Topic: Bitcoin Has Hit the Bottom: Why it is Unlikely to Fall Below $6,000 - page 2. (Read 540 times)
October 21, 2018, 08:21:02 AM
There ain't no black swan event coming unless it comes from within. Almost all fud had been laid of already except that regulations and ETF again which will happen I think next year? Maybe its time for bulls to rally. It will come of course although it may take more than a year, it may start to form gradually until they all buy back.
October 21, 2018, 07:55:52 AM
Don't worry it will never go down below $6000 because that's the current bottom price , wherein perhaps it will decrease but it will bouncing back for sure , as of now the price still on $6400 valued and probably it will stay stagnant again until year end IMO..
October 21, 2018, 05:21:25 AM
Compared with the remarks made by these celebrities, I believe that everything I can see, everything that is happening, no more purchasing power, Bitcoin is still in difficulty!
October 21, 2018, 02:01:49 AM
Most obvious reason probably is that it is harder to get it under any price of 6k thanks to miners. If the miners are not making any profit than why would they mine, if they stop mining than how are we going to get more bitcoins and quicker transactions. People really do NEED miners and they need to sell it for a certain amount which at the moment is 6k for it.
Yes, couple years ago when the price was maybe 500 bucks the miners still mined but they have mined much easier and less difficulty, now the difficulty increased like hell which made mining insanely high and the fee got a lot smaller thanks to segwit and stuff like that so they are not making that much any more. Hence the price will not drop under 6k because the miners would not allow that to happen and stop selling which would make the balance higher for buyers who will get the price back to what miners want.
Yes, couple years ago when the price was maybe 500 bucks the miners still mined but they have mined much easier and less difficulty, now the difficulty increased like hell which made mining insanely high and the fee got a lot smaller thanks to segwit and stuff like that so they are not making that much any more. Hence the price will not drop under 6k because the miners would not allow that to happen and stop selling which would make the balance higher for buyers who will get the price back to what miners want.
you are wrong and right at the same time!
what you say about miners and their profitability is very wrong because that is not how bitcoin works. difficulty is not something that rises on its own out of nowhere. it is a variable that is adjusted based on how many miners are mining bitcoin or more accurately how much hashrate is mining bitcoin. and different miners have different costs, in other words for some mining bitcoin is more profitable than others which makes it easier for them to have a bigger wiggle room! in case of price drop, nothing will change apart from difficulty being adjusted if miners leave.
but you are right because many investors believe in this false statement which means THEY make up a nice resistance near $6k. of course there are a lot of other reasons why there is a big resistance around $6k not just mining and costs. for example the smallest reason is the fact that it is 70% below the ATH!
October 20, 2018, 10:23:36 PM
Most obvious reason probably is that it is harder to get it under any price of 6k thanks to miners. If the miners are not making any profit than why would they mine, if they stop mining than how are we going to get more bitcoins and quicker transactions. People really do NEED miners and they need to sell it for a certain amount which at the moment is 6k for it.
Yes, couple years ago when the price was maybe 500 bucks the miners still mined but they have mined much easier and less difficulty, now the difficulty increased like hell which made mining insanely high and the fee got a lot smaller thanks to segwit and stuff like that so they are not making that much any more. Hence the price will not drop under 6k because the miners would not allow that to happen and stop selling which would make the balance higher for buyers who will get the price back to what miners want.
Yes, couple years ago when the price was maybe 500 bucks the miners still mined but they have mined much easier and less difficulty, now the difficulty increased like hell which made mining insanely high and the fee got a lot smaller thanks to segwit and stuff like that so they are not making that much any more. Hence the price will not drop under 6k because the miners would not allow that to happen and stop selling which would make the balance higher for buyers who will get the price back to what miners want.
October 20, 2018, 12:05:23 PM
In this Cryptocurrencies market everything is possible, one day prices could shoot up, and in second day price could go very low, but I don't think it'll go under $6k for now. Of course panic sellers are ruining the market right now so it may break that wall. But there is very small chance of that.
I don't think there are that many panic sellers remaining in the market at this point. That also one reason why i agree that we probably have bottomed out already at 5.8k and it's more likely that we'll go for resistance rather than support.
Any panic sellers were long removed, anyone panic selling now is someone who's circumstances have greatly changed but that will only be a very select handful of people. Support has remained solid for a number of months although of late there's not been such pressure on it, my guess is because people have realized it's a strong support and are not looking to accumulating before the next increase. The fact mining costs are so close to the price now is also probably helping sustain that support level.
October 20, 2018, 10:51:18 AM
In this Cryptocurrencies market everything is possible, one day prices could shoot up, and in second day price could go very low, but I don't think it'll go under $6k for now. Of course panic sellers are ruining the market right now so it may break that wall. But there is very small chance of that.
what you say is only concerning the very short term fluctuations not the overall movement. for instance it is possible to see a drop but only a drop that lasts less than an hour not a drop that can actually last!
as for panic sellers, they are almost gone. if they were really "controlling" the market now then price shouldn't have been this stable in first place!
Yes i have been involved in this volatile crypto market from long time but i have never seen this kind of stability ever in the past and i feel this should be the upselling point for the bitcoin because the pump or dump it's very less in the value. I hope this will take bitcoin to the next level.
you either haven't actually been involved in bitcoin for more than 1 year or you have never actually looked at the price before this because this stability phases are not that rare. they actually happen often in bitcoin. the biggest one that i can remember which was also recent was the one we had in 2015 which lasted months at the bottom exactly like this before the rise began.
October 20, 2018, 10:47:46 AM
In the last 2014 bear market bitcoin price plunged from $1164 to $152 which was an 87% drop. In today's market that would mean a drop to $2500 - $3000 is possible on panic sellling from bad news. In the event of an unprecedented black swan event we could even see $1300.
October 20, 2018, 09:56:52 AM
In this Cryptocurrencies market everything is possible, one day prices could shoot up, and in second day price could go very low, but I don't think it'll go under $6k for now. Of course panic sellers are ruining the market right now so it may break that wall. But there is very small chance of that.
what you say is only concerning the very short term fluctuations not the overall movement. for instance it is possible to see a drop but only a drop that lasts less than an hour not a drop that can actually last!
as for panic sellers, they are almost gone. if they were really "controlling" the market now then price shouldn't have been this stable in first place!
Yes i have been involved in this volatile crypto market from long time but i have never seen this kind of stability ever in the past and i feel this should be the upselling point for the bitcoin because the pump or dump it's very less in the value. I hope this will take bitcoin to the next level.
October 20, 2018, 09:53:09 AM
In this Cryptocurrencies market everything is possible, one day prices could shoot up, and in second day price could go very low, but I don't think it'll go under $6k for now. Of course panic sellers are ruining the market right now so it may break that wall. But there is very small chance of that.
what you say is only concerning the very short term fluctuations not the overall movement. for instance it is possible to see a drop but only a drop that lasts less than an hour not a drop that can actually last!
as for panic sellers, they are almost gone. if they were really "controlling" the market now then price shouldn't have been this stable in first place!
October 20, 2018, 06:48:11 AM
Bitcoin has stabilized at $6,500, after rising to $6,700 on fiat-to-crypto exchanges and achieving $7,700 on Bitfinex.
Over the past 48 hours, the volume of Bitcoin has risen from $3.2 billion to $7 billion at its peak, but has since dropped to $4 billion. In a two-day period, BTC has shown a 25 percent increase in its daily trading volume, which can be considered as a positive indicator for the short-term trend of the digital asset.
Can Bitcoin Defend $6,000 Support Level?
The general sentiment regarding the mid-term price trend of Bitcoin is if BTC can successfully and comfortably defend the $6,000 support level in the weeks to come, then a large shakeout or a significant drop to the low $5,000 region is highly unlikely.
Based on the stability BTC has demonstrated since early August and the fact that the dominant cryptocurrency had not fallen below the $6,000 mark as the daily trading volume of the asset reached its yearly low, it has become more challenging for bears to bring down the value of BTC in the short-term.
Cryptocurrency trader Eric Thies stated that it is rare to find an asset that tests a major support level more than 20 times on a weekly chart. He emphasized that the only way BTC falls to the $5,000 region is if an unpredicted event occurs that negatively impacts the crypto market by a magnitude that exceeds the expectations of every investor in the market.
“My core reason on BTC bullishness is simple: Find me anywhere in any market where the floor held 20+ times on a weekly chart, only to break to the downside afterward. You’ll be looking for a while. The only way it happens on Bitcoin would be from an enormous black swan event.”
This article was published by Joseph Young in CCN and I deem it worth sharing. You can read more on
https://www.ccn.com/bitcoin-has-hit-the-bottom-why-it-is-unlikely-to-fall-below-6000/amp/
Thank for sharing this important article with us and I was well informed after reading it. I have thought along this analysis before seeing bitcoin test $6,000 support level several times and each of the times bance back. I believe that we have the best opportunity to buy bitcoin now because I believe that big investors are watching this and they are waiting for a set up in other to invest and push the market upward. Over the past 48 hours, the volume of Bitcoin has risen from $3.2 billion to $7 billion at its peak, but has since dropped to $4 billion. In a two-day period, BTC has shown a 25 percent increase in its daily trading volume, which can be considered as a positive indicator for the short-term trend of the digital asset.
Can Bitcoin Defend $6,000 Support Level?
The general sentiment regarding the mid-term price trend of Bitcoin is if BTC can successfully and comfortably defend the $6,000 support level in the weeks to come, then a large shakeout or a significant drop to the low $5,000 region is highly unlikely.
Based on the stability BTC has demonstrated since early August and the fact that the dominant cryptocurrency had not fallen below the $6,000 mark as the daily trading volume of the asset reached its yearly low, it has become more challenging for bears to bring down the value of BTC in the short-term.
Cryptocurrency trader Eric Thies stated that it is rare to find an asset that tests a major support level more than 20 times on a weekly chart. He emphasized that the only way BTC falls to the $5,000 region is if an unpredicted event occurs that negatively impacts the crypto market by a magnitude that exceeds the expectations of every investor in the market.
“My core reason on BTC bullishness is simple: Find me anywhere in any market where the floor held 20+ times on a weekly chart, only to break to the downside afterward. You’ll be looking for a while. The only way it happens on Bitcoin would be from an enormous black swan event.”
This article was published by Joseph Young in CCN and I deem it worth sharing. You can read more on
https://www.ccn.com/bitcoin-has-hit-the-bottom-why-it-is-unlikely-to-fall-below-6000/amp/
October 19, 2018, 01:03:59 PM
In this Cryptocurrencies market everything is possible, one day prices could shoot up, and in second day price could go very low, but I don't think it'll go under $6k for now. Of course panic sellers are ruining the market right now so it may break that wall. But there is very small chance of that.
I don't think there are that many panic sellers remaining in the market at this point. That also one reason why i agree that we probably have bottomed out already at 5.8k and it's more likely that we'll go for resistance rather than support.
October 19, 2018, 12:09:32 PM
In this Cryptocurrencies market everything is possible, one day prices could shoot up, and in second day price could go very low, but I don't think it'll go under $6k for now. Of course panic sellers are ruining the market right now so it may break that wall. But there is very small chance of that.
October 18, 2018, 04:00:07 PM
Everytime Bitcoin rejects to go down below 6,000$ level it makes the imaginary support line become stronger which it has proven several times. Right now we are seeing BTC to go up more but the problem here is the price of BTC is going up with the volume still remaining the same, which only means not everyone in the market is participating and only some are trading, this makes the price rally go weak and the same thing can be said when the prices are going down, there is not enough people offloading their BTC to make it go down to that level. Not unless we have a big combination of a really bad news and panic selling, we won't see BTC go down below the 6,000$ level.
October 18, 2018, 03:52:43 PM
It's too late in the year for Bitcoin to fall bellow 6k.. Smart investers already know that the upside move is extremely greater by year end..
October 18, 2018, 03:50:00 PM
I think the market is saturated this year, when investors do not continue to invest in bitcoin, they are waiting for its value to increase. That's why the bitcoin value is around $ 6000. This is the lowest price of bitcoin and it will not fall below this level. When the whale works again I believe the price of bitcoin will increase and reach new milestones.
October 18, 2018, 03:40:16 PM
Can Bitcoin Defend $6,000 Support Level?
well, we have some options:
1- If the ETF's are approved, then we will see a great increase in prices and maybe we will not see the price of $ 6000
2 - If the ETF's are rejected, then we will see prices below $ 6000.
So the answer is in these two options
Your thoughts are limited, not right to link the price change only to the ETF's decision. According to your opinion if there is no decision, the price must be fixed to 6k which we all know is unlikely. I agree with you that the decision will leave a big impact on the price, but they do nothing except extend this decision.
October 18, 2018, 03:23:27 PM
At this time predictions never gives the suitable answers but we are all believing that it has hit the bottom which will also give hope to holders for better days ahead.
October 18, 2018, 03:19:39 PM
Can Bitcoin Defend $6,000 Support Level?
well, we have some options:
1- If the ETF's are approved, then we will see a great increase in prices and maybe we will not see the price of $ 6000
2 - If the ETF's are rejected, then we will see prices below $ 6000.
So the answer is in these two options
I think ETF will reject Bitcoin again, and There is no possibility to accept crypto by the ETF! But I don't think Bitcoin price will not go under 6K USD! 6K is a strong zone for the bitcoin and BTC price is moving between 6K to 6800 for many days! We have seen several ETF rejections before and that time Bitcoin price was above of 6K USD! so this time BTC price will remain at 6K zone, not less.
October 18, 2018, 03:01:21 PM
I also think that bitcoin can go to the level of 5 000 but it is unlikely. It is very tight at 6000 and may begin to grow very soon .
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