Topic: I didn't expect to see it went below 56k - page 7. (Read 1599 times)

Right now it wouldn’t be outrageous to actually predict that bitcoin wouldn’t test that support because the FUDs are just growing strong at the moment which is worrisome for bitcoin. The Mt.Gotx refund has started and as I have predicted earlier bitcoin tested the Fair value gap at $53k, filled it and then pushed up. If the news doesn’t impact it below that I think that is our primary support but should it break then the $43k is where we might be heading.


Any sell of now will just be as a result of fear of losing out or say FUD which in my opinion is very bad. Yes there is no harm in selling but only when you’re taking profit, other than that you’re losing which is not good. Now is the perfect time to hold, accumulate and accumulate not a time of sell offs.

For now and this second, no one, whether they are Bitcoin experts, fortune tellers, astronauts, has yet to speculate and predict 100% accuracy regarding the rise and fall of Bitcoin, that is the advantage of Bitcoin, no one has done it right.

It should be noted, anything could happen to the development of Bitcoin itself, whether in terms of prices falling or rising, $38k is not difficult for Bitcoin to achieve, maybe even lower, What is clear is that several bitcoin speculations for this year say that Bitcoin will experience deeper figures than the year after the previous halving, Now it seems that it is those who have faith who will succeed, it is those who are brave who have an understanding of the true value of the bottom line.

The current situation of Bitcoin has surprised everyone . Bitcoin touched the 54k level and is now trading at 55k . The sudden drop in price of Bitcoin is not understandable . Experts are busy analyzing it's reason but could not find a clrea answer . Both investor and trader are worried about this uncertainty . Some believe that this is the result of a market correction  , while others believe that large selling pressure is causing Bitcoin price to fall .

Except for the newbies who are panicking, those who have been through a bear season or two before won't be worried about what's happening. But I guess many people were quite surprised and a bit disappointed because everything happened quite quickly and not as people expected. Most were very optimistic and expected a bitcoin recovery this month, but in less than the first week of July, we continued to see bitcoin being dumped. Disappointment is inevitable.

I was also surprised and a bit disappointed but did not panic because with such a deep decrease, it will take us quite a while to recover. But like you said, this will be an opportunity for those who still have money and want DCA.

there are some news today that make bitcoin drop, but something like this is not new for bitcoin, even bitcoin has experienced a worse drop than this, so there is no need to panic that bitcoin will drop even worse. the point is if you have bitcoin investment keep holding and don't panic, because you will not lose if you do not sell.

even if you can, you can accumulate more bitcoin when the market condition is like now and do not need to worry that the price will continue like this because bitcoin will definitely go up again.

I certainly dont see buying any dip as 'catching falling knives' I see it as pulling '7 7 7 7' !

Personally I wouldnt be holding out for a sub $50k, I've bought already at a $20k discount.


Yes the German government was selling but thats all temporary selling in a bull
market, that as well as the MtGox saga will pass and be part of Bitcoin history

I cant believe there should be fear - again in a bull market post halving.

BTC hit the 53,000$ mark and then returned to 55,500$. It's going to be pretty good if Bitcoin is able to maintain this price as support level until a new bullish tendency starts. I think Bitcon is going to try breaking the 56,000$ line until the end of the day. Now the test begins to see how strong it is and what we can expect from Bitcoin in the following days. The psychological impact of Mt. Gox news is much more intense over the market than the redistribution of coins they are going to execute.

Some traders claim 53,000$ was the bottom. I'm skeptical about every scenarios and predictions so far until the market stabilizes and a new tendency is drawn.

The seller was likely the German government, who received compensation from Mt.gox. The German government can sell whenever they want because they don't buy those bitcoins so they don't care what the bitcoin price is. Meanwhile, Mt.gox victims are receiving 100x profits after 10 years, and they have waited so long to receive these bitcoins that selling them is inevitable.

My question is with such negative news, who will be brave enough to buy bitcoin now when most of us fear more price drops are waiting for us? Bitcoin price drops are always an opportunity, but how many people are brave enough to buy it?

This is indeed very surprising, and worse predictions will emerge and it is not as surprising as when prices rise very high.
Will it hit $38,000? Of course, no one will know for sure, everything is just a prediction, but for whales, such a low price is an opportunity to buy more, only retail will probably panic even more, especially if there is no fiat left to buy, they can only be spectators and wait for the price to bounce back.

Surprised, surprised, now we are at $54k.


Perfect opportunity again, but the question is, are there any buyer right now as they are waiting for the price to go down to $50k? Or will be bouncing back to the support of $58k at least?


You can't really blame those who sold right now because of the news of repayment to Mt. Gox victims. And if the Mt. Gox victims are selling then again, no worries, is there right as they have been waiting for this opportunity for so long now.

Buying the dip is like catching falling knives, since people are also afraid of that news you mentioned, it just makes them so hesitant to buy bitcoin from this price point and maybe waiting for further dips, i've read some speculator predicting that it will go as low as sub$50k but honestly i don't believe it will go that low and even if it does that means i'm gonna entry.

i already repositioned all my investment from alts and ready to make entry when bitcoin is at the lowest but determining one is hard.
but so many newsletter keep fudding on the rumour of the dumping of bitcoin that gonna take place in the future amounting to billions, like literally whenever there's big btc movement, account like arkham intelligence keep tweeting it so yeah it created clout.

to be fair, the future dumping of all those bitcoin indeed looks scary granted that institutional investors could just buy it all up.

$54,000 now!

Dont get me wrong, Its great for us who can pounce on this opportunity to buy low,
but WTF are people thinking who sell at these times?

Are they afraid of the MtGox coins hitting the market will drive the price down?

Can they not see and/or realise it will be a time for buying not selling?

Well, I have been waiting for the serious crasg pre bullrun to happen. Anyone who believes in amy degree of cycle behaviour (I'm one) has been waiting.

This isn't it though. Too small. Not enough panic in the markets. No blood. Yawn.

Bitcoin price is trading at $53k and the gap to $50k is not too big. If you still want to buy more bitcoin, why not now and wait for the price below $50k? We have no guarantee that bitcoin will fall below $50k, bitcoin is unpredictable, you know that right?
Many people are panicked and worried by bad news like the governments and Mt.gox taking turns selling bitcoin on the market, and I think those who don't dare to buy at this time will also not buy if the price drops further.
I think it's best to use the DCA strategy instead of waiting for bitcoin to drop to $50k because there are no guarantees.

From the Technical point of view, It wasn't a surprise to me from my analysis. In the Bitcoin market you have to expect anything, our expectation shouldn't be always that the price will go high, because of the law of demand and supply, at some point we will also get a major correction way far below our target and same as when the price goes up and that's normal in the market because you don't control the market, rather the market forces will determine.

Therefore, with the July selling pressure from government MTGox Bitcoin distribution, from the fundamental perspective this already signals we will be getting this decline in price. However, since we are still in a bull market, such corrections is a great opportunity in the market and no panicking, from the handwriting of the clock ,most institutions want to get their hands in Bitcoin and wouldn't want to buy at such a high price 70k, and Technically this correction is in agreement with a possible weekly retracement on the chart.
Bitcoin should be getting a bounce at $50k- 49k if melted further.

Even now it is lower than the price of 55,000$ and after seeing its movement in the last 24 hours it looks like we will see a fairly deep and fast correction.
This is surprising because it happened quickly, we have rarely seen price movements like this lately, but don't worry too much, there are still positive things that can be taken from what happened.
I think starting to buy more when the price falls below 50,000$ might be one of my efforts to avoid panic and also think positively for the future.

The $60,000 has never been my benchmark with Bitcoin, it's just a psychological level, and as usual, many will just be using the psychological level to believe there is strong support or resistance there, but in practice, they may not be there but the sentiment of some sectional people with this belief may be making the level prove as though they are there. Regardless, Bitcoin has suffered enough defeat since March and I am glad to have warned of this many times. The fresh liquidity inflow is not coming in and I wonder how the huge investors will be committing their money to it at high prices, the risk is high. If it rather falls and tries to regroup higher, fine, it might have a better power to buy above the current ATH then, but on the high levels, as it was, it can't do so much.

However, my reference level remains at $62,120, it is a TrendMagic level which I have been calling since last week. This is a dangerous level if Bitcoin remains below it, it is a weekly chart and Bitcoin itself is overall negative on the chart with the price action and many other analytical confirmations pointing to the same direction. It might hit the $50,000 psychological level soon, it is already around $54,000. A break above the level will determine your $38,000 which seems too low of a target.

Why would you think it's not possible? I already thought Q3 will be the bottom and Q4 will be bullish. If you hoping to double your money, then you also need to take risk to lose 50% of your money too.

Touching $50K is possible, however I don't understand why you can throw random number like $38K, high unlikely.

Bitcoin might not follow the same pattern like the last two halving seasons, but what I'm sure is Bitcoin will breaking new ATH after 4 years.

It should not surprise you to see price go below $60k and as low as $56k because the Bitcoin market is not just easy to predict because a lot of factors and interest are at play. Since the news about the Mt.Gox refund broke out, there have been mixed reaction in the market and the confidence of many people in price continuing to rise have actually diminish. In general, people actually anticipated minor dip at least till after the refund is complete but a dip up to $56k was not expected prior to the actual refund date. To be honest, it is very difficult knowing how low Bitcoin will go when the refund is actually done and it is followed by massive sell off which is what will likely happen.  

Lol, in the first 4 hours of the day Bitcoin has already touched the 56,800$ - 56,900$ zone 6 times! The price hits that support level and then bounces back to 57,000$. I ask myself how long Bitcoin can still secure the position with so much pressure pushing the price downside. There is a fierce battle going on right now with the bears attempting to fell Bitcoin at all costs. Unfortunatelly, I think the price is still going to fall deeper... There aren't any good signals on the horizon for the short term.

I wish I could close my eyes and only open them again once the Mt. Gox redistribution and governments' Bitcoin sales were done!