Topic: Correction from $30K: Reason to worry? - page 5. (Read 1059 times)

Do you have any analysis or data to prove that what you say is possible, or are you just sharing your thoughts and that's what you want to happen? I don't see any signs that bitcoin will end its correction any time soon and the price will rise to $35k in 2-3 weeks. Bitcoin is still unpredictable, and what we can do is hope.

I think $35K is possible in 2-3 weeks, but with the recent pull-back remains unlikely. Although $28K broke as support level bears have failed to followed through in the past few days so now price has effectively been in a range between $27K and $31K for around 5 weeks now. It's a bullish structure still imo, but may lead to further consolidation at similar levels for the coming weeks, or a correction, rather than immediate upside.

I'm otherwise not particularly concerned about the month currently being the first red candle since December last year, as a close above $28.5K would turn it into a green consolidation candle. Overall given the quick +50% rise from $20K to $30K within about a month, consolidation near the highs remains bullish for Bitcoin if price can hold recent lows around $27K, and also shouldn't be all that surprising right now.

In this relatively short time span, it seems difficult to be able to reach the price you say. This is not my pessimistic attitude towards Bitcoin because anything is still possible to happen but the current market situation in my opinion is still far from getting to that level.

The closing price of $30K only lasted for 1 week since April 11th, even though it had reached a price of $31K as the open price which occurred on April 14th as the highest price this month even though it lasted for a moment.
The current support price has changed which has led many speculators to predict the bears will return.

Wow, that is a huge jump though, I mean we are in $27k, so it will be like $8k increased in then next 2-3 weeks? That will be huge. Not saying that I don't trust your prediction, but let's say it's better to put a numbers that is doable though, maybe $31k could be far stretch, but we have reach that price already but it just didn't hold that strong. So let's see, the month is going to end and this might be the first time this year that we might be in red candle as the first 3 months end up very good to us.

Do you have any special reason to believe in a price jump of even 30% in less than one month? I'm not saying that there is no possibility of this happening, but I see only bad news on the horizon, whether it's about the US or the EU, not to mention that the war in the east of Europe will soon enter a very critical phase because a massive offensive is being prepared by the Ukrainians.

Anyway, this year should be in a positive sign when it comes to economic recovery at the global level. I do not believe that the price of Bitcoin will deviate too much from these trends, and the additional tailwind can only be a few more banks that will experience a collapse - because maybe that is the reason why we have witnessed an increase in the price of BTC of almost 100% in a relatively short period of time.

Well, as far as I am concerned Bitcoin will probably hit $35k in 2-3 weeks. Hopefully this correction will not lead the market to significant decrease  and end as soon as possible. In addition to that, it is better to take advantage of this opportunity and purchase BTC as much as you can. The more you waste time, the riskier due to this correction is temporary, it might end in a couple of days or maybe less, after that we will possibly see a bull run, so we have to be fully prepared and except the unexpected. Plus, the more you have plans, the safer you are, no matter what happens in the market.

Isn't it better to accumulate than waiting?  If anyone who is cost averaging, buying at the current dip of Bitcoin would be a good deal.  If a trader enter at $30k. the recent price decline is a good time to average down his investment cost.  It is still better if the price continue to go down before the market to have fully transition to bull market.  This way those who accumulate can get Bitcoin at a lower price before they see the price started to surge and have an uptrend rally.  This might be the last time we can see Bitcoin at this price range so better to take advantage and fill our bags before the Bitcoin market pick up and uptrend.  If we missed this opportunity, we might end up missing buying Bitcoin at this price range.  Always remember, every cycle, Bitcoin has a higher lowest floor than the previous.

$28K was support for longer than 10 days, price first reached this level over a month ago and consolidated for 3 weeks around this level before moving higher. If you ignored the weekly close last week above $30K, that now looks like a fake-out to the upside, then price has basically consolidated for over a month between $26.5K and $29K. In Bitcoin, this is actually quite a long-time to consolidate in a tight range.


I used to keep an eye on this metric, specifically when hash rate was correcting or consolidating, but since it has started rising again then I've largely ignored it. Others on this forum have pointed out how unreliable this "average cost" basis is, as it's impossible to factor the cost of electricity in countries where it's much cheaper, or otherwise the cost of mining with renewable energy that's much cheaper to maintain etc.

As far as I understand this cost basis would be based on the average cost of energy worldwide based on non-renewable energy, or maybe even just US-based. As generally it's hard to believe there would be such a large Bitcoin mining industry if the cost of production was around the same as the price of Bitcoin. This "average cost" is simply based on "mining at home" operations or otherwise "hobby mining" imo.

For example hash rate has increased in the past 3 months along with Bitcoin's price rise, so the industry has been growing, but this "average cost" basis has generally been around the same price of BTC.

Yeah, unfortunately, the big $28k support has fallen, it's huge though, I mean we have been trading for this price for more than 10 days if I'm not mistaken, and it's really a big support for us in March which really pushes our bullish sentiments. But now that it has been broken, we might expect some bearish trend this month (I don't want to sound bearish, but still better to be prepared).

Not sure if you also look at the average mining cost of bitcoin, because it seems to be below as well right now. So again, just another data that I have been looking in the last couple of months to see if there is some correlation with the price action.

https://en.macromicro.me/charts/29435/bitcoin-production-total-cost

Well, there goes $28K support. It held well for a month but isn't holding anymore. With the -10% correction so far this week, I suspect we'll see a further pull-back next week unless $28K can be reclaimed by end of week. I don't mean to sound bearish, only realistic, as not convinced the 200 WMA will hold, nor $25K, as most of the volume is around $23K which is the realistic next level of support for price.

Either way it's a good time to accumulate I think. It's been almost a year that price has been in a wide range between $15K and $30K, so the fact it remains there is still bullish imo.

Having too much stashed bitcoin or been bought doesnt automatically means that you would really be that impulsive whenever it do make out some declining price behavior.There are people who do really get used to it and doesnt mind whether it would be going down below and instead on freaking out.They would rather be buying even more or simply making out some DCA we know that we cant really be
seeing the price which might be possibly the last to be seen on this cycle. For those wo do have that huge awareness and experience on how this market behaves or works then you
wouldnt really be making  yourself that impulsive.

If you are worried about the market erasing a week of gains then it is very clear that you have far too much money invested in Bitcoin.  If this applies to you, you're looking at the daily data way too much and you're going to miss the forest for the trees.  Bitcoin should be viewed in 4 year increments, not weekly increments.  You want to buy the bottom every four years, and then sell the tops.  You don't have to trade yourself to riches along the way, you just need to keep buying and holding.  Once you change your mindset and have some faith, you realize that it is that simple.  Traders mostly miss the peaks by selling for little gains or flat out lose their money on bad trades.  If you believe in BTC, you don't need to trade it.  You need to stack it.

If you look at it, it appears that Bitcoin is showing its usual sideways behavior, especially over the weekend. At the moment, the cryptocurrency is holding on to minor support, with safe entries for long positions around the 26500 - 2600 levels. If Bitcoin falls below the red line, it may face a correction to the 25k level. However, if the current support remains intact, Bitcoin still has the potential to rise again to overcome the existing daily resistance. It's important to approach the current situation with a cool head and careful consideration of the risks involved in any investment decision.

I think slow one matters because of two things. Yes it is going down, but it is not going down too much, it has been just a small drop and when the amount is this insignificant, that doesn't really matter to people and that's the important thing.

But the second thing is that if we are talking about the current period, it had a lot of increases at the moment before this happened, so when you go from 16k to 32k that means that we are going to end up with a small bit of increase and that is why I think people are fine with that. I know that reaching from 16k to 32k means that you are going to have a bit of a fall and that's fine. I also believe that we are going to see it stay here and then up higher after all of this drop is down.

Price has now reached around $28K previous accumulation zone. Only time will tell if this acts as support or not, but the selling has slowed down for now:



Failing that there isn't a lot of trading around $25K, despite it being previous resistance, so the next support would be around $23K it seems (previous accumulation zone).

This is also where the bullish trending 20 Week MA is priced, which has just crossed the 50 WMA in bullish formation.

Now is the time to wait again because for some people it is not possible to sell Bitcoin during this downturn. The price of $35K after the correction is still very much achievable for Bitcoin and indeed it is right for everyone to wait for it to arrive after this correction is over on Bitcoin in the market, although I don't expect it to be reached immediately within this month.

Even when bitcoin fell from $69k to $15k last year, people continued to believe in bitcoin, there's no reason bitcoin's decline from $30k to $25k would make us lose hope. Bitcoin can increase 50% in 2 months, so it is normal for bitcoin to drop 10% or 30%, we should adapt to that because there is no forever bull market without a correction. Although bitcoin is recovering, but the bearish season is not over yet, so I think we still need to be very vigilant and not be subjective just because we see bitcoin recover quickly.

I hope the same think is need waiting for few week so done the price $35k after correction, For those who have been waiting for a while, there is no doubt that good times are about to come. My opinion is that if someone thinks he can wait a long time and has a long term plan, then it can be a good decision.

Every time the price of Bitcoin will pump, a correction will then follow. But I'd never think it was worrying enough because it rises back again stronger than before. I'd thought that the majority had already known this situation for this was not new anymore to the market. As long as the price of Bitcoin does not yet reach its peak, I was certain that after $30k, there is always room for $40k, $50k, and more...I think always about it, so instead I feel bad when it drops, why should I take this opportunity to buy more.

The current market is slowly trending downwards resulting in massive price declines in altcoins. Investing in altcoins is the riskiest right now. But Bitcoin still exists in a satisfactory situation. However, the price has lost 7 percent in the last 7 days. Now bitcoin is trading currently 28,280. However, the market may turn bullish again at any time. If it falls further from the current price then it could be another good opportunity for investors. But Bitcoin holders should not panic and instead try to grow their portfolios.