Bitcoin Forum

Hi all,
I recently bought 0.933 BTC at $4,620 (had to pay $4,840/BTC off localbitcoin) and I thought I had made the right decision as the market seemed to have stabilised after the sell off at $5k. I'm just wondering, how far is this likely to go? I've seen the graph (linked below) that is projected $3,500 by tomorrow; which wouldn't surprise me at the moment, but projects that by the end of this year the price will hit $10k? I'm fully aware Bitcoin is far stronger than it ever was before the previous dips, but where do you guys see the price being in a month or so? I'm a HODLER so I'm not worried short term but long term is this likely to get back over $5k? The split in November, the recent fake news about the co founder of Ethereum's death and the lawsuit against empty blocks on Bitmain are making me worry somewhat. Any comments? Thanks :)

Personally I hope it goes down to $3000 as I have been waiting to buy some more. $3000-3500 wouldn't surprise me, nor would $2000. I remember buying some back in 2013, at the peak of the 'bubble' and then watching it lost 75% of its value as it went down to $2-300. If you're in it long term you'll know that having money in the game is more important than trying to time the crazy swings that Bitcoin takes.

If you aren't prepared to see your Bitcoin lose 50% of its value, and not reach $5000 again for another year or two, then it may not be for you. Nobody can predict where the price is going to go.

After everything settles down, specially the Chinese investors, I consider $5000+ a good starting point once again. We are all caught off guard by the announcement of the Chinese government regarding banning ICO which really hurt the market. But once everything has cool down, we may see the price going up and I speculate that like $5000-$7000 is achievable. There is another bump, that you mentioned, the November HF, but considering the split in Aug, many predicted that the price would go south, but the opposite had happened. So come November, its possible that the price will go strong again and maybe $5000-$7000 is possible at the end of the year.

I think we just have to watch what would happen next,
Lets just hope that it would recover soon and get higher than before.

Yeah I agree with points from both sides. I was just wondering, is the split in November due to make the "new" bitcoin have a 2mb mempool and the core still be stuck at 1mb? As I think that could be a real turning point if that is the only change. I'm certainly going to try and hold on until november and then see where prices go. My worry is that nowadays, there are so many viable competitors to BTC that it will struggle to dominate the market and achieve ludicrous gains like it once could back in 2015 until August 2017, as Ethereum, Litecoin and BTC Cash give BTC core a run for its money (and with a 1mb mempool and slow transaction times, I don't know if BTC core will be able to keep up). Also, is the change in november just an "upgrade" to BTC core to make it 2mb rather than 1? Or a complete split?

I have a feeling things will get worse now before they get better. I see a decline over the next few months and maybe after the first quarter of next year, we might see some new blood enter crypto once all the old adopters have sold off all their bags.

The average investor is alarmingly ignorant. ICO really has nothing to do with bitcoin.  ETH, on the other hand...

There are wayyyyy to many people with zero clue about anything crypto related invested in this, so FUD and hype both have undue influence.

If you need any supporting evidence for my ignorance comment, just go read the forum.  Holy crap.

It has still not dropped that much, and with the current news about cryptocurrency might have to do something with the current drop. If you are a holder and think of bitcoin as an investment for the long run, than I think you should keep your coins safe with you and not sell them. Hopefully before buying you knew that this was a risky market, and only invested in bitcoin whatever you would afford to lose.

Fuck Eth and it's GD shitcoin icos - GOOD RIDDANCE.
Tezos is the only recent ico worth buying.

China is always banning something, nothing new here, in 2013 it was PBOC bans x a day everyday.

This was orchestrated. It's going to the price "predicted" by Goldman Sachs. They do such prohibitions in China because the government there is a communist dictatorship, if it was in a western country there would be a reaction from some institutions.

I'm seeing "news" in my country saying that bitcoin was blocked in China, that regulation concerning bitcoin was changed, while in fact ICO's dont have anything to do with bitcoin. Why the fuck wont they say its ethereum, the coin promoted by big corporations? Bitcoin is taking the hit from MSM, hence the fall to GS "predictions". All orchestrated to shake weak hands.

You shouldn't buy bitcoin with that kind of value now because I don't think you will have a good return from it, Better you wait when the price drop like what is happening now, The best strategy in bitcoin investment is buying when its low then sell when its high. You should watch the price board and study the market first before making any decision for investment so you will not regret in the future.

@OP if you were a holder and not worried you would not have made this post :D

12 months ago today BTC was 575% LOWER than it still is right now after the drop, BTC could drop another 2k and i would still be smiling personally. this is just a great buying opportunity. ACTUALLY think long, 50k in 10 years EASY BTC will be at, it's simple supply and demand
Dont worry about price, just do your part to bring ADOPTION, and the rest will do itself :D

It wouldn't surprise me if BTC's price dwindle down to $3500. This correction (or selloff, whatever you like calling it) is long overdue as its price soared too high in the past weeks. We all know that this is bound to happen so that it will reach new highs in the next month or so. Don't be afraid of this consolidation and see this as a buying opportunity. If you are a HODLER as you have said above, you shouldn't be nervous about what's happening. Just enjoy your day and treat this as just another day in crypto. Chill.  ;D

I mean I acknowledge now I definitely invested at the wrong time as I did not see this extended dip coming as I thought it might drop $400 at 5k as a few people with auto sell set at 5k would sell out and then people would keep buying as we were on the road to bigger highs. BTC is still outperforming the projection I was looking at, we were meant to be down to well below 4k by now and we're still sitting around 4.2k. I still maintain BTC is very strong at the moment in terms of its backing and confidence levels aren't too bad considering the amount of fresh investment we're getting. If I had the capital I would definitely be investing more. I put in £2,000 when the price was 4.6k haha.

Hard to say how far it could go down.
Don't forget that we were at 1200$ in March, that means half a year ago.
I see some bigger support at 3800 dollars, but I although thought we had that support at 4K and we have already crossed that line on some exchanges.
As a holder who bought recently you can now either cut your losses, or hold still and wait.
I would wait I think. Cutting the loss would only fuel the fire.

That news about China banned ICOs is really shake the cryptocurrency price, all going down today but i think it's already calm down right now. The price of bitcoin is at $4,000 and still unstable, well that news is really unpredictable though and that also makes many traders shock. The only you can do right now is hold your coins.

If you're a long term holder(5 Yrs+), buy more on dips. You wont lose, dollar-cost averaging.

No one knows on how long this correction is happening. This is caused possibly by the China's declaration of banning ICO's until they made suitable laws for it. If you do believe that price will hit $10k this year or not just keep on holding. You don't have to rush and at that rate you had bought it higher, well you have no choice, you can't sell at the moment at $4,010.

china banned ICO, i think btc under 4k soon ..

The correction is almost down by 8.25% already and I believe it cannot decline below  $3000 because of the strong support it had form at that point previously, except something extra ordinary happen. For some of us who are long time holder am not worried at all because, the decline create an avenue for me to buy more and hold.

Since the news had gone out that China banned the ICO, prices of the coins including the altcoins had gone down. I think it will still go down further more and hopefully try to get back up once the hype is over.

The hype causes the price of all crypto's go down and if you see the list on coinmarketcap you can see that almost all of the alts are been down and maybe this is due to the fud of china and it really hit badly aswell with bitcoins since the price of it suddenly go down harder.

When I first heard about bitcoin in 2011 the price trend looked (different scale but yeah) similar to today. I bought 10 BTC for round about $150 and a couple days later they were worth only 50 bucks. I was totally pissed, wrote the money off and didn't care for bitcoins until 2013 when the price rised over $1000. Since then the only thing I really regret is that I definitely saw the potential but lost faith.
Now I have no doubt that it will reach $5k long term and even at least $10k with the next halving. I'm bad at trading and I can wait another three years. Just keep HODLing.

If you are a holder, then you are an optimist and never backed down on that. Also, take your mind away from the charts because that could be source of discouragement by checking every now and then. Also, you should know by default the price could go sideways at any point in time and this is what you have signed up to but don't worry, its a set back but not a pushdown as the rising up is coming soon.

The price bottomed out at $4000 so you actually didn't do that bad.

The floor is generally at that level, which means that in the next few weeks we are probably not gonig to see bitcoin go down below that again. If we were to go under $4000 then we would have done so in the current dump.

In a month or so, i think bitcoin price will be around anywhere between $4000-$4700. The trend is still bullish imo after we make the recovery. But how long it can stay bullish for, i don't know.

That was actually a terrible time to buy... approaching a new all-time high and a milestone.  That is precisely when there is usually a slide, with the movers & shakers cashing out.  And we got a triple, maybe quadruple whammy with several other things coinciding with it that don't "bear" (no pun intended) well for the market right now.  The news from China.  The looming hard fork will have many in a non-committal state until that's over with and they see any after affects.  There are other reasons too.  But never buy high.

But DON'T sell it off.  That's my advice to people that buy in and then watch the value of BTC plummet.  In the long run... possibly quite awhile this time around (several months), it will rise again.  The dumbest thing you can do is take the loss, unless you really need the money for something.  It's the people that bought in when BTC was in it's infancy, in triple digits, or at least sitting around 2200 that should be selling right now, err... actually when the price was approaching 5K.  I remember those people bought in when the price was around 2500-2700 and were thinking about selling, impatiently, when it fell to 2200.  It just makes no sense.

But you should regret buying.  IMO we're about a week into a bull market that could very well last, for the most part, until after everyone assesses the hard fork.  Sure there will be some up's mixed in there over time, but overall a bearish period.  My first assessment was that I expected the price to end up around 3700 before rebounding.  Now I believe that was a very generous outlook.  It was before I learned of the China debacle, and a few other things.  Now I wouldn't be surprised if it dips below 3K before it's done.

November will be a telling month.    

I don't believe this bull run is over, let the rest of the world wake up and see what will happen.

Now you need to continue buying, you'll average down our entry price, see it as a savings account, eventually your investment will return a lot of profit.

Don't watch the daily price movements, it will drive you nuts.

In the meanwhile, you can lend out your bitcoin on places like Poloniex, and earn a bit of interest. It won't be much, but at least you'll be increasing your stash of bitcoins in the process.

there are some people that have the opinion that this is only a short term pullback; so for your position it all the same if you just hodl however I think it was a mistake that you bought at 4600 because everyone was talking about how a correction is eminent. BTC is strong and will comeback to 5000$ again.

I think so too. It was a short fall and now it's already ending. All users are already accustomed to this. In these scams lose their money only for the newbies. I always remain calm. I kind of like it when that happens. This suggests that we are waiting for a big price increase.

This dump will not last for long of that I'm sure. If you look better now it seems that the price has already begun to bounce back. Yesterday it was around 4100$ and today is over 4300$ again. You don't have to regret buying bitcoin there is still enough room for profit. But sometimes it looks like new bitcoin users that appear each day don't know anything about bitcoins and they realy want to get instant rich people, just over night.

Its good that you are still holding up your bitcoin and didnt tend to sell on panic since the price have dip down back on 3.9k+ and now it start to recover. If you did able to buy on those points then definitely you have profits as of now since the price have gradually increasing again and might reach up on the buy point on where you made.Its quiet high but as you said it doesnt really matter because price would really able to break than 5k resistance soon.

Happens to many and I think you need to calm down until everything also calms down at the events that are happening.
This is just another phenomena against bitcoin and would be clear in the days that will come. It's price will come back because I am also hoping for a 5k price.  ;D Just smile and let bitcoin do the job.