Bitcoin Forum

Have you guys seen the sharp dips just hours ago? What is happening? According to our analyst, BTC price is heading for 8K, do you think it's possible? Feel free to leave your comments below.

Full version of analysis from Kuang Ren:

BTC:
BTC is very likely to start a new round of downtrend with the bearish news and gently-increasing volumes during the dip.

The destination for the price during such downward move may be around $8,000, which makes it important for us to avoid risks as the overall bearish sentiment is not over yet. I’ve been emphasizing on the fact that prices of all major coins are just bouncing but not reversed.

Altcoins:
The overall trend of altcoins today seemed weak except for XRP, NET, ADA, XLM, LSK and QTUM. Once it becomes weak, funds will get together and push those well-performed coins up.
XRP:
My analysis stays the same, i.e. current strength of momentum can’t set all locked positions at the high level free. Even if price sets another new all-time high, it could be a fake break, which makes it inappropriate to chase high from current level. Therefore, a new all-time high is a window to reduce your positions.

ADA:
Floor is formed at high level and signs of defending price at such floor by main funds can be observed, indicating that the overall uptrend is not over yet. 2 directions for future market: firstly, main funds will dump their chips without any concerns as the holding costs are extremely low. Secondly, they will dump after another round of surge since profits will be decreased if chips are directly cleared. Lose-stopping price can be set at 0.000025 if you decide to go against the overall downtrend.

XLM:
Flirting with IBM caused the continuous surges during previous sessions, XLM still holds a chance to move in an independent manner as volumes don’t increase at high level and main funds keep their chips in pockets. Lose-stopping price can be set at 0.000013 if you decide to go against the overall downtrend.

LSK:
It shares the same logic with XLM as volumes don’t increase at high level and signs of defending price by main funds can be observed. Currently, price is digesting the surges at the floor formed at high level. Lose-stopping price can be set at 0.000013 if you decide to go against the overall downtrend after the digestion.

QTUM:
ADA shares some common features with QTUM including large-range surges, the continuous sideway move at high level and protection from main funds, which makes further gains possible, lose-stopping price can be set at 0.0029 if you decide to go against the overall downtrend after the digestion
Lose-stopping prices mentioned above must be strictly followed, once broken, positions must be cleared immediately. Keep in mind that information contained herein is strictly for information purposes only.

Original by Kuang Ren, translated and posted by AICoin Jami.

I don't think bitcoin will decrease 8k

That won't surprise me at all.

BTC was heavily pumped for several weeks in a row without any apparent reason, no significant changes, nothing to justify the tremendous price rise.

Therefore, a sudden dump is to be expected...

From 14 000$ to 8000$ just like that,in what time frame your analyst predict this drop?

I personally do not believe this will happen,although I always leave the possibility that everything is possible when it comes to BTC.In the last few days BTC is go up to 16 000$ and then drop down again,what only shows that is not the time for upward trends.

It is hard for me to expect that 10 000$ level can be broken in some easy way-maybe some very bad news in combination with huge spam on blockchain can result in such a fall.

Predictions&Speculations for altcoins should not be posted here/there is appropriate subforum for that : https://bitcointalk.org/index.php?board=224.0

8k -> I will buy!
5k -> I will buy!
3k -> I will buy!
1k -> I will buy!

Hell just gimme your coins as cheap as possible!  ;D ;D

In my opinion, it seems very unlikely to happen because there are many investors waiting for the price to drop, for them to buy at a discounted price of bitcoin, therefore, sideways movement of the price is likely to happen until the end of this holiday season or lightning network has been implemented.

Even if it happens I can assure the bounce would be epic!
Check the orderbooks. And this is just what you see. There are lots of huge hidden orders in that low area of 8k.
This is the perfect 'beachball under water scenario". Pushing the price that low would just exhaust all the asks. After that -> moontime!

If that's the full version of his analysis then I'd hate to see the shortened version - 'bitcoin is going to 8k because I said so'. Bitcoin may go to 8k, to my mind probably not but this isn't analysis. Just because the price has dipped slightly doesn't mean everything should be doom and gloom.

I think Bitcoin fell $ 8k is impossible. can see after touching $20 k price peak bitcoin began falling down to the present. look at the chart we see Price just stop at $ 11900 is the lowest. investors are seeing their chances whenever Bitcoin prices dropped, and today the bitcoin when price dropped $13300 orders rose sharply and pushed the price up bitcoin back 14 k $

My finger is on the button. Waiting for fresh lows to buy more and more.
I hope we will see 8k usd in few weeks so i can buy more and this will get me retired after few months.

$8K? It would be a REAL crash, i mean it seriously. If the price go to that amount of money, everybody will sell and the price will be dead at some point, oh my god. if that happens i dont know what would i do

Bitcoin dropping to $8000 will mean clash! I don't think fundamentally why this should happen as I think many traders are taking time of to celebrate Christmas and new years and this means withraw of funds for spending during this time. I can take what is happening now as a correction and not clash as this is no based why bitcoin price should clash. I believe by January bitcoin will resume another bullish trend and this may take bitcoin's price to $25,000.

Bitcoin price is not so high now. And past some days it is decreasing. But seems that, bitcoin will not drop on 8k. Price will rise again in some days. On upcoming new year, price will hit on very good position.

Very possible that $7500 or $8000 would be the bottom of the crash. It's still healthy to receive such a huge correction knowing that we're up thousands of percent in just a single year. Fundamentally speaking, what the analysis don't make any sense, but in a market this big and grew this fast, it is something sensible. I hate to be that guy but it seems that the bears are now awake from their hibernation and are now ready to clash against the bears.

$8000 is a great buying opportunity. I don't know what the hush is all about lol.

I don't think so. Past some days bitcoin price get down. Now bitcoin price low. In my opinion bitcoin price never less than 14k. So bitcoin drop on 8k is impossible. Bitcoin price again increasing after some days.

 ??? Its below 14k now lol

I don't think it is possible to go back to $8,000. Bitcoins has been trading a lot higher than that for a long time. I do think it could go about $10,000 if things just go south due to the recent congestion in the network. But I think it is still way possible that this would shoot up after the new year. Anyway, regardless of what happens, bitcoins has beaten all expectation for this year and nothing can change that, even if it drops back to $8,000.

Yes, it's possible.
I've been talking about $8K being a target since 3 weeks ago. The dip from $19K to $11K was only the first leg. There is a second leg coming.

May I ask what is this new wave of the bearish news? Price of bitcoin is highly volatile but we need to remember that there is only almost 21 bitcoin.
With more than 7 billion people in the world, this number seems very low - and that would explain this high price, and even bigger potential of BTC to rise even higher.
Don't forget that with corporate money flow we may see another ATH soon. And last but not least - why exactly we will hit $8k and not $5k or $11k? Random number?

Well, everybody is still hoping for that to happen and buy bitcoin at lower value but I just wonder why those long term holders still locked up their wallet and waited for the price to spike until they reach the goal of more than $20K. It's good to see bitcoin price be back at that price of $8K rapidly next year because it attracts more traders who happen to learn bitcoin by it's popularity and yet so convinced by its promising price and demand rapidly increases every month as well as trades was active everyday.

It wouldn't surprise me if the price goes below $11k during this night, there is a lot of fud, even on the subbredit of bitcoin, that is very surprising after all, i never thought that there was going to be fud in there.

Call it FUD or whatever you want to.
Those who are able to sell at above $17K are able to buy back at lower prices like $15K, $13K or even $11K
That's how you increase your btc holding assume your total initial investment amount doesn't change.

True. WS sharks are dumping their coins to win shorts in futures.

It was predicted.

People wish the price would drop from this point, but it won't. Reddit has become an absolute troll hole in the last years. At first it was a platform containing quite some useful discussions, but in the last years, it dropped massively in quality and credibility. I remember how certain forum members here were stating to leave this forum to just focus on Reddit, but it seems that even there they aren't safe from trolls, shills, etc. It's obvious that now this market has grown so large, that there is a lot to gain by attempting to crash this market down, but it isn't really working. Let them keep wasting their time with spreading fud, those who know how everything works don't care....

FUD me more.
So what if it goes to 8K? It was 1000$ not so long time ago, and not so long time ago it was expected to hit 5000$ next year. Don't you remember that?
8K is fine with me, i will buy more bitcoins. To be honest i don't think it is going to happen.

It will increase again, because that is the most solid user support.

If you look at the charts, you will notice it spiked up after 8k. Do you think it was only normal investors buying? No, those spikes were caused by institutional investors. They injected most of the money after 8k, so that when futures arrived, they could short it to win their bets. Bitcoin is going down slowly because a lot of normal investors are still buying it. Notice it started to fall after CME, they are shorting it now.

Bitcoin market works based on development and acceptance, it's not just because bitcoin increases significantly and then will crash to $8000.
There are no any triggers that will cause bitcoin fall so significantly. Bitcoin seems tanks above $12K in this year and may keep on this level until the end of the year.

My prediction bitcoin will increase again to $ 20,000. I think will not decrease below $ 8,000. If we see bitcoin every month the value increase,
because bitcoin still high demand, supply, limited coins and many investors will invest in bitcoin.

maybe but it depends to the demand which most important cause it can help the bitcoin valued to increase. On this year bitcoin increase alot because of massive demand and adaption. Maybe in year 2018 there will be more adaption than 2017. So that i agree that the price will increase again and it will never drop again to 8k valued until year end.   

There could be a big dump near Chinese New Year but beyond that, the price will soar up quickly. Don't hold your breath waiting for an 8k moment. It forever belongs to the past.

The title of the thread suggests FUD... The analysis referred in the OP is absolutely childish... But still it might be true!

Small investors don't want to hear it but the current reality of the cryptomarket is driven by political games, Chinese mining farms, anonymous whales, and soon even the Wall Street mafia!

In this reality, who knows what might happen tomorrow?

I also believe in the same thing. We can all be aware of the fact that bitcoin prices are undergoing a correction, which is normal because bitcoin can increase and decrease very quickly. I may want to say little that bitcoin price increase opportunities are still wide open, we can all seize the opportunity to get bitcoin prices are much better than the current prices. I will take a chance and trust that I will not panic sell. I remind you all that panic sell will only exacerbate the situation and the condition of bitcoin price movement.

I think that almost all the forecasts for Bitcoin should be justified and we will see next next the maximum price for Bitcoin next year. Bitcoin showed this year already, will remain in the memory for a long time, and we will be sure that it will return to the previous figures of 20,000 dollars. So do not panic. Looking at today's price, And it's better to buy and invest.

The market maybe overbought and with the momentum obviously slowing the scenario you describe would be a "dead cat bounce"?  "Après moi, le déluge" but there are a lot of maybes and what ifs the important thing is long term market looks really strong.


Unless you have more information to add I believe your basing your opinion off of news from 2014???

https://www.coindesk.com/chinese-new-year-mean-for-bitcoin/

Despite correction in the value of bitcoin, it seems to strong again. At, one time there seems to be a vision where bitcoin could touch $8k but it retained it's value and may be $18k soon. So right now there are not any strong chances that bitcoin may head towards $8,000 also if we face a correction it may only drop to $10,000 not beyond that as market is strong than ever before with large amount of investors which will surely up-bring it's value if it falls in any case.

I f ever its possible I am the few persons who will get happy because its going to be the best time to buy.

I am hanging for a dump .... but it just hasn't happened yet ....

I don't get why ada....is where it is atm.....I just doesn't seem to offer anything new.

sorry, but only FUD here is you :o
8K? keep dreaming ;D

It depends on human mind because every one is predicting their own strategy of price but real price will depend on the market. We have to accept anything with bitcoin because with in short period the price of bitcoin has increased a lot.

We have never seen a 2 stage price correction, and it's unlikely that it will happen now. I Don't think anyone is looking to dump their btc right now. More FUD can create another dump but I am not expecting it.

It is too far for bitcoin's price to fall down to the eight thousand dollar mark. The chance and probability are very small. As we can see that the price is just moving around constantly. But if it will really happen, it is a great opportunity to buy some bitcoins.

8k is fully possible. Not FUD, and you should hold your coins, but this is something to be mentally ready for. After testing 8k (if we get there, which there is a OK chance of happening) we will see if the price can recover back up, or instead will drop even lower.

I have a feeling a lot of people are scared of 8k, and that's why they deny it.

If this happen that the price may reach to $8k this is the most awaits by traders. Yet I dont think it will heading to $8k anytime. Well, since the market is very fluctuating we dont know literally if will fall to that price. Yes indeed lets some grab some btc.

This is best answer, I think that stands out. This is how to counter such assumptions of great analytical speculation from a person who has a great or bigger intention of making noises to lower the bitcoin price. I’d really want to be as optimistic as it could be and those negativity be ignored. Let’s see where it goes or how price will soon recover and wanted to see faces of regrets.

Hell, I wouldn't be surprised if this would have happened because considering the fact that bitcoin price is on the decreasing end. But this will also serve as an open opportunity for us investor because the price decrease will also serve as affordable bitcoin for us to buy.

The more people believe this the more likely it will happened, I am not surprised by the dropping as we  know the price had going up too fast, there will be a correction, and the alt coin rising has caused more damage to bitcoin, but once bitcoin go down there will be another pump and this pump is going to surpassed ATH, so it's your choice to hold or to sell, for me I will still hold bitcoin

This is what you called trying to influence the masses. But for me I'm not affected by all of it, As I have said, I've done with bitcoin this year and will wait what 2018 brings. I don't have a problem seeing altcoin flourishing, actually I love it instead of seeing all the market going red. Because those who are into altcoins right now will make a shift once all the pum-and-dump are over. So there is no love lost, at least the money is still flowing in crypto instead of seeing the marketcap being wipe out in billions. I'm still waiting though for bitcoin to hit 8K, the only factor that it will go that low is another FUD and negative news, but I'm aware of any. Again, if there's a chance that the price hits $8K, It will be a going buying opportunity for all of us. I think I'm one of those who are going to buy it, who wouldn't love to get it at $8K. I just hope that everyone has funds ready to bought it at discounted price.

Everyone is saying they will buy at 8 000 usd but I am sure if everyone said this then it will not go that low, but if it really does I will buy all of it with my money

I can assure you they want all buy, cause they will sh** their pants. Human psychology is tricky not easy to deal with in certain situations.
And this is one of those situations. If we reach the 8k level there will so much FUD and talking we are doing the full correction down to $1300 plus 2-3 year bear market, none of those big mouthers will buy!!!

I don't see bitcoin going back to $8000 because bitcoin never lost more than 45% in the past bitcoin market correction history.

It does look like it might test 8k. the triangle has broke.

"Past performance is not an indicator of future results."

Lots of signature spammers here. If bitcoin does drop that low, my only hope is that it'll kick your weak hands out. :)

I don't think this will happen again,it may be a wrong speculation.You can expect upto 11000$,actually ,it's the minimum value.So I won't accept your words.I was doing trading for more than two months,buy the analysis of two months.I had saying this,so if you have a thought of it will happen,better change that.Or else you will feel for that.

The public..or groups of people amaze me...its like they have no short term memory...delicious.


...wanders off...now where did I put that vac suit...hmmm..

I hope bitcoin does not re-touch the price of $ 8k, well for now it's really a low price. I think that this decline is only temporary, there is a possibility in January 2018, bitcoin prices will be higher.

Yes, I would say It's just a correction, because it's been in a bull run since $3000. If it is going down then that is a good thing . Makes it easy to buy more. Im holding again and again whereas it's holding both crashing then soaring.

Bearfinex might take it to 10k soon lol.

Look into "coiled up" and markets...should help any hodlers on the edge.   8)

I'm so confused as to how you/the analyst came to the magical number of 8k. It's so out of the blue and you haven't posted any evidence to back up the fact that you believe it will reach there. If you didn't write the article, then I guess it's possible that the analyst was trying to create some form of safety level at the 8k mark so that he doesn't lose out on too much. Word of mouth has a lot of power in Bitcoin, so that could have been the reason.

This is definitely wrong if you take a look at historical
Bitcoin exchange rates.

In April 2013 the price decreased by ~70 % in 1-2 days (233 -> 67 $).
It eventually recovered due to the bull run at the end of 2013, but until
then you had to withstand nearly 8 months of flat prices around
~120 $.

I suspect that in the early days there were even bigger price swings when
Bitcoin was trading in the single digits or even under a single $. However, I didn´t
know about Bitcoin back then therefore I can´t recall any specific example.

The next big thing is Ripple, it's being heavily pumped. This move can only puss BTC further down.

Let's all be honest, nobody can guess what the whales will do tomorrow.

If they drop their support on BTC and fully turn their attention to an altcoin then BTC can really drop bellow 8k

I took your advice and looked it up.  Investopedia defines a coiled market as,
After reading this it looks the coiled market revolves around Bitcoins intrinsic value aka fundamentals which is highly subjective and I personally believe to be overbought and that the market should be heading downward.

Predicting a market is very difficult unless you are controlling it.  Insider trading is an established practice on Wall Street( illegal but widespread). Bitcoin regulations range from little to none depending on the trading jurisdiction.

So the insiders are artificially keeping the price of Bitcoin up hoping to lure traders into buying more cryptocurrency until they dump.

BTC intrinsic value is "highly subjective"? - probably not as high as you think
There are at least 2 reasonable approaches that i know of that value bitcoin at around 5K - 7K.
These methods are exponential adoption rate fitting and regression against transaction volume.
You can google them yourself.
Not everything is FUD FUD FUD.

Well..when you get right down to it everything is subjective I suppose..  I do not think the market is anywhere close to overbought. I like to think a order of magnitude in use, interest, speculation and general "awareness" in the last year. All of this is but the tip of the iceberg. I like to equate it to a bullwhip cracking..cryptocurrencies are that energy potential traveling down the whip..the "crack" at the end is no where near yet. That shockwave when it hits fully will resonate thru the global markets for the next decade.

Always true..but even hodling a few coins allows for huge potential profits during swings.

No no no..the insiders goal is to acquire more bitcoin..dont ever forget that.  ;)

I had watched a video on youtube yesterday and he said that there is a possibility that bitcoin can go down and reach the 8k mark. By When? I don't know that there is a possibility. If this happens, I expected it and I will not be shocked of it.

it looks a lot of people are moving towards new scalable currency and look at this chart how the fee goes down after the ripple was taking the second place in the cryptocurrency,
https://bitcoinfees.earn.com/
Bitcoin started from nothing and there is a possibility if that worth nothing too.

Don't you think it's too much? Yeah bitcoin just came from a scratch and now it's everything but it won't stoop down in that level and investors won't let that happen easily. What happen now in xrp is full of manipulation and it's really hard to tell when the best time for entry and exit. Nevertheless you should be very cautious with it.

Anything has the possibilities for its value to go back but assuming on how strong the community thats supports bitcoin i cant really think off that it would become useless or worthless at all in the end which have being said investors wont really let this thing to happen or even on community itself. I can really see on technical analysis on charts that bitcoin is already on head and shoulder form and seeing on the last support to be break off is on first 11k price and the lowest would be 8k.

Wohohhhh hold your horses guys. Its the end of the and just give bitcoin a break. If it heads to $8K, so be it. We can't really control where the price is going to be, we have been in this kind of situation before but bitcoin always recovered as long as you have the patience.

But yeah, this downward trend seems to make a lot of people very nervous here because of the amount they have investment, so if they want to get out now you can do it and don't wait till the price sinks to $8k. The bears and bulls are still fighting, this is want we are seeing in the last couple of weeks. And no one is really giving an inch. Let's see how it goes though, I will buy when the price gets below $10K. Perfect time to hoard a lot of bitcoins.

Yeah it will gonna happen, but the question is when?
I will buy if its at 8k... That will be best time to buy and hold it.

bitcoin prices will decline slightly in December bitcoin will rise slowly after new year in January according to predictions will rise to 15k $.

Honestly we don't know when the price will hit back to $8k but for me i still holding because i know the price can be still increase back since there are lots of people are supporting bitcoin and they are still developing bitcoin.. we are just seen a large drop not only because of the big sell happen i think because its holiday that is why we are seeing large price drop but i think the price can increase again and hit $19k this coming end of the year.. if people are actively use bitcoin again..

nice analysis you got there buddy. id still also agree that bitcoin could still decline down to 8k dollars or more because of the effect of holidays season but bitcoin will bounce back and recover from a hard dip just by the beginning of the year 2018 or as long as holidays have been passed and subsided because majority of people specifically bitcoin users will not have a reason to sell their bitcoins anymore, not unless they need it badly like for example if there's an emergency and  special ocasions.

There are definitely cycles where one time alts get pumped badly, and then Bitcoin, but I don't think it's going to happen any time soon, unless whales start to group up and artificially dump the price down. We just have to remain realistic and be happy that we are able to somewhat maintain current levels, because even though people don't see the market go up, it takes a good level of buying power to get the market bought up again. As long as we see $10,000 being supported, there is no need to even consider the market to fall back to four figure levels again. If we do end up falling down below $10,000, we might go down further, but it's all empty speculation at this point.

For what it's worth,

I am an investor, long term...

I think this all about the whales cashing in their millions as they reach their goals.
If you can retire on ? million USD, then there is a certain price at so many bitcoin that will provide you your annuity fund for the rest of your life.

There are so many early investors who own THOUSANDS of BTC that just want to cash out much but probably not all, of their BTC and tell their bosses to fuck off.

I get that.

Then there are the millions of investors, small personal investors, as well as the huge institutional ones, who are waiting for that low dip...

Face it folks, this BTC ride is a roller coaster, and if you can't handle that then get off now. 

Lots of more excitement ahead though, and I think it is positive...

Most likely it seems to me that this is done so that the right people can buy their bitcoins now at a very low price, and then there will be a jump to such a loss that everyone will simply be in shock. This is my personal opinion, if something is wrong, then try to refute the evidence.

There was a post almost the same like this , they we're saying that Bitcoin is gonna decrease to $7000 ,  i will tell you what I told to that guy , BITCOIN  is not gonna fall down so much , it's just not possible, not so much , maybe it's gonna fall down to 11k or maybe 10k but not 8k man , is just to much , it's a long journey to that number . So , I will tell you again , Bitcoin is not gonna reach 8k again .

By the end year most users could have lost hope, because users didn't experience the price increase same as the one they've been expecting. Now this has been getting sought as the price has started to move forward slowly crossing $15000 on several exchanges. In specific there is no reason to see the price reach $8k.

And are you sure on the reasons that led BTC to $20k? What were those reasons?

Reason? Crypto markets are everything but reasonable!

We don't see the background moves, we can only guess.

Yeah, there are several things that affected bitcoin price due to the level where it was in the past, from market correction to over-congestion on bitcoin network - Too many users that leads to jamming the bitcoin network which causes paying high transaction fees and experiencing very slow transaction speed. Yet, bitcoin managed to survive the recent market correction and once the lightning network is implemented over bitcoin network, bitcoin will be faster and smoother than ever.