Bitcoin Forum

Yesterday BTC was peaked around $4900+ ~close to $5,000 and it is now back to $4,700

What's your take on it? Minor price correction? Or we will have a slightly down trend towards to Close to $4,000 which is almost a 15% Down

I'd call it a minor correction at this stage. The bullish trend is still good unless it breaks below 3750.

maybe this is just price correction, and will bounce up again to reach the $ 10k target and in this year maybe bitcoin will break its record high price.
hold your bitcoin until the end of this year.

Hmm I guess a group of whales decided to dumped bitcoin.. Or this is just a little bit price correction. The next major price correction is at 5600usd.

I also call it is an minor price correction.i think btc take another few days to over $5000. if you see in past when price was under $3000 it take minimum a month to over $3k.price dancing between $2800-2500
.again when it was below $4000 btc took more few days to cross $4k.i think also now it take few days to cross $5k.price will be dancing bitween 4800-4600$ even it can down to $4500 again.when price will be stable then it will jump $5k in very short time.

I think that this month we will still see bitcoin price climb up a bit. Perhaps even break $5000 comfortably.

But i'm not so bullish about the next few months. After this pump slows down what is going to happen? I believe that the price is going to adjust down by at least $1k from the all time high. BTC has simply been too high, and can't stay in a bubble forever.

We could potentially see a bearish state of btc for the next 1-2 years until the halving comes round again, just like 2014-2015.

This is what happens after every major bubble. I'm still a long term bitcoin bull though.

It's normal profit taking. It went up too fast. It was just about $3000 on August 1st, so the rise was too sharp. I hope it stabalises at the current level for a bit.

Minor correction already has been experienced, I guess market may bounce back from here to test $5100 levels before end of tomorrow. If we keep watching, now a days big prices are happening only on Sundays. This way tomorrow may mark the historic price of $5000 for one bitcoins. After that we may see another round of correction before prices rallying toward $5200.

So $4,600 would be a good entry level to bought back? Well my friend ask what would be an appropriate price to entry at this moment? I have no idea

It can't go up forever. minor correction maybe drop another hundred or so before soaring agian

There are people that needed to cashout, so they did.

Price can't go up forever. We are in a bubble and everyone knows that. Whenever there is a pump, it could be the last one. That is a part of reason why $5k is so hard to go over right now and there is extremely strong resistance.

I do expect the bullishness to continue to at least mid-month. But after that, i'm not optimistic at all. I think that this bubble is pretty overinflated right now and could pop at any given moment. Not a great time to get in.

Floor currently is around $4700. Whenever it goes below that level, people buy it up again. When it nears $5k, people dump it. This is the trend right now, and the price is essentially in control at $4700-4900.

So i don't think that we are going to see $4000 for this week. Next week? Maybe. But more likely the craze is probably just going to continue, probably right through this month until a dump comes next month or the next next month.

Bearish trend is going to come eventually. Following huge bull markets will definitely be bearish market conditions. I would say that next year isn't going to be a great year for bitcoin, or at least not as a great year as this year.

I don't think we will see 4000$ again.I think it's just the minor correction.Once the dust settles you can be sure 5000$ price is not far away.Once we cross 5000$ then support will be insane at 5000$ so reaching 4000$ will be impossible unless something really bad happens.

It's always the same, the price goes up, people are perfectly fine with it. The price goes down like 10%, and suddenly bearish talk starts popping up. Why can't people understand that there are traders/investors looking to cash out their massive profits from time to time? The market has gone up like 400% in a matter of nine months, so it only makes sense to experience these 10% pull backs occasionally. Even if we happen to dive under the $4000 level in the coming days, it's all part of the game. Investors are here to make profit, and not to endlessly look at their coins gaining value without doing anything - don't forget that in order to obtain these profits, one needs to sell. In a market being this thin, it goes down with 10% easily, nothing to worry about.

I see this is a correction that will not affect the positive trend of bitcoin price increase. so there is no problem, the decline is probably quite large this will not be felt because at this time bitcoin prices have started to show improvement. pay attention to the market that bitcoin is now increasingly in demand and when all this goes smoothly then we'll see bitcoin prices go through 5000USD.

Don't want to scare anyone, but here is what Goldman Sachs wrote on 14th August:

http://uk.businessinsider.com/bitcoin-price-technical-analysis-goldman-sachs-top-2017-8


She was right in the first part of her prediction in that bitcoin blasted up to $4827+.

Whether she is right about the correction following that is anyone's guess.

I think so it's a small correction before reaching the new landmark of 5k levels . It does not seem that there is any real reason due to which the price will drop to 2k level . On the other hand there are news that few coutties are in process to legalise Bitcoin which will help to make a bull run for Btc . So overall I am positive in terms of bullish at present .

I dont think that it will go to that level of downward we can see some correction and going till 4200+ level but below that it will start the panic selling and then we cannot see how much low we can see because now 5k is the sentimental price which once crossed it will move more 400 to 500 usd upward.

This ^^

I don't know why people feel the need to start attention seeking threads every time the price drops a bit. A $200-$300 drop is not all that significant when 1 bitcoin = over $4500.

Oh yes Bitcoins dead again - didn't you get the memo?  Seriously the price is where it was on what Wednesday when it made a all time high? Get some perspective.

Nothing will surprise me about crypto anymore. My feeling is that the push towards $5k happened just too fast, and people started getting cold feet and cashing in.

Also, the next difficulty retarget for bitcoin is in about 5 days time according to the following site:

http://fork.lol/pow/retarget

I expect the difficulty to increase, as btc has been doing blocks every 7 mins. If a difficulty increase is combined with a drop in price, we might see miners switch to the other chain causing backlogs again.

For now it is a minor correction, but I would keep an eye on things over the next few days. The market is due for a major correction sooner or later. Personally, I am pretty shocked it has risen so much in so little time. I expected a major correction to happen sooner.

It's minor correction no doubt and it is bound to happen every time an asset makes a new ATH, especially around a psychological level as people can't help not taking profit. For now, the only thing standing in the way of Bitcoin is the proposed hard fork billed for November and about that time is when the major correction should be expected, until then the ride is still on!

Bitcoin is still on bullish trend till not touch $4500 level. People who expected new rally on this weekend trading are super optimistic, I didn't.

I think many of us are surprised with this year price increase. Who thought that we will be close to 5.000$ this year? I didn't, after 1.000$ I thought we will climb to 2.000$ until the end of this year, but we passed 2 and 3 thousand dollars very fast, holding 4k for wekks and now rise close to 5k. There 4 months before end of this year, and little drops bitcoin price will increase more. I started to believe in predictions 10k before new year, now that's seems very possible.

Yeah, important next bullish market is Bitcoin market or Altcoin market, because increase both is bad signal and make investor worry situation dumped all like in June this year. For me, I like Altcoin market increase than Bitcoin, because Bitcoin has pumped many much.

Your guess I think is right. There are people who were expecting that Bitcoin can be able to see the $5,000 level and they have already programmed that once it will happen they would do some profit-taking...as correction for sure can set in at that level. Days from now we can see Bitcoin already rising back to that $5,000 mark and this time it can be able to reach beyond that wall.

This is nothing to be alarmed about as we can see this as just a natural behavior of Bitcoin...we have seen this in the past and we are seeing it now and again we can see it in the future...no doubt about that. We are in an open market and what we saw is a dynamism of that market.

This is a hard thing to gauge for a global market but my belief is that there is -alot- of greed driving this market and propping up the price, both new entries and existing holders waiting for anything close to a 10% pull back to stock up. 

To quote an article I read earlier today "According to Coinmarketcap, Bitcoin’s daily trading volume is about 400,000 BTC per day while only 1728 new Bitcoins are created through mining each day." Given the supply and demand factor I'm really struggling to see a bearish trend until something Gox-esque happens to the market.  Obviously we cant keep appreciating at this rate forever but if you look at how resilient the market has been to pullbacks all year it going to take some catastrophic news to start a bearish trend. 

My bet is some form of government intervention. Despite the pragmatic problems of government control of a decentralized asset I think there is alot of institutional money entering the game now which wants to play by the rules and I think this could have a significant cooling effect. 

This should be the start of a series of corrections but in my opinion we will see quite strong price rebounds as well.

Just like this time, the price bottomed out at around $4500 before rebounding up to $4700, where it is currently at.

$4000 is unlikely. The price should stay put above $4500 because that is basically the floor right now. If bitcoin will go under $4500, it would have done so in the dump yesterday. But as soon as it hit near $4500 it rebounded.

Next year there should be a strong bearish trend but this year there is still some bullishness left in the tank.

We are not going to see bitcoin correct down to $4000 in this month. But it will happen probably in the next few months, before the end of the year or at the start of 2018. There is no way this is going to continue on forever.

Short term though i think we may see bitcoin break another all time high, and finally breaching the $5000 level on coinmarketcap. I would say that this will happen this month and the price at the end of the month will be around $5200.

I think someone else pointed out that a global bear market for cryptos is coming. I agree with him. It is likely that 2018-2020 isn't going to be fantastic years for btc.

so how much your prediction guys on the major correction later ?

will we see the price of bitcoin dropped more than 30%? if happened so , can we handle the panic selling then? once the major correction happened in current situation it is an obvious situation that the market will keep going on bearish , we all expect just a minor correction.

Exactly my thoughts too. Nothing bad in becoming prepared for a crash. It's long overdue.

Well currently it is definitely in a bearish trend. I expect the price to rise in the next 2 weeks though after people recover from the recent dump. If we can't make a full recovery then i think this may be the start of a bearish crypto market, but i think that's unlikely.

I think what's going to happen is a few more pumps gets bitcoin to near $6k, then we see resistance at the $6k level just as we saw at the $5k level, and that kickstarts the panic sell process, leading to a bear market for a long time.

That's just my own speculation, but the mania will not continue forever. Has to be some sort of adjustment coming sooner or later.

I think it's just a short term minor price correction. $5000 is still in sight and i think we will break it this month.

The bull waves are probably going to keep coming until the end of the year, driving the price up to probably $5-7k depending on various factors. I'm not sure i am bullish about next year though because i think that there is going to be a dump-off that will negatively affect the price of btc.

Right now, no. Bitcoin is still bullish. But 2018 through to the next halving is going to be a couple of tough years for btc.

Just don't forget that we are in a bubble, anything can happen overnight.

I don't think so. It was -$400, the highest fall i've seen so far since the good rally started. But that is nothing coz we're back at $4500 and that is still too high. A correction would be a better term in this. And even if there is some fall, we've seen this past few weeks that it goes up again after few days.

it is never easy to say but i think it is too soon for start of a bear market for bitcoin. we have the SegWit2x on the way in a couple of months and that will cause the bear market to start but only a couple of weeks before its deadline and then depending on the result of it, things can go either way.

but for now i am expecting more bull market and bigger rally until that time.

this is so far a small correction like all the corrections before it. you can see them red candles on the daily charts. sometimes it takes a week to reach the bottom and reverse.

In times like these it is a good time to thank the trading gods for giving us another opportunity to have our bids hit again. I was starting to worry that I would not have my target of 10 Bitcoins before going to $10,000 per coin.

This dip is indeed for short term. This correction was definitely needed. Now Bitcoin is at $4550 and I don't think any further dip will happen. Bitcoin will again rally ahead. Price will definitely touch $5500 in September.

there has not yet been a 15% drop! how are you calculating it. the ATH was $4970 and the current price is $4444 in bitfinex and that is a 10.5% drop!

anything below 30% with bitcoin is always going to be a simple correction. and 30% drops has never been common nor lasted for long. if it happened and could actually last a long time that means it is a bear market.

drop to 4000 is 18.36% drop. in which case i think it is safe to assume we are in a bear market or at least a start of one.

I think Bitcoin reduction is indispensable. It has risen quite fast and needs a price adjustment if you want to reach $ 5000. It may fall to the resistance at $ 4,400 and $ 4,200. After collecting enough, it will continue to reach the goal of $ 5000. We do not need to worry too much as this is the rule of growth.

I think the correction was taken hard on bitcoin as the price fell bellow $4000 as at the time of making this post. I think this is  not unconnect with the bad news coming from the decision of China peoples bank of banding ico project and treat it as an illegal business activities. If you are a trader now is the best time to buy bitcoin and others related cryptocurrency. Some altcoins are  down too ethereum is below $300 and lisk is falling too!  The best time to invest is now and maybe by next week you may see bitcoin go as high as $5000 and we have many speculation that bitcoin may get to $7000 before end of this month.