Price correction btc 6-12 months - page 2.

Jating

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Quote from: crwth on February 02, 2021, 07:59:25 AM

There could be a significant correction for sure, knowing that the span of increase with the price of BTC is significantly too fast. I always have read in some trading books that the quicker you rise, the quicker you fall. Maybe in a few months, it would recall back. What I'm thinking of is, should I cash-out some of my BTC before it happens? I might regret it again because I cashed out around $22k back then but still. It makes someone wonder what to do within this timeframe.

Correction had happen already, from $41k-$28k, and that is huge already so I don't think that we can fall even deep. Right now the price seems to be on a good bounce back again, $36k, so it has broken the resistance around $35k which is a big wall.

No need to cash out though, as we might go to $40k again if not then we are going to hover around $36k-$38k. So let the market flow on it's normal course and just be a HODLer.

Ridwan Fauzi

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Bitcoin has its own way to move, we can't predict well either up and fall. After bitcoin price up double from its previous all time high there are so many investor (including instutional investor) who interested to try investing in bitcoin and this thing is the factor why bitcoin price up until touch $42.000 as the current all time high.

As for the correction issue, I don't think it will fall to $10.000 and below although it can happen if many bad things happen, but to me it will never happen. The strong support now is $20.000 and there will be many investor who will put an entry in this area. Like has happened in a few days ago when bitcoin price fallen to $30.000 and we have seen a strong increase at that area, it means there will be many people who will buy bitcoin at the low price.

bitbunnny

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Quote from: Wysi on February 01, 2021, 03:34:07 PM

I feel we are already in the correction phase from couple of weeks and we need to understand one thing that there is a huge difference between last bull run of 2017 and this current one. I don't think Bitcoin will go below $20k as there is very thin possibilities of bitcoin going below $20k in next 6 to 12 months, covid has had no impact on crypto market and we shouldn't be worried about it but I have witnessed increased adoption rate of bitcoin like start ups accepting payment in bitcoin which will only help bitcoin grow not do drop any further.

To my opinion we are currently in some more or less stable phase with smaller fluctuations. Intensive correction period is behind us but that doesn't mean it will not happen again
However, I don't expect some bigger dump in period that follows and I don't think that Bitcoin price will return to level that was before pump.
Some think that this whole situation with Covid and especially with vaccine also influenced Bitcoin price in positive way but I don't think there is some direct significant impact.

crwth

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There could be a significant correction for sure, knowing that the span of increase with the price of BTC is significantly too fast. I always have read in some trading books that the quicker you rise, the quicker you fall. Maybe in a few months, it would recall back. What I'm thinking of is, should I cash-out some of my BTC before it happens? I might regret it again because I cashed out around $22k back then but still. It makes someone wonder what to do within this timeframe.

Fundamentals Of

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Quote from: bitgov on February 01, 2021, 11:43:50 PM

Quote from: Fundamentals Of on February 01, 2021, 08:52:02 AM

I stopped reading after "The main reason is again (like 2017)." Seriously, don't compare as if 2017 is 2021. This is years apart and there are a lot of changes that happened in between.

I'm going to ask you instead, was there PayPal in 2017? Was there Square in 2018? Was there Microstrategy, was there SkyBridge, etc all those years? These are just some factors which make me believe that 2021 is going to be a lot more explosive than all the previous years combined. Who knows, we might even hit 6 digits within the year?

I agree with everything you wrote and I also think that this is not the end of price increases on the cryptocurrency market. Not only that, I think this is just the beginning of the altseason.
I think, however, that it is not about the explosion in prices itself, but more about how long the bull market will last. I think that because of what you mentioned in your post, the bull market will be simply longer than the previous ones, which in my opinion were like pump & dump.

In all fairness, Bitcoin's price was never pumped and dumped. I'd like to believe that everything has been organic with Bitcoin. But the previous years were all but Bitcoin thriving with individual believers and a handful of institutions which are like swimming against the current. Most institutions were probably not interested with Bitcoin. They're even against Bitcoin. And we all know where the money in the world is. The biggest slice belongs to these institutions.

But since last year, institutions are now jumping into the bandwagon, new and big ones. And there are a lot to come very soon. I even think that Elon is already getting into Bitcoin. So this is nothing like 2017. That was old history of Bitcoin. It is impossible Bitcoin is going to be stuck in that pattern.

jaberwock

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Quote from: Mrjones1984 on January 31, 2021, 02:08:19 PM

I am of the belief that bitcoin should be in a price correction next 6-12 months. The main reason is again (like 2017) that the market has had extremely high demand over a short period of time. This may be partly due to the fact that many people have to place their cash elsewhere, than in the bank, due to the very low interest rates on deposits.

Those are what corrections called, dropping down and recovering. Normally we have seen so many crashes and bad things after a big increase that people are still shocked about recovering after a fall, but this is what correction actually is and that's what going on right now. People think that when you end up dropping, you drop even further, and then drop some more, they are expecting under 10k prices once again after each big drop.

However corrections are things where you go down 10-20% range and then recover most of it back and steady and then either go even higher or have another correction. We had this during 15k price levels, we had this MANY times between 17k-20k remember that? Only few months ago we went to 19.2k-19.6k levels and dropped under 18k about 5 times, but recovered each time, look at us right now, over 33k already. So, correction is literally what we are having right now.

bitgov

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Quote from: Fundamentals Of on February 01, 2021, 08:52:02 AM

I stopped reading after "The main reason is again (like 2017)." Seriously, don't compare as if 2017 is 2021. This is years apart and there are a lot of changes that happened in between.

I'm going to ask you instead, was there PayPal in 2017? Was there Square in 2018? Was there Microstrategy, was there SkyBridge, etc all those years? These are just some factors which make me believe that 2021 is going to be a lot more explosive than all the previous years combined. Who knows, we might even hit 6 digits within the year?

I agree with everything you wrote and I also think that this is not the end of price increases on the cryptocurrency market. Not only that, I think this is just the beginning of the altseason.
I think, however, that it is not about the explosion in prices itself, but more about how long the bull market will last. I think that because of what you mentioned in your post, the bull market will be simply longer than the previous ones, which in my opinion were like pump & dump.

freedomno1

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Considering all of these days this year have been in the Top 100 for Bitcoin there is a downside however as with every rally of Bitcoin the bottom is persistent at a higher level.

About even money that the market decides to test up again before going down will we see 2017 ATH be the bottom doubt it probably 25K.

Really depends how bored are people of Covid lockdowns and what else will they do hehe Gamestop or Doge lol.

philipma1957

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Quote from: fadhilz123 on February 01, 2021, 06:09:35 PM

Same like you, I believe that bitcoin will be in price correction, but I'm don't know how deep the price drop will. For 8K maybe this is impossible because too deep, but if going down to 10K maybe this is possible although only less chance. But what you think if 2021 will be different, that the real holder will keep hold their bitcoin, will be a different story. So prepare anything

So do a huge short on margin of 10 x and get back to us when and if you do it.

I am planning on 75-100 k by dec 2021.

fadhilz123

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Same like you, I believe that bitcoin will be in price correction, but I'm don't know how deep the price drop will. For 8K maybe this is impossible because too deep, but if going down to 10K maybe this is possible although only less chance. But what you think if 2021 will be different, that the real holder will keep hold their bitcoin, will be a different story. So prepare anything

KTChampions

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Quote from: el kaka22 on February 01, 2021, 01:19:30 PM

I understand that some people are afraid and there is a line of thinking that "whatever happened in the past will happen again" for some people, but do not be worried that there are a lot more people investing money nowadays and that is why we will not let that happen. I get the logic, we are in a situation where we are doing quite well right now and that should probably continue for a while as well but you have seen the 2017 and seen that it went up a lot and then crashed to very low levels so you are assuming that the same could happen and you are scared that you will not be capable of profiting and you will lose money instead of win money like so many people did.

However at the end of the day we are living in a world where we are making much better decisions now in 2021, and those huge corporations buying bitcoin is a proof that we won't be going down that much anymore.

Overall, I agree with you that no one should look at history and expect it to repeat itself. Despite the difference of several years, the difference in situations is enormous. The crypto market has matured and is supported by large players who are interested in a smooth growth rather than a sharp collapse (although the latter would probably bring them more profit). But at the same time, do not think that any price is guaranteed. Bitcoin can fall as large as it can grow, I think experienced crypto enthusiasts know this.

ReiMomo

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Quote from: Oasisman on February 01, 2021, 04:43:09 PM

Quote from: Wysi on February 01, 2021, 03:34:07 PM

I feel we are already in the correction phase from couple of weeks and we need to understand one thing that there is a huge difference between last bull run of 2017 and this current one. I don't think Bitcoin will go below $20k as there is very thin possibilities of bitcoin going below $20k in next 6 to 12 months, covid has had no impact on crypto market and we shouldn't be worried about it but I have witnessed increased adoption rate of bitcoin like start ups accepting payment in bitcoin which will only help bitcoin grow not do drop any further.

Well, at this current rate most of us will always say Bitcoin might have the slightest chance of going back below the $20,000 level. I know institutional investors are still pouring out more money to invest with Bitcoin, and more than half of the news are still very bullish so we have still a lot of reasons for Bitcoin to stay at this current level or will increase more than the new ATH. But we should never forget how volatile Bitcoin is, everything may happen, though there's a huge difference between the 2017 and the 2020 bull season.

It's totally different if you will compare the year 2017 the last bull run and now 2021, it was doubled the price that we never expected.
We are lucky enough that the bitcoin price increased as we expected and broke the previous price that was on the market, so if the market price repeats itself we should expect that there is a correction, but for now, there is no clear information where the bitcoin price headed at.

Let see and wait further if there is truly a correction. For now, enjoy the market as we have now the price and always prepared for what circumstances will happen.

Oasisman

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Quote from: Wysi on February 01, 2021, 03:34:07 PM

I feel we are already in the correction phase from couple of weeks and we need to understand one thing that there is a huge difference between last bull run of 2017 and this current one. I don't think Bitcoin will go below $20k as there is very thin possibilities of bitcoin going below $20k in next 6 to 12 months, covid has had no impact on crypto market and we shouldn't be worried about it but I have witnessed increased adoption rate of bitcoin like start ups accepting payment in bitcoin which will only help bitcoin grow not do drop any further.

Well, at this current rate most of us will always say Bitcoin might have the slightest chance of going back below the $20,000 level. I know institutional investors are still pouring out more money to invest with Bitcoin, and more than half of the news are still very bullish so we have still a lot of reasons for Bitcoin to stay at this current level or will increase more than the new ATH. But we should never forget how volatile Bitcoin is, everything may happen, though there's a huge difference between the 2017 and the 2020 bull season.

Wysi

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I feel we are already in the correction phase from couple of weeks and we need to understand one thing that there is a huge difference between last bull run of 2017 and this current one. I don't think Bitcoin will go below $20k as there is very thin possibilities of bitcoin going below $20k in next 6 to 12 months, covid has had no impact on crypto market and we shouldn't be worried about it but I have witnessed increased adoption rate of bitcoin like start ups accepting payment in bitcoin which will only help bitcoin grow not do drop any further.

el kaka22

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I understand that some people are afraid and there is a line of thinking that "whatever happened in the past will happen again" for some people, but do not be worried that there are a lot more people investing money nowadays and that is why we will not let that happen. I get the logic, we are in a situation where we are doing quite well right now and that should probably continue for a while as well but you have seen the 2017 and seen that it went up a lot and then crashed to very low levels so you are assuming that the same could happen and you are scared that you will not be capable of profiting and you will lose money instead of win money like so many people did.

However at the end of the day we are living in a world where we are making much better decisions now in 2021, and those huge corporations buying bitcoin is a proof that we won't be going down that much anymore.

slaman29

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Quote from: Mrjones1984 on January 31, 2021, 02:08:19 PM

I am of the belief that bitcoin should be in a price correction next 6-12 months.
----
My best guess is that we hit the bottom in 8,000 - 10,000 in 6-12 months. What do you think about this?

Bitcoin has never gone back to an old ATH once it has hit a new ATH. So when it hit 20k, it never went back to the previous one of around 1400, which I would say means we won't even see 20k anymore. Maybe very close to it, but not at it. But this is also because I don't think we're actually seeing a near ATH yet (not yet peak in 2021).

Once we confirm no more peak, then we can talk about how low we can correct.

Fundamentals Of

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I stopped reading after "The main reason is again (like 2017)." Seriously, don't compare as if 2017 is 2021. This is years apart and there are a lot of changes that happened in between.

I'm going to ask you instead, was there PayPal in 2017? Was there Square in 2018? Was there Microstrategy, was there SkyBridge, etc all those years? These are just some factors which make me believe that 2021 is going to be a lot more explosive than all the previous years combined. Who knows, we might even hit 6 digits within the year?

exstasie

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Quote from: Jating on February 01, 2021, 06:15:49 AM

I really don't understand why we have several threads comparing the 2017/2018 bullish/bearish market to today's 2020/2021. Are there really similarities or some coincidence?

People just get fearful after a deep correction. The downtrend has been such a stark contrast to the exuberance of December and early January, so people are questioning the strength of the larger bull trend and are wondering if the top is in.

The same thing happened all through 2017. Many people thought the top was in after the market dumped off $3K and again off $5K. As it turned out, those were just mid-term corrections and price went parabolic again afterwards. The same will happen again this time, I believe.

Jating

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I really don't understand why we have several threads comparing the 2017/2018 bullish/bearish market to today's 2020/2021. Are there really similarities or some coincidence? And then we have other side of the spectrum, telling us that this is just the start of the bull run so normally so might see some dips along the way before we can go to $50k or even more at the end of the year.

I guess everyone can make their wild, free and educated guess here.

We also failed to see that bitcoin's narrative has change a bit since the bull run in 2017 and the eventual bearish trend after that. So I don't think we can compare the two.

pooya87

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Throw away accounts like the starter of this topic have been saying the same thing every time there is an accumulation going on and the price is about to jump up again. Basically every year.
They said it back in 2016 when price reached $600 and they wanted to see $150 again.
They said it again back in 2017 when price reached $3000 and they wanted to see $900 again.
They said it again in 2019 when price went above $6000 and they wanted $1000 again
They said it again in 2019 when price went past $10,000 and they wanted to see $6000 again.
...
They are saying it today that price is past $30,000 and they wish for $10,000 again.

Soon they will repeat it when price reaches $90,000 and they wish to see $30,000 again.

The old topics in this board are priceless after a couple of years. Some FUD examples:
China bans bitcoin again in Sep 2017: https://bitcointalk.org/index.php?board=57.6000
Dump predictions like OP back in Aug 2017 with a golden post from the biggest FUD idiot called kwukduck: https://bitcointalk.org/index.php?board=57.6080
Dump talk in Jul 2017 and doomsday scenarios because of bcash existence: https://bitcointalk.org/index.php?board=57.6320

I'm going to quote my answer from ~4 years ago to answer OP but change the numbers in the comment to match the case for today:

Quote from: pooya87 on May 16, 2017, 03:15:31 AM

Quote from: Red Fish on May 16, 2017, 02:15:54 AM

If we look in Bitcoin price this year, then we can see that currently it is quite high, almost 1700 USD now - http://preev.com/, so it will go to 1800 - 1900 USD this summer and then go down later this year.

you are late to the party my friend. price is already down and it will possibly continue this way for some more time because a fast rise needs a correction currently at $34,000 with a $28,800 low.

and then after this correction period ended it will rise up to $40,000+ possibly even break $50,000 and depending on how fast it goes up we may even see some more of the same thing.

Topic: Price correction btc 6-12 months - page 2. (Read 668 times)