I didn't expect to see it went below 56k - page 3.

topbitcoin

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Quote from: wmaurik on August 08, 2024, 05:31:04 AM

Quote from: topbitcoin on August 04, 2024, 11:45:48 AM

And to be precise today really tested the $58k level, and as we talked about before this will be a continuous decline so that the market returns to take a breath, the $56k price level and the $53K price level will be the highlight of this decline in my opinion, so that we need to be more careful in making entries.

This is almost unbelievable to me personally too, but the negative sentiment is affecting all of this, and my view is that this negative sentiment is strong enough that some traditional investors have fears, including the escalation of Iran starting to Israel heating up again as well as the US economy is under threat, this allows US interest rate cuts to take even longer and stay at 5.5 basis points, keep doing DCA until we can see the eyes of the day at the end of the year sir.

There is clearly fear in the minds of all investors including traditional investors as you said that through some of the things you mentioned that made the price of Bitcoin go below $50K even though at this time it has recovered and is approaching the $58K range again. And actually I am also quite worried about some of the influences that you mentioned because at this time these things will still be a cause for making the market remain abnormally volatile, although at this time at least I am also starting to feel a little relieved when I see that there is an immediate recovery in the price of Bitcoin itself.

of course not a few people are worried about the uncertain market conditions and the decline that is very much in the forecast of many people, but we need to see again that indeed the sentiment is now improving, although there is still fear of a bull trap.

But the starch in my opinion is that next September when the Fed cuts interest rates will provide a fresh aroma for the Bitcoin market, so the continued election in November will make us even more excited in the market, especially since bitcoin narratives are now very popular among the US political elite, this will be an extraordinary drama for the growth of bitcoin adoption.

Today we just need to collect it slowly, precisely tonight bitcoin wants to touch the $60k price level again.

wmaurik

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Quote from: topbitcoin on August 04, 2024, 11:45:48 AM

And to be precise today really tested the $58k level, and as we talked about before this will be a continuous decline so that the market returns to take a breath, the $56k price level and the $53K price level will be the highlight of this decline in my opinion, so that we need to be more careful in making entries.

This is almost unbelievable to me personally too, but the negative sentiment is affecting all of this, and my view is that this negative sentiment is strong enough that some traditional investors have fears, including the escalation of Iran starting to Israel heating up again as well as the US economy is under threat, this allows US interest rate cuts to take even longer and stay at 5.5 basis points, keep doing DCA until we can see the eyes of the day at the end of the year sir.

There is clearly fear in the minds of all investors including traditional investors as you said that through some of the things you mentioned that made the price of Bitcoin go below $50K even though at this time it has recovered and is approaching the $58K range again. And actually I am also quite worried about some of the influences that you mentioned because at this time these things will still be a cause for making the market remain abnormally volatile, although at this time at least I am also starting to feel a little relieved when I see that there is an immediate recovery in the price of Bitcoin itself.

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Quote from: wmaurik on August 04, 2024, 06:50:03 AM

Quote from: topbitcoin on August 03, 2024, 04:15:25 PM

If the bitcoin price journey again is the same as in July to reach the $53k price level and then we get another price decline rejection at that price level, most likely we will get a double bottom pattern and will retake the bitcoin price and re-enter the side ways arena or could be a bullish zone again.

For that, I personally am still a little hesitant because in the last two days I have seen the price resistance at the $60K level is still quite strong and is still in that area until now so the possibility of seeing the Bitcoin price again below the $55K level seems a little slim even though it is not impossible to happen again to Bitcoin in August. But on the one hand I still think that Bitcoin will move back up from the current price before showing sideways in the market for a not so long duration.

And to be precise today really tested the $58k level, and as we talked about before this will be a continuous decline so that the market returns to take a breath, the $56k price level and the $53K price level will be the highlight of this decline in my opinion, so that we need to be more careful in making entries.

This is almost unbelievable to me personally too, but the negative sentiment is affecting all of this, and my view is that this negative sentiment is strong enough that some traditional investors have fears, including the escalation of Iran starting to Israel heating up again as well as the US economy is under threat, this allows US interest rate cuts to take even longer and stay at 5.5 basis points, keep doing DCA until we can see the eyes of the day at the end of the year sir.

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Quote from: Out of mind on August 04, 2024, 07:07:32 AM

The Bitcoin market had a big rally towards the end of July when it touched $70,000. But in the new month of August, the price of Bitcoin has decreased a lot, below $60k dollars, the price of Bitcoin has dropped even though it is now in a dumping market. But it can be expected that in the coming days, the market speed will enter the positive direction and the value of Bitcoin will increase. I think the price of Bitcoin is likely to be around $55k in August but will definitely touch $70000 again if it goes up.

Bitcoin has disappointed us all in 2024, it has been a wavy pattern other than the reliable bullish slope that people expected, and certainly, halving has not helped either, let's wait and see, maybe the effect will start materializing in October as it did after some of the past ones. But I doubt it this time, different patterns are unfolding that will not let that happen.

Now, I advise us to watch out for between $55,000 and $70,000 it's possible Bitcoin ranges within those regions for the time being. However, a break away from either of them, especially if the market had a weekly and monthly close above ($70,000) or below ($55,000) levels, it could be a serious pointer to where it's heading afterwards.

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Quote from: Xcode7 on August 04, 2024, 07:40:46 AM

Quote from: Out of mind on August 04, 2024, 07:07:32 AM

The Bitcoin market had a big rally towards the end of July when it touched $70,000. But in the new month of August, the price of Bitcoin has decreased a lot, below $60k dollars, the price of Bitcoin has dropped even though it is now in a dumping market. But it can be expected that in the coming days, the market speed will enter the positive direction and the value of Bitcoin will increase. I think the price of Bitcoin is likely to be around $55k in August but will definitely touch $70000 again if it goes up.

We have seen a price correction and increase that happened so quickly last month so I think the same thing will happen in August.
At the beginning of this month we saw a fairly sharp price correction and it even just dropped below 60k but I am still quite optimistic that this month there will be a significant reversal movement, just like what happened last month.
So just enjoy the price correction that is happening now, if necessary we can add some Bitcoin when the price is down, this can be a good use of the moment and we are ready again to see a fast positive movement.

Price volatility is something that you would inevitably be able to encounter on the moment that you do step your foot into this market on which it would really be that something recommended that
making yourself that getting prepared at least on the things that you would really be that dealing into specially into this unrpredictable or random space. Who had been expecting that the price dips @60k?
We've seen the price did make out some upward movement on the time that those positive sentiments did really make out some noises recently but we did really end up into that huge negative or price decrease/.
Expect the unexpected as always on which this market is really that not something that you could really be able to predict on where it would really be going.

There are even talks about dropping below 50k on which if this one happens then it is really that going in line into those previous years when it comes to August drops
and thats why if you are emotional then you would really be that primarily thinking that you must really that sell to cut losses on which this is really that a suicide thing
to be done.

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Quote from: Out of mind on August 04, 2024, 07:07:32 AM

The Bitcoin market had a big rally towards the end of July when it touched $70,000. But in the new month of August, the price of Bitcoin has decreased a lot, below $60k dollars, the price of Bitcoin has dropped even though it is now in a dumping market. But it can be expected that in the coming days, the market speed will enter the positive direction and the value of Bitcoin will increase. I think the price of Bitcoin is likely to be around $55k in August but will definitely touch $70000 again if it goes up.

We have seen a price correction and increase that happened so quickly last month so I think the same thing will happen in August.
At the beginning of this month we saw a fairly sharp price correction and it even just dropped below 60k but I am still quite optimistic that this month there will be a significant reversal movement, just like what happened last month.
So just enjoy the price correction that is happening now, if necessary we can add some Bitcoin when the price is down, this can be a good use of the moment and we are ready again to see a fast positive movement.

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Now it's said investors are fearful of recession in US. Jobs spots created didn't match the expectations and it lead to a wave of pessimism in global markets, what also affected cryptocurrencies negatively. It's bad news for everyone, but especially for Democrats, as it will be seen as a failure from their government.

It means that on middle term it can trigger Bitcoin price positively, as Trump is likely to be favoured by Democrats' failures, and in the current stage, Bitcoin investors are more optimistic regards Trump than Harris.

Anyway, despite the bearish scenario, Bitcoin is still holding position at 60,000$. It has just to resist a little bit longer until a new bullish tendency takes place.

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The Bitcoin market had a big rally towards the end of July when it touched $70,000. But in the new month of August, the price of Bitcoin has decreased a lot, below $60k dollars, the price of Bitcoin has dropped even though it is now in a dumping market. But it can be expected that in the coming days, the market speed will enter the positive direction and the value of Bitcoin will increase. I think the price of Bitcoin is likely to be around $55k in August but will definitely touch $70000 again if it goes up.

wmaurik

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Quote from: topbitcoin on August 03, 2024, 04:15:25 PM

If the bitcoin price journey again is the same as in July to reach the $53k price level and then we get another price decline rejection at that price level, most likely we will get a double bottom pattern and will retake the bitcoin price and re-enter the side ways arena or could be a bullish zone again.

For that, I personally am still a little hesitant because in the last two days I have seen the price resistance at the $60K level is still quite strong and is still in that area until now so the possibility of seeing the Bitcoin price again below the $55K level seems a little slim even though it is not impossible to happen again to Bitcoin in August. But on the one hand I still think that Bitcoin will move back up from the current price before showing sideways in the market for a not so long duration.

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Quote from: wmaurik on August 03, 2024, 08:11:30 AM

Quote from: topbitcoin on August 02, 2024, 03:32:21 PM

After the rejection occurred at the price of $70k, it was a sign that bitcoin could not break the $70k level at the end of July yesterday, and seeing the current structure does have the possibility to fall back in the red zone in the first week of August, the lowest price level of $54k which was the last defense of $50k that was raised in my opinion it will not be touched, most likely today we will consolidate again in the price range of $60k-$65k.

It did correct to the $60K level briefly before returning to the $61K level and is even very close to the $62K level at this time. I think this is another opportunity for Bitcoin buyers in large numbers because from the price fluctuations that we saw last month, of course we can still take a reference where people who bought at the $54K level have made a profit when Bitcoin returned to $70K at the end of last month. And for this month I think the same thing can still happen again to Bitcoin, although we must also remain vigilant with a deeper downward trend in prices.

If the bitcoin price journey again is the same as in July to reach the $53k price level and then we get another price decline rejection at that price level, most likely we will get a double bottom pattern and will retake the bitcoin price and re-enter the side ways arena or could be a bullish zone again.

We seem to need to be prepared to get more BTC at that discount price, right now the decline seems to continue and continue, the $60k price has been tried and bounced, but the negative atmosphere still continues and will certainly experience another decline if you pay attention.

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Quote from: wmaurik on August 03, 2024, 08:11:30 AM

Quote from: topbitcoin on August 02, 2024, 03:32:21 PM

After the rejection occurred at the price of $70k, it was a sign that bitcoin could not break the $70k level at the end of July yesterday, and seeing the current structure does have the possibility to fall back in the red zone in the first week of August, the lowest price level of $54k which was the last defense of $50k that was raised in my opinion it will not be touched, most likely today we will consolidate again in the price range of $60k-$65k.

It did correct to the $60K level briefly before returning to the $61K level and is even very close to the $62K level at this time. I think this is another opportunity for Bitcoin buyers in large numbers because from the price fluctuations that we saw last month, of course we can still take a reference where people who bought at the $54K level have made a profit when Bitcoin returned to $70K at the end of last month. And for this month I think the same thing can still happen again to Bitcoin, although we must also remain vigilant with a deeper downward trend in prices.

When the price of Bitcoin was slightly lower in July, there was a excitement among investors that August would probably be bullish, but the Bitcoin price dropped to 60 in the August hint, and it is not difficult to understand that the price may reach lower than 60k. And in this situation those who collect bitcoins will definitely be profitable. Meanwhile those who are doing DCA can collect significant amount of Bitcoins. Although I think this bearishness will not last long. Bitcoin will be heading upwards again in the next 2 weeks. Chances of going below 56k are very low considering the current time. But investors must be prepared for any unexpected incident.

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Quote from: topbitcoin on August 02, 2024, 03:32:21 PM

After the rejection occurred at the price of $70k, it was a sign that bitcoin could not break the $70k level at the end of July yesterday, and seeing the current structure does have the possibility to fall back in the red zone in the first week of August, the lowest price level of $54k which was the last defense of $50k that was raised in my opinion it will not be touched, most likely today we will consolidate again in the price range of $60k-$65k.

It did correct to the $60K level briefly before returning to the $61K level and is even very close to the $62K level at this time. I think this is another opportunity for Bitcoin buyers in large numbers because from the price fluctuations that we saw last month, of course we can still take a reference where people who bought at the $54K level have made a profit when Bitcoin returned to $70K at the end of last month. And for this month I think the same thing can still happen again to Bitcoin, although we must also remain vigilant with a deeper downward trend in prices.

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When this topic was made we were in a similar kind place as now. Price now is back to the 200 day average, unlike at July start I dont expect it to be weaker then it was. Its already a higher price but it could be we just have moved before 50 day and arrive at the 200, which is where we then rise.

I dont see that as occurring now but I think its possible. So far because the 200 day is reflecting long term gains, is still rising we are actually higher and havent even lost 10k from the recent peak. July start was genuinely threatening alot worse where as right now is mostly profit taking as of now.

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Quote from: Perfectbaby on July 04, 2024, 11:03:43 AM

This is so surprising to see that bitcoin has gone below the 60k benchmark to 56k within breaking out of this new month, does this show that more dip is possible to come within this period? Was this a shock to you seeing the price this low because I know lot of people were thinking of seeing bitcoin at 80k breaking out this new month. This now occurred to me that historical data still taking its place as it was before because when you look at the market it seems that this year didn't follow it's history and that was were confusion sets between investors and traders.

Will the price touch $38k this months?

You should be surprised seeing Bitcoin price falling or depreciating in value, because I know very well that since existence of bitcoin it always increase and decreases, so that has been the nature of Bitcoin and we don't need to panic when we see the price bitcoin fall's

I could Remember vividly when the price of bitcoin is directly on seventeen thousand [17k] and nobody expected that price of bitcoin right now will skyrocket to this particular amount it is right now, so I know that bitcoin price is unpredictable and it's rotational from my basic knowledge

I know that people who has not know bitcoin very well will be afraid or panic whenever they seems the price of bitcoin reducing in price, I know that not everyone that cannot endure the pressure of bitcoin decrease after it has increase in price

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Quote from: wmaurik on August 02, 2024, 08:38:02 AM

Quote from: JeffBrad12 on August 01, 2024, 10:24:08 PM

that's true however institutional investors seems very unfazed about the potential of dump and instead keep on accumulating but can't deny the fact that there's always potential that market might fumble and it went down below $54k but honestly $50k is probably as low as it can get since even with current price the ETF flow still positive

And with ETF flows still positive in Bitcoin, to expect a low of $50K will also take a little longer because after seeing a price of $70K at the end of last month, everyone has been faced with a small correction at the beginning of this month which made Bitcoin back to $65K. So that could also be a sign that the level of price resistance in Bitcoin at a certain level is still quite strong because there are always buyers in certain areas until now and people who expect a price of $50K as a low price have to wait to see that in Bitcoin.

After the rejection occurred at the price of $70k, it was a sign that bitcoin could not break the $70k level at the end of July yesterday, and seeing the current structure does have the possibility to fall back in the red zone in the first week of August, the lowest price level of $54k which was the last defense of $50k that was raised in my opinion it will not be touched, most likely today we will consolidate again in the price range of $60k-$65k.

Bitcoin investors still continue to accumulate, especially the big ones, including Microstrategy, they are buying again, on the other hand I also see that the rejection occurred yesterday at $70k because of the Fed's decision to maintain interest rates, then we will get a position back in the 3rd and 4th weeks of this month because of the pursuit of the possibility that the Fed will cut its benchmark interest rate significantly which will affect the market to be very crowded again.

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Quote from: Perfectbaby on July 04, 2024, 11:03:43 AM

This is so surprising to see that bitcoin has gone below the 60k benchmark to 56k within breaking out of this new month, does this show that more dip is possible to come within this period? Was this a shock to you seeing the price this low because I know lot of people were thinking of seeing bitcoin at 80k breaking out this new month. This now occurred to me that historical data still taking its place as it was before because when you look at the market it seems that this year didn't follow it's history and that was were confusion sets between investors and traders.

Will the price touch $38k this months?

This will be your lesson to be a hodler. In the past we all panic-sold when it seemed like Bitcoin was going to fall. And sometimes, it did fall. But it always recovered higher into untouched price levels.

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Quote from: JeffBrad12 on August 01, 2024, 10:24:08 PM

that's true however institutional investors seems very unfazed about the potential of dump and instead keep on accumulating but can't deny the fact that there's always potential that market might fumble and it went down below $54k but honestly $50k is probably as low as it can get since even with current price the ETF flow still positive

Very true, the institutional investors are trying their best to increase their Bitcoin holdings by accumulating more of it when they see dumps.

We may hear some bad news coming many times in this bull run and that might increase the intensity of the dumps due to overselling by the weak hands.

It's quite hard to see Bitcoin dumping below $50k but if that happens then surely most of us will accumulate a lot of it and keep it with us for long term.

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Quote from: JeffBrad12 on August 01, 2024, 10:24:08 PM

that's true however institutional investors seems very unfazed about the potential of dump and instead keep on accumulating but can't deny the fact that there's always potential that market might fumble and it went down below $54k but honestly $50k is probably as low as it can get since even with current price the ETF flow still positive

And with ETF flows still positive in Bitcoin, to expect a low of $50K will also take a little longer because after seeing a price of $70K at the end of last month, everyone has been faced with a small correction at the beginning of this month which made Bitcoin back to $65K. So that could also be a sign that the level of price resistance in Bitcoin at a certain level is still quite strong because there are always buyers in certain areas until now and people who expect a price of $50K as a low price have to wait to see that in Bitcoin.

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Quote from: JeffBrad12 on August 01, 2024, 10:24:08 PM

can imagine people are readying their money to buy BTC if the price ever hit below $50k which means great resistance.

I don't think people will be willing to buy if bitcoin drops to $50k, instead there will be panic covering the entire market. Because if people are excited about buying DIP, bitcoin will not be able to reach $50k, people will buy massively when bitcoin falls below $60k or $55k and it will become a hard support prevents bitcoin from falling further.

Many people always declare their willingness to buy the DIP but when that happens, not too many people will dare to buy. I bet you that if bitcoin unfortunately drops to $50k, many people will tell you that they will buy if BTC drops to $40k. The market is like that, it always knows how to create fear for us instead of bringing us excitement.

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Quote from: SamReomo on July 27, 2024, 05:20:51 PM

Quote from: JeffBrad12 on July 25, 2024, 11:32:22 PM

If any, $54k again probably possible but that's it, it will be the bottom of this cycle.

We are still not sure about the bottom of this bull run as far as Bitcoin remains below $70k, the chance of it going below $60k also gets higher. And, if somehow it falls below $60k once again due to a bad news or fud then we might see it dump below $54 if the intensity of that dump gets severe. That's why we aren't yet sure about the bottom of the cycle yet.

that's true however institutional investors seems very unfazed about the potential of dump and instead keep on accumulating but can't deny the fact that there's always potential that market might fumble and it went down below $54k but honestly $50k is probably as low as it can get since even with current price the ETF flow still positive

can imagine people are readying their money to buy BTC if the price ever hit below $50k which means great resistance.

Topic: I didn't expect to see it went below 56k - page 3. (Read 1636 times)