Topic: When will the price of Bitcoin break below the $6,000 support level? - page 2. (Read 391 times)

No one can know that he can only guess. Because everything can change in the world at any time and BTC can gain value depending on all these values and may also lose value

no i don't see such triangle anymore. there were one a couple of months ago that people were excited about thinking it will drop below but it has been a flat line more or less ever since. not to mention that so far in this 9+ years TA never worked on bitcoin like you think it works!

there was no bullish run
the thing is the fluctuations created by day trading whales which makes price go above $7k then come back to $6kish and rise and repeat is not real trend and it certainly is not "bullish runs".

there you go: https://bitcoinwisdom.com/markets/bitstamp/btcusd

It's not going to tank below 6000, but I don't see it going much higher either. Then there'll be inflation over time, and the value of that future 6000 may not be as much as today's 6000.  If, at that future time, BTC still stays range bound at 6000, then in real terms it's real value would've dipped below 6000 in that future scenario.

i think this year if SEC rejected again.

Base on technical analysis l made recently  bitcoin will NEVER  break below the $6000. price action movement in most cases reoccur from historically data .you will remember at 2017 at this time of the month bitcoin was trading between 6k to 8k .the only thing that might want to break 6k below is when whales are ready to buy the Dip ,they will bring FOMO to the market and this will only occur in the month of October but i doubt .

no calm down.
think about it only 1800 coins are made a day.
so IF (apocalypse hat on) all pools all combined all had the next gen rigs running in november(that in itself seems too OverTheTop of a scenario).. the total coin that is cheaper than $5800 is just 1800coins per day while network hashrate is below 90exa.

now if you imagine the price in november was todays $6500. selling all mined coins all at once on bitfinex(looking at volume) would only push the price down to 6200
so all pools would need to sell all coins of about 3 days in one go to dip to 5800(that in itself seems too OverTheTop of a scenario).

chances are not all pools will swap out rigs instantly so their costs would remain higher and not wanna sell so low
chances are pools wont want to sell all their coins anyway even if there is a bit of short term profit
changes are hashrates would be higher. so the costs vs profit would too be less appealing to want to tank the price
chances are if a sell off did occur. many buyers would celebrate a discount and a buying frenzy would occur fighting off the sell off to keep prices up.

so relax its not a guaranteed dump in november. but do expect some movement in hashpower and prices is all im saying

And with that, can we say that we can have another major correction since this miners will dump in $5800?

Honestly, I thought that this year will be better than 2017 and the first quarter of the year was just a trap and as we go along by the end of the year, it seems to be worsen. Yet it's too early to conclude but we should always expect less.

maybe it will happen in early 2019, studying price movements in the table every year prices tend to stabilize nearing the end of the year, and start falling in March, April, as happened this year. now I also retain the coins that I have.

we have not dropped below $5800 since november 2017

there have been multiple attempts and massive amount of time for opportunity but no one has dared.
looking at the UTXO set of fund movements. over 65% of coins in circulation have passed hands in that time. meaning 65% of coins have now settled at a rate of value above $5800.(they wont sell for less than they acquired them)

mining costs have also risen.. 43exa network hash was the cost equivalent for mining a coin at $5800, this too has risen. so there is alot of support above $5800.

personally id say its too early to shout out this weeks average support as any mile stone. and this months support is still too early. and the 3-10 month support is still the same at $5,800
so im still holding onto the 3-10 month mark as it has alot of coin and mining support that will keep it up..

that said.
october will see some new ASICs that offer cheaper hashing. and so by the delivery date of november. if the hashrate isnt at 90exa then there are some miners with new rigs that can profit even if they sold below $5800. due to the efficiencies of these new rigs.. so i can see we might get another retest in late october/november (if network hashrate doesnt climb to higher numbers of 90exa to counteract the efficiency).
but with that said. the number of pools who would actually have that equipment and the amount of coin they manage to produce in a short nough time to be profitable to actually then sell off to cause an impact would be small too. so its not a warning that the price will drop. but a possibility if the markets were already near the bottomline that just a few extra pokes would make a small dip

Probably next month it will drop under 6000 but hard to say. I hope it never gets that low again.

If you look at the chart of the Bitcoin price, it has formed a clear descending triangle with support at about $6000. Resistance is keeping the peak of each bullish run lower than the previous one for the past few months.  If I can find a good chart to post, I'll add it in later.

I believe that this is a bearish signal that the price could likely break below $6000 soon. 

Do you agree and if so, when do you think it will drop below that key support level?