correction or start of a bear market? - page 5.

wxa7115

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Quote from: No Pain No blood on November 16, 2021, 05:27:15 AM

Hi all, Last week my friend once said about the current and future situation of the crypto market. he said that if bitcoin can't stay above 60k, then altcoins will be hit by a big correction. At that time I doubted what was said because I saw the market situation was quite good. but seeing today started to believe it a little. further said that the end of this month until the end of the year, will be the most important point for the crypto market because at that time it will be a representation of the situation going forward. he said if by the end of the year some big coins pass their support point, then the market will not be fine going forward. but on the other hand if big coins like bitcoin, ethereum, bnb and others can stay at current prices, the start of the year will be a pretty good situation to trading.

judging from what he said, I conclude that right now the market is at a very important time. but even so I didn't fully believe what he said. I stick to my decision that currently hold is the best despite the red market today.

One of the things you will learn is that technical analysis can be spun in such a way that any data can mean one thing for one trader and the opposite for another, at the end of the day you need to begin to learn to trust your own instincts and your own analysis.

It is clear that the long term potential of bitcoin is slowly but surely entering the consciousness of the general population, and if to this we add the economic crisis that is forming then I do not see any way for the price of bitcoin to remain this low for a long time.

dexter141

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I do not think we need to panic, there is no negative news or events that prompted a further decline in cryptocurrency. Don't sell. Hold .

tsaroz

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I think this is a correction and prices won't go much lower as a large number of investors have entered the market in higher prices much of them institutional. The hype of crypto are global and a lot of people are just entering the market. There ought to be a large bull run before a subsequent crash. So I believe, it's good time to bag more coins and stay cautious and plan your trading strategies ahead. It's also important for new investors to not fall for hyped coins and study and select coins according to their investment strategy.

tbct_mt2

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I want to be bullish and I hope the market will be bullish with a second leg too but I am wondering myself that how the market can maintain its bullish mode if the trading volume won't increase.

Issue in the last months since April is decreasing trading volume, not price of Bitcoin. Bitcoin broke out weeks ago and tried to touch $70,000 but trading volume is still lower than in March or April.

I know people mentioned about Supply shock because of many Bitcoin (and Ethereum) are moving off exchanges. They think it is the on-chain bullish signal. I think so too but I don't think it can not be manipulated.

aprilnot

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I have no problem with what will happen. whether it's a correction or a bear market, because I'm already prepared for it. but according to what I'm seeing right now, the situation this time is just a correction so it's not a huge problem. the market is quite strong at the moment, a lot has happened throughout the year. and it is very influential for the market. your friend only saw from previous trends where the end of the year became a reversal situation. in previous years this may have happened, but not this year. if we take a closer look, there is no reason for a bear market to occur any time soon. overbought is not an excuse, it will only result in a correction. so no need to worry for now, the market is fine.

michellee

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I consider that the market has a bear market time, which makes bitcoin get a correction for a while. The down pushes the price into the $60k range of the price and the red candle still appears on the market. Hopefully, it will not go down below $60k. Otherwise, that can attract panic selling for people. If tomorrow, the price can start to increase step by step, that can give more chances for bitcoin to go back to the high price and in the rest of this month, bitcoin can back or even can break $70k. If the price can not go up again tomorrow, maybe we will need longer to see the price rise again.

TastyChillySauce00

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Quote from: No Pain No blood on November 16, 2021, 05:27:15 AM

Hi all, Last week my friend once said about the current and future situation of the crypto market. he said that if bitcoin can't stay above 60k, then altcoins will be hit by a big correction. At that time I doubted what was said because I saw the market situation was quite good. but seeing today started to believe it a little. further said that the end of this month until the end of the year, will be the most important point for the crypto market because at that time it will be a representation of the situation going forward. he said if by the end of the year some big coins pass their support point, then the market will not be fine going forward. but on the other hand if big coins like bitcoin, ethereum, bnb and others can stay at current prices, the start of the year will be a pretty good situation to trading.

Your friend was giving wrong opinion about crypto. He was taking the last quarter as the main point to determine where crypto will be going on but he forget that this time crypto is different. So many big companies joined in crypto and i should remind you that about legal tender for crypto.
The correction that happened with bitcoin will not always become the thing that will determine when the bearish trend will come. The market can recover anytime. We should take a look at the fact.
Bitcoin dumped so hard last year but it is going crazy right now. that proves that if climate in crypto can be changed easily.

Quote from: No Pain No blood on November 16, 2021, 05:27:15 AM

judging from what he said, I conclude that right now the market is at a very important time. but even so I didn't fully believe what he said. I stick to my decision that currently hold is the best despite the red market today.

It's not. Anytime should become the important time for crypto and it's not only at the end of this year. just try to see what happened in the market. So many people were always thinking like that but bitcoin shows reverse trend than what they were thinking what will come soon.

TravelMug

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It's too early to say whether we enter the bear market or not.

We even not sure if we hit the top price already, so we shouldn't judge how the market works just because we have another downside. So let's observed, the market seems to be stabilizing at least for bitcoin at the support level of $60k. It dip a little, but it quickly get up again. We have seen this multiple times throughout the year, so I would advise to everyone not to panic sell.

Al Qiyamah

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Yes, if you look at the market today starting from BTC and ETH, the average decline is below 10%. and it also has an impact on several other altcoins. better keep it because this is just a correction in my opinion, and this is a natural thing to happen. do not panic because there is still a possibility of a bull market after this correction occurred in December and the beginning of the year .

yazher

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Whichever it is, we need to consider taking advantage of what is currently happening with the market today. If it is the bear market we need to wait for the price to drop more before we can buy it and wait for the price to rise again in the future.

For those who are panicking because they invested when the price was at its peak, well! don't panic, just relax and enjoy your day. don't think about it until you make yourself stressed with the current state of the crypto market. it will somehow find its way to recover again.

batang_bitcoin

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Just hold if you won't use your money for something else. This and that prediction will always come and it's up to you if you're going to listen to them.
Correction doesn't mean that we're going to a bear market. Do not give yourself something to think that much, let the corrections come because they're usually happening to the market.

matjas

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Three trillion $ marketcap seemed to be the trigger for this correction. Crypto got way too much world exposure in the last year to just fall into the deep bear market. Unfortunately shit meme coins are taking away a huge chunk of new money that is coming in crypto and that money becomes worthless when a rugpull happens. The sooner people will stop being to greedy and invest in real project, the faster will marketcap grow again.

Yaunfitda

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You don't have to worry though, this is just another correction, we are still far from the bear market. Reason being is that bitcoin market has been in the decline after hitting it's all time high. And maybe there was a shift to altcoin right now. But once there is a good news to bitcoin market, the market will move again. We just had a dip before $60k, but now it seems that it bounce back a bit. And historically, November-December is a bull market, so we need need sometime for the market to recover.

adiebitsler

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Quote from: DapanasFruit on November 16, 2021, 05:40:30 AM

I agree with the assessment that December can be a very critical period for Bitcoin as it will be determining what will be the direction for Bitcoin in the fist quarter of the year which in my estimate has more tendency to be bear than to be a bull. Still, am hoping that Bitcoin will not be following traditions this time as more and more institutional investors are showing interest to join the BTC bandwagon. We just have to continually watch out for possible signs of an impending bear time.

Now everyone is in the middle of November and soon everyone will be in December but what is happening right now in the market is dumped and this is not at all liked by everyone now even though the opportunity to buy good coins is very appropriate.

Jackl87

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Quote from: No Pain No blood on November 16, 2021, 05:27:15 AM

judging from what he said, I conclude that right now the market is at a very important time. but even so I didn't fully believe what he said. I stick to my decision that currently hold is the best despite the red market today.

The last few weeks saw an extremely positive development of prices in both bitcoin and also altcoins. After a period where the only way was upwards it is just normal, that a correction has to happen sooner or later and today it seems like the correction is happening. At the moment we are down around 8 or 9 % both on BTC and ETH which is quite a lot but still within the range that i would declare as normal, at least within the crypto space. I also think the best is to just stay calm and hold.

Doell

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I believe this is a correction so we all don't panic quickly to respond to this situation ,I'm not sure this is the beginning of a bear market because it's still early I think the holidays are still long but anything can be happen and I don't even think the price of bitcoin could fall any further from now it will recover soon not analyze further just a personal point of view for this moment

o48o

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Quote from: No Pain No blood on November 16, 2021, 05:27:15 AM

Hi all, Last week my friend once said about the current and future situation of the crypto market. he said that if bitcoin can't stay above 60k, then altcoins will be hit by a big correction. At that time I doubted what was said because I saw the market situation was quite good. but seeing today started to believe it a little. further said that the end of this month until the end of the year, will be the most important point for the crypto market because at that time it will be a representation of the situation going forward. he said if by the end of the year some big coins pass their support point, then the market will not be fine going forward. but on the other hand if big coins like bitcoin, ethereum, bnb and others can stay at current prices, the start of the year will be a pretty good situation to trading.

judging from what he said, I conclude that right now the market is at a very important time. but even so I didn't fully believe what he said. I stick to my decision that currently hold is the best despite the red market today.

Your friend is correct. Majority of alts will absolutely crash and burn if and when btc dips. There have been few exceptions to this but during bear market, people with alts can lose almost everything they have, and lots of holders will sell the bottom because they fear it will drop even more.

bakasabo

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Quote from: Koro-Sensei on November 16, 2021, 06:04:45 AM

Well I think its getting bearish due to lots of fud news this week. From Mt. Gox distribution to US infrastructure bill passed this week added by Evergrande's effect last week. But nonetheless, it's November and it is the most bullish month according to datas. Market could probably go down a bit from here but will surely recover within the incoming weeks and if I am correct with my calculations, BTC could go to 72K mark.

How did you calculate 72k? Not 73 or 70?

Since October, the only thing Bitcoin did was growing. This price decrease was expected imo. We have updated ATH. Sooner or later todays situation must have happened. It is even good that this happened today, and not closer to Christmas, as as usually, people would have panicked and the price would go even more. I am already seeing this explanations "people are withdrawing to buy xmas presents, that is why the price goes down".

Bttzed03

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Quote from: No Pain No blood on November 16, 2021, 05:27:15 AM

~ further said that the end of this month until the end of the year, will be the most important point for the crypto market because at that time it will be a representation of the situation going forward. he said if by the end of the year some big coins pass their support point, then the market will not be fine going forward. but on the other hand if big coins like bitcoin, ethereum, bnb and others can stay at current prices, the start of the year will be a pretty good situation to trading.

This might come as a surprise to you but what your friend said is actually the sentiment of most people around here and in other crypto forums/groups.

Did he also mentioned what the support points are? That's an important detail you should ask. If we look back at the prices history, the $20K ATH in 2017, we saw a drop to around $3K in 2018. and from $63K ATH last April, we saw a drop to around $30K in July. Now, we're witnessing another drop from the latest ATH and it will probably bounce off around $55K ($50K at worse). I'm not an expert when it comes to TA but I don't see BTC coming back to $30K levels during bear market again if we're going to see a pump to $100K+ by EOY.

Koro-Sensei

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Quote from: No Pain No blood on November 16, 2021, 05:27:15 AM

Hi all, Last week my friend once said about the current and future situation of the crypto market. he said that if bitcoin can't stay above 60k, then altcoins will be hit by a big correction. At that time I doubted what was said because I saw the market situation was quite good. but seeing today started to believe it a little. further said that the end of this month until the end of the year, will be the most important point for the crypto market because at that time it will be a representation of the situation going forward. he said if by the end of the year some big coins pass their support point, then the market will not be fine going forward. but on the other hand if big coins like bitcoin, ethereum, bnb and others can stay at current prices, the start of the year will be a pretty good situation to trading.

judging from what he said, I conclude that right now the market is at a very important time. but even so I didn't fully believe what he said. I stick to my decision that currently hold is the best despite the red market today.

Well I think its getting bearish due to lots of fud news this week. From Mt. Gox distribution to US infrastructure bill passed this week added by Evergrande's effect last week. But nonetheless, it's November and it is the most bullish month according to datas. Market could probably go down a bit from here but will surely recover within the incoming weeks and if I am correct with my calculations, BTC could go to 72K mark.

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