Do you think the bitcoin markets will bounce off the $8,000 USD area?

gamalzour

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Quote from: richardsNY on February 13, 2018, 02:14:11 PM

Quote from: eminemcookie on February 13, 2018, 01:52:46 PM

The price has had a few attempts at 9k and I think will ultimately break it in the next day or two. Every day that the price does not suffer and dip further people will regain confidence and come back to the market looking to buy at a lower price. This will only serve to push the price up and speed things up.

It works both ways. It may indeed result in the market to gain confidence, which might eventually cause the price to break through the $9k level, but if there isn't a breakout from current range, traders might start dumping out of boredom. Don't forget that in this market the far majority of the people are looking for an active market and sensation, and if these aspects don't apply to the market we're in currently, we may face a massive dump. For that reason I am not yet taking for granted that the current bottom of just under $6k is the real bottom -- this market has been up for a lot surprises throughout the years.

That confidence will take some time to build, except for traders doing some short term position, the long term investors are being very careful after the whole drama that unfolded recently. Optimism for the market is good, but one also have to consider like you said that the market is full of surprises and it would be good not discarding any possibilities right now.

jostorres

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Quote from: gsmbimol on February 14, 2018, 07:10:06 AM

probably it's not going to $1000, too many people would like to buy a lot at that price thus defeating the possibility that Bitcoin would reach that price in the first place. I think a more "uncomfortable" level of $4000-$5000 is more probable, a level which has a nice balance between:

not so many people are willing to buy a lot at the $4000-$5000 range

Apparently, I do not see that happening either. Even the $4000 range is a pretty much spot a lot of people are waiting to buy in and most may not even be able to get the value at that spot. I believe with what we have seen so far on the chart, the market has gotten to a point, where the next road now is forward. This may take some time to build, but with patience I want to believe we should get there.

BaraxLo

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Quote from: eminemcookie on February 13, 2018, 01:52:46 PM

The price has had a few attempts at 9k and I think will ultimately break it in the next day or two. Every day that the price does not suffer and dip further people will regain confidence and come back to the market looking to buy at a lower price. This will only serve to push the price up and speed things up.

Yeah! It has and the next spot now is to go see us test the $10k region. I still do not see a bull force that would break that yet anyway, so we may have to spend some time here and test over again just as we have done with the $9k region. I am optimistic but at the same time not to hopeful for anything, as we have seen similar incidents like this is in the past with nothing much, so let's see how this one turns out.

alyssa85

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Quote from: prashanta on February 17, 2018, 06:31:44 AM

Those who buy on the dip are prolonging the bear market and in fact causing people to gradually give up. That means it can take another year or so until bitcoin forms a bottom - my guess is a lot lower than where it is. Granted there are going to be bear market rallies here and there that will all fizzle just like the latest one from $8k to $9.5k. I also suspect that once so many people have been burned, they will never want to get back in and that will be the end of cryptos - except for the "real believers" the hodlers, but it's going to be a niche market with far smaller market cap and almost no application in the real world except for a zero sum confidence game.

That's what they said in the 2014-2015 bear market when bitcoin went from $1000 to $170, and 80 % drop over a two year period. Turns out it wasn't teh end of cryptos, there is plenty of interest once the market turns (and it always does).

omonuyak

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Quote from: Imran1271 on February 04, 2018, 12:52:13 PM

If the price is unable to recover and break back above the aforementioned trendlines, a retest of the recent low of approximately $8,000 is highly likely. Should $8,000 fail to hold, a further washout to test the 23.6% retracement area of approximately $5,000 – $6,000 may be likely, potentially validating a trendline stemming from the test of the $1,800 USD area during July 2017.
So, are you anticipating another leg down to test the $5,000 – $6,000 zone? write down your thoughts regarding this statistic.

I believe you make this comment some days ago but as at today bitcoin is above $10,800 and before Monday it might be heading towards $12,000. Bitcoin has done well for the past 3 days and it carry others coins along. I think the $8,000 trading areas limitations is over and we should expect more of the uptrend than downtrend from now till the end of this first quarter.

prashanta

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Quote from: Imran1271 on February 04, 2018, 12:52:13 PM

If the price is unable to recover and break back above the aforementioned trendlines, a retest of the recent low of approximately $8,000 is highly likely. Should $8,000 fail to hold, a further washout to test the 23.6% retracement area of approximately $5,000 – $6,000 may be likely, potentially validating a trendline stemming from the test of the $1,800 USD area during July 2017.
So, are you anticipating another leg down to test the $5,000 – $6,000 zone? write down your thoughts regarding this statistic.

Those who buy on the dip are prolonging the bear market and in fact causing people to gradually give up. That means it can take another year or so until bitcoin forms a bottom - my guess is a lot lower than where it is. Granted there are going to be bear market rallies here and there that will all fizzle just like the latest one from $8k to $9.5k. I also suspect that once so many people have been burned, they will never want to get back in and that will be the end of cryptos - except for the "real believers" the hodlers, but it's going to be a niche market with far smaller market cap and almost no application in the real world except for a zero sum confidence game.

el kaka22

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Quote from: WUUEX79 on February 12, 2018, 05:23:09 PM

As Mr. BrewMaster said, Bitcoin will survive at $ 10,000 after the Lunar New Year, over a long period of time, and further increases I think will happen in June, November or December as predicted by many people.

Any prediction right now is overrated.
Yes, brewmaster is right and I do not really expect much rally to start until we are able to break the $10k region resistance which will make us hover in this region for a while until we are able to see this happen. Although, I am still very optimistic that anything can happen, we can get some news that can give the market a great push but all those are conditional and no one can really give something firm now except that we have a lot of resistance ahead of us.

gsmbimol

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probably it's not going to $1000, too many people would like to buy a lot at that price thus defeating the possibility that Bitcoin would reach that price in the first place. I think a more "uncomfortable" level of $4000-$5000 is more probable, a level which has a nice balance between:

not so many people are willing to buy a lot at the $4000-$5000 range

richardsNY

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Quote from: eminemcookie on February 13, 2018, 01:52:46 PM

The price has had a few attempts at 9k and I think will ultimately break it in the next day or two. Every day that the price does not suffer and dip further people will regain confidence and come back to the market looking to buy at a lower price. This will only serve to push the price up and speed things up.

It works both ways. It may indeed result in the market to gain confidence, which might eventually cause the price to break through the $9k level, but if there isn't a breakout from current range, traders might start dumping out of boredom. Don't forget that in this market the far majority of the people are looking for an active market and sensation, and if these aspects don't apply to the market we're in currently, we may face a massive dump. For that reason I am not yet taking for granted that the current bottom of just under $6k is the real bottom -- this market has been up for a lot surprises throughout the years.

eminemcookie

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The price has had a few attempts at 9k and I think will ultimately break it in the next day or two. Every day that the price does not suffer and dip further people will regain confidence and come back to the market looking to buy at a lower price. This will only serve to push the price up and speed things up.

WUUEX79

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As Mr. BrewMaster said, Bitcoin will survive at $ 10,000 after the Lunar New Year, over a long period of time, and further increases I think will happen in June, November or December as predicted by many people.

debuni

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I hope so, but seems it will not be soon.

My prediction is that Bitcoin will move between $7000 and $9600 in next few months, keeping us uncertain what exactly to expect in every single moment.

Bonsaiav

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Quote from: BrewMaster on February 05, 2018, 01:30:18 AM

all i know at this point is that there is a good chance that we see the price stay below the previous main buy support which was $10000 for a very long time.
we can see prices like this with small drops and rises for a couple of more months even. unless some really good news comes out which can wake the market up and help the rise. otherwise i don't see a bounce off.

What i see is almost the same as your opinion, bitcoin will run between $ 8000 - $ 8700 with speed (super snails), and maybe bitcoin will increase again between 20% or 30%, exactly three or four days after the Chinese New Year.

Imran1271

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Quote from: trickyriky on February 05, 2018, 01:09:43 PM

Quote from: davis196 on February 05, 2018, 01:03:21 AM

Yes,i expect a new price crash to happen in the short term,but in the long term bitcoin price will recover and reach some new ATH.To be honest,i totally don`t care about the bitcoin price right now.I don`t care even if the price crashes under 2000 USD.I`m just trying to get as much bitcoins as i can and i will HODL all of them,waiting for the next year.

I share your position, but I am not sure in this situation holding is the best strategy. Better buy BTC on its low positions, and sell on the high. It will be something like short-term trading.

It matters a little bit. I’m in the boat of wanting to put another 10k into bitcoin. If I buy now I’ll just get 1 for around $8500 but if it dips more I can get more so when that rebound does happen my profit is much greater. Does it even matter if it goes to $1000? Yes. Then I would be able to buy 8 for the price of 1 currently and let’s say it goes to $25,000 one day. That means I would have $200,000 worth of bitcoin versus $25,000.

trickyriky

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Quote from: davis196 on February 05, 2018, 01:03:21 AM

Yes,i expect a new price crash to happen in the short term,but in the long term bitcoin price will recover and reach some new ATH.To be honest,i totally don`t care about the bitcoin price right now.I don`t care even if the price crashes under 2000 USD.I`m just trying to get as much bitcoins as i can and i will HODL all of them,waiting for the next year.

I share your position, but I am not sure in this situation holding is the best strategy. Better buy BTC on its low positions, and sell on the high. It will be something like short-term trading.

BrewMaster

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There is trouble abrewing

all i know at this point is that there is a good chance that we see the price stay below the previous main buy support which was $10000 for a very long time.
we can see prices like this with small drops and rises for a couple of more months even. unless some really good news comes out which can wake the market up and help the rise. otherwise i don't see a bounce off.

davis196

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Yes,i expect a new price crash to happen in the short term,but in the long term bitcoin price will recover and reach some new ATH.To be honest,i totally don`t care about the bitcoin price right now.I don`t care even if the price crashes under 2000 USD.I`m just trying to get as much bitcoins as i can and i will HODL all of them,waiting for the next year.

Imran1271

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If the price is unable to recover and break back above the aforementioned trendlines, a retest of the recent low of approximately $8,000 is highly likely. Should $8,000 fail to hold, a further washout to test the 23.6% retracement area of approximately $5,000 – $6,000 may be likely, potentially validating a trendline stemming from the test of the $1,800 USD area during July 2017.
So, are you anticipating another leg down to test the $5,000 – $6,000 zone? write down your thoughts regarding this statistic.

Topic: Do you think the bitcoin markets will bounce off the $8,000 USD area? (Read 216 times)