How low could Bitcoin go this time? after all good news is out

LUCKMCFLY

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I still believe that Bitcoin may drop to the $ 43k- $ 45k levels as it has been oscillating between $ 48 and $ 49k respectively, if there is another bearish momentum, the next season is at $ 43k and it coincides with the correction that Peter predicts Brandt, which is normal and natural that you should not panic because there is no reason at all, representing 35% of the normal correction of Bitcoin that has always been presented in history.

For now many of the TA are merely bearish, this can be overridden with some unpredictable movement, however, looking at this analysis, we have to act with restraint in the market, at least in the short term:

Quote

In this case, there are high chances of seeing a test of another vital support at $45,000 soon.

Bitcoin is trading at $49,600 at press time.

Source: https://u.today/btc-eth-and-trx-price-analysis-for-april-24

From what you see on the chart, the figure that forms the Bitcoin market looks very bearish, but the market always surprises us by doing the opposite of what the masses believe and expect.

btc_angela

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Quote from: Argoo on April 22, 2021, 05:10:40 AM

Quote from: Upgrade00 on April 18, 2021, 09:49:00 AM

As low as majority of holders are willing to sell at. Market sentiment determines the price of any currency and during a price drop panic usually sets in, making holders sell at a much lower price to cut their losses.
Currently there a new crop of Bitcoin holders, after different bull and bear cycles, people are now more aware of the value of a coin and willing to hold despite drops in prices. This should indicate that we should not have a huge dump as has been the case at the end of other bull runs.

I predict ~$30,000 to be the bear support.

For now, Bitcoin and potential altcoins in this market should continue their price growth. I think that until the end of June we will still be able to enjoy the bull market, after which there will be a longer correction and a dying out of activity until the fall. I do not foresee a big drop in prices in this market yet. The situation, of course, could change if unfriendly actions towards cryptocurrency are taken by states or their officials.

We are still have strong support at $50k, so not sure about the ~$30k support.

Although bitcoin's dominance is going down, an indication that alt market is moving up, but for me even if the dominance goes down to 45%, I think we can still continue with this bull run. And now that the dust has settled and the price is now confirmed to have a strong support at $50k, I'm not seeing any more dumping in the next 24 hours. But the price could have stall around $50k-$51k.

Argoo

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Quote from: Upgrade00 on April 18, 2021, 09:49:00 AM

As low as majority of holders are willing to sell at. Market sentiment determines the price of any currency and during a price drop panic usually sets in, making holders sell at a much lower price to cut their losses.
Currently there a new crop of Bitcoin holders, after different bull and bear cycles, people are now more aware of the value of a coin and willing to hold despite drops in prices. This should indicate that we should not have a huge dump as has been the case at the end of other bull runs.

I predict ~$30,000 to be the bear support.

For now, Bitcoin and potential altcoins in this market should continue their price growth. I think that until the end of June we will still be able to enjoy the bull market, after which there will be a longer correction and a dying out of activity until the fall. I do not foresee a big drop in prices in this market yet. The situation, of course, could change if unfriendly actions towards cryptocurrency are taken by states or their officials.

slapper

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$45000 is the lowest dip. No point of selling off bitcoin below this price. More instituational investors and whales will join the party and amass as much bitcoin as they can while bitcoin is around this zone

Personally, we have many weeks ahead for bitcoin to recover and retest its current peak. Moreover, even if big institutional investors want to take profit their bitcoin, they can only do it partially. This means the process may take weeks or months. Otherwise, their bitcoin selling price will be very low because no market is able to sustain a big volume while still maintain the price of bitcoin high. In particular, GrayScale now has more than 1 million bitcoin and it is obvious that if they make a full sell of 1 million bitcoin, it will cause a big crisis to the crypto world while the company does not have an appropriate profit from this activity

LUCKMCFLY

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I just read some articles, and Peter Brandt believes that it may go down even more, but for him it does not represent a cause for alarm, he believes that bitcoin can go down up to 35% starting from its last ATH, but he is very optimistic, nevertheless, In another article you can see that the forecast for the technical analyst shows a more bearish movement in the short term:

Quote

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $54,000, followed by $53,500.

Major Resistance Levels – $55,050, $55,500 and $56,500.

Source: https://www.newsbtc.com/analysis/btc/bitcoin-stuck-in-range-55k/

This is in the short term, however everything can change depending on what is presented, any important movement can invalidate any analysis, it is a time of great uncertainty in the market.

justdimin

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Quote from: STT on April 19, 2021, 07:00:02 PM

About 50% is usually the normal negative take on sell offs and I would say any push past that to lower prices is more obviously a time to buy with less hesitation as it relates better to long term prospects even if you had to wait years it wouldnt be totally wrong. Obviously more examination of the chart at that time vs other measures such as FIAT, interest rates, inflation and any other competing standards.

Right now price is descending below a 2 day average price, it has lost momentum for the moment which is a large part of the fastest gains. That can just mean we need to revise lower prices, reset this momentum to steady price expectations then start over and thats happened a few times already this year. Most obvious underlining to YTD lows has been 50 day average I think, I've heard others mention 20 EMA also.

It "could" happen, remember we became 3k from 20k before, the half is 10k, but usually that hurts alts more than it hurts btc, why? Because even though we became 3k, we recovered from that quickly, became around 6k for a very long time, then became around 7k-9k for a very long time, that is not good of course because we were around 20k at one time and now we were around 7-9 and moving in between those numbers so that was bad.

However the second largest crypto in the world was ETH and it dropped from nearly 1500 dollars to as low as 88 dollars at one point, that is around 95% fall, can you imagine bitcoin falling 95% right now? That would make 64k all time high drop 95% and be 3200 dollars right now. That is seriously bad, we wouldn't want that right? But if eth drops it could still become 100 dollars and that is the trouble for people, they are not afraid of their bitcoins (maybe some do) but I am mostly afraid of my alts.

STT

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About 50% is usually the normal negative take on sell offs and I would say any push past that to lower prices is more obviously a time to buy with less hesitation as it relates better to long term prospects even if you had to wait years it wouldnt be totally wrong. Obviously more examination of the chart at that time vs other measures such as FIAT, interest rates, inflation and any other competing standards.

Right now price is descending below a 2 day average price, it has lost momentum for the moment which is a large part of the fastest gains. That can just mean we need to revise lower prices, reset this momentum to steady price expectations then start over and thats happened a few times already this year. Most obvious underlining to YTD lows has been 50 day average I think, I've heard others mention 20 EMA also.

Mahanton

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Quote from: sana54210 on April 19, 2021, 10:39:26 AM

Quote from: Upgrade00 on April 19, 2021, 10:28:08 AM

I'm very optimistic about the current bull run and would not be surprised if we reach six digits before the end of the cycle, but intermittent drops of about 9% is regular and does not indicate the end of the bull run, reason why I used an extreme figure.

Yes, it is really annoying to me when I am seeing people seeking continuous bullish market and if there is a correction then they start shouting like trend reversal. Corrections are part of bull market and people must learn to distinguish between correction and crash as crash is the enough evidence for bearish markets.

I am sure bitcoin may stay below $60k for a while which may be considered as accumulation phase and from such phase all markets are know for leaping up in quick succession. Already bitcoin market started recovering hence I do not expect breaching below $50k levels will not be possible forever.

You would really see these words often anytime the market do make out some correction on where people do always freak out that this is already the start of crash or bearish market without even
trying to look at on whats the actual behavior of Bitcoin when it comes to these kind of situations.There's no way on spotting out a crash until its already there or currently happening.
Presumpting isnt bad but making yourself a bit paranoid is really annoying.Why cant just people doesnt able to treat up these price decrease as normal corrections?
Anytime you do see some price correction then people do normally freak out and telling up some things.

SquallLeonhart

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Quote from: beerlover on April 19, 2021, 07:08:47 AM

I doubt about breaking $50k itself unless otherwise there would be a bad news like what we had by 2015 when mt.gox was shut down (please remember mt.gox was one of the prominent exchange then and only very few other reputed exchanges were in business by Jan 2015). Right now we are strongly moving toward $58k levels and I will not be surprised if we are closing today above $60k as well.

It wasn't even only mt.gox being "hacked", it was the fact that there were insane amount of sold in the market, so not only it created a problem and the news itself was bad, but there was insane amount of bitcoin sold on the market as well, which dropped the price a lot. If we have a news like that, it would have to be like grayscale or microstrategy being hacked and their bitcoins sold on the market, something like that would be equal to what happened in 2015.

We all know mt.gox was a hoax job and it wasn't hacked, and we all know that we will not have any problems at all like that because those were early days and there was a lot of outlaws in crypto, now that we have a lot more regulations and if you do that you may end up in jail for long years, people do not "get hacked" that easily. Which is why we should not be worried about something like that.

sana54210

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Quote from: Upgrade00 on April 19, 2021, 10:28:08 AM

I'm very optimistic about the current bull run and would not be surprised if we reach six digits before the end of the cycle, but intermittent drops of about 9% is regular and does not indicate the end of the bull run, reason why I used an extreme figure.

Yes, it is really annoying to me when I am seeing people seeking continuous bullish market and if there is a correction then they start shouting like trend reversal. Corrections are part of bull market and people must learn to distinguish between correction and crash as crash is the enough evidence for bearish markets.

I am sure bitcoin may stay below $60k for a while which may be considered as accumulation phase and from such phase all markets are know for leaping up in quick succession. Already bitcoin market started recovering hence I do not expect breaching below $50k levels will not be possible forever.

Upgrade00

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Quote from: beerlover on April 19, 2021, 07:08:47 AM

Quote from: Upgrade00 on April 18, 2021, 09:49:00 AM

I predict ~$30,000 to be the bear support.

I doubt about breaking $50k itself unless otherwise there would be a bad news like what we had by 2015 when mt.gox was shut down for

A drop below $50k from the current price levels is about -9%, while my extreme prediction of $30k is about -45%.
I'm very optimistic about the current bull run and would not be surprised if we reach six digits before the end of the cycle, but intermittent drops of about 9% is regular and does not indicate the end of the bull run, reason why I used an extreme figure.

carlisle1

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Quote from: Poker Player on April 19, 2021, 04:40:11 AM

Quote from: Poker Player on April 18, 2021, 10:06:33 AM

What amazes me is how some people get demoralized by a little bump in the road.

As I commented yesterday, in the end nothing happened, and the Bitcoin price is slowly recovering. I guess all these people who are demoralized by a small dip would have died of a heart attack in the early years of Bitcoin, when daily volatility was even higher. If you believe in Bitcoin for the long term, just HODL.

Slowly bouncing, we don't have the exact amount but you can always have your own opinion and your own speculation.

Long term holding is the best thing to do, just keep buying those cheap coins from time to time, no need to worry yourself in times that the price
went down and you see some annoying dumped.

Chill and keep doing your assessment, it will help you to place your timing.

Gozie51

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Bitcoin is enjoying the moment and is not looking like anybody want to start talking about its fall or go what extent it can drop. Everything is going for bitcoin except for few countries that want to deny their people the opportunity to benefit on it but that has not shown any sign to slow down. The hodlers also have not had the feeling to drop their coins because sentiment is still good for bitcoin, at the moment no negative news.

beerlover

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Quote from: Upgrade00 on April 18, 2021, 09:49:00 AM

I predict ~$30,000 to be the bear support.

I doubt about breaking $50k itself unless otherwise there would be a bad news like what we had by 2015 when mt.gox was shut down (please remember mt.gox was one of the prominent exchange then and only very few other reputed exchanges were in business by Jan 2015). Right now we are strongly moving toward $58k levels and I will not be surprised if we are closing today above $60k as well.

Quote from: Poker Player on April 19, 2021, 04:40:11 AM

I guess all these people who are demoralized by a small dip would have died of a heart attack in the early years of Bitcoin, when daily volatility was even higher. If you believe in Bitcoin for the long term, just HODL.

But, I guess people get practice to volatility over the time and moreover early days of bitcoin markets and today's are not having much of differences if you calculate market volatility in percentage. Yes you are right, it is the space only for the people who believe into the future of bitcoin, if not then there will be no meaning of holding bitcoins with heart breaks.

BuNga_cute

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Quote from: blockman on April 19, 2021, 03:31:00 AM

Quote from: tippytoes on April 18, 2021, 05:43:32 PM

Quote from: blockman on April 18, 2021, 05:35:27 PM

Don't panic. Zoom out the charts and you'll realize that it's in good shape that you're missing out. If there's blood, you should be getting more bitcoins if it happens.
Don't miss the train and think there is no more good news. We need them but we need more to see the market as a whole and check the pattern that upon zooming out.

That's right, if we look at bitcoin chart for 1 year and all from coindesk. We are still doing great actually. What more can we ask from this? People are really not contented for what bitcoin has achieved so far. It is hard to predict how low will bitcoin go. But in my opinion, it will not go down below 40k. A lot of good things (financial institutions buying large amount of btc, integration of crypto payment in paypal and tesla, and many other things) already happened to bitcoin this year, and I believe, that will make the bitcoin market more solid and hard to have massive crash.

There's a possibility that they've bought at the top and now complaining that they are only seeing the reds of bitcoin. But to us, we've got no problem on it because we've been through a lot on this market and witnessed several dips and recoveries. This is nothing compare from what we've been up to today because those all time highs were really unbelievable gains and great to see that it happened.

The correction that is happening to Bitcoin at the moment is still normal and there is nothing to worry about, I am optimistic Bitcoin will not drop
below the $ 50k price. In fact, based on the analysis that I did, this week Bitcoin could go back up again above the price of $ 60k. I agree with you,
those who complain about the current decline in the price of Bitcoin, are probably those who bought Bitcoin at the peak price and have not
experienced investing in Bitcoin. For those of you who have experienced investment in 2017/2018, they must see a decline in the price of
Bitcoin as commonplace. So just be patient for those who buy Bitcoin at the peak price, because surely Bitcoin will return to the ATH price of $ 64k again.

Poker Player

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Quote from: Poker Player on April 18, 2021, 10:06:33 AM

What amazes me is how some people get demoralized by a little bump in the road.

As I commented yesterday, in the end nothing happened, and the Bitcoin price is slowly recovering. I guess all these people who are demoralized by a small dip would have died of a heart attack in the early years of Bitcoin, when daily volatility was even higher. If you believe in Bitcoin for the long term, just HODL.

peter0425

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Quote from: rc4739 on April 18, 2021, 09:41:59 AM

any idea?

Bitcoin is still climbing now so i believe that there is no sign of continues downfall/

How Low ? 52,000$ is the lowest yesterday

But There are still warning that I've read recently and tomorrow will be the deciding day if the fall will come badly or the Hype continue.

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Quote from: tippytoes on April 18, 2021, 05:43:32 PM

Quote from: blockman on April 18, 2021, 05:35:27 PM

Don't panic. Zoom out the charts and you'll realize that it's in good shape that you're missing out. If there's blood, you should be getting more bitcoins if it happens.
Don't miss the train and think there is no more good news. We need them but we need more to see the market as a whole and check the pattern that upon zooming out.

That's right, if we look at bitcoin chart for 1 year and all from coindesk. We are still doing great actually. What more can we ask from this? People are really not contented for what bitcoin has achieved so far. It is hard to predict how low will bitcoin go. But in my opinion, it will not go down below 40k. A lot of good things (financial institutions buying large amount of btc, integration of crypto payment in paypal and tesla, and many other things) already happened to bitcoin this year, and I believe, that will make the bitcoin market more solid and hard to have massive crash.

There's a possibility that they've bought at the top and now complaining that they are only seeing the reds of bitcoin. But to us, we've got no problem on it because we've been through a lot on this market and witnessed several dips and recoveries. This is nothing compare from what we've been up to today because those all time highs were really unbelievable gains and great to see that it happened.

Dewi Aries

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Quote from: rc4739 on April 18, 2021, 09:41:59 AM

any idea?

My prediction price maybe on range $35000 - $40000 will need big things happen to make bitcoin price down below that. I don't have analysis but who bought in high price must not want to lose in their investment, and maybe they are bigger investor that can make price higher so they can take profit with it.

Ararbermas

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As long as there are support ^"hodler it will not go further. Wherein despite of the fluctuation it will bump and still have potential to recover back to ATH or more... This situation of the market seems like due to some greedy hodler already gained enough during the bullish. So for short no need to be worry because afterwards it will a new history.. Just be patient

adaseb

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Quote from: Kong Hey Pakboy on April 18, 2021, 11:49:36 PM

As long as the institutional investors do not dump all of their coins baack into the market, I am pretty sure that we ars going to see bitcoin grow exponentially overtime. To be hinrst, I can't see any way that bitcoin is going to go down anytime soon because of these institutional investors that are still flocking in the market.

Institutional investors might not dump their coins but it doesn't mean we are going to go up. There are tons of events that can happen. Look what happened yesterday over $10B in over leverage longs. We touched $51K however look at how many people are holding profits in the $30-51K range, if we keep dipping we can quickly take out more people, even the low leverage and spot traders. If there is fear the markets might have a fast down trend.

There are also other issues such as what will happen when MtGox coins are released. There is going to be massive supply hitting the market because people are going to want to at least take partial profits since they were hodling since $1000 or so. This is another event that might start the bear market.

Kong Hey Pakboy

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As long as the institutional investors do not dump all of their coins baack into the market, I am pretty sure that we ars going to see bitcoin grow exponentially overtime. To be hinrst, I can't see any way that bitcoin is going to go down anytime soon because of these institutional investors that are still flocking in the market.

milewilda

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Quote from: Questat on April 18, 2021, 06:10:30 PM

I'd rather keep myself calm and easy. This correction will soon have an end just the same how the bullish season. We can't stop traders, investors, and holders to take the opportunity of selling their Bitcoin high price. Of course, I will do the same. Holding is not forever, we sometimes do selling.

I wasn't too negative that Bitcoin will fall badly this time. The adoption of big companies helps the market to keep the market strong and this is considered the strength of Bitcoin. It probably dumps today but we also expect recovery by tomorrow. This is just a market play, we have to stay on the game and enjoy.

Is this something a bit new for most people? Market cant just have that continuous price rise and there's always be a sell off on some point but it seems people cant really just accept the fact
or the reality on how a healthy market moves and not just believing that this is some sort of place where you do just simply put your money and see it continously grow.
Common scenario on where people do saw the price is fastly declining and we do see lots of presumptions and speculations that this is the start of a bearish run
and look at on what happened? The price had stood strong with above 50k level support which does simply indicate that this wont really crash that easily.

JimboToronto

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Quote from: Questat on April 18, 2021, 06:10:30 PM

We can't stop traders, investors, and holders to take the opportunity of selling their Bitcoin high price. Of course, I will do the same. Holding is not forever, we sometimes do selling.

This wasn't about profit taking.

This was leveraged longs being liquidated... fools losing their money.

Questat

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I'd rather keep myself calm and easy. This correction will soon have an end just the same how the bullish season. We can't stop traders, investors, and holders to take the opportunity of selling their Bitcoin high price. Of course, I will do the same. Holding is not forever, we sometimes do selling.

I wasn't too negative that Bitcoin will fall badly this time. The adoption of big companies helps the market to keep the market strong and this is considered the strength of Bitcoin. It probably dumps today but we also expect recovery by tomorrow. This is just a market play, we have to stay on the game and enjoy.

Ridwan Fauzi

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Weekly candle has given a bad signal for bitcoin price movement although we have seen a big bounce from $50.000 but I don't think it will make bitcoin price movement still in the bull market.

Also, if you see using high time frame like weekly time frame bitcoin has been moving a sideaway market since 9 weeks ago. But, its price always failed to go out from the $60,000 zone, although the area has been passed but it just need a few time to fall again.

I have a prediction that bitcoin will try to reach $42.000 as a strong support. If this support is being passed then we will see a huge dump to $30.000. But, when $42.000 is not broken then we will see a huge increase to $100.000 in a short pariode of time.

JimboToronto

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How low could Bitcoin go this time?

All the way down under $52k.

Quote from: GreatArkansas on April 18, 2021, 05:14:49 PM

The reason/s of the recent is still unknown, some say because of the floods or coal explosions in China which resulted in the dump too in bitcoin hash rate, still not confirmed.

I thought it was well established that it was caused by idiot traders being taught a lesson about leveraged trading.

https://www.theblockcrypto.com/linked/102007/bitcoin-plunge-7-billion-liquidation?utm_source=cryptopanic&utm_medium=rss

https://www.bybt.com/LiquidationData

tippytoes

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Quote from: blockman on April 18, 2021, 05:35:27 PM

Don't panic. Zoom out the charts and you'll realize that it's in good shape that you're missing out. If there's blood, you should be getting more bitcoins if it happens.
Don't miss the train and think there is no more good news. We need them but we need more to see the market as a whole and check the pattern that upon zooming out.

That's right, if we look at bitcoin chart for 1 year and all from coindesk. We are still doing great actually. What more can we ask from this? People are really not contented for what bitcoin has achieved so far. It is hard to predict how low will bitcoin go. But in my opinion, it will not go down below 40k. A lot of good things (financial institutions buying large amount of btc, integration of crypto payment in paypal and tesla, and many other things) already happened to bitcoin this year, and I believe, that will make the bitcoin market more solid and hard to have massive crash.

1 year

all

blockman

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Don't panic. Zoom out the charts and you'll realize that it's in good shape that you're missing out. If there's blood, you should be getting more bitcoins if it happens.
Don't miss the train and think there is no more good news. We need them but we need more to see the market as a whole and check the pattern that upon zooming out.

GreatArkansas

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The reason/s of the recent is still unknown, some say because of the floods or coal explosions in China which resulted in the dump too in bitcoin hash rate, still not confirmed.

I found an interesting thread on Twitter by Sam Trabucco (trader of Alameda Research)
It says that his happened is almost similar on the day of thanksgiving last year, we saw a huge drop too.
There are a lot of possible reasons why and there are some disadvantages and advantages.

Try to read here: https://twitter.com/AlamedaTrabucco/status/1383813221815967746

Hughes_Ryan

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Quote from: rc4739 on April 18, 2021, 09:41:59 AM

any idea?

Subject sounds sarcastic! But what, if you mean after today. It is a crash with anonymous aircraft, the market is correcting again. The turmoil for today couldn't have been worse! some big losses for me today. hope the value will be adjusted back to $ 6xk.

RealMalatesta

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Quote from: wxxyrqa on April 18, 2021, 11:18:30 AM

Of course, no one can predict with a 100% guarantee the future development of the cryptocurrency market and bitcoin rates. Considering what is happening today, it is possible to draw quite optimistic conclusions. I always take into account institutional capital investments in bitcoin, as well as large companies that did not buy Bitcoin in order to immediately sell it when reaching a maximum. This is done by speculators, but by no means such investors, and only Proceeding from this, I cannot admit the thought that Bitcoin will fall below 45K - 50K dollars.

Remember this was due to a lot of lending being liquidated in the binance, which means there is a hope for the future that will make things better. There were a lot of people who took out USDT lending and that meant they were buying bitcoin and increasing the price of bitcoin and that is a good thing but when there was a little crash, that caused people to being forced to pay their USDT debt, which is why their positions were cashed out and used to buy USDT automatically, this caused bitcoin to drop even more and used to purchase USDT some more and this kept happening until Bitcoin dropped significantly.

However there are no problems and risks like that right now, that is the good part about this process, you liquidate the problem and now you are free of those bubble risks and you can go up even more and even healthier, which is why I believe it is alright.

BIT-BENDER

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A popular local dealer is buying bitcoin at the rate of $1 is to 490 naira which in bank a $1 is 380 naira, (naira is my local currency) so with offers like this people are selling off, not just to him to other smart bulk buyers, I am not as financially strong as he is, but if I had the money I would do same.

The separation is on, fake Bitcoiner would be selling off right now, those that came only because of the repeated, hammering of the ATH -all time high-, am not sure how low bitcoin would go this time, but this is no time for panicking.

suzanne5223

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The good news is not enough to save the market from dumping in price cause if the crypto market wants fully practice its volatile in nature dump can happen anytime. However, if the Bitcoin mining difficulty decreases the price is likely to experience a price decrease but no one knows when this dump in price will hopefully there won't be alot panic sell in the market cause I read that people see gold as the choice to keep their crypto profit intact cause the bullish is expected to end any time soon.

wxxyrqa

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Of course, no one can predict with a 100% guarantee the future development of the cryptocurrency market and bitcoin rates. Considering what is happening today, it is possible to draw quite optimistic conclusions. I always take into account institutional capital investments in bitcoin, as well as large companies that did not buy Bitcoin in order to immediately sell it when reaching a maximum. This is done by speculators, but by no means such investors, and only Proceeding from this, I cannot admit the thought that Bitcoin will fall below 45K - 50K dollars.

Baofeng

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Quote from: rc4739 on April 18, 2021, 09:41:59 AM

any idea?

No one has the crystal ball and see what the future brings. I guess this is just another dip in this bull cycle. FUD, negative news might affect the price short term, but with the way institutions and retail investors are pouring their money on bitcoin right now. I doubt that this correction will last long. We still have the $50k support, very big support. So most likely it will hold and at the start of the week, we might see some positive movement. So no need to panic and push that sell button.

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What amazes me is how some people get demoralized by a little bump in the road. I mean, Bitcoin is having incredible returns and because it goes down a little bit people are already thinking that the world is going to end. I guess that's how weak hands think and end up doing the opposite of what they should: buy high and sell low. Let's not lose perspective, please:

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OP, this thread should probably be moved to the Speculation section, as it doesn't seem appropriate for Economics.

As to how low bitcoin could go....who knows. Sentiment seems to still be extremely bullish and there hasn't been any bad news that I know of, so my guess is that this is just a dip. It's a pretty damn big dip, but a dip nonetheless. In fact, I'm so sure of that that if I had any money to spend on bitcoin I'd be buying right now--but as usual in cases like this, I'm flat broke. Story of my life.

I don't anticipate bitcoin going much lower than where it is now ($55,410 as I write this), nor do I think it's going to stay that low for an extended period of time. A lot of speculators are probably also seeing this as a buying opportunity and will put their money where their mouths are, which will push the price back up toward $60k. I'd say within a week, but that's just a guess.

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As low as majority of holders are willing to sell at. Market sentiment determines the price of any currency and during a price drop panic usually sets in, making holders sell at a much lower price to cut their losses.
Currently there a new crop of Bitcoin holders, after different bull and bear cycles, people are now more aware of the value of a coin and willing to hold despite drops in prices. This should indicate that we should not have a huge dump as has been the case at the end of other bull runs.

I predict ~$30,000 to be the bear support.

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any idea?

Topic: How low could Bitcoin go this time? after all good news is out (Read 334 times)