The Case $7.5K Could Become Bitcoin’s New Price Support

Slow death

legendary

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Quote from: hugeblack on August 05, 2019, 12:07:13 PM

I do not think anyone read this article because it is written in Vietnamese "based on Google translation" but everyone responded to the question at $ 7500 barrier.

I read using google full page translator, so I had no problem reading this article. I even liked the analysis made in the article

Quote from: ?? on ??

add also the FUD then more negative news about crypto...

Maybe I'm wrong here, but from what I see, in the last 2 months there is more good news than bad news. for example:

US Cryptocurrency Exchange ErisX Receives License for Crypto Futures ( Good News )

Bakkt Begins Testing Bitcoin Futures Platform Following Hype and Delays ( Good News )

buwaytress

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Quote from: Searing on August 06, 2019, 12:39:41 PM

Quote from: ?? on ??

Quote from: Searing on August 05, 2019, 07:34:29 PM

odds of 7.5k now IMHO are the same as odds of 40k in the future 8-10 months.

both are somewhat 'unlikely'

yep, I called it!

no one knows for the future, I think that for 40k it's absolutely impossible.
Yep, that is very unlikely as you say. Wink

Again, compared to a dump to 7.5k I'd think the FOMO action to 40k is about as likely.

Myself 15k at the high 11k at the low for this cycle of pump etc IMHO

As long as it stays above 11,111.12 USD for BTC I'm golden

brad

Leaning towards 10 to 15k for this cycle too, exactly as I see it, with exception that this will include brief visits outside those limits.

I'm golden at any price really, until perhaps the end of 2020 when I will be reassessing long term what kind of commitments I will want to leave in Bitcoin.

Def agree that 40k is as likely as 4k though. The latter at this stage would be worrying, for sure, but only temporarily.

Searing

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Clueless!

Quote from: ?? on ??

Quote from: Searing on August 05, 2019, 07:34:29 PM

odds of 7.5k now IMHO are the same as odds of 40k in the future 8-10 months.

both are somewhat 'unlikely'

yep, I called it!

no one knows for the future, I think that for 40k it's absolutely impossible.
Yep, that is very unlikely as you say. Wink

Again, compared to a dump to 7.5k I'd think the FOMO action to 40k is about as likely.

Myself 15k at the high 11k at the low for this cycle of pump etc IMHO

As long as it stays above 11,111.12 USD for BTC I'm golden

brad

Searing

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Clueless!

odds of 7.5k now IMHO are the same as odds of 40k in the future 8-10 months.

both are somewhat 'unlikely'

yep, I called it!

milewilda

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Quote from: duchiep37 on July 28, 2019, 11:34:49 PM

Amidst a decline in the price of bitcoin, the world’s most valuable cryptocurrency could find support at $7,500 – that is if it follows past patterns on the charts. I also think that...
(source: https://bitcoinbd.org/75k-co-the-tro-thanh-muc-ho-tro-gia-moi-cua-bitcoin/)

Im not saying its too low but we might not see this price anymore yet we are almost 12k.Trying to break this years Peak price.
Anything is possible though just like what happened on sudden breakout on going to 3k area but now we have recovered on such situation.
Basing on technicals there are lots of supports on those ranges but lets see if we go that low.

hugeblack

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I do not think anyone read this article because it is written in Vietnamese "based on Google translation" but everyone responded to the question at $ 7500 barrier.
There are logical reasons to say that the price will reach $ 7500, but is there a reason for us to believe this prediction? I do not think so, in the end, the honest prediction may be mistaken.

Generally, if you are a speculator you have to learn to win in both cases, the rise and fall, either for buying/selling: fluctuations will not make a difference.

audaciousbeing

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Quote from: duchiep37 on July 28, 2019, 11:34:49 PM

Amidst a decline in the price of bitcoin, the world’s most valuable cryptocurrency could find support at $7,500 – that is if it follows past patterns on the charts. I also think that...
(source: https://bitcoinbd.org/75k-co-the-tro-thanh-muc-ho-tro-gia-moi-cua-bitcoin/)

Currently, the price of bitcoin is still hovering around the $10k but its not certain that its going to be sustained or be constant into the future. Either way, that is the position that is currently prevailing. Anyone can make a prediction on what the price will be or when the support will be. Its largely dependent on the market participants and not someone sitting behind his computer reading the charts and believing he is an authority in crypto predictions.

Kemarit

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Quote from: duchiep37 on July 28, 2019, 11:34:49 PM

Amidst a decline in the price of bitcoin, the world’s most valuable cryptocurrency could find support at $7,500 – that is if it follows past patterns on the charts. I also think that...
(source: https://bitcoinbd.org/75k-co-the-tro-thanh-muc-ho-tro-gia-moi-cua-bitcoin/)

We have read so much speculations about the lowest price that Bitcoin can get specially when the rise started to slow down and the price tanking or trading sideways. I'm sure no one see the price just hovering around 5 digits when it hits around $13800 and people very excited about it.

So technically, it's possible to see the price even go lower than $7500. However, you really need to think what might causes this dramatic fall? Are whales manipulating again, or it is just investors and traders loss confidence again? Are you ready to pounce and buy more if we see that price?

Lanatsa

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Quote from: mr.relax on July 31, 2019, 08:06:17 AM

Maybe the last days were the best and possibly last chance to buy more coins cheap.
I know a few guys being full in now.
Actually none of them have 55k on the radar,
and I also think this is almost impossible as txfees would rise to insane levels.
I am happy with a new ATH around 23k at may.

Only thing that do bothers or do make hindrance into this situation is on the fees.We would soar up high just like what we saw on last quarter of 2017 where prices shoot up and so as with its fees.

$7.5k support? We didn't able to go that level and now as of speaking we already hover +10k price.It might correct its price but I do see 9k range would be the common spot.

mr.relax

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Maybe the last days were the best and possibly last chance to buy more coins cheap.
I know a few guys being full in now.
Actually none of them have 55k on the radar,
and I also think this is almost impossible as txfees would rise to insane levels.
I am happy with a new ATH around 23k at may.

Slow death

legendary

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Quote from: duchiep37 on July 28, 2019, 11:34:49 PM

Amidst a decline in the price of bitcoin, the world’s most valuable cryptocurrency could find support at $7,500 – that is if it follows past patterns on the charts.

it reminds me of this news: CNBC Host Goes Full Bitcoin Maximalist With $55K Forecast After Halving

Quote from: https://cointelegraph.com/news/cnbc-host-goes-full-bitcoin-maximalist-with-55k-forecast-after-halving

Former Bitcoin (BTC) bear Joe Kernen has predicted that the coin could hit $55,000 by May 2020, the date of Bitcoin’s next halving.

Quote from: https://cointelegraph.com/news/cnbc-host-goes-full-bitcoin-maximalist-with-55k-forecast-after-halving

Kernen predicted that the increased scarcity will catalyze greater demand, arguing that such classical market principles still apply to crypto-assets — just as they do to scarce precious metals such as gold and silver.

Most people will be buying for profits next year, so even if the price drops to $7500, it will be temporary, because people are focused on making profits next year. It would be dangerous if we didn't have Halving next year. so if the price drops to $ 7500, I'll take the opportunity to buy more bitcoin

jossiel

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Quote from: DoublerHunter on July 30, 2019, 02:43:45 AM

The price of $7.5k per bitcoin is too low

It isn't too low, what's too low? $1k, $2k and $3k support that we have already surpassed. Don't let yourself be confident with the current prices and just accept the flow of the market whether we will stay on $9k or not.

So what if the support would be $7.5k? Aren't we looking for another support if the price is stable on $9k level? if by next week we didn't get out of $9.5k, I'll expect the unexpected although I don't want to see it at that low support.

DoublerHunter

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I think it would be better if you move this topic on speculation board. The price of $7.5k per bitcoin is too low, as of now, bitcoin price remains at $9k plus and it will resist on $10k at any time. "Unpredictable" is what we called the price of bitcoin since it very volatile we don't know which the way to lead the price fluctuation of bitcoin. Nevertheless, it will depend on the demand and supply on the market, by the way, the article is hard to read because that is not an English language.

duchiep37

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Amidst a decline in the price of bitcoin, the world’s most valuable cryptocurrency could find support at $7,500 – that is if it follows past patterns on the charts. I also think that...
(source: https://bitcoinbd.org/75k-co-the-tro-thanh-muc-ho-tro-gia-moi-cua-bitcoin/)

Topic: The Case $7.5K Could Become Bitcoin’s New Price Support (Read 218 times)