No, because it already did that. It's not just gonna go back to the price is already tested. If there's a correction it'll be higher than that. Just like in late 2019 it didn't go back to 3000s, it went to 6500. 6500 was testing following a long term (6 month) downtrend, that price is gone now.
did it really disappear? obviously we don't know yet, because if the price of Bitcoin shows a bearish trend, I am very worried that all support will be passed, which is the most frightening, hope Strong support is at $ 7,500 
Topic: Will Bitcoin Correct to $6,500? - page 2. (Read 1003 times)
I've been in-between moving back to USDT and hodling my Bitcoin in the hopes it may reach the psychological price of $10,000. But this voice in my head that just won't go away says, a heavy dump to $6,500 is on the way. I just hate to get my hopes up high and then dashed again.
Any thoughts?
Any thoughts?
Are you wishing that to happen or are you wishing the opposite, it's ok to have fear for a dump but when the bull run is happening right before your very eyes it's time to support and, the market is dynamic and very volatile so if you are investing only invest what you can afford to lose or always prepare for the eventualities.
No, because it already did that. It's not just gonna go back to the price is already tested. If there's a correction it'll be higher than that. Just like in late 2019 it didn't go back to 3000s, it went to 6500. 6500 was testing following a long term (6 month) downtrend, that price is gone now.
There is a possibility it will go down to $6500 especially after halving because of some corrections so if you are afraid to lose if the happens then you are free to sell now and get profits but please know that bitcoin price has a potential bull price that may range from $10,000-$15,000 so might as well leave a portion of you bitcoin for the possible bull run.
well maybe it could happen like that but I think for this year it's hard to get back to low prices again because there will be a halving day that will make bitcoin prices expensive because it will be harder to get bitcoin and more difficult to get bitcoin, if conditions occur like this then at least have to be able to prepare bitcoin with a very large number to be able to enjoy profit when halving occurs. 
Seeing $6.5K again would suggest distribution was occurring over the past couple months. That would be pretty bearish. I wouldn't expect $6.5K to hold. The next stop would probably be the 200-week MA, currently ~$5,300.
Interesting perspective that I hadn't considered re distribution if we fell to $6.5K. While I find it unlikely, I would expect this level to hold strong again, if we get rejected at current levels that is.I guess what I'm getting at is this: Going back to the $6Ks would (at best) represent a situation like August 2015, where a downside rejection could spring us into a new bull market. At worst, the support wouldn't hold at all.
My expectations are more bullish that that. Q1-early Q2 2016 would be a closer parallel to what I'm anticipating. Dropping to the $6Ks again would really throw that picture into question.
If we make this macro higher high above $10K level to say $11-12K, then would agree that dropping to $6.5K would be very bearish.
Yeah, that would be particularly bearish.
There is a possibility it will go down to $6500 especially after halving because of some corrections so if you are afraid to lose if the happens then you are free to sell now and get profits but please know that bitcoin price has a potential bull price that may range from $10,000-$15,000 so might as well leave a portion of you bitcoin for the possible bull run.
To put it simply, this already happened, so less likely now than it was at $10K before when there were signs pointing to this amount of downside.
Now there is not the same signs pointing to $6.5K, maybe $7-8K, but just like $3.2K, I think $6.5K is unlikely to occur again.
Now there is not the same signs pointing to $6.5K, maybe $7-8K, but just like $3.2K, I think $6.5K is unlikely to occur again.
That's true. There was a huge bearish pressure from people who wanted to get quick gains after buying at 6 and 7k but once we go past 9k all of this is gone. Most traders who bought in the early stages of this bull run, back when we all thought that it's just another correction in the long bearish trend (like the run to 12k in August) have already taken profit and went back in, or simply left the market to enjoy the profit and wait for either another correction or a confirmation of the bull market that we may be witnessing right now.
To put it simply, this already happened, so less likely now than it was at $10K before when there were signs pointing to this amount of downside.
Now there is not the same signs pointing to $6.5K, maybe $7-8K, but just like $3.2K, I think $6.5K is unlikely to occur again.
Now there is not the same signs pointing to $6.5K, maybe $7-8K, but just like $3.2K, I think $6.5K is unlikely to occur again.
I would say anything below the $7,600s area (the 61.8% fib of the uptrend + daily pivot zone) is unlikely at this point. There's a good chance the market won't even fall below the 200-day MA. It's hard to deny the bullishness on the weekly and monthly time frames.
It's starting to worry me how I much I'm in agreement with you at the moment, I preferred it when you saw things differently to provide me with a different perspective
From a pattern perspective this also makes sense, by coming down to the 61.8 this would also look like a marco-sized reverse head & shoulders bullish pattern.
Seeing $6.5K again would suggest distribution was occurring over the past couple months. That would be pretty bearish. I wouldn't expect $6.5K to hold. The next stop would probably be the 200-week MA, currently ~$5,300.
Interesting perspective that I hadn't considered re distribution if we fell to $6.5K. While I find it unlikely, I would expect this level to hold strong again, if we get rejected at current levels that is. If we make this macro higher high above $10K level to say $11-12K, then would agree that dropping to $6.5K would be very bearish.
Reasoning being is by topping out and creating marco horizontal resistance, woud increcase the chances of creating macro horizontal support at $6.5K, as least in my mind. We saw these parallel channels after sell-offs in 2012 (shorter time-frame) as well as 2015 (for nearly a year), so although this doesn't need to happen, the chances of a parallel channel (accumulation at lows) would be more likely than continued downside in my opinion, given current market structure at least..
All theoretical obviously, looks like we're going to break through $10K anyway so much of this analysis won't be relevant
Even if it happens it will happen for a very very short time. You'll probably miss it because it will either happen when you are sleeping or when you don't have any money on the exchange. (unless you have a buy order sitting already)
$6.5k happened not so long ago and it is barely visible on the daily chart. Whales literally attacked that fcking dip. I don't think it is coming back.
$7.5k would be a more realistic target.
$6.5k happened not so long ago and it is barely visible on the daily chart. Whales literally attacked that fcking dip. I don't think it is coming back.
$7.5k would be a more realistic target.
"Correction" might also be $9,500 - $10,500, you should give some thought that the current rally is not ending yet.
Hashing power all-time high, the halving, and the return of the bulls will possibly take Bitcoin near $20,000 in my opinion. 50% correction will crash to $10,000.
Even if it happens it will happen for a very very short time. You'll probably miss it because it will either happen when you are sleeping or when you don't have any money on the exchange. (unless you have a buy order sitting already)
$6.5k happened not so long ago and it is barely visible on the daily chart. Whales literally attacked that fcking dip. I don't think it is coming back.
$7.5k would be a more realistic target.
$6.5k happened not so long ago and it is barely visible on the daily chart. Whales literally attacked that fcking dip. I don't think it is coming back.
$7.5k would be a more realistic target.
To put it simply, this already happened, so less likely now than it was at $10K before when there were signs pointing to this amount of downside.
Now there is not the same signs pointing to $6.5K, maybe $7-8K, but just like $3.2K, I think $6.5K is unlikely to occur again.
Now there is not the same signs pointing to $6.5K, maybe $7-8K, but just like $3.2K, I think $6.5K is unlikely to occur again.
I would say anything below the $7,600s area (the 61.8% fib of the uptrend + daily pivot zone) is unlikely at this point. There's a good chance the market won't even fall below the 200-day MA. It's hard to deny the bullishness on the weekly and monthly time frames.
Seeing $6.5K again would suggest distribution was occurring over the past couple months. That would be pretty bearish. I wouldn't expect $6.5K to hold. The next stop would probably be the 200-week MA, currently ~$5,300.
To put it simply, this already happened, so less likely now than it was at $10K before when there were signs pointing to this amount of downside.
Now there is not the same signs pointing to $6.5K, maybe $7-8K, but just like $3.2K, I think $6.5K is unlikely to occur again.
Now there is not the same signs pointing to $6.5K, maybe $7-8K, but just like $3.2K, I think $6.5K is unlikely to occur again.
I've been in-between moving back to USDT and hodling my Bitcoin in the hopes it may reach the psychological price of $10,000. But this voice in my head that just won't go away says, a heavy dump to $6,500 is on the way. I just hate to get my hopes up high and then dashed again.
Any thoughts?
Any thoughts?
It's not good to give a price or prediction without a chart to back your claims or else you are just creating confusion, even if we can freely post our own analysis it should at least have a reason why it should go that way, in your case you did not give any, it's just a feeling that will be ignored.
If that were to happen it would mean there is a huge bear run going on and that would really cripple the bitcoin economy a lot.
We are on the verge of bitcoin halving, which means that miners would mine half the amount of bitcoins they were mining until today, even with difficulty dropping and the transactions getting more expensive etc, that would still mean that miners will not make as much revenue as they used to, that requires price to go up in order to cover the difference but even a break even point would be good for them to get over that hump.
If the price falls down to $6.5k that would mean not only they are making less revenue, they are also working for less money than they used to as well and might result with them stopping their machines and the blockchain to be clogged constantly.
We are on the verge of bitcoin halving, which means that miners would mine half the amount of bitcoins they were mining until today, even with difficulty dropping and the transactions getting more expensive etc, that would still mean that miners will not make as much revenue as they used to, that requires price to go up in order to cover the difference but even a break even point would be good for them to get over that hump.
If the price falls down to $6.5k that would mean not only they are making less revenue, they are also working for less money than they used to as well and might result with them stopping their machines and the blockchain to be clogged constantly.
Any thoughts?
Anything is possible in crypto world so I would say that Bitcoin go down to 6500 is still possible. This is a game of probabilities and not certainties so the chances of this to happen is around 1-5% only. There are many indicators telling that we are in a bull run already and the momentum is shifting already from downwards to upwards indicating a bullish run. MACD is above 0 right now and the RSI is at the middle (in daily chart).
Take note that most of the investors right now are bullish on Bitcoin because of the halving that is happening in less than 100 days.
I know someone that believes it will go to $1200 at end of next year. At same time that many others predict it will go over $100.000.
Some are saying that coronavirus if spread wider can cause recession. If we get hit by huge recession right now price of Bitcoin can go way way under $6500.
Some are saying that coronavirus if spread wider can cause recession. If we get hit by huge recession right now price of Bitcoin can go way way under $6500.
$1200 at the end of next year? That doesn't seem realistic to me, then most people expect a new ATH, and I do not know what should happen to BTC drop so low. I personally think this will never happen again, but never say never when it comes to BTC. On the other hand, I think the $100k price is pretty realistic in the next 2 years, it is just x10 from current price.
I do not believe that this virus will take that long, they say that the peak is expected in the next ten days, and then the situation should start to calm down. Most of the world is already in recession, or what is actually called a technical recession. Growth rates are just above 0, and situations like this only exacerbate the global economy even more. The great recession may have a positive effect on BTC, but we can only find out if it happens - will BTC become a safe haven, or will it sink with most markets?
P.S. OP you didn't actually mention since when you've been to and fro-ing from USDT and BTC. How much have you made/lost? I never play that game, learnt my lesson a long time ago pre-Bitcoin, and only occassionally make altbuys with BTC when I feel like I could do with a spot of gambling (gasp I know trading isn't gambling, but isn't it? ).
Those voices in your head? That's your human instinct. Remember, the markets are irrational because of millions of heads with voices in them.
).Those voices in your head? That's your human instinct. Remember, the markets are irrational because of millions of heads with voices in them.
$6,000 correction is not a correction, but a big drop that cannot sustain the bitcoin's value. Maybe dropping to $8,000 is possible but not $6,000.
Ill advice to not sell yours as it can pump its way up to $10,000 easily.
Ill advice to not sell yours as it can pump its way up to $10,000 easily.
I've been in-between moving back to USDT and hodling my Bitcoin in the hopes it may reach the psychological price of $10,000. But this voice in my head that just won't go away says, a heavy dump to $6,500 is on the way. I just hate to get my hopes up high and then dashed again.
Any thoughts?
The situation now is quite difficult for the price of bitcoin to adjust to $ 6k5. When bitcoin falls in that price range, it is like an opportunity to get rich soonest. But the whales won't let you do this because you've hesitated. On the chart over the past 2 months, there have been 3 times that the price of bitcoin has reached $ 6k5 and bounced very high. That shows that the whales predicted a glorious 2020 of bitcoin because of the halving event. Bitcoin is currently at $ 9k1 and it is still very cheap, besides it has broken out important price points such as $ 7k7, $ 8k6. so we can believe that the high possibility of bitcoin's price increases over time. Any thoughts?
The deep pullback is already happen so we only expect that there will be a shallow pullback so it is impossible to say right now that the price will reset at $6500. There are now major support but if the major support broken it is only indicating that the uptrend is now finished. The price is continuing to consolidate above $9000. If it is continue then it is the proof that the market is healthy and the uptrend will continue more.
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