Topic: Will BTC go back to $40K - $30K range before a bigger rally? - page 7. (Read 1335 times)

It is not unusual for the market to correct slightly after a quick uptrend. Moreover, we have seen how aggressively Bitcoin has risen since 47K. Now Bitcoin is in a position which can definitely a safe place. But it would not be unusual if there is a further dip from this situation. I can't imagine 40k before Halving. Because there won't be a chance to get such a big dip since the halving doesn't have much time left. As per my expectation the maximum dip could be 58K. But I think the market will stabilize between 62k to 70k and after that it will be bullish again. I strongly believe Bitcoin will touch $100,000 before the halving. It may even go from 100k to 150k because there will be an increase in the number of investment capital due to ETFs. But all these are predictions. Anything can happen to Bitcoin at any time.

when bitcoin price was increasing many people was lamenting that the price will reach to the extent of 200,000 some also said now the price of Bitcoin will also reach 100,000 right now the price is falling back which nobody knows if the price will it fall below 40,000 to 30,000 as you place the Range here, when I say that we should not be Lament on high price or high speculation of Bitcoin or not to be excited when the price of Bitcoin increases more people does not believe that they always thinking that bitcoin price rise into continue to rise not knowing that it is something that influence the market.

30k?

if it does you will be known as a mad genius.

The market is actually still positive these days, and bitcoin is priced at $68k. Although I have been expecting a price correction after the rapid price increase but I’m not thinking of a major correction either like dropping below $40k or $30k. For me, if bitcoin will fall to its deep, most likely $60k or below. However, no one holds the future of bitcoin. We can still get surprises every now and then, so it’s better to just prepare for it and then set some plans if ever that happens.

The fact that bitcoin dropped sharply to around 65k doesn't mean it can drop to as low as 40k or even 30k, that is too way down the road for bitcoin at this moment,  alot have changed and to a good extent we may likely see a more resistant market outlook around 66k to 70k before the halving which is already almost here, so for sure bitcoin won't slide down to that base level price reality not now and not anytime soon.

We are at a critical stage and point for bitcoin and this year 2024 holds to many events that will push bitcoin relevance high and the buy appetite also will be high so selling off that can cause a dump in price is some how very far at the moment.

No! I don't see this happening. It is more bullish inclined than bearish. Everything is gearing towards bull run, so we might not witness such a huge crash anymore unless a very serious negative fundamental happens.

Such a near perfect analysis. Although in this industry, nothing is so sure to be believed 100% but this analysis is something that can serve as a reference purpose.

You are right, Bitcoin is correcting itself but I wouldn't expect it to correct itself towards $40k or anywhere around that range because even if there is a huge sell-off in the market and everyone starts taking profit, the price will barely go below $50k and if it reaches $50k, that can be a good price point for everyone to buy more and keep holding for the bull run to take control of the market.
For now, the price stopped dropping and it is slowly recovering again, if it crosses $70k again, I think we will see it going to $75k after that and there will probably be no stopping it anymore.

I agree with that. I think none of us would want that to happen but as you said nothing is impossible in this market and we have seen such things happening in the past. The greed index does show positive signs but the chart is showing something else which is why I wanted to discuss and gather the views of the community on the matter.
Even though we don't want that to happen but if it does, that will surely be a great opportunity for all of us to buy more before the bull run if we have missed those prices previously.

A correction is likely to happen after the Bitcoin halving event, but I believe that it's price will go at around the $60,000  - $65,000 price range.

Will BTC go back to $30K - $40K? There's a possibility for everything because after all, it's crypto and anything can happen. The question though is "How realistic this scenario can happen?" TBH, with how optimistic I am this year, I don't think that we will see Bitcoin going as low as $40,000 at least this year. The lowest that it can reach is maybe at the $50,000 but the chances are kind of low IMO. Maybe the next time that Bitcoin will touch that price again is if the market is in a bear market again.

Of course, I might be wrong though, and we might see Bitcoin touching that price range this year, but the chances are pretty low. The "Fear and Greed" Index shows that we are in a greed, so I expect more people to buy more Bitcoin hence, pushing the price upwards. Investors are optimistic right now, so I don't see Bitcoin going as low as that price before making a big rally upwards.

You made quite a good and also quite reasonable analysis of the price of Bitcoin. Now Bitcoin has returned to the $68K price level which is not too far from its highest level ever this month. So I also think that this price correction will not be too deep or reach $40K again because price improvements after corrections also often occur in Bitcoin, which generally occurs this month. Bitcoin could also still end the month at $70K if the current price range continues for two weeks.

To be honest, we don't want bitcoin to correct by half because that's too far how those who have expected more will certainly be mentally affected by seeing that significant correction, but in my own view bitcoin will not correct further.

Quite simply what I do if bitcoin drops 50% will buy more at that price because for a bounce it won't take long especially before / after halving then it will be a short time for anyone who HODLs from buying the lowest price.

Once we do not believe the price of bitcoin will correct further.

I expect a bigger pullback somewhen in 2024, but not quite, and above all not to 40 and much less 30k.

From my perspective, Elliott Waves is a quite good metric to analyze the current situation. In my opinion we are currently in an Elliott wave 3 of a bullish cycle (which has 5 waves, 1, 3 and 5 are positive). Wave 3 is usually the strongest, because it is when the masses (institutional and retail alike, although the latter still not in full extent) will begin to ride the train because they're convinced that the asset will go up.

Having analyzed the three previous bull runs, I think we're now in the final phase of wave 3, because after some time of almost perfect uptrend, now the growth is becoming more "wonky" and there are several small corrections. That was very similar in previous uptrends - for example, in 2021 when wave 3 culminated in April/May, from about January on the pullbacks began to go deeper, but there were still higher highs. I also expect some more highs still. My personal estimation is about 80-90k for this high, 100k would be quite much.

After the wave 3 top I expect a deeper correction of about 30%. If we say that 85k could be the top, this should take us to 60k again, maybe to 50k, but I don't think the 48k January high will be broken.

Then of course wave 5 begins, the last bullish wave dominated by retail speculators, and this one could take us to 120-150k or even higher (depending on FOMO level and demand situation) for late 2024 or early 2025.

This is of course one theory of many, but I found that Elliott does surprisingly well when analyzing past movements in retrospective.

To be honest, I really don't know why the price went from 73K to 67K in the last Friday and Saturday. Maybe the FOMO phase had lost it's power and the selling pressure managed to overcome the buying pressure. I was expecting a price correction, but I don't know how much the price is going to fall before the next pump. One thing is for sure. The FUD army will begin spreading lies and BS about Bitcoin. We've all witnessed this happening during the bull runs in the last. The FUD gets more intense when the Bitcoin price is pumping. More "weak hands" will panic sell during the price correction, which might help for prolonging the price drop. Anyway, the real bull run has to occur several months after the halving.

I am very much full on this, we are not seeing anything like $40k down to $30k during this correction period. If it's even possible to get down below $60k to $50k I still won't believe, in my own view of the market we are expected not to see anything below the $60k  mark, it all ends there. As the week begins we may be prone to increase in market value, so no need paying much of an attention to the correction.

Bitcoin is currently down but in previous days it has crossed the previously created ATH and go ahead of it to and has touched the value of 73k$. This implies to the fact that we are in Bull season but this little dumps are happening just for correction and is not a major problem with bitcoin.

I don't know that when it will reach to 80k$ but I think that halving is near so we can see little more pump above 73k$ before halving and may be it touched 80k$ but still these are just assumptions. Halving is nearer and we will see a big pump during and after halving so be careful and don't sell your coins with loss.

This correction seems to be stronger than the ones we saw during the previous months, but it should not be a motive of alarm to anyone, and if bitcoin went back to 40k or even 30k, I am sure there are many investors that will be happy with such news, as it is likely this could be the last opportunity to buy bitcoin at that price before a new bull run were to appear.

Still, there is no much of a point worrying about it, this is the part of the cycle when everything begins to go our way and a small setback should not make us nervous, and if anything we need to think about it as an opportunity.

From my own observation, since when the price of Bitcoin reached $35k the correction in it's price is not higher than $10k that is for instance, When the price of Bitcoin was around $35k, the highest it dropped was $30k, then it got to $43k and dropped around $38k, then it got to $48k and dropped to $38k, so with this analysis now that the price has reached an ATH of $73k and dropped around $65k I don't think it would drop to a lower level of $40k again no matter the corrections that will take place except maybe after the bull run.

You don’t want a pullback that deep, if it pulls back into the $30K I would say it would be a bear market and it will trade in that area for many many months. We had a huge dip and $65K and hopefully it doesn’t go any lower than that.

The flows were positive last week and we got lots of tether entering the market so the steam shouldn’t run out anytime soon. But if we keep dipping, and touch $45K or so I would say that the top was $74K.

nah I don't believe it will go that low worst case scenario might be $50k but thats it, people are buying bags of bitcoin because they know the pattern, recent pullback will just float around $60k - $70k probably
because why? ETF are hitting all time high right now, surely the market won't suddenly dumps and causes people to suddenly lose a lot of money.
added with the many projects deployed that tries to attract btc for staking.
I think so far recent correction is something to be expected because we know earlier rally was going so high it goes even higher than all time high.
with measly pullback like this, eventually bitcoin will recover.
also, halving is around the corner, added with ETH ETF. its overall good situation for bitcoin and other cryptocurrencies so many hypes.

If this happens in the market then we will have nothing to do because no one is in control of the cryptocurrency market. The crypto currency market moves at its own pace. But the price of bitcoin you mentioned I don't think the price of bitcoin will come down that much even with dumping.The price of Bitcoin rose above $72,000 but recently the market has been dumping a bit and now the price of Bitcoin has reached $65,000. If the price of Bitcoin falls to the highs we may see the price of Bitcoin at least $50,000 before the Bitcoin Halving.