Is 7K the right price to buy in at a bottom price?

jadenunderhill

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Quote from: JCLee on February 05, 2018, 07:19:28 PM

As of the time I write this post, BTC/USDT rates are at $ 6800 and are still in the process of declining in exchange rates. So you need to wait another 1.2 days then the Bitcoin exchange rate will be at its bottom, and it predicted that this storm will reduce the Bitcoin exchange rate to $ 5,000, the lowest ever. Yet, after the Chinese New Year, the market will soon increase again and will make more profits.

Just forget about Chinese New Year. Bitcoin is banned in China.

pinkflower

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Asked yesterday "Is 7K the right price to buy in at a bottom price?"

Answered today "No lol!"

fabiorem

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Quote from: gentlemand on February 05, 2018, 04:42:35 PM

That's a tad drama queeny. I'm sure during 2014/15 there were periods where it was barely worth bothering. The big operations would be well capitalised enough to account for fallow periods.

As ever, if enough miners clear off it becomes cheap enough to mine to attract others after a sluggish period of readjustment.

And the price would go up, as cheaper energy costs would attract miners back.

Theres no way to go to zero, there will be always a mining cost which will reflect on prices.

JCLee

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As of the time I write this post, BTC/USDT rates are at $ 6800 and are still in the process of declining in exchange rates. So you need to wait another 1.2 days then the Bitcoin exchange rate will be at its bottom, and it predicted that this storm will reduce the Bitcoin exchange rate to $ 5,000, the lowest ever. Yet, after the Chinese New Year, the market will soon increase again and will make more profits.

BitHodler

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I on purposely didn't check the price for some hours while working, and the price dipped below $7000 without any effort for the second time now. There is absolutely no one being able to tell where it goes from here.

I bought some coins already and have no fiat in my account anymore, which is why I initiated a wire transfer to Bitstamp in the hope that it'll post tomorrow to buy at current levels, or preferably even lower.

From that point I don't really mind seeing the price fall lower, but it has been quite an impressive correction after such a long period of ultra bullish developments and progress ~ even traditional markets are down.

Tzupy

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Quote from: Tzupy on February 05, 2018, 04:39:44 PM

Quote from: Tzupy on February 05, 2018, 11:43:04 AM

A local bottom might be reached in 4 - 6 hours from now, so it might be a good entry for a short term trade.

Looks like a local bottom to me, but it went a bit lower than I expected.

Surprisingly, the bulls were weak, and the market might drop a bit lower before a true local bottom. This is unsettling, I usually am wrong the other way... Roll Eyes

Viper1

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Despite there being more hype and thus more people flowing into bitcoin now, this situation is no different than the previous ATH a few years ago. Based on how that played out (people flowed in and then out when the price started dropping) and in the absence of anything "big" occurring, bitcoin will most likely follow the same trend and keep dropping over the period of maybe a year until it reaches something like 400-600... When's the next halving? That will play a factor in bitcoins price as well.

BitMaxz

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BTC price road to $80k

Not good if you buy under $5k the price was too low and the price was hit almost $6,600 today and i think this is the bottom price of bitcoin..
If you still wait maybe sooner or later the price increase a bit and stay..
After the drop happen today expect that you will heard a good news about china and india about regulation in bitcoin. that can push the price of bitcoin up again..
What i see right now people are panic selling.. they are likely exit in bitcoin investment which is they don't know that this is always happening in bitcoin that the price always falling and gaining back again in few months just like years ago still never change until now..
So if you keep holding bitcoin make sure that you are always ready and hold them tightly and much better to do if you can invest more bitcoin better to buy right now because the price will increase back after bitcoin reach at the bottom. .

eann014

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I think $7k is not the right price to buy, maybe it will go down more, mayne $4k or $3k will be the lowest price of bitcoin. After bitcoin touch new ATH, we are now experiencing hardly drop of bitcoin and I don't know if that is still normal.

vit05

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No one knows the price that people will be willing to pay tomorrow. But today, anyone who buys is probably imagining the price they can sell in two or more weeks. And that price will be at least double from today. The great and dreadful crash of Tether occurred and the market still exists. The only way is up.

gentlemand

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Welt Am Draht

Quote from: fabiorem on February 05, 2018, 04:40:37 PM

Put your order around $4100-4500. This is the mining cost for bitcoin blocks.

If it go below there, my guess is there will be a complete shutdown of the network. Nobody will be able to trade as there will be no miner to validate the transactions. Of course, I'm just speculating. If anybody have any information about it, feel free to share.

That's a tad drama queeny. I'm sure during 2014/15 there were periods where it was barely worth bothering. The big operations would be well capitalised enough to account for fallow periods.

As ever, if enough miners clear off it becomes cheap enough to mine to attract others after a sluggish period of readjustment.

fabiorem

sr. member

Activity: 1400

Merit: 347

Put your order around $4100-4500. This is the mining cost for bitcoin blocks.

If it go below there, my guess is there will be a complete shutdown of the network. Nobody will be able to trade as there will be no miner to validate the transactions. Of course, I'm just speculating. If anybody have any information about it, feel free to share.

Tzupy

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Quote from: Tzupy on February 05, 2018, 11:43:04 AM

A local bottom might be reached in 4 - 6 hours from now, so it might be a good entry for a short term trade.

Looks like a local bottom to me, but it went a bit lower than I expected.

gentlemand

legendary

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Welt Am Draht

I don't think we've even brushed our botty yet. This has been so rapid that people haven't really had the time to digest. This isn't how true manias end. It takes much, much longer and gloom turns to utter boredom. You can't pull that off in a few days.

Those who'll sell may not have gotten around to it yet. I'd guess that $3000 or slightly below is conceivable. Or the whole thing will reignite and this has been a heavy blip.

Either option tells us that this price isn't anywhere near a definitive one.

arpon11

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The bottom is very close and it might just happened today or tomorrow as most of the weak hand has already sold they coins. I think the current holders are those that believe in bitcoin and not those that are in cryptocurrency just to make profits from it. Nerveless I think the bottom may be around $6,000 or maybe a little bit above that! The 200ma maybe the the support and resistance level that may determined the next price movement.

SHAWN-MIDWAYS

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Quote from: sjefdeklerk on February 05, 2018, 11:43:36 AM

Ok let me give you the standard answers:

* It's a great time to buy more! If you have some money left, buy more here!
* This tank was to be expected
* It's only FUD
* It's because of Christmas !!

I agree with you, the price usually tanks today Christmas and the start of the new year now that these have passed price will start to recover and IMHO this should be a good time to buy some more coins.

richardsNY

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Ignore bottoms. Just buy whenever you can on the way down. People have constantly been looking at charts and analysis to conclude that $10k was the bottom, and it wasn't. Then it was $9, and then $8, and now $7, and soon we'll see the market keep falling down even below $7k. I managed to buy myself some coins around $7300 and will execute another buy action as soon as we near $6k (obviously assuming it will fall down deeper). I am however sure that we're not far away from an oversold market, so if anyone plans to buy, do it quickly -- the market doesn't wait for you to pull the trigger, that's a fact.

bitcad4u

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Quote from: Tzupy on February 05, 2018, 11:43:04 AM

A local bottom might be reached in 4 - 6 hours from now, so it might be a good entry for a short term trade.

The price may reach the bottom most stable point very soon.If you have a idea to inverse in bitcoin for short term profit means ,this will the perfect time.Tomorrow the price may reach to the lower limit of 6500$,this will be the lowest price of past two months.The price of bitcoin will reach 15,000$ on 18th February,so you will get good profit soon.

arnbrd

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I would say yes for two reasons. We are almost at the bottom of where we can go, and also price will be much more higher in the future months, so even if you buy now, that it drops to 6k, think that it will go at least to 20k by next year. That is how a trader should think.

Tzupy

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Quote from: TeeBone on February 05, 2018, 12:10:38 PM

Quote from: Tzupy on February 05, 2018, 11:43:04 AM

A local bottom might be reached in 4 - 6 hours from now, so it might be a good entry for a short term trade.

You still a perma-bear ?

If I were a perma-bear I would say: "There is no bottom!" Grin

About the final bottom, IMO we'll (or at least I will) recognize it when 24h MACD will cross into positive, following a couple of weeks of strong buys.
But so far 24h MACD is deep into the red, so we are still months away from the final bottom.

Topic: Is 7K the right price to buy in at a bottom price? (Read 381 times)