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Quote from: IceLincoln on November 26, 2024, 06:28:08 PM

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Long positions are still advisable, however don’t be too over excited, anything can happen.

Though I don’t expect it’ll dump lower than this, lowest I think will be 90k. What do you think

After that dump that happened on the market, the price of Bitcoin right now sits at $96,000 from its low yesterday which is $92,000 (more or less). I've been reading posts on Binance regarding traders that are overleveraging, putting long positions with insanely high leverage and ended up losing all of their money because they expected that Bitcoin a few days ago would surpass $100,000, but it wasn't.

In fact, before the dump happen, I've seen a position on Binance where a whopping 900+ BTC has been positioned to sell at $100,000. Now it's gone but I will not be surprised if that holder/s will place it again and sell at that price.

$90,000 might be the bottom for the short term, but let's see how this goes.

tabas

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Quote from: Darker45 on November 26, 2024, 11:00:31 PM

Some are saying altcoin season begins with a bullish Bitcoin. Apparently, they're wrong. Others are saying it begins when Bitcoin retraces or corrects significantly. Well, the price had just fallen from $99,600 to $90,700 and still there's no altcoin season. I think there won't be one anymore.

They're not wrong but it just so happened that it's different this time. For most times, we do see altcoin season after Bitcoin just went after being bullish and reached its peak. But this time, I don't think we're on the peak yet. There's more for Bitcoin and we'll see that maybe after several months from now on. While I've read that the actual altcoin season starts whenever the market corrects and the alts are gaining more volume and dominance compared to Bitcoin. So, Bitcoin having lesser dominance is what they're saying. Let's see if the pattern still shows and if it will be the same, maybe totally different for this cycle.

EL MOHA

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Quote from: IceLincoln on November 26, 2024, 06:28:08 PM

Bitcoin still maintains dominance despite the reduction and I think it’s making provision for a new long position giving investors atleast a decent entry point. You know people are always eager to buy a dip and as such pushing the market cap higher.
So as you all know higher market cap equals higher dominance and price increases.
Long positions are still advisable, however don’t be too over excited, anything can happen.

Though I don’t expect it’ll dump lower than this, lowest I think will be 90k. What do you think?

I don’t think this particular dump should come as a surprise to anyone because base on the past historical charts bitcoin breaking prices and going into added figures like the current six figures we are getting into their is always a delay before it breaks the price this is mostly because there many who take profits close to this targets. The dump is just a temporary one due to the outflow of funds from the market. The pump will come back and it’s already pumping which will lead its way to $100k..

The support at $92k still remains my primary support at the moment and I think it wouldn’t get below this except we go above the &100k and another heavy correction happens again

Quote from: cryptoaddictchie on Today at 01:46:21 AM

Quite curious too if the norm has change before we knew that after bitcoin move the next are major coins or utility coins, but its the memecoins that are moving and utility alts havent move much but last bull season we saw somw great waves of top altcoins move a lot faster than now. It would be sad if we wont see another wave of alt season.

It’s definitely simple, many were treating Altcoins as the real gamble then and were to make quick returns but right now the attention has shifted to memes which could do that faster, utility alts like ETH will be the kick starter of the altcoin bull run and they will do numbers but I doubt will get the liquidity like before. Memecoins no matter their risk seems to be the talk of this bull run just like ICOs and NFTs did in the last bull runs

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Quote from: Darker45 on November 26, 2024, 11:00:31 PM

Some are saying altcoin season begins with a bullish Bitcoin. Apparently, they're wrong. Others are saying it begins when Bitcoin retraces or corrects significantly. Well, the price had just fallen from $99,600 to $90,700 and still there's no altcoin season. I think there won't be one anymore.

Quite curious too if the norm has change before we knew that after bitcoin move the next are major coins or utility coins, but its the memecoins that are moving and utility alts havent move much but last bull season we saw somw great waves of top altcoins move a lot faster than now. It would be sad if we wont see another wave of alt season.

OcTradism

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Quote from: Darker45 on November 26, 2024, 11:00:31 PM

The price has actually fallen down to the $90,000 level. But there was no further dip after that. Instead, it bounced back to more than $92,000 in a matter of hours. Apparently, the market is still bullish. It's just that $100,000 has a thick and high wall to bring down. Every time the price gets near to it, it's immediately rejected.

If I were you, I'd stack more Sats than long altcoins. I'm now confused with those who are calling for the upcoming altcoin season. Some are saying altcoin season begins with a bullish Bitcoin. Apparently, they're wrong. Others are saying it begins when Bitcoin retraces or corrects significantly. Well, the price had just fallen from $99,600 to $90,700 and still there's no altcoin season. I think there won't be one anymore.

In any Bitcoin bull run, buying dips is a great way to take advantage of bull market corrections, increase your bitcoin and get profit later when price not only recovers but also makes new all time highs.

People will very easy want to stack atlcoins, and ignore Bitcoin, but if they stack new altcoins which are created in this market cycle, they will have very big risk. The project teams and their reputation, dedication to their projects are very unknown factors. They can do scam exits, back doors to rug pull, many things and even their dedication is good, their projects can be hacked too.

As an investor or trader, no way to control these things, that's big risk for your portfolio in either investment or trading.

Darker45

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The price has actually fallen down to the $90,000 level. But there was no further dip after that. Instead, it bounced back to more than $92,000 in a matter of hours. Apparently, the market is still bullish. It's just that $100,000 has a thick and high wall to bring down. Every time the price gets near to it, it's immediately rejected.

If I were you, I'd stack more Sats than long altcoins. I'm now confused with those who are calling for the upcoming altcoin season. Some are saying altcoin season begins with a bullish Bitcoin. Apparently, they're wrong. Others are saying it begins when Bitcoin retraces or corrects significantly. Well, the price had just fallen from $99,600 to $90,700 and still there's no altcoin season. I think there won't be one anymore.

Ziskinberg

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It’s hard to predict a specific price, especially since we thought Bitcoin would easily hit $100k when it was already at $99k. Now that it looks like the price is dumping, there’s even a chance it could drop below $90k. If this bull run was the only one for the year, we might see the market bleeding from here on out.

But honestly, bear and bull cycles are part of Bitcoin’s normal rhythm. If you’re planning to sell or buy at a specific price, then sure, it matters. But if you’re hodling, there’s no need to panic. We’ve seen worse dips in the past, and the market always bounces back stronger.

you can also analyze the impact of this news.

Quote from: https://www.investors.com/news/bitcoin-price-100000-resistance-short-bitcoin-etfs/

BTC's price dropped sharply overnight as spot bitcoin ETFs registered $435.3 million in outflows, ending a streak of five consecutive days of gains, according to Farside Investors. BlackRock's iShares Bitcoin Trust (IBIT) was the exception, registering inflows of $267.8 million.

GreatArkansas

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Bitcoin's all-time high of around $99,000 is already $100 for me if we round it off. It is indeed a psychological milestone and resistance, that's why for sure it has not reached $100,000 because some already considered it as $100,000 even though it is a few hundred left.

So for me, just ever we will not see $100,000 back again in months, I believe it will be the same as what happened when we stayed in the $60,000 level for months this year after that all-time high level when we hit last year's's.

Overall, it's fine for me that Bitcoin will dump from here up to only $60,000 as I believe the current all-time high for me is too fast and it's healthy for the market to have its correction or pull back.

IceLincoln

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Bitcoin has been hovering closer and closer to the psychological milestone of 100k in past weeks but the market has finally reacted to the $100k zone and taken a correction back to 92K, early long positions were fatally liquidated.
Whether this will last or just be a minor pullback is yet to be seen.
What if we get to see 90k it’ll be interesting to see how the market will react if we touch down 90K.

Altcoins are slowly responding to this dip, different from how they normally react with bitcoin.
For now I’ll like to still go long on altcoins especially those that have not really touched their growth potential.

Bitcoin still maintains dominance despite the reduction and I think it’s making provision for a new long position giving investors atleast a decent entry point. You know people are always eager to buy a dip and as such pushing the market cap higher.
So as you all know higher market cap equals higher dominance and price increases.
Long positions are still advisable, however don’t be too over excited, anything can happen.

Though I don’t expect it’ll dump lower than this, lowest I think will be 90k. What do you think?

Topic: Bitcoin market view (Read 92 times)