When The Inevitable Happens With The Dump - What Will Bitcoin Be Worth? - page 3.

JollyGood

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Yes there is a difference in Bitstamp and CMC prices, thank you for the information.

If you are right and Bitcoin loses over 80% of its value in 2021 then it will be all red on the crypto price websites. In that scenario many smaller coins and token will probably not even survive and others will see a huge fall in price.

Many investors will cut their losses reluctantly when a correction happens and many will simply face financial ruin when the crash happens when panic selling across the world sets in because they bought in to crypto at high prices.

Quote from: error08 on January 10, 2021, 11:07:21 AM

I believe the ath was $42k based on bitstamp, even if you check it now the day's range 38556.27 — 41450.00.

it won't crash anytime soon but some corrections may occur like 30% and max 40%, which mean around $24k - $28k.
The real crash will take place after bitcoin reach the peak probably by Q4 2021 if history repeats itself. Then bitcoin price will gradually lose its value to 80%-90% in 2022.

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Quote from: JollyGood on January 07, 2021, 07:44:43 PM

I think it is going to happen very soon, the dump will be happening but what will happen when everything on CMC shows red? How far will Bitcoin fall?

After the crash I think it might settle around the $12,000-$13,000 mark before finding a way to work upwards again over a period of time.

The all time high was set just hours ago of $40,180.37 according to CMC

I believe the ath was $42k based on bitstamp, even if you check it now the day's range 38556.27 — 41450.00.

it won't crash anytime soon but some corrections may occur like 30% and max 40%, which mean around $24k - $28k.
The real crash will take place after bitcoin reach the peak probably by Q4 2021 if history repeats itself. Then bitcoin price will gradually lose its value to 80%-90% in 2022.

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Quote from: JimboToronto on January 09, 2021, 09:07:34 AM

Quote from: JollyGood on January 07, 2021, 07:44:43 PM

I think it is going to happen very soon, the dump will be happening but what will happen when everything on CMC shows red? How far will Bitcoin fall?

After the crash I think it might settle around the $12,000-$13,000 mark before finding a way to work upwards again over a period of time.

The all time high was set just hours ago of $40,180.37 according to CMC

_____
Coinmarketcap? I thought only noobs and altcoiners used CMC as a Bitcoin price reference.

The great old Jimbo, always making me laugh! May I suggest you've been too nice here? You could have named the altcoiners shitcoiners for what's worth. And you forgot to mention that CMC gets used by defi yield farmers and ICO nostalgic too!

JollyGood

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Thank you for the clarification. I just checked:

Bitstamp showed $40,034
CMC showed $40,007

CMC was taken over by Binance so I see no problem with using them as a measure but I understand why you would want to use Bitstamp. Wish you success in the latest bull run Wink

Quote from: JimboToronto on January 09, 2021, 11:23:43 PM

Quote from: JollyGood on January 09, 2021, 09:15:34 AM

Where do you get your crypto price references from?

For BTC/USD I use Bitstamp.

Bitstamp is preferred by many OG Bitcoiners because of its long standing as a reputable exchange that doesn't allow leverage or margin trading, just honest buys and sells. It's not surprising that it's what my neighborhood OTC exchange uses.

For BTC/CAD, BTC/EUR, BTC/GBP, etc I use Bitcoinaverage. I also use it as a multi-exchange price index for BTC/USD.

Bitcoinaverage bases its prices on the most exchanges worldwide based on volume, omitting exchanges with zero trading fees. It's used by almost all local ATMs.

I don't do altcoins

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Quote from: JollyGood on January 09, 2021, 09:15:34 AM

Where do you get your crypto price references from?

For BTC/USD I use Bitstamp.

Bitstamp is preferred by many OG Bitcoiners because of its long standing as a reputable exchange that doesn't allow leverage or margin trading, just honest buys and sells. It's not surprising that it's what my neighborhood OTC exchange uses.

For BTC/CAD, BTC/EUR, BTC/GBP, etc I use Bitcoinaverage. I also use it as a multi-exchange price index for BTC/USD.

Bitcoinaverage bases its prices on the most exchanges worldwide based on volume, omitting exchanges with zero trading fees. It's used by almost all local ATMs.

I don't do altcoins

inanilujimi

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If a major crash were to happen I don't think it would be less than $ 20k, we already know the hardest ATH to hit for nearly 3 years is $ 20k. just could create a new ATH that gets big investors starting to enter at the price of $ 20k, there is no way they continue to sell below the price of 20k because most investors believe that bitcoin will reach beyond expectations.

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I don't get why everyone is expecting a big drop in bitcoin price, why is there this belief? I get that it has always gone up and crashed so everyone assumes that it will crash again, but does it have to be a crash? Like maybe from now on we are going to be around here? Maybe from now on the price will be 35k to 40k for the next 8 months? Who knows? Sure it could reach to 32k for a day or two and increase again, go to 42k and make us hopeful and drop to 38k again, but all around just hang around here. Is that so impossible?

I am not saying that will be what happens, I am not saying it will not crash, all I am asking is why do people think that it has to crash and there is no other option? I feel like there are tons of other options, maybe we can go to 100k and "drop" to 50k? Who knows. I just think that as long as we keep promoting and supporting bitcoin, everything will be fine.

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Quote from: JimboToronto on January 09, 2021, 09:07:34 AM

Why would you expect a crash soon? This rally is still young. We might see corrections along the way, perhaps as large as 30-40% but don't expect to see $20k again, let alone $12k-$13k.

When this bull run has finished (maybe $200k-$400k), we could see a much larger dip, maybe as high as 80%.

Don't count on it being that severe though. Previous bubbles were based on retail FOMO followed by weak-hand panic. This run is founded on well-researched institutional investment. Institutional investors don't have weak hands. Don't expect them to panic.

Yes, when the retail bubble bursts, weak retail hands will panic and the price will plummet, but not as far as in the past because retail will represent a smaller percentage of the total coinholders. Institutional investors will continue to hold.

It might not even make it back down to 5 figures at that point.

It is all speculation, nobody knows what will happen and things are not clear.

As with previous bull runs the price does come down, sometimes way less than hoped for or anticipated. I am enjoying the c.$40,000 price but am trigger happy and will be happy to sell some as soon as I get a feeling the end of the bull run is in sight.

Quote from: JimboToronto on January 09, 2021, 09:07:34 AM

Coinmarketcap? I thought only noobs and altcoiners used CMC as a Bitcoin price reference.

Where do you get your crypto price references from?

JimboToronto

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Quote from: JollyGood on January 07, 2021, 07:44:43 PM

I think it is going to happen very soon, the dump will be happening but what will happen when everything on CMC shows red? How far will Bitcoin fall?

After the crash I think it might settle around the $12,000-$13,000 mark before finding a way to work upwards again over a period of time.

The all time high was set just hours ago of $40,180.37 according to CMC

Why would you expect a crash soon? This rally is still young. We might see corrections along the way, perhaps as large as 30-40% but don't expect to see $20k again, let alone $12k-$13k.

When this bull run has finished (maybe $200k-$400k), we could see a much larger dip, maybe as high as 80%.

Don't count on it being that severe though. Previous bubbles were based on retail FOMO followed by weak-hand panic. This run is founded on well-researched institutional investment. Institutional investors don't have weak hands. Don't expect them to panic.

Yes, when the retail bubble bursts, weak retail hands will panic and the price will plummet, but not as far as in the past because retail will represent a smaller percentage of the total coinholders. Institutional investors will continue to hold.

It might not even make it back down to 5 figures at that point.
_____

Coinmarketcap? I thought only noobs and altcoiners used CMC as a Bitcoin price reference.

JollyGood

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It will be interesting to see where this goes because it might be a mark for future bull runs followed by the aftermath. Yes you are right it all depends on where the peak is but Bitcoin losing around 30% value (as you suggested) will not be a total disaster for many investors, many will hang on and wait until the next bull run.

Quote from: Upgrade00 on January 08, 2021, 04:35:24 AM

I personally do not see Bitcoin losing more than 30% of its value at this point. If it does dip now we could fall with the $25k-$28k range and if the bull run continues the support range would also rise. It all depends on where the peak is.

Quote from: Lorence.xD on January 08, 2021, 04:26:44 AM

A 3 digit is impossible there are still a lot of hurdles to be passed through before we even reach $99,999, not to mention that the current available supply is steadily running low.

Don't you think a thinning supply would have a positive effect on the price? The less Bitcoins there are available for sale, the more demand grows against supply and the more valuable it gets.

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Quote from: thecodebear on January 08, 2021, 07:16:11 PM

Quote from: JollyGood on January 08, 2021, 07:11:49 PM

I cannot see this bullrun going on longer than a few more day maximum, in my opinion it will not be going on for a month or two. When the price falls after the dump there will be plenty of people around the world that will financial face ruin. I feel sorry for those that purchased at $35-$40,000.

Oh wow you actually think the entire bull market is going to end this month?? haha. that's quite the claim! This thing has barely even started and you're saying it's over!

I've noticed a lot of people who arrived in 2016-2017 are very bearish. They're in disbelief. That sentiment, along with IRL people telling me the BTC price is too high and that I should sell, is one of the reasons I can tell the market is going much higher. Retail is barely on board yet.

I can sympathize with those bears too. Been there. I was traumatized by the 2014-2015 bear market. I was in total disbelief in early 2017. Not dumb enough to short, but dumb enough to sell lots of coins, not realizing we were on the cusp of parabolic gains. Not making that mistake again.

JollyGood is worried about losing USD. He should be more worried about losing coins.

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Quote from: JollyGood on January 08, 2021, 07:11:49 PM

I cannot see this bullrun going on longer than a few more day maximum, in my opinion it will not be going on for a month or two. When the price falls after the dump there will be plenty of people around the world that will financial face ruin. I feel sorry for those that purchased at $35-$40,000.

Quote from: Lorence.xD on January 08, 2021, 04:26:44 AM

Quote from: Kemarit on January 07, 2021, 08:03:15 PM

Depends on what will be top for this bubble, others are seeing a 6 digit rise, as high as $300k so unlikely to settle $12,000-$13,000.

And we have to know as well what will be the reason behind the sell-off to really crash the market to more than 50%. We are still in the bull market, so just a slight correction, there are many takers just waiting around the corner.

A 3 digit is impossible there are still a lot of hurdles to be passed through before we even reach $99,999, not to mention that the current available supply is steadily running low. Hopefully the bull run is still going strong for at least a month or two, sell offs will soon be prevalent.

Oh wow you actually think the entire bull market is going to end this month?? haha. that's quite the claim! This thing has barely even started and you're saying it's over! Reminds me of in 2017 when Bitcoin was at $2800 in early June of that year I read some analyst claim that was the top and it would go back to $1000 for the next 6 months and then start rising up a little bit at the start of 2018 haha.

It's not very wise to predict the end of a bull market when it's only 2x'd from the old peak, and when institutions just began eating the supply! Even if a short term correction happens, nobody faces financial ruin, ya just wait a few months at most (probably a few weeks) and the price will be pushing new ATHs again.

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I cannot see this bullrun going on longer than a few more day maximum, in my opinion it will not be going on for a month or two. When the price falls after the dump there will be plenty of people around the world that will financial face ruin. I feel sorry for those that purchased at $35-$40,000.

Quote from: Lorence.xD on January 08, 2021, 04:26:44 AM

Quote from: Kemarit on January 07, 2021, 08:03:15 PM

Depends on what will be top for this bubble, others are seeing a 6 digit rise, as high as $300k so unlikely to settle $12,000-$13,000.

And we have to know as well what will be the reason behind the sell-off to really crash the market to more than 50%. We are still in the bull market, so just a slight correction, there are many takers just waiting around the corner.

A 3 digit is impossible there are still a lot of hurdles to be passed through before we even reach $99,999, not to mention that the current available supply is steadily running low. Hopefully the bull run is still going strong for at least a month or two, sell offs will soon be prevalent.

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You're just asking about the next/first correction in this bull market? Maybe $30k if it corrects before we get over $50k. If it doesn't correct until a bit higher it might only drop to $40k.

The low for the year will likely be the $27600 that was hit a few days ago on that one dip from $34k. Very much doubt we'll see anything that low again, ever.

If you're asking about a big correction post-bull market, or at least when the market takes a bit of a break from exponential growth, it'll probably drop to like high five digits at lowest.

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Quote from: ice18 on January 08, 2021, 11:30:33 AM

At around 50k - 55k this is very critical level that we can finally see a huge sell off it can be very fatal that it can bring the price 20k level or even 16k and again big pump incoming after this one so like what happened last 2017 big dump and huge huge pump.

I don't think we will be seeing that level very soon.
But btc market is surprising us everyday, so can't really say that it will not happen.
I am sure when that level is achieved, a lot of us here will start thinking selling some from our portfolio.
Because at anytime, crash will happen and we don't know when that will be.

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Some people tried to crash it couple times, cashing out 1000+ coins (on just one exchange) within seconds. But these coins were eaten up very fast. Its really hard to tell. But I think the bears have to dump more then usual to really start a collapse. I hope the rally continues couple more weeks. Just a 2x growth to 2017 would be pretty disappointing if we think big players getting into the game now.

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Quote from: JollyGood on January 07, 2021, 07:44:43 PM

I think it is going to happen very soon, the dump will be happening but what will happen when everything on CMC shows red? How far will Bitcoin fall?

After the crash I think it might settle around the $12,000-$13,000 mark before finding a way to work upwards again over a period of time.

The all time high was set just hours ago of $40,180.37 according to CMC

Depends and still leaves a lot of questions in mind on how bad it could actually drop when this huge correction or pullback would happen.Honestly we are really moving that
fast in a short span of time and i dont see for it to be an organic gradual increase anymore. FOMO? Possible but we cant deny that adoption level is somewhat higher
compared into those previous years.When dump happens? Then it would really be an opportunity to buy cheap coins because now, this isnt something an average joe
can purchase a whole coin but somehow we can buy on part or satoshi amounts. This is why we should really be careful on what we are dealing now.

Globb0

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Some corrections or pullbacks are to be expected.

The more experienced guys have learned to ride these ebbs and flows.

For sure the longer term trend is clear.

BTD! Wink

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Quote from: JollyGood on January 07, 2021, 07:44:43 PM

I think it is going to happen very soon, the dump will be happening but what will happen when everything on CMC shows red? How far will Bitcoin fall?

After the crash I think it might settle around the $12,000-$13,000 mark before finding a way to work upwards again over a period of time.

"The dump?"
"The crash?"

Do you mean the bubble popping for good, like December 2017? We're not even close to that point! Give it 6+ months at least.

As for a short term correction, I would aim closer to double that price, should $42K serve as a major top. $25K is still possible in a June 2017-like shakeout. I wouldn't bet on much lower than that.

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Those are comments from analysts who know what they are talking about but I think there is no way of them knowing what will happen next. It makes sense for institutions not wanting the price to fall below $20,000 if they purchased it at that price but it is inevitable the dump will start soon and there is no guarantee what the price of Bitcoin will be in the aftermath.

Quote from: lovesmayfamilis on January 08, 2021, 03:48:59 AM

In a recent interview with Bloomberg Bitpay commercial director Sonny Singh suggested that if investors start selling their bitcoins earlier than planned, the bitcoin rate could fall to $20,000. And also, because institutional investors purchased bitcoin at the level of $20,000, they will not let it fall below.
But in fact, bitcoin is so unpredictable that only he can know his future.

https://www.youtube.com/watch?v=RPz9ea6fwjA&ab_channel=BloombergTechnology

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