How far can bitcoin price correction go? - page 9.

ene1980

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Quote from: arufox on September 13, 2021, 04:58:10 AM

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we saw a decline in Bitcoin from two weeks ago to 12% and this decline could result in a price drop of up to $42k. However, this decline will only occur if the support is broken and if the resistance fails, the price will be bullish again. I myself feel the current price decline is only a temporary correction to continue its rise to $55k. Therefore, the decision to buy and sell is in the hands of there.

I thought the market would wake up today but it is still going down, we have a 13.8 % correction and we have a one day correction of around 3% and there is no signs of turnaround and i am curious to see what the support would be and will it ever go down below $42k. I think we will see a correction beyond that and we might not even see a rally this month. Only time will tell but i am expecting the market to close at an high at the end of this year.

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Quote from: arufox on September 13, 2021, 04:58:10 AM

Quote from: Joshua Jackson on September 08, 2021, 08:37:41 AM

We can all notice the ongoing price correction of Bitcoin and the fact that price does not continue in a straight line. What do you think Bitcoin's Price could be corrected to? I mean, what do you think would be the minimum price Bitcoin gets to, before going back to $52k price again?

we saw a decline in Bitcoin from two weeks ago to 12% and this decline could result in a price drop of up to $42k. However, this decline will only occur if the support is broken and if the resistance fails, the price will be bullish again. I myself feel the current price decline is only a temporary correction to continue its rise to $55k. Therefore, the decision to buy and sell is in the hands of there.

If so, it could make the price is down for more and we know how deep the price will go down. It seems, this week, we will see the price will be like this or will go down deeper so prepare yourself and hold on tight to your bitcoin and do not make a rush because of the drops. If you can remain calm, maybe you will see a point in using the moment for your own benefit. All in all, be patient and do more analysis to find the next thing that can happen.

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Quote from: Joshua Jackson on September 08, 2021, 08:37:41 AM

We can all notice the ongoing price correction of Bitcoin and the fact that price does not continue in a straight line. What do you think Bitcoin's Price could be corrected to? I mean, what do you think would be the minimum price Bitcoin gets to, before going back to $52k price again?

we saw a decline in Bitcoin from two weeks ago to 12% and this decline could result in a price drop of up to $42k. However, this decline will only occur if the support is broken and if the resistance fails, the price will be bullish again. I myself feel the current price decline is only a temporary correction to continue its rise to $55k. Therefore, the decision to buy and sell is in the hands of there.

tz

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Quote from: Joshua Jackson on September 08, 2021, 08:37:41 AM

We can all notice the ongoing price correction of Bitcoin and the fact that price does not continue in a straight line. What do you think Bitcoin's Price could be corrected to? I mean, what do you think would be the minimum price Bitcoin gets to, before going back to $52k price again?

I think that we've already found a floor at the $45k level.

The market sentiment is still quite bullish if you ask me and I don't think that there is necessarily a prospect for bitcoin to go down below $40k in the short run. Coins on exchanges are at an all time low meaning that there are plenty of long term holders.

This is definitely different to 2017 in my opinion - 2017 is grossly overleveraged and growth happened way too fast.

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Quote from: btc78 on September 10, 2021, 06:06:05 AM

Quote from: Joshua Jackson on September 08, 2021, 08:37:41 AM

We can all notice the ongoing price correction of Bitcoin and the fact that price does not continue in a straight line. What do you think Bitcoin's Price could be corrected to? I mean, what do you think would be the minimum price Bitcoin gets to, before going back to $52k price again?

Maybe that 43,000$ level is the lowest bitcoin will drop because it looks like there is a stable price now and that is around 45-46k https://coinmarketcap.com/currencies/bitcoin/markets/ according to the movement this past days.
and i also believe that this is just a correction and 52k? that will be surpassed and bitcoin next step is 55k before hitting 60k once again.

I believe the support at $43K has already hold the price of Bitcoin after a big reflective weekly bearish candlestick, which according to some speculations was the consequences of the mid week El Salvadoreans adoption of Bitcoin, the present correction can't be likened with lthe last correction that started mid May this year invariably should just be a minor correction hopefully once the market regains it bullish sentiment the price should be heading back to the next resistance at $60K though a minor resistance is at $52400+ which is might not be strong.

Oceat

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Quote from: bots1 on September 11, 2021, 07:07:24 AM

The decline in the price of bitcoin continues to this day. If the decline continues, it is not impossible that the price of bitcoin could fall to the point of $38,000. Given that until now, the price of Bitcoin is still touching $45,000 after rising to the level of $52,000. Even though the value of Bitcoin continues to fall, it does not mean that there is no hope that the price will stabilize. Therefore I believe Bitcoin is likely to go higher in the next few months.

I think $30k might be the bottom if there's a continuation correction in Bitcoin price but most of these days people are learning that it's not a good idea to dump all of their BTC because of how the price pump after each halving. So 40k+ might be the stable price through the years but I still think $20k+ is still possible as a very bottom if there's a crisis.

I'm too bullish in Bitcoin so I can't think any possibilities that it would reach a worst case scenario bottom, I'm sure people would actually buy Bitcoin during that time and whales or institutional investors would most likely going to join and invest in Bitcoin.

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Quote from: ipanks on September 10, 2021, 05:30:57 AM

Hopefully, the bitcoin price is not going down for more, but if the price is still going down, I hope that the price is not below $41k-$43k as the price now does not go up or down too far. Bitcoin price will be back to $52k even it will reach $62k soon but we need to wait for a while and have more patience. I think this situation can be like this until the weekend and it could change in the next week. You do not have to worry because this is a correction that always happens to bitcoin.

When there is a crash, that crash is usually sudden, the going up part takes time, but crash is sudden. Remember that 20k to 8k period? It was under a month, it took like nearly a week to drop from 20k to 12k, probably less. We all lived the 64k to 28k period as well, took like a day or two to drop under 40k, and then rest did the work.

So when we are 52k and drop to 47k, neither the amount nor the timing shows that it will go any lower. If it was a higher drop then I would understand, because when there is a crash there is a big fall, not just 10-20% but like 50% fall, or if there is a big crash it takes maximum of a week, and after the crash it has been days and we are staying still. Yeah, I feel like this correction is not a big deal and won't turn out to be a crash, it will just be a "small" correction for bitcoin and recover to 50k+ in a week or two.

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The decline in the price of bitcoin continues to this day. If the decline continues, it is not impossible that the price of bitcoin could fall to the point of $38,000. Given that until now, the price of Bitcoin is still touching $45,000 after rising to the level of $52,000. Even though the value of Bitcoin continues to fall, it does not mean that there is no hope that the price will stabilize. Therefore I believe Bitcoin is likely to go higher in the next few months.

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Quote from: ILuckyGuyI on September 10, 2021, 02:31:56 PM

Bitcoin price went down to a level a little below $45k in the last 24-hour period. Now it is $45k but it is struggling to go over $46k. If Bitcoin price doesn't manage to break the current resistance, it migh still continue to go down even more. I'm hoping to see it stopping at $40k in the worst case. If we see a level below $40k, I'm afraid about the possibility that Bitcoin can get stuck there for a long time again and it would be a dream to see even a new ATH in this year.

That is just a short correction, I think it ain't does not go far below $40k.
Anyway, it comes to think that we are not all in bullish season, bearish could be a part of the market. We can't stop the price to decline as well not meant to hold. While some are losing their hands and sell it now, the more it helps to drop the value but I have no worries with that, this is really what happens.
if that so, I'll take this chance to buy some and wait for the recovery.

STT

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It has traded past the 50 day average today so as a measure of strength or weakness see how far it goes past that rising trend before it reacts in some way. Moving averages by themselves arent support but it is also a kind of momentum to trades that could be expected, on a weekend perhaps its absent Im not sure.

We're between two Fibonacci levels at the moment

ILuckyGuyI

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Bitcoin price went down to a level a little below $45k in the last 24-hour period. Now it is $45k but it is struggling to go over $46k. If Bitcoin price doesn't manage to break the current resistance, it migh still continue to go down even more. I'm hoping to see it stopping at $40k in the worst case. If we see a level below $40k, I'm afraid about the possibility that Bitcoin can get stuck there for a long time again and it would be a dream to see even a new ATH in this year.

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A big thank You to everyone who has given out precise and fairly accurate answers with historical proves on how far bitcoin price correction can go. I was designing a bot that can always help me Buy dips and sell tops. So, i needed to know the maximum and minimum percentage price corrections which are possible in order to help me structure my methods correctly.

Warm Regards

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Quote from: Joshua Jackson on September 08, 2021, 08:37:41 AM

We can all notice the ongoing price correction of Bitcoin and the fact that price does not continue in a straight line. What do you think Bitcoin's Price could be corrected to? I mean, what do you think would be the minimum price Bitcoin gets to, before going back to $52k price again?

In cryptocurrency no one can surely predict on a coin. Though Bitcoin is the most potential and popular crypto currency in the world. Also day by day its users and investors increasing. People invest their money on it. Somewhere people accept Bitcoin as a payment. Now Bitcoin price is so much volatile. Bitcoin price will hit $60k again. In 2017 Bitcoin price was hit $20k and then the price get down $6k. If in this year history repeats again then i think price will get down more and hopefully the price will cross $60k. But it need more time.

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Quote from: ipanks on September 10, 2021, 05:30:57 AM

Quote from: Joshua Jackson on September 08, 2021, 08:37:41 AM

We can all notice the ongoing price correction of Bitcoin and the fact that price does not continue in a straight line. What do you think Bitcoin's Price could be corrected to? I mean, what do you think would be the minimum price Bitcoin gets to, before going back to $52k price again?

Hopefully, the bitcoin price is not going down for more, but if the price is still going down, I hope that the price is not below $41k-$43k as the price now does not go up or down too far. Bitcoin price will be back to $52k even it will reach $62k soon but we need to wait for a while and have more patience. I think this situation can be like this until the weekend and it could change in the next week. You do not have to worry because this is a correction that always happens to bitcoin.

Currently, bitcoin's corrective candles are mostly weekend candles and with such an early week correction situation, it is very likely that bitcoin will go down, although never hoped for such a reality but technical indicators are showing those realities. Besides, we can see the correction candles are daily and intermittent candles, this situation means that the correction of bitcoin is not deep, we haven't seen a deep correction in a long time, if the worst comes, the value will not just drop to the price zone you were hoping for.

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Quote from: Joshua Jackson on September 08, 2021, 08:37:41 AM

We can all notice the ongoing price correction of Bitcoin and the fact that price does not continue in a straight line. What do you think Bitcoin's Price could be corrected to? I mean, what do you think would be the minimum price Bitcoin gets to, before going back to $52k price again?

Maybe that 43,000$ level is the lowest bitcoin will drop because it looks like there is a stable price now and that is around 45-46k https://coinmarketcap.com/currencies/bitcoin/markets/ according to the movement this past days.
and i also believe that this is just a correction and 52k? that will be surpassed and bitcoin next step is 55k before hitting 60k once again.

ipanks

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Quote from: Joshua Jackson on September 08, 2021, 08:37:41 AM

We can all notice the ongoing price correction of Bitcoin and the fact that price does not continue in a straight line. What do you think Bitcoin's Price could be corrected to? I mean, what do you think would be the minimum price Bitcoin gets to, before going back to $52k price again?

Hopefully, the bitcoin price is not going down for more, but if the price is still going down, I hope that the price is not below $41k-$43k as the price now does not go up or down too far. Bitcoin price will be back to $52k even it will reach $62k soon but we need to wait for a while and have more patience. I think this situation can be like this until the weekend and it could change in the next week. You do not have to worry because this is a correction that always happens to bitcoin.

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Quote from: davis196 on September 09, 2021, 06:10:24 AM

Why are you asking?
If you want to HODL,then just HODL and don't bother about the price.
If you want to sell then just sell.If the price keeps going down,then you've made a profit and you could buy BTC at a lower cost.If the price goes up after you sold,then you've made a loss,but losing money is a part of trading.I don't believe that the price will go up.This 52K price pump was probably just a price bubble,caused by some crypto whales or the hype around El Salvador.

Some people are not really sure what is going to happen and that is why they get an opinion from other people. Some people do it because they have no idea, but there are people who do it because they know something but they want to confirm it with other people. If you tell people "will bitcoin be 100k" then you will see a lot of people who either agree disagree. However, if you say "which direction" then they would either say lower or higher while most of them giving even numbers and dates when it will happen. So long story short it is obvious that some people do need these type of questions answered, they will not make decisions based on only these, but it would help them understand it better.

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Quote from: Joshua Jackson on September 08, 2021, 08:37:41 AM

We can all notice the ongoing price correction of Bitcoin and the fact that price does not continue in a straight line. What do you think Bitcoin's Price could be corrected to? I mean, what do you think would be the minimum price Bitcoin gets to, before going back to $52k price again?

https://argoblockchain.com/biggest-corrections-in-bitcoin-history/

This might be a little outdated since it did only cover up until year 2018.

Also some note that correction is something different from price crash though.

Heres some good prediction from 62k ETH to 28k dip.
https://www.tradingview.com/chart/BTCUSD/yVBKEy9K-BTC-62K-3-618-Fib-Ext-Then-Dip-to-28K-W21EMA-61-8-Fib-Ret/

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Quote from: Joshua Jackson on September 08, 2021, 08:37:41 AM

We can all notice the ongoing price correction of Bitcoin and the fact that price does not continue in a straight line. What do you think Bitcoin's Price could be corrected to? I mean, what do you think would be the minimum price Bitcoin gets to, before going back to $52k price again?

If this gets worst, we may see price below $40k this year but be careful on that level because after that faster increase may happen. Most probably there's a panic buying when trend goes beyond expectations.
However, that remains unpredictable because there's a possibility that after recent correction we may able to see $50k again next few weeks.

Pulsar77

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Bitcoin price is trying hard to hold onto the $46k level. It actually got past $47k resistance today but it didn't last long. If the price manages to stay at this level for some time, I believe that we won't even see a bigger drop than this and the price will start recovering. $50k resistance will be critical again. If Bitcoin makes it there and goes over it, then it will be back in the game and we will be able to hope a bull market also.

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