Topic: Bitcoin will (probably) go lower. - page 3. (Read 525 times)

This looks like another in a series of "US strikes back" episodes, and it's just one more confirmation that the US has too much influence on Bitcoin, whether it's mining or trading or other things. Whichever angle we look at, it seems that everything revolves around what Biden or Powell will say, and what ideas will come to their mind when they wake up the next morning.

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2 weeks is too little for it to be any clearer what the consequences of everything that is happening will be, and it seems to me that it will take months for the dust to settle a little and for us to get a somewhat clearer picture.

There is alot of negative news lately about Bitcoin so I agree with you. How much longer will it go lower is a question we must ask ourself.
Also I do agree it is 20k for main support. I hope we do not see t lower then this. But if price goes below 19k then we cold be in for some big losses.

But in reality, the market is still in a bearish position and we don't know how long this situation will last and can only guess.
Maybe from the beginning of the new year to the middle, the market situation will not be stable and will still fluctuate again.
And there is indeed a possibility that bitcoin could drop even lower so we must remain vigilant.
If you want to invest in bitcoin, prepare your money and wait for the price you want or you can buy it now because it's the same thing.
And yes, we must remain calm and not panic because it can help us to analyze properly and find the time to enter the market.

What if more people still hold during the high inflation. Despite the population suffering in every economy there are still thousands who live comfortably. Don't forget inflation is manmade. The little amount we retail investors own is not enough to decide the direction of the market. In previous times the FED pivot could affect the market because the trend was in sync with the interest rates on reserve, interest rate target, bank rate and everything else. But i doubt such will repeat it self in this current investment year. Currently price has bounced back above $20k

Yes, many people talk, and when they have the opportunity to buy cheap, they don't do it. I am taking the opportunity to accumulate at the moment. I don't care if it goes down a little more and as I have said in other speculation threads, I don't expect big rises for 2023, although I would expect that by the end of the year we will close with a higher price than in 2022, which is not difficult, but until then there is a lot of volatility ahead of us, especially as things are in general in the economy.

I don't look at what will happen to the price in the next few months, but over the next few years, and what I see happening is that we will look back and see that 20,000 was a very cheap price. So the best thing to do is to accumulate at these levels.

I hope those people wake up and take the chance that has appeared in front of them out of nowhere, there were people complaining about not being able to buy bitcoin for sub 20k prices anymore and now they have the opportunity to do it, if they do not take advantage of it they do not know when this opportunity will repeat itself, if it repeats itself at all, but despite all their complains I am sure there are many of them which will refuse to do it as they are probably waiting for the price to go even lower than its current levels.

The $ price of 1BTC is currently $20,125. This is the first proper retest of support in & around $20,000.

I think if $20,000 acts as a real support then bears will retreat & we could break $25,000 & start to confirm that the bear market is over. We should know more in the next 2 weeks.

As for the inflation rate, it's decreasing but to be honest that decrease ain't that much compared to the pre-pandemic inflation rates. Well, it's just a suggestion that it's still not yet a good time to buy and that's OP's tactic before he buys again and waits for a lower price to come.
But those that have been waiting to see it again lower than $20k or within $20k itself, it's now your chance to make your moves and dca as much as you can.
Time is just so quick to pass and if you really are following the market, this correction that's happening just need to happen before we get to see something better maybe little late by the end of this year or starting next year.

We are still much in the bearish state, so we need to take into account that the price "might" go lower or we might see another lower lows. I don't think that we need for the FED and see them pivot some data.

It's better to just invest on whatever capacity we can.

DCA or buying if you have the capital, then it's all good. And with buying anytime, you have total control of it. What I mean is that we should look in the future, in the next bull run and see how investment right now could grow overtime.

The initial prediction of bitcoin price on bearish has not reached, different users with different prediction have been said here and other boards, some predicted that bitcoin will reach as low as 10$ or below. One thing I also discovered in the rapid coming down of bitcoin price more faster than when it is going up. Remember in last year the price was in 15$ for weeks before it climb up again. So reaching 15$ again is not a new thing for bitcoin legends.

The best time to invest on bitcoin now and then lower price to come. Then to come is only of the buyer is ready to be patient because the movement of the downward might be slow.

Most likely this is the best explanation for the sudden plunge of the price, it's a direct attack by the US government to bitcoin per se, that is a huge tax implications for bitcoin miners and it doesn't sit well with us.

Silvergate news was overshadowed already, and if I'm not mistaken, once the Silvergate news surfaces, it's not that huge drop, as we keep above $22k. But the new proposal from Biden government was the nail in the couple for us in the last 24 hours.

Thank God, I am optimistic and my belief in Bitcoin is still strong despite all this decline, even if Bitcoin falls to 15k$ so that I will not lose my optimism, on the contrary it will be the best time to buy.

There is a lot of negative news that caused this decline, the most important of which is the issue of the Mt.gox exchange, where distribution is supposed to start today for those affected, also news that the US government sent 40,000 BTC to the Coinbase platform two days ago.

In addition, of course, to raise interest, but despite all that, as I said before, this affects the speculator, but it does not affect the investor in the long run.

Spot on.
The FED can do whatever they want to try to keep the USA economy from sinking. In the end, Bitcoin price is about offer and demand  and nobody escapes one of the most universal laws of economics.

Once halving comes through, it would be just matter of time before the price increases in an important amount. In the meantime, anyone should be staking sats, instead being fearful of a passing dump provoked by the reckless choices of crypto CEO's.

I don't think its Mt Gox causing anything, I mean that may have caused a bit of the initial bearishness at the beginning of the month but I don't see anyone talking about Mt Gox now. And didn't that get like moved back to later in the year anyway or something?

All things that happened in the past few days or past week:
- FED saying rates will raise for longer and therefore higher
- US Govt supposedly moving a billion dollars of bitcoin to coinbase
- NY AG office suing Kucoin and claiming that ETH is a security
- Silvergate officially going bust
- Voyager currently liquiditating all their crypto assets
- Biden proposing a 30% tax of electricity of bitcoin mining companies in a desire to stop corporate mining of bitcoin in the US


That's a lot of negative things and it all happened at once. Those are what bought Bitcoin crashing down below $20k. Silvergate was the main thing, though all these other things happening in the past couple days just compounded the Silvergate news to drop the market further. Once we're onto the next news cycle and Silvergate collapsing is old news Bitcoin should recover unless some of these other things become more serious.

At the moment, the news of MT. Gox is still having a significant effect on the market, and the FUD may last for some time. While the size of the bitcoin planned for release is huge, it could spread for nine months. Still, I have no doubt some people will do some accumulating again from the FUD. There is still a long period in the market before the halving when the market will break the previous ATH.

Instead of adapting your strategy to the FED's movements, I think it's better to just focus on the halving event. Historically it has proved to be solid, while being a sure thing. Independent of groups' decisions and manipulative measures we know it's going to happen in a fixed date, so everyone can prepare for it with equal chances, different from FED's actions which only reach to you through news' portals after the whales and insiders already had access to it in first hand, putting them in a very superior position against average investors like us.

Hope is reborn for those waiting for $10k, and while I won't say it's impossible, I don't agree with those hoping for just that. Of course, it's easy to make statements like you make when the price has lost 20% in a very short time, because why wouldn't it lose another 20% or more?

However, although many will blame the FED and their latest statements, I would also take into account the fact that many took profit by selling at a price of around $25k, and they bought exactly when the price was the lowest. The game is always the same, buy low, sell high, and take advantage of any news, whether it's good or bad. In any case, this will be a turbulent year, but that does not mean anything bad, because those who trade will have nothing against profiting 40% or even more a few more times.

It feels like this is a drop in price due to global economic conditions. We seem to have reached a point where we’re going to find out if bitcoin is going to collapse with the rest of global assets, or if it’s going to soar in the face of a recession like some are hoping. I have my doubts, but I’m keeping my fingers crossed. However, I’m not sure that crossing your fingers is the best investment strategy.

Well there were a lot of things that all came together at the same time to cause the drop under $20k. Silvergate going bust, job growth being too strong and inflation didn't go down much in February so FED chairman just said past couple days interest rate raises will probably continue longer and therefore go higher (which doesn't affect Bitcoin directly but it makes investors in general scared of investing in anything because they seem to treat Bitcoin as though its a tech stock cuz they still don't know what Bitcoin is), I think some other collapsed crypto firm just announced it is liquidating as well, plus NY attorney general sued Kucoin over having ETH on their platform with the NY AG claiming ETH is a security, news that the US govt sent $1 billion of Bitcoin to Coinbase causing panic they would just dump it on the open market, Biden announcing in his budget proposal for next year a ridiculous 30% tax on electricity used in Bitcoin mining which implemented would basically drive all US Bitcoin mining companies overseas, and on top of all that of course looming worry of the SEC building up to take tyrannical enforcement against crypto and crypto companies. That's a ton of things all happening at once, and most of those just happened the past few days.

Bitcoin absolutely could go lower for sure, as several of these factors are ongoing. But some will fade with the next news cycle so it also wouldn't surprise me if Bitcoin recovers a thousand dollars or two in the near future.

I don't want to make predictions on how much it will fall because I'm not good at technical analysis, and I also believe bitcoin is unpredictable. But I hope your prediction is correct because I want bitcoin to be priced as low as possible, I don't want bitcoin to recover and rise again anytime soon. Bitcoin's decline is an opportunity, not a time to panic. Like when we go to the market, an excellent product is being sold at a high discount, which is a good thing. Similarly, if we have a chance to buy bitcoin at a lower price, the profit will be more in the future. Don't forget, the early adopters of bitcoin got rich because they bought bitcoins at super low prices.