble? Is a possible correction coming soon?

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Quote from: esinka1903 on February 28, 2024, 06:37:33 PM

As we approach the end of February, BTC is reaching new all-time highs not witnessed since 2021. Bitcoin is making significant progress, moving beyond the $ 62 thousand price range and heading towards the all-time high of 68 thousand. This positive movement is supported by a bullish reversal candle pattern called Three outside up on the recent 3-day chart.

The ATH of Bitcoin was between $69,000 on some top exchanges and others were $70,000. This is the first time I'm seeing someone say the top of the market was $68,000. A correction is coming maybe between 20% to 30% price correction because the market is being too bullish while the halving is still far away, the market can't be rising always. If the corrections doesn't come before the halving then after the halving we would see a correction that will give the market more momentum to rise as investors starts buying the dip of the market, but we're not in a crypto bubble. The bubbles only comes after the bull market is about to end because when the bubble burst, the price of Bitcoin will fall and after that we'll have the bear marker that'll last for around two years before another bull market.

Viscore

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Quote from: Kemarit on March 02, 2024, 04:52:35 PM

Quote from: Wexnident on March 01, 2024, 09:11:50 PM

I've been half expecting the market to dip and calm the hell down since back 50k. Seeing as it's in no way doing that, or any of the dips that did happen are rather insignificant since it just pumps right back up, hardly doubt we'd be seeing a correction anytime soon. Maybe at least till we hit ATH? I think most people are having the FOMO feels right now due to how much the market has pumped up in the past month or so. If we somehow breakthrough above 70k though then I don't really expect any correction coming anytime sooner.

We have been threading the needle at $62,000 and just like you, we thought that we will have a correction, but nothing has happened so far or at least the bulls doesn't want that as the market is in FOMO mode since last month and has never stop.

And with that kind of mindset and sentiment, this bubble might continue and will not stop until we hit new all time high before the halving?

What's important though is that even if we break $70,000, no one is going to sell. I mean, yeah why not, take profits, but if you are looking for more, then why wait and have the patience to see it get to at least 6 digits, IMHO.

Its still early to say that we might not face some price correction throughout the process. I still have this feeling that any moment from now we will experience some price decline so we better get ready for it and hold tight to our bitcoin. However, we aren’t in full control of the market but if FOMO gets high these days, I guess the market won’t allow some price correction as of this moment but eventually, it will still come into possibility later on.

There is still a big bubble in the market and we kinda like it. My point is no matter how far this will be going to happen, at least we should still hold on to our bitcoin and just sell only when the final bull run is here.

Kemarit

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Quote from: Wexnident on March 01, 2024, 09:11:50 PM

I've been half expecting the market to dip and calm the hell down since back 50k. Seeing as it's in no way doing that, or any of the dips that did happen are rather insignificant since it just pumps right back up, hardly doubt we'd be seeing a correction anytime soon. Maybe at least till we hit ATH? I think most people are having the FOMO feels right now due to how much the market has pumped up in the past month or so. If we somehow breakthrough above 70k though then I don't really expect any correction coming anytime sooner.

We have been threading the needle at $62,000 and just like you, we thought that we will have a correction, but nothing has happened so far or at least the bulls doesn't want that as the market is in FOMO mode since last month and has never stop.

And with that kind of mindset and sentiment, this bubble might continue and will not stop until we hit new all time high before the halving?

What's important though is that even if we break $70,000, no one is going to sell. I mean, yeah why not, take profits, but if you are looking for more, then why wait and have the patience to see it get to at least 6 digits, IMHO.

rodskee

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I was waiting for correction actually knowing that I still have some funds laying in my Stable
coin that can be transferred into Bitcoin anytime soon, so asking if we are in Bubble ? i don't know but I
do believe that we are in bullish market mate and yes there are lot of increase to expect fromthis
because altcoins will also move upward while bitcoin is making its ATH now.

Wexnident

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I've been half expecting the market to dip and calm the hell down since back 50k. Seeing as it's in no way doing that, or any of the dips that did happen are rather insignificant since it just pumps right back up, hardly doubt we'd be seeing a correction anytime soon. Maybe at least till we hit ATH? I think most people are having the FOMO feels right now due to how much the market has pumped up in the past month or so. If we somehow breakthrough above 70k though then I don't really expect any correction coming anytime sooner.

Bravut

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Yes.
Probably in April during halving.
What we must know is that bitcoin wouldn’t just rally as we all think, correction is bound to happen and to be expected anytime.
Though am not that good in fundamentals…but with the buying pressure on bitcoin, this creates liquidity pools which must be taken out before any move so what I see is more people to be liquidated.
FOMO on investors, and other bills passed will surely influence it, the bull run will last till next year, the bull run has stated yet we are just seeing the impulses what we should be doing now is just holding and focus on some other good stuff.
Price moves up and down like wave from one support to resistance and vice versa we shouldn’t Pressure ourselves but rather just hold and expect anything that comes out of it….
Always remember to risk or invest what you can afford to lose let your hunger not let you forget the basic rule.

Dave1

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Isn't it Bitcoin market is always on a bubble specially if we are fast approaching the Halving?

So yeah, there has been speculation already that after the bubble has been burst, we might see a huge dip, 35%-40%. So that is a big dump if that happens in the market right now. Maybe others have taking profits already with it touches $62k, or perhaps still holding as what we preach.

Very difficult to say, but if a correction had to happen before the halving, it could be just around the corner. So no new ATH before the halving as others might have been looking for this cycle.

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Quote from: esinka1903 on February 28, 2024, 06:37:33 PM

The upcoming Halving event in April and the anticipated approval of the spot ETH ETF in May indicate that this bull run will continue throughout this season.

IMHO, that ETH ETF spot is unlikely to get an approval. The BTC ETF spot have come long ago before it was approved. That's the reason for its approval that it's set a long time and changed a lot of policies time and time again for SEC to get satisfied with its rules and regulations. That's why with the ETH ETF spot, I haven't heard of it before but maybe there were applications that have been done before but I've never heard any of it. Also, don't forget the contribution of the BTC ETF spot for this current bull run, we're not even yet on the after-halving effect and yet, we're close to the former ATH.

Quote from: esinka1903 on February 28, 2024, 06:37:33 PM

Any predictions on whether a BTC price correction is on the horizon? How far do you think the price will go now that it has broken through resistance levels?

#tothemoon

It is to expected that corrections are coming and you have to remember that because before a pump that shall happen, there should be a capitalization through a dumped market. That's where it is getting fueled before it reaches the ceiling and for that, this is going to make it better if we see some corrections on the side and not pure pump. As usual, the whales have to take profit back and then on the market so as we.

adaseb

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Yeah after todays price I was starting to get bubble and top vibes. We broke $57K all the way to $64K within 24 hours. It’s great and all but from my experience in the past, it usually leads to a top or a larger correction.

The etf flows came out and we got like $600M so I don’t think we topped yet but once the flows start to top out then we might be entering a cycle high territory. Hard to tell when. Because if tomorrow is like today then we might hit a new ATH soon.

jrrsparkles

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Bubble and correction are two different things so better not confuse with each other.

There is possibility of correction after huge hike in Bitcoin which is very common and I expect the price correction after or just before the halving event so far there is nothing bad that can induce the correction unless a whale with tons of Bitcoins decided to dump and cash out.

mk4

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It's funny how we've been in a bear market for what? 3 years? Then after things bounce up, a lot of people(see: normie social media) are suddenly wanting for a dip as if they didn't have 3 freakin long years to stack up lmao. Some things will really never change.

yhiaali3

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Buying fever has affected everyone, individuals and institutions. Everyone expects Bitcoin to exceed 100K$, so buying pressure is increasing even as prices rise significantly. The fear and greed index reached significant levels, as the greed index reached about 82%.

As for the correction, there will certainly be many corrections coming to the price, but in my opinion, this is healthier for the market. The correction makes the market more balanced and stable and gives a strong fulcrum for the price to launch to greater levels. Without a correction, the risk will be very great.

Poker Player

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We are not in a bubble as such. What we are in is a clear bull market in which there are obviously ups and downs but the trend is upward. Lately the price had been rising too fast and yesterday's dip is reasonable as a profit taking.

Quote from: esinka1903 on February 28, 2024, 06:37:33 PM

How far do you think the price will go now that it has broken through resistance levels?

The major resistance is at $69K. If we break that one we can go to the moon.

Text

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There is no crypto bubble with Bitcoin; it was the foundation, and it's not something that will easily collapse, especially now that it is supported by ETF. However, a correction is always possible. In my opinion, a correction may occur once the current all-time high is surpassed because, like me, others prefer to wait until the ATH is reached or surpassed before selling at the price target and taking profits. So I'm not thinking about a correction yet until it reaches the ATH. In my view, the upcoming halving will further push the price to rise.

milewilda

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What comes up, would definitely comes down! We cant be having that one movement forever just that on what we've seen.. Hitting up almost 64k and made out some correction to 61k on which i do believe
that this is where price would be starting up on moving sideways. We might be able to see some nasty dump soon before the halving period and after that we might be seeing some increase and another dump again.
I do based up on previous cycle on which this is something that might happen as of this year but well, no one really knows on what it would really be looks like because as we do all know on which there's no
way on knowing on where the prices would really be going and this is why it is really always that hard to make some long or short positions. Cheesy

For holding then it wont be bad on having that little bit patience on waiting for some price correction to maximize out profitability.

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Quote from: esinka1903 on February 28, 2024, 06:37:33 PM

~
How far do you think the price will go now that it has broken through resistance levels?

As high as $100,000. Seriously, we will at some point reach that price. It's only a matter of when it will be reached.

People now are getting FOMO'ed just because they saw Bitcoin surpassing the $60,000 price. Just a few hours ago, the price of Bitcoin went down from around $65,000 to nearly $58,000 just because of the news related to Coinbase. Now the price of Bitcoin is sitting at $61,000 by the time I'm posting this. It seems like $60,000 is acting as a support now.

Are we in a crypto bubble? It's hard to answer that because we have different perspectives on what's happening currently. I can say that we aren't because people have just got FOMO'ed hence, we're seeing a huge price increase. Some can say that we are. Will there be a correction? Definitely. The price movement of Bitcoin doesn't go in a straight line, and there will be times when it will kind of rough, but with what's happening, we are seeing higher lows which is a good sign for Bitcoin. Higher lows followed by the event, and the FOMO. A good time to sell I guess? Cheesy

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Quote from: esinka1903 on February 28, 2024, 06:37:33 PM

Any predictions on whether a BTC price correction is on the horizon?

I hardly believe there is a bubble due to Bitcoin charts acting similar to previous Halvings. Had the charts acted up I would of considered a different case this year. But I doubt it. It only seems to repeat history.

A correction is of course always going to take place after quick jumps. It can not go up forever and stick up there in the sky permanently. It will have waves of jumps followed by waves of corrections. It is how a healthy Market acts.

As to how much I predict Bitcoin would be, I think it will surprise us all again.

armanda90

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I don't know how easily investors and bitcoin holder get FUD after sharing news with Coinbase user see $0 balance in their account, its tragic with bitcoin have reached until $64k get drastically correction more than $4K and bitcoin price decreasing until $60k. I don't know with coinbase user see their balance zero but its very easily how to make people panic for selling their bitcoin without waiting from Coinbase team confirmation are that news true or fake.
Correction is normal when bitcoin over price but can't acceptable with many investors easily get FUD and accepting bad news without checking are trues or fake news advantage by some one to make bitcoin going drop drastically. Current bitcoin price still around $61,230 and looking how potential get recovery or correction few hours or days later.

https://www.cnbc.com/2024/02/28/coinbase-users-see-0-balance-after-crypto-trading-app-suffers-glitch.html

thecodebear

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Yes after hitting as high as $13k gain in 48 hours when it hit $64k this morning, a correction is definitely on order. Even though it has now settled around $60k/$61k, that's still about $10k higher than it was now two and a half days ago.

Are we in a bubble? No. We're just heading into a bull run. Bitcoin moving up a lot is what we expect. But in terms of short term price movements, yeah I'd be shocked if we didn't have a correction in March for at least a little bit back to like low $50,000s. Also possible it keeps moving up to mid to high $60,000s and bumps off ATH resistance and then we correct down to under $60k instead. Hard to know when correction will occur, but I'm sure there will be one soon. Last major correction was last month from $49k to what like $39k. A roughly $10k correction from $60,000s to $50,000s is likely.

Darker45

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Corrections are to be expected every now and then. That's normal, especially considering that Bitcoin is freshly coming out of the bear season. Within this year alone, Bitcoin has already increased by more than 30%. To those who invested earlier, say, early in the last quarter of last year, the price has already grown more than 100%. So it is possible that there might be some who will take profit. There are always pragmatic investors.

However, it seems the buying pressure right now is very strong. Institutional investors as well as retail investors, and even those who just reacted to the FOMO, are enough for the supply from those who take profit to be quickly gobbled up. And remember that the effect of the halving is not yet priced in. $100,000 within the year is easy.

hd49728

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Quote from: esinka1903 on February 28, 2024, 06:37:33 PM

As we approach the end of February, BTC is reaching new all-time highs not witnessed since 2021.

It does not make a new all time high which is an important point.

When it breaks out from 2021 all time high, it will create massive FOMO.

Quote

However, the increasing trading volume and the influx of inexperienced investors driven by FOMO, leading to hasty buying decisions based on the expectation of reaching new price peaks

People are FOMO and if you are fearful of correction, take profit and exit the market.

In a bull run, there will be many correction like 15% or 20% but price will soar more after a correction. You must know that halving will happen in April and Bitcoin Spot ETFs will bring more capital into this market in coming months. They are only at beginning of loading bitcoins for their Spot ETFs.

Zaguru12

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Yes bitcoin will take a little correction after this huge pump because as we know it is clearing all liquidity at the top currently and this means the buyers are stronger than the sellers but with the price this high we expect some investors to take profits and this will lead to a correction of the market. Currently the resistance level at $62500 to will act as the new support and bitcoin will come back to test it and if he gets to break it down we could see a good fall but the price wouldn’t get low like the way some investors predict it my lowest correction price is $49k.

As for ETH ETF may I still sudden for that to happen and last quarter of the year looks more realistic. But ETH wouldn’t influence the entire market but rather its tokens because only bitcoin has that momentum or dominance to push the entire market.

esinka1903

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As we approach the end of February, BTC is reaching new all-time highs not witnessed since 2021. Bitcoin is making significant progress, moving beyond the $ 62 thousand price range and heading towards the all-time high of 68 thousand. This positive movement is supported by a bullish reversal candle pattern called Three outside up on the recent 3-day chart.

Things are looking good so far Wink

. However, the increasing trading volume and the influx of inexperienced investors driven by FOMO, leading to hasty buying decisions based on the expectation of reaching new price peaks, indicate characteristics of a potential bubble in the crypto market. The upcoming Halving event in April and the anticipated approval of the spot ETH ETF in May indicate that this bull run will continue throughout this season. Any predictions on whether a BTC price correction is on the horizon? How far do you think the price will go now that it has broken through resistance levels?

#tothemoon

Topic: Are we in a crypto bubble? Is a possible correction coming soon? (Read 213 times)