Bear Market Reaches $27605 - Will the Downtrend Continue?" - page 2.

wxa7115

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Quote from: Marvell1 on May 15, 2023, 07:54:19 AM

Quote from: wxa7115 on May 15, 2023, 05:08:07 AM

Even if it is understandable that newbies were panicking over the downward movement we were experimenting and the high fees we had to pay, at the same time they need to sit down and look at how this market has moved on the past to understand it is not a big deal.

I am sure that if we really took the time to look for downward movements like this one we will find several examples like this every year, so they either get used to the way bitcoin moves or they will keep losing their money once the price of bitcoin drops for some reason.

If newcomers sat back and took the time to study the market, looking for past movements, we would never have seen questions that always annoy us like this. But I also agree we should not be too harsh on them because we were like them, panicking like they are now when we see bitcoin correcting. It also doesn't cost us anything to explain or give them advice, so if someone can't give advice, don't be too harsh on them. We should cheer up because this proves there are always newbies entering the market every day, and they are interested in bitcoin and should ask such questions.

It is true that we all began somewhere, however I am not so sure if this is just my perception or if this is true for the newbies of today, but it seems as if many of them come to this market hoping to obtain huge profits but at the same time they know nothing about trading or this market in general.

So even the most common scenarios and occurrences confuse them and they make all kind of mistakes, mistakes they could have avoided by simply reading a book or two about trading and by taking a quick glance at the price action we have witnessed over the years.

Silberman

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Quote from: Yaunfitda on May 17, 2023, 02:14:02 PM

Quote from: Silberman on May 17, 2023, 01:52:15 PM

The price seems to be ranging at 27k at the moment and it does not seem as if there is too much of a chance to reach 35k as bitcoin has had problems reaching 30k and keeping itself above that level, however I do not find too much of a problem in something like this as this gives us the opportunity to buy bitcoin for a decent price, and if those prices can be maintained for long then this is an opportunity we cannot let go as I think it is likely the price could close this year at a level significantly higher than what we are seeing right now.

Trading sideways is the pattern right now, unless we will have a break out run to at least go to $30k or higher. But if you read technical signals, it doesn't look good and it's better to expect that something worst is going to happen, like going down to lows of $25k.

I know we don't like to hear that, but if that happens then take that as a opportunity again to fill our wallets. Yes, we are still in the middle of the bear market. We will have at least a year to experience this as the we will have halving around May next year. So that's where the start of a bull run though, after that activity. So we need more patience with this downtrend and stay calm.

While there could be some traders out there which could be mad about the possible downward movement it could come, I think there are many forum members that recognize that there is a huge resistance at 30k and a downward movement will be a good outcome for them, as it would allow them to buy some bitcoin for a cheap price, however I also think that such a downward movement cannot last for long as the demand will grow massively if the price was below the 25k support level.

Yaunfitda

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Quote from: Silberman on May 17, 2023, 01:52:15 PM

Quote from: SirLancelot on May 17, 2023, 10:21:51 AM

Quote from: DanWalker on May 11, 2023, 06:31:55 AM

Don't forget that we're not out of the bear season yet, even if bitcoin crosses $30,000, so it shouldn't be surprising to see a correction or a major decline. Let's not be too subjective and believe that bitcoin will never plummet again, the bear season is not over yet, plus the economic situation is still tough, anything can happen.
If you already know the price drop is an opportunity to accumulate and buy more, then you should expect bitcoin to fall again and fall more, rather than expect what is happening is fake and bitcoin will rise again soon.

We know once the bear was over once the BTC price returns to $69k again or increase more than that. Corrections doesn't only come during a bear but it can happen in any market conditions. Once we cross $30k, I don't think the price will correct because it already happened last time.

Another correction might happen again once we hit $35k or more. The definition of correction is only a small decline but a major decline is already a bear. I don't think it will happen as well because we are already at it. The best time to buy is when the price is low but many of us are still hoping that the price will rise more than the dips because increases are much rare.

The price seems to be ranging at 27k at the moment and it does not seem as if there is too much of a chance to reach 35k as bitcoin has had problems reaching 30k and keeping itself above that level, however I do not find too much of a problem in something like this as this gives us the opportunity to buy bitcoin for a decent price, and if those prices can be maintained for long then this is an opportunity we cannot let go as I think it is likely the price could close this year at a level significantly higher than what we are seeing right now.

Trading sideways is the pattern right now, unless we will have a break out run to at least go to $30k or higher. But if you read technical signals, it doesn't look good and it's better to expect that something worst is going to happen, like going down to lows of $25k.

I know we don't like to hear that, but if that happens then take that as a opportunity again to fill our wallets. Yes, we are still in the middle of the bear market. We will have at least a year to experience this as the we will have halving around May next year. So that's where the start of a bull run though, after that activity. So we need more patience with this downtrend and stay calm.

Silberman

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Quote from: SirLancelot on May 17, 2023, 10:21:51 AM

Quote from: DanWalker on May 11, 2023, 06:31:55 AM

Don't forget that we're not out of the bear season yet, even if bitcoin crosses $30,000, so it shouldn't be surprising to see a correction or a major decline. Let's not be too subjective and believe that bitcoin will never plummet again, the bear season is not over yet, plus the economic situation is still tough, anything can happen.
If you already know the price drop is an opportunity to accumulate and buy more, then you should expect bitcoin to fall again and fall more, rather than expect what is happening is fake and bitcoin will rise again soon.

We know once the bear was over once the BTC price returns to $69k again or increase more than that. Corrections doesn't only come during a bear but it can happen in any market conditions. Once we cross $30k, I don't think the price will correct because it already happened last time.

Another correction might happen again once we hit $35k or more. The definition of correction is only a small decline but a major decline is already a bear. I don't think it will happen as well because we are already at it. The best time to buy is when the price is low but many of us are still hoping that the price will rise more than the dips because increases are much rare.

The price seems to be ranging at 27k at the moment and it does not seem as if there is too much of a chance to reach 35k as bitcoin has had problems reaching 30k and keeping itself above that level, however I do not find too much of a problem in something like this as this gives us the opportunity to buy bitcoin for a decent price, and if those prices can be maintained for long then this is an opportunity we cannot let go as I think it is likely the price could close this year at a level significantly higher than what we are seeing right now.

SirLancelot

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Quote from: DanWalker on May 11, 2023, 06:31:55 AM

Don't forget that we're not out of the bear season yet, even if bitcoin crosses $30,000, so it shouldn't be surprising to see a correction or a major decline. Let's not be too subjective and believe that bitcoin will never plummet again, the bear season is not over yet, plus the economic situation is still tough, anything can happen.
If you already know the price drop is an opportunity to accumulate and buy more, then you should expect bitcoin to fall again and fall more, rather than expect what is happening is fake and bitcoin will rise again soon.

We know once the bear was over once the BTC price returns to $69k again or increase more than that. Corrections doesn't only come during a bear but it can happen in any market conditions. Once we cross $30k, I don't think the price will correct because it already happened last time.

Another correction might happen again once we hit $35k or more. The definition of correction is only a small decline but a major decline is already a bear. I don't think it will happen as well because we are already at it. The best time to buy is when the price is low but many of us are still hoping that the price will rise more than the dips because increases are much rare.

Davian144

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Quote from: Myleschetty on May 14, 2023, 03:15:23 PM

The time span of this current bearish market will be determined by what triggered it in the first place which is the Bitcoin network congestion. From what I am seeing here the mempool is not looking good cause the number of unconfirmed transaction keep increasing every second and until the mempool calms down I expect the bearish trend to continue.

Network congestion due to unconfirmed overcrowding could also be a trigger, but I personally still don't think that's the only trigger for bearishness. Because bearish itself usually occurs only when there are fewer buyers compared to a greater number of sellers at the same time, making it difficult for prices to increase or recover significantly.

Quote from: fzkto on May 15, 2023, 06:21:41 AM

I think it is too early to talk about a bearish trend, because nothing bad has happened, just a simple correction. I don't know if mem pool can influence bitcoin price. Most likely, the price went down because of some negative news, like fake news about US government selling confiscated bitcoins. But as you can see now, the price has started to recover.

Actually the price of Bitcoin hasn't really recovered significantly, even though yesterday it almost touched $28K again. But today it corrected again by a small amount, so Bitcoin also hasn't really recovered in this month although it's also not worth calling it bearish because a correction of one to two percent is very normal for Bitcoin.

Rigon

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Quote from: Hatchy on May 08, 2023, 01:06:20 PM

in the recent week, Bitcoin and other cryptocurrencies has been experiencing significant price drops after it reach an all time high of $30,000/$29,217.94in April.

As of today 9th of may, the bear market has reached $27605, leaving many investor to wonder if this downtrend will continue or if we should be expecting a recovery any time soon.

Today, May 16, the market is currently at $27,200. The volatility that has started in the market is leading to a complete bear market. No matter how bearish the market is, the market will not stay in a bearish position for long. The market will go up soon.

Quote from: Hatchy on May 08, 2023, 01:06:20 PM

The current bear market is it going to be temporary or a long term? for my fellow investors out there, how are you managing during this downturn? are you still holding onto your assets or buying more?

From my point of view I can say that the market will not stay in bad shape for long. The market will soon cross $30,000. I still hold my invested assets. But right now I am not able to invest much, I am investing some amount from my weekly earnings. I will not give up my investment until bitcoin is halved.

Baofeng

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Quote from: fzkto on May 15, 2023, 06:21:41 AM

Quote from: Myleschetty on May 14, 2023, 03:15:23 PM

Quote from: Hatchy on May 08, 2023, 01:06:20 PM

The current bear market is it going to be temporary or a long term? for my fellow investors out there, how are you managing during this downturn? are you still holding onto your assets or buying more?

The time span of this current bearish market will be determined by what triggered it in the first place which is the Bitcoin network congestion. From what I am seeing here the mempool is not looking good cause the number of unconfirmed transaction keep increasing every second and until the mempool calms down I expect the bearish trend to continue.

I think it is too early to talk about a bearish trend, because nothing bad has happened, just a simple correction. I don't know if mem pool can influence bitcoin price. Most likely, the price went down because of some negative news, like fake news about US government selling confiscated bitcoins. But as you can see now, the price has started to recover.

Technically though we are still in the bear market, the bull run will start after the block halving which is going to happen a year from now. Mempool can impact the price if it is clogged, the fees are high and so traders might stay away from it for the meantime or worst make a sell because they don't like what they are seeing, or maybe hedge it on stable coins to stop the bleeding.

That's already a given fact, if there is news specially coming for US government regarding Bitcoin or anything related to crypto that is very negative, we will see a slight drop. Nevertheless, we are back to $27k++ again, last 4-5 days we nosedive to 26k and fluctuating around that price. And at the start of the week, we have a good bounce already.

GeorgeJohn

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Quote from: Hatchy on May 08, 2023, 01:06:20 PM

in the recent week, Bitcoin and other cryptocurrencies has been experiencing significant price drops after it reach an all time high of $30,000/$29,217.94in April.

As of today 9th of may, the bear market has reached $27605, leaving many investor to wonder if this downtrend will continue or if we should be expecting a recovery any time soon.

It always obvious that the price of bitcoin doesn't remain constant, so I believe that the price of bitcoin can get to a certain level now and within two days it get reduced depending on the kind of condition bitcoin finds itself, I don't know while people panic on bitcoin price and mostly when we are experiencing degradation in bitcoin price, bitcoin price is not meant to be increase always because their is no law in bitcoin technology that stipulated that, the things that make bitcoin price to get accelerated is due the gravity of demands, when the gravity of demands is higher than the supply in the marketcap it helps to skyrocket the increments of bitcoin, while if the supply is higher than the demand the price crash, so it has been to this form for awhile, an old investors will not panic because of seven to six days experience of bearish market, while a new investors will not exercise patients for little experience of bearish market that occurs in bitcoin marketcap, so it's better to understand market progress of bitcoin market before you venture to the market to avoid panicking.

Marvell1

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Quote from: wxa7115 on May 15, 2023, 05:08:07 AM

Quote from: Wend on May 14, 2023, 10:50:41 AM

Quote from: Nrcewker on May 13, 2023, 07:48:55 AM

Why are you panicking with these small drops? Aren’t you aware what are Bitcoins capable of? Bitcoins have risen from nothing to a valuable asset. If you still question on Bitcoin’s capabilities, then you don’t have the rights to be a Bitcoin investor. I mean took this downtrend as an opportunity, and try to buy as many coins as you can now. Hold the coins, till the demand among the members to buy Bitcoins increases, and hence sell the coins and make profits. Easy as that.

Not everyone in the market has as much knowledge as you, so there is no need to be too strict with them. Sometimes they're newbies who haven't been through the bear season yet, so it's normal for them to panic.
But as you said, relax and have fun every time the market drops because that's our chance, not something bad is happening. That is the difference between a successful investor and a failed investor. I mean, the people who make the most profits mostly keep quiet and focus on buying every time the price drops rather than panicking and whining all over the place.

Even if it is understandable that newbies were panicking over the downward movement we were experimenting and the high fees we had to pay, at the same time they need to sit down and look at how this market has moved on the past to understand it is not a big deal.

I am sure that if we really took the time to look for downward movements like this one we will find several examples like this every year, so they either get used to the way bitcoin moves or they will keep losing their money once the price of bitcoin drops for some reason.

If newcomers sat back and took the time to study the market, looking for past movements, we would never have seen questions that always annoy us like this. But I also agree we should not be too harsh on them because we were like them, panicking like they are now when we see bitcoin correcting. It also doesn't cost us anything to explain or give them advice, so if someone can't give advice, don't be too harsh on them. We should cheer up because this proves there are always newbies entering the market every day, and they are interested in bitcoin and should ask such questions.

fzkto

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Quote from: Myleschetty on May 14, 2023, 03:15:23 PM

Quote from: Hatchy on May 08, 2023, 01:06:20 PM

The current bear market is it going to be temporary or a long term? for my fellow investors out there, how are you managing during this downturn? are you still holding onto your assets or buying more?

The time span of this current bearish market will be determined by what triggered it in the first place which is the Bitcoin network congestion. From what I am seeing here the mempool is not looking good cause the number of unconfirmed transaction keep increasing every second and until the mempool calms down I expect the bearish trend to continue.

I think it is too early to talk about a bearish trend, because nothing bad has happened, just a simple correction. I don't know if mem pool can influence bitcoin price. Most likely, the price went down because of some negative news, like fake news about US government selling confiscated bitcoins. But as you can see now, the price has started to recover.

wxa7115

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Quote from: Wend on May 14, 2023, 10:50:41 AM

Quote from: Nrcewker on May 13, 2023, 07:48:55 AM

Why are you panicking with these small drops? Aren’t you aware what are Bitcoins capable of? Bitcoins have risen from nothing to a valuable asset. If you still question on Bitcoin’s capabilities, then you don’t have the rights to be a Bitcoin investor. I mean took this downtrend as an opportunity, and try to buy as many coins as you can now. Hold the coins, till the demand among the members to buy Bitcoins increases, and hence sell the coins and make profits. Easy as that.

Not everyone in the market has as much knowledge as you, so there is no need to be too strict with them. Sometimes they're newbies who haven't been through the bear season yet, so it's normal for them to panic.
But as you said, relax and have fun every time the market drops because that's our chance, not something bad is happening. That is the difference between a successful investor and a failed investor. I mean, the people who make the most profits mostly keep quiet and focus on buying every time the price drops rather than panicking and whining all over the place.

Even if it is understandable that newbies were panicking over the downward movement we were experimenting and the high fees we had to pay, at the same time they need to sit down and look at how this market has moved on the past to understand it is not a big deal.

I am sure that if we really took the time to look for downward movements like this one we will find several examples like this every year, so they either get used to the way bitcoin moves or they will keep losing their money once the price of bitcoin drops for some reason.

Myleschetty

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Quote from: Hatchy on May 08, 2023, 01:06:20 PM

The current bear market is it going to be temporary or a long term? for my fellow investors out there, how are you managing during this downturn? are you still holding onto your assets or buying more?

The time span of this current bearish market will be determined by what triggered it in the first place which is the Bitcoin network congestion. From what I am seeing here the mempool is not looking good cause the number of unconfirmed transaction keep increasing every second and until the mempool calms down I expect the bearish trend to continue.

cryptomaniac_xxx

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Quote from: ShowOff on May 14, 2023, 01:36:20 PM

Quote from: Wend on May 14, 2023, 10:50:41 AM

Not everyone in the market has as much knowledge as you, so there is no need to be too strict with them. Sometimes they're newbies who haven't been through the bear season yet, so it's normal for them to panic.
But as you said, relax and have fun every time the market drops because that's our chance, not something bad is happening. That is the difference between a successful investor and a failed investor. I mean, the people who make the most profits mostly keep quiet and focus on buying every time the price drops rather than panicking and whining all over the place.

It is not our problem to prevent panic in the market regardless of how experienced they are. It is his own responsibility to manage his budget and investments regardless of whether they are profitable or losing due to market volatility. The best advice is to avoid selling during a correction in the market, but it is good advice for long term investors rather than day traders.

The only thing we can do is let them know, that this is just another re-test in the market and we have seen this kind of movements in the past. That we can bounce back and recover from it. However, it they really insist that they want to sell like the majority, then we can't do anything about it anymore. It's going to be a lessons learned for them though.

Quote from: ShowOff on May 14, 2023, 01:36:20 PM

Buying on every dip is great, but not everyone can do it consistently. The main problem is about the budget, but I believe it is not something that must be forced. Taking advantage of market corrections to buy is advised, but as said, not everyone has the spare budget to buy lower.

Monthly or weekly will do, but as we have said, just invest what we can afford to lose. So that we are not in a haste to withdraw our investments and just let it sit or HODL it for a long time. So it will take a lot of budgeting in our part if we are like the average joe, which is the majority of us here but willing to do it the hard way.

ShowOff

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Quote from: Wend on May 14, 2023, 10:50:41 AM

Not everyone in the market has as much knowledge as you, so there is no need to be too strict with them. Sometimes they're newbies who haven't been through the bear season yet, so it's normal for them to panic.
But as you said, relax and have fun every time the market drops because that's our chance, not something bad is happening. That is the difference between a successful investor and a failed investor. I mean, the people who make the most profits mostly keep quiet and focus on buying every time the price drops rather than panicking and whining all over the place.

It is not our problem to prevent panic in the market regardless of how experienced they are. It is his own responsibility to manage his budget and investments regardless of whether they are profitable or losing due to market volatility. The best advice is to avoid selling during a correction in the market, but it is good advice for long term investors rather than day traders.

Buying on every dip is great, but not everyone can do it consistently. The main problem is about the budget, but I believe it is not something that must be forced. Taking advantage of market corrections to buy is advised, but as said, not everyone has the spare budget to buy lower.

Baoo

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In my opinion, this current bear run will continue and it might completely end within 1-2 weeks. Although , it is really tough to speculate the exact date of next bull market and according to this recent market condition, it is really far to be achieved. Regarding Bitcoin price, I highly doubt if it will hit $30k in this month for the reason that the whole market is dominated by the whales, they won’t let the value rises notably. Correspondingly , we should take this opportunity intelligently due to the price is affordable. The more we purchase during this tough period, the larger returns in middle and long term. However, it is really important to buy fractionally ( in parts ) in case you have cash or amount of stable coin due to the price may goes down significantly.

fzkto

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Quote from: DeathAngel on May 14, 2023, 07:45:45 AM

We’re probably at a real decisive point in this cycle. Are we transitioning into a new bull market as we now have less than 12 months to the next halving or are we still lingering in the last months of the bear market. Seems we had a sweep of below 26k & bounced a bit. Will be really interesting to see what happens in the next couple of weeks. Hopefully we can break 30k & stay above it in the second half of 2023.

The bear market ended in 2022 when bitcoin was at 15k. We have been in an uptrend for almost five months now. Now there has been a correction, as there have been several times this year. But it is wrong to call it a bear market and a trend change. Bitcoin is still almost twice as expensive as it was last November. There is no growth without corrections and that is normal.

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Quote from: Kadal Ijo on May 12, 2023, 05:25:37 AM

Today the market dropped again almost 4% and is at a price of $ 26k, it looks like the downtrend is still continuing in the current month, maybe you need something big, for example direct adoption from the company so that the demand for bitcoin continues to increase, we'll see if in May the price can still be above $25k or not because the challenges right now are huge.

I believe the bitcoin price can hold above $25k, although dropping below $25k may only be temporary. I think this is not a downtrend problem but because so far bitcoin has failed to penetrate the resistance, which is $30k, which causes some people to be pessimistic that bitcoin can penetrate $30k. I'm sure that in the future price spikes will occur again and let's see whether bitcoin is able to penetrate $ 30k or fail for the umpteenth time.

Wend

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Quote from: Nrcewker on May 13, 2023, 07:48:55 AM

Why are you panicking with these small drops? Aren’t you aware what are Bitcoins capable of? Bitcoins have risen from nothing to a valuable asset. If you still question on Bitcoin’s capabilities, then you don’t have the rights to be a Bitcoin investor. I mean took this downtrend as an opportunity, and try to buy as many coins as you can now. Hold the coins, till the demand among the members to buy Bitcoins increases, and hence sell the coins and make profits. Easy as that.

Not everyone in the market has as much knowledge as you, so there is no need to be too strict with them. Sometimes they're newbies who haven't been through the bear season yet, so it's normal for them to panic.
But as you said, relax and have fun every time the market drops because that's our chance, not something bad is happening. That is the difference between a successful investor and a failed investor. I mean, the people who make the most profits mostly keep quiet and focus on buying every time the price drops rather than panicking and whining all over the place.

Ultegra134

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Quote from: DanWalker on May 14, 2023, 05:10:36 AM

Quote from: Ultegra134 on May 13, 2023, 02:51:12 AM

Quote from: DanWalker on May 12, 2023, 10:52:54 PM

There is no need to find reasons for everything because sometimes the news just legitimizes the market's movement. Instead of looking for a reason, I will just consider the movement of bitcoin, as we cannot expect bitcoin to rise continuously and never correct.

As I said too, if people know that when bitcoin corrects, we will have a better chance of getting more bitcoins, then why be disappointed? We should be happier.

BNB is an altcoin worth holding for the next bull season, but I prefer ETH over BNB, BNB relies heavily on Binance, and I don't think Binance will continue to hold the top spot in the market.

~snip~
It does rely heavily on Binance, but it's the largest exchange in the world. I don't see much of a reason to worry; if something unfortunate happens to Binance, the cryptocurrency world will rapidly change for the worse. On the other hand, compared to yesterday, the situation has slightly improved, but personally

I am not saying that Binance will collapse, but instead think of Binance losing its breath and losing its top spot to another exchange. Maybe your BNB investment won't make you lose, but it will disappoint you by not yielding the expected return. What I worry about for BNB is that it is too dependent on Binance, while we can see Binance and CZ are having a lot of legal problems, and that makes me really worried for the future of BNB. I used to put a lot of faith in BNB too, I believe it can be like ETH but I am gradually limiting my investment in it due to their recent difficulties. Anyway, this is just my opinion and I know everyone has different investment vision.

I understand your point of view; I was also skeptical at first because BNB is extremely dependent on a centralized exchange. However, I don't think it will collapse either; it's the largest and most important exchange there. However, I also find it hard to believe that it'll lose its reputation and validation anytime soon; something extremely unfortunate needs to happen in order to ruin its validity. Don't forget that it's the exchange with the largest transaction volume, responsible for more than 1/3 of the total transactions. With that being said, I find it unlikely for Binance (BNB) to perform poorly; it wouldn't make sense, not only because it stems from a huge exchange but also because it is being featured in one of the most important blockchains.

Topic: Bear Market Reaches $27605 - Will the Downtrend Continue?" - page 2. (Read 640 times)