BTC back to $20000 possible in 2021? - page 2.

tabas

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Quote from: nzkn on January 02, 2021, 02:29:10 PM

Nowadays, no one believes BTC will dramatically drop to below $20K in 2021. Everybody is crazy in bull market , but risks are building up.

I believe that it will eventually create a stability on $25k-$30k and there's still a possible drop as usual. We knew how bitcoin is for being volatile. But if that happens and would drop below $20k, it wouldn't go as low as $10k again.

Quote from: Wulan_maniez on January 02, 2021, 05:30:13 PM

If you look at the current price of bitcoin $32,760, it is especially unlikely that it suddenly drops very much to $20k. If that happens,
there will be many people panic sell, maybe. I think it's going to go down slowly if a correction happens. Maybe first he'll touch $30K.
If it gets down to $20k, I'll buy bitcoin at that price, maybe people will do the same

It might happen but the recovery will commence quickly.

thecodebear

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Quote from: exstasie on January 02, 2021, 05:08:54 PM

Quote from: OgNasty on January 02, 2021, 03:48:25 PM

Quote from: JimboToronto on January 02, 2021, 03:20:17 PM

I seriously doubt we'll ever see $20k again.

Those are some serious last words right there.

Yup. I gave up trying to call tops a long time ago, but I also avoid making sweeping statements like that.

Historically the maximum downside at this point in a BTC bull market is ~42%. That means the low $19,000s are still on the table. Would be rather fitting to test the previous ATH as support. Doesn't mean we have to, but the more people who think it's impossible, the more likely it is in my book. Especially considering how far and fast the rally took off. "Too far too fast" is often a recipe for punishing late bulls and leveraged longs. In 2017, BTC loved liquidating longs before thrusting to new highs.

Agree, in normal times at least, I would expect to see $19k/$20k tested again. But in normal times I also expected to see $11k tested once as support but instead the price just kept going up. These are not normal times. This is the start of the institutional wave, and it has been locking away hundreds of millions of dollars for the long term every single week. I certainly think a drop back to mid-to-high $20,000's could happen if it happens soon, and it probably wouldn't last long, but $20k just seems too far for even a quick spike at this point. I don't expect sub-$20k to ever be seen again. More likely by February the price is $40,000s than $20,000s.

JimboToronto

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You're never too old to think young.

I see $20k as being the same as what $800 was in late winter and spring of 2017, or what $40 was in the summer of 2013, a mythical buy-back point for bears who sold too low.

All the wishful thinking in the world is unlikely to make it come true.

Dips of that magnitude happen after bubbles break, not when they're just starting to really take off. Once we got a third of the way to the first $100k of this rally, I think we passed the point of no return.

Wulan_maniez

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If you look at the current price of bitcoin $32,760, it is especially unlikely that it suddenly drops very much to $20k. If that happens,
there will be many people panic sell, maybe. I think it's going to go down slowly if a correction happens. Maybe first he'll touch $30K.
If it gets down to $20k, I'll buy bitcoin at that price, maybe people will do the same

exstasie

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Quote from: OgNasty on January 02, 2021, 03:48:25 PM

Quote from: JimboToronto on January 02, 2021, 03:20:17 PM

I seriously doubt we'll ever see $20k again.

Those are some serious last words right there.

Yup. I gave up trying to call tops a long time ago, but I also avoid making sweeping statements like that.

Historically the maximum downside at this point in a BTC bull market is ~42%. That means the low $19,000s are still on the table. Would be rather fitting to test the previous ATH as support. Doesn't mean we have to, but the more people who think it's impossible, the more likely it is in my book. Especially considering how far and fast the rally took off. "Too far too fast" is often a recipe for punishing late bulls and leveraged longs. In 2017, BTC loved liquidating longs before thrusting to new highs.

Wysi

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There are possibilities of Bitcoin dropping down to $20k or else pumping up to over $50k and it would be difficult to predict which way the boat will sail, if it's the positive wave then we might see massive pump as users will be investing more into Bitcoin for better returns and if it's negative wave then we might see panic selling but not similar to 2018 as users have learnt a lesson about panic selling. This time we will see more users HODling regardless Bitcoin drops down to $20k or $2k.

nzkn

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Quote from: wheelz1200 on January 02, 2021, 03:50:24 PM

Quote from: nzkn on January 02, 2021, 02:29:10 PM

Nowadays, no one believes BTC will dramatically drop to below $20K in 2021. Everybody is crazy in bull market , but risks are building up.

When it hit $20k in 2017 no one thought it would retrace back in the $3k's and it did. If bitcoins price history has taught anything is that ANYTHING is possible, so going back to 20k would not be crazy at all at this point. Never say never (although I'm very bullish at this point with everyone else)

Everything could be possible. There is still a chance that crypto value down to zero if you take Buffet's view on crypto into account.

coolcoinz

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Quote from: JimboToronto on January 02, 2021, 03:20:17 PM

$20k from $33k would be a 40% drop... extremely unlikely this early in the bull run.

I seriously doubt we'll ever see $20k again.

True, but we're talking about this year. It will depend on the length of this bull run. If it goes straight up, pretty much like it did today, it could end in just a few days around 50k and crash straight down with a normal dead cat bounce. If we were to fall now it wouldn't be fast and hard, but if we were to reach 50k next week it could correct to around 24k, bounce back to 40-45 and crash all the way to 22k because exact 20k wasn't a strong resistance on the way up so I wouldn't expect it to be a strong support. It's more likely to stop at 22k or fall all the way down to 19k.

wheelz1200

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Quote from: nzkn on January 02, 2021, 02:29:10 PM

Nowadays, no one believes BTC will dramatically drop to below $20K in 2021. Everybody is crazy in bull market , but risks are building up.

When it hit $20k in 2017 no one thought it would retrace back in the $3k's and it did. If bitcoins price history has taught anything is that ANYTHING is possible, so going back to 20k would not be crazy at all at this point. Never say never (although I'm very bullish at this point with everyone else)

OgNasty

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Quote from: JimboToronto on January 02, 2021, 03:20:17 PM

I seriously doubt we'll ever see $20k again.

Those are some serious last words right there. Granted you could be correct, but it's good to keep in mind that anything could happen. I personally think we see a 6 digit Bitcoin price before this year is over, as do most others now, but it's important to remember that one significant development could result in Bitcoin going to 0 tomorrow. Being confident is good, but I wouldn't mortgage the house to go loading up on Bitcoin at multiyear highs. The time to get bullish was at $4K, not at all time highs.

JimboToronto

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You're never too old to think young.

$20k from $33k would be a 40% drop... extremely unlikely this early in the bull run.

I seriously doubt we'll ever see $20k again.

jackg

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https://bit.ly/387FXHi lightning theory

The major resistance zones I see are:
28000-30000
26000-28000 (overlaps with above so the area above 28000 probably won't be well protected of we start to decline by a few 000).
21200-24300

And then 18-20..id say a drop below 18k by now is especially unlikely unless something major happens but a drop to 20-24k may still be quite likely.
Though we could end up just going straight up...

nzkn

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Nowadays, no one believes BTC will dramatically drop to below $20K in 2021. Everybody is crazy in bull market , but risks are building up.

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