Given the current bearish crypto market conditions due to inflation and aggressive interest rate hikes by the Fed, it is likely that bitcoin prices will drop to $19k-$18k prices. Moreover, negative sentiment in the crypto market is still increasing and the sell-off in the crypto market is still not over.
The price you said happened in the market last month in Bitcoin so it doesn't seem like a big surprise anymore and the current Bitcoin price isn't that far from your stated price ($23k vs $19k). So what needs to be seen now is the issue of negative sentiment towards the crypto and Bitcoin markets because that can sometimes influence some people to let go of Bitcoin at this time. 
Topic: Was 17600$ was the bottom ? (Read 767 times)
legendary
Activity: 2716
Merit: 1102
Leading Crypto Sports Betting & Casino Platform
Given the current bearish crypto market conditions due to inflation and aggressive interest rate hikes by the Fed, it is likely that bitcoin prices will drop to $19k-$18k prices. Moreover, negative sentiment in the crypto market is still increasing and the sell-off in the crypto market is still not over.
What a twist though, then Fed make such announcement today, the price seems to go over $23k.Maybe this is just a manipulation or catching a falling knife scenario and could be a trap. Nevertheless, this month we haven't seen the price going down hard and it keeps on trading around $20k-$24k. So for now, the button might have been reach. And the price could be in this range, trading sideways for a long time. But hopefully we will have a break out and it will be on the upside.
Given the current bearish crypto market conditions due to inflation and aggressive interest rate hikes by the Fed, it is likely that bitcoin prices will drop to $19k-$18k prices. Moreover, negative sentiment in the crypto market is still increasing and the sell-off in the crypto market is still not over.
It is difficult to predict what will happen in the next few weeks or months, especially in the current situation of the crypto market which is still in a bearish phase. it is likely that the price of bitcoin will fall even further. Even some people predict the lowest price of bitcoin is $13k. It's better for us to wait and see where the direction of the bitcoin price movement will go.
everyone wants a cheap Bitcoin price, and it can be under $15k, but I'm sure the Bitcoin price won't go below $15k, because the more people want cheap prices, the easier the whales will accumulate, and the whales will pump to make sure that $13k is a dream
I know that it is not going to be that simple, but it is going to be pretty difficult to ignore as well. Many people will keep on considering that angle and they will keep on forgetting that they would miss out on that 3x profit if they keep wanting to make that 4x profit instead.
Until now the price of $17700 is the lowest, but we don't know what will happen next, even though the price has not dropped below $20k for 4 days but we must always be vigilant, it's better to sell immediately if the price is below $20k.
Hopefully, the price drop at $17,770 is the lowest and doesn't happen again or even touch lower prices. If it happened again, there would probably be more people panicking and selling their bitcoins quickly, while people with lots of money could use the moment to buy more bitcoins. Yes, we still have to be vigilant because the price of bitcoin can go back down even though, at this time, the price tends to be stable at the current price level.Right, it's been more than a week the price of bitcoin is not dropped below $ 20k, of course it will be a difficult thing if it falls again, it may take more than a year to be able to pass ATH that occurred in 2021 ago, our focus at this time is to immediately see the price immediately Bitcoin goes up and hopes that prices will reach $ 25K before July.
Here is a super simple take on when is it go time for BTC to at least break its most recent selling. I expect a serious of movement upwards not just one but a good start is to outrun the overall selling trend, when that occurs its far easier to rise. These are weekly bars, you can see we are constrained post bottom pricing and confidence remains low.
A success condition for this scenario would be about 25k, I take that from Fibonacci levels using peak to trough prices as per OP. It also matches other perspectives such as the moving averages, as yet we have price action still left with much more to prove.
A success condition for this scenario would be about 25k, I take that from Fibonacci levels using peak to trough prices as per OP. It also matches other perspectives such as the moving averages, as yet we have price action still left with much more to prove.
I think so. But there might be a sudden dump to $16.5k and move upward much faster towards another ATH this year and this might happen probably by end of November or December 22. The long correction created an opportunity to pile up as much as everyone can. I am sure especially the whales might have piled up a lot and now ready to play with it on profits. Hope July 22 should be a market of Bullish.
The main difference between the previous years and this one is the economical crisis that will refrain everything and could limit the rise to the bitcoin price.I assume many people are using their crypto funds to cover the expenses that increased after the war and covid-19.
I don't see why the price will drop again under $20k but everything is possible of course..
these few days no more declines, so I can probably expect a lot for Bitcoin support at $17600 is strong,
and hopefully July is a bullish month for Bitcoin, because we have been in the red zone for a long time
we should expect bullish market in next year not exactly this year again. Bitcoin is at twenty one thousand (21k) their is every tendency that the price will decrease again. Because cryptosphere marketcap is not constant in all ramifications of price. From my perspective i know vividly from initial that cryptocurrency it always be reversible in price , example from higher concentration to lower concentration and it's applicable when the price is low..i want use this medium to recapitulate that bitcoin price is under the Flux of rotation and it's not constant and hopefully July is a bullish month for Bitcoin, because we have been in the red zone for a long time
I think so. But there might be a sudden dump to $16.5k and move upward much faster towards another ATH this year and this might happen probably by end of November or December 22. The long correction created an opportunity to pile up as much as everyone can. I am sure especially the whales might have piled up a lot and now ready to play with it on profits. Hope July 22 should be a market of Bullish.
It is difficult to predict what will happen in the next few weeks or months, especially in the current situation of the crypto market which is still in a bearish phase. it is likely that the price of bitcoin will fall even further. Even some people predict the lowest price of bitcoin is $13k. It's better for us to wait and see where the direction of the bitcoin price movement will go.
It's indeed difficult but as the market goes now, I said the chance it goes lower, even lower than the 17600$ price which a lot thought was the bottom. It isn't hard to see where we've gone when the situation in the world looks grim every day, both in economic and political stability. 
It is difficult to predict what will happen in the next few weeks or months, especially in the current situation of the crypto market which is still in a bearish phase. it is likely that the price of bitcoin will fall even further. Even some people predict the lowest price of bitcoin is $13k. It's better for us to wait and see where the direction of the bitcoin price movement will go.
everyone wants a cheap Bitcoin price, and it can be under $15k, but I'm sure the Bitcoin price won't go below $15k, because the more people want cheap prices, the easier the whales will accumulate, and the whales will pump to make sure that $13k is a dream
It is difficult to predict what will happen in the next few weeks or months, especially in the current situation of the crypto market which is still in a bearish phase. it is likely that the price of bitcoin will fall even further. Even some people predict the lowest price of bitcoin is $13k. It's better for us to wait and see where the direction of the bitcoin price movement will go.
Until now the price of $17700 is the lowest, but we don't know what will happen next, even though the price has not dropped below $20k for 4 days but we must always be vigilant, it's better to sell immediately if the price is below $20k.
Hopefully, the price drop at $17,770 is the lowest and doesn't happen again or even touch lower prices. If it happened again, there would probably be more people panicking and selling their bitcoins quickly, while people with lots of money could use the moment to buy more bitcoins. Yes, we still have to be vigilant because the price of bitcoin can go back down even though, at this time, the price tends to be stable at the current price level.Nearly a week prices above $ 20k even though it is still close to fall down $ 20k, we can say it is safe if the price has reached at least $ 30k, and of course we hope the price of $ 17k is The Lowest Record and I don't want to see the price of dropping again.
these few days no more declines, so I can probably expect a lot for Bitcoin support at $17600 is strong,
and hopefully July is a bullish month for Bitcoin, because we have been in the red zone for a long time
and hopefully July is a bullish month for Bitcoin, because we have been in the red zone for a long time
hero member
Activity: 2912
Merit: 541
Leading Crypto Sports Betting & Casino Platform
Until now the price of $17700 is the lowest, but we don't know what will happen next, even though the price has not dropped below $20k for 4 days but we must always be vigilant, it's better to sell immediately if the price is below $20k.
Hopefully, the price drop at $17,770 is the lowest and doesn't happen again or even touch lower prices. If it happened again, there would probably be more people panicking and selling their bitcoins quickly, while people with lots of money could use the moment to buy more bitcoins. Yes, we still have to be vigilant because the price of bitcoin can go back down even though, at this time, the price tends to be stable at the current price level. 
I thought it is but after what had happened and how the market is still showing no big response now? I believe that we are waiting to see another lowering market and maybe that some says 13k will be the possible lowest price?
But of course I will be very thankful if at least we are now safe in dumping and this is the maintaining value till the end of 2022 comes.
But of course I will be very thankful if at least we are now safe in dumping and this is the maintaining value till the end of 2022 comes.
Probably not, because it doesn't look like a major psychological barrier - that would be close to $10,000 which is also a point from which the bull market has started. Also bear markets usually last for many-many months in Bitcoin, and it hasn't even been one full year since the ATH.
There is some chance that it was the bottom, but I wouldn't rush to buy Bitcoin now, there will be plenty of time to wait and see if there will be a better price or not - it's not going up anytime soon.
Why would you rush into bitcoin right now? It is at or near the bottom levels and there is a good chance it may not go down any more, it may end up with a big increase and we will make a ton of profit from it.There is some chance that it was the bottom, but I wouldn't rush to buy Bitcoin now, there will be plenty of time to wait and see if there will be a better price or not - it's not going up anytime soon.
I understand the fear that it may have a bit of a drop from here as well, but we have dropped so much already and I doubt that it would have anything big again after this. It will most likely be something that is a bit more towards how we see things in a perspective of maximalists already, because we are getting there. If you wait out too long then you are going to end up with a big upset in the end, and I would suggest not to wait that much longer.
Probably not, because it doesn't look like a major psychological barrier - that would be close to $10,000 which is also a point from which the bull market has started. Also bear markets usually last for many-many months in Bitcoin, and it hasn't even been one full year since the ATH.
Personally I consider the bull market to have ended in May 2021, rather than ATH in November, as to me the second peak seemed more like a dead cat bounce and bull trap. Also because it's taken 13 months since the first peak to reach the 200 Week MA, as opposed to 7 months from ATH, and we've never seen Bitcoin reaching the 200 WMA since ATH within such a short time-frame.
There is some chance that it was the bottom, but I wouldn't rush to buy Bitcoin now, there will be plenty of time to wait and see if there will be a better price or not - it's not going up anytime soon.
I'm also not rushing to buy more Bitcoin anytime soon, as if $17.6K was the bottom, then I think price will revisit current levels (or around $25K minimum) within the next 6-12 months. I'm just generally surprised that most people don't see a dead cat bounce scenario similar to 2019 given how oversold prices currently are, back to $40K to $50K levels, prior to a second drop to end the bear market.
For now $17600 seems to be the low bottom. This can change with time. Right now the market price of bitcoin have crossed $21k. This is just the nominal growth and for the same we can't take it as bullish move. The fluctuation continues and there is no stabilized growth. For now we can't get into conclusion on the low bottom as well as the market trend. It is time to do DCA and buy to avoid unexpected market moves affecting the buying price.
Possibly not, we usually bottom in December or early year (before the halving, which is in 2024). So in essence late 2022 or early 2023 SHOULD be the bottom if we are reflecting previous cycle bottoms. Obviously past performance doesn’t always repeat. I think possibly we go lower though, I hope not but it is what it is. Governments will probably announce a great recession later this year which would ignite another sell off. Also MtGox trustee might unload those coins back onto the market plus companies like BlockFi might blow up as we saw with Celsius & other lately.
I hope the bottom is already in but I doubt it.
I hope the bottom is already in but I doubt it.
Well, for all of us who have been around for longer, we have seen that often times the cycles more or less applied repeatedly, but we are now in quite a special situation I would argue. Surprisingly all markets exploded during the pandemic, but that was because of the absolute crazy money printing. The money went into assets, hence inflated the price of those assets, but now the consequences take into effect in terms of inflation. If the inflationary effects lead to people having less and less money in their pockets, it is not about buying Bitcoin to hedge against inflation (because the money in the retail sector simply isn't there), it is more about money that COULD have been used to buy Bitcoin is now needed to pay for the basics in life.
I am really uncertain about the coming months because of potential repercussions from the pandemic and the ongoing war, both firing up inflation even further. So the cycles we are used to to a certain degree don't seem to fully apply at the moment. Any thoughts?
Jump to: