Bitcoin Forum

https://www.coindesk.com/10k-on-hold-as-bitcoin-sees-price-pullback/

I know everyone was excited to see the onset of a bull market but most of us had to see this coming. Anyone moderately experienced in the movement of Bitcoin and cryptocurrencies in general would know that rapid growth like what was seen recently cannot be facilitated without minor corrections in mind. The price will bounce back. 20k Bitcoin is not going to happen over night. The sooner the masses realize this, the better off the whole community will be. For now we all should be loading up on these corrections.

Good Luck Traders,
The Elysian Team

Lol, 20k overnight that's so beyond our limitation lol. We can't really attain 20k overnight. 9k to 20k? I think this will not be the case of bitcoin. I think the pullback of price is connected to what happened to myetherwallet. So the chance of pullback is 100%.

This is a little correction in other for the market to gather momentum for future upward price movement. Bitcoin and other coins has made significant progress and we expect some investors specially the day traders to take little from from the current gain.

I don't think it's solely attributable to that issue, it's also just a result of an extended period of growth and reaching a level of large resistance. Is there any official word yet on compromised funds from myetherwallet?

this is just a small correction to keep this rise healthy. people shouldn't really want the big rises with no corrections, those type of rises are never healthy and they always end up with a big bubble (like $20k) and then create a bear market afterwards. but with a solid rise which is slow and has proper corrections you can always expect the price to stay and never go lower than the strong buy support that is created because of it.

This is very necessary for the market to gather more momentum for future gained. At the time of pull back the right thing to do is to buy and join the train again. Traders must take profits for the little push market has and taking advantage of the market to make make little profits along the ways. I have tried to hold but some time one has to sell in other to make some money.

Anyone without any experience should easily be able to predict from the weight of historical evidence that this wasn't only expected but inevitable. A bit silly to still be talking in terms of 20k so soon, but even if you wanted to, trace the previous road to ATH and it wasn't dissimilar at all. I do wonder what the benchmark is now for patient long term waits. People still refuse to think in months, much less years.

The price now is still over $8000. The upward trend is not broken. There is no need to worry.

If this is just a small correction needs to be seen.
But you're right that corrections after a longer upwards move need to happen.
And we were moving up for ~15 days and saw a 45% price increase. So this indeed is healthy. People made a bit of bank and this is the chance for others to get in or buy more.

it is mainly because the most vocal people are newbies and they don't know what long term even means let alone knowing what the potential of bitcoin is going to be like. they will simply see it if they stop reading FUD online and start zooming out of the charts to see the chart for a couple of years instead of seeing it for a couple of days.
this profit taking in short term is slowing the rise down though. I don't think it is as strong as before, we may still see $10k+ before the month ends.

There's no correction thing at all since all things played with bitcoins is the dumping and pumping scheme, remember anything happened on bitcoins is due the adoption nor whales manipulation but anything from this we will surely see some bull run coming with bitcoins together with all altcoins around. So buy more and we shouldn't let ourselves left by the train.

After seeing the price rise, people who are expecting the price to reach $20,000 USD over night should not even think about investing on bitcoin as they actually do not know anything about bitcoin and is at the risk of losing everything. To be honest this minor corrections are actually good for the health of bitcoin economy and is quite natural - something that should actually happen instead of constant price rise.

This was already predicted that there will be a correction before this Bitcoin bullish price will reach $10,000 then after that said correction, the bullish will continue to grow to $20,000. At first, i don't want to believe to this correction because like the others I was also excited to see the progress of market growth until the price really pull back and make me sad thinking that the said correction is for real but now i'm at ease again because if this corrections is for real then the bullish will sure will come next.

Why do investors want bitcoin to reach $20,000 in a short while? It will cost so much more to buy. Better to rise slowly and buy on the dips.

Only the newbies and those who are week-old investors are wanting the price to rise unrelentingly. The rise from $6500 to $9600 in just over a week is surprising and at the same time, worrying. It could be a bull trap or some fake pump for all we know, but luckily the price held and has continued to do so for a couple days now. A much needed correction had already been expected by most traders. This is nothing new; it just resets the market for a bit before we take any direction from there, which is good. $20k is surely achievable, though I don't see it happening this month ir even the next ciming months.

There are different kinds of investors and some of them are:

A) those who just entered at 2017
B) those who will made a dig dump at $20,000 as they are expecting dip later on

Those who just entered at year 2017 experienced most pumps at higher percentage all year long that's why they expect that getting profit on cryptos is as easy as they think resulting for depression (lol) and dissapointment when they experienced the wrath of 1Q of 2018. So in here, they want the feeling on getting back $20,000 so even chances of happening it today is really not a realistic one, they want to reached that price level within a short period of time.

On the other hand, some people wants to head back again to $20,000 to repeat the process of dumping and wait for dip. If they wait for a certain price, definitely they have sort of plan to execute once reached it. If the purpose is to just hold then it should be no such thing as waiting for a certain price.

Everything is only based on greedy only, I agree if this is like a fake pump, because if there is a fake pump then when there is correction will occur panic selling and make the market bleeding again.

I would not say that it is a fake pump, simple because it happened, it is just not a healthy pump. Price rises should be slow and steady, such rapid increases are not sustainable and people then have the tendency to panic when the inevitable correction happens, easy come, easy go.

Fake is a heavy term to use. I rather talk about empty pumps, which I find to be a more appropriate term. I consider empty pumps to be when volumes are low, the number of network transactions are low, and there is a strong reek of manipulation. In that case I always prefer to cash out on time, because it will come down to much lower levels again. Currently the number of network transactions are still on the lower side, which is something I want to see change. It was yesterday or the day before that where there were still like +20,000 unconfirmed transactions, while it's like 10% of that right now. On the other hand, it might also be silence before the storm, positively speaking. Either way, people keep gaining confidence in the market at current levels.

What fake pump? Fake pump cannot last for a week. We witnessed the price rose from $6500-$9500 in weeks not days. So I wouldn't call it a fake pump but rather people really putting cash in the ecosystem. And now it went above $9K again, after the daily traders take their profits.

As for newbies, its gonna be a hard lessons for them, yes they may have seen the bearish market for more than 3 months and that is too much for them. I'm sure that there will be another attempt to break the $10K barrier but I don't think we can do it at the end of the month. Probably 1st week of May will be a good start to finally see the price getting on the 5 digit mark.

i think you are in the wrong board! you need to go here, to the altcoin board (https://bitcointalk.org/index.php?board=67.0) and say this about them because the "fake pump" is what happens in altcoins not in bitcoin, bro!
what you are seeing here is the start of the rally and based on real demand that bitcoin has. there is nothing fake about a bitcoin rise like this. it is fake when the demand is fake which only happens in altcoins.

I can't disagree you on this. Many holders seems to be in a hurry and rushing to see $20,000 very soon. It can't just pass $20,000 overnight, there has a barrier that needs to break for so many support. There's $10k,$11k,etc. each step that bitcoin has to pass. And right now that it's on slow movement, this makes the market calm but not actually since yesterday the market is on blood bath again so assuming that the pull back will not happen overnight, stay watchful, calm and don't panic.

Seems like that the correction was temporary and we're seeing bitcoin testing the waters at $10k again. But as I've expected, the $10k resistance is much stronger than a lot of people realise before the correction actually happened.

Bitcoin's value has risen around 40% within a week or two, which is extremely unsustainable in the long run. That's why corrections exist after such big rallies.

I'm personally leaning towards prices not hitting $10k this time, as the resistance just seems too strong. The sell wall essentially sent prices back 10% yesterday. Most likely, we're not going to breach $10k but even if we do, I doubt we can sustain this rally for too long before a correction. A lot of people are jumping to '$20k in a few months' predictions, but that's not happening. We're not fully in a bull market yet.

Yeah it is good to know that bitcoin is starting again to increase at this month maybe all of you noticed that price or value of bitcoin is stable right now sometimes there is a red condition but more likely in green situation of market. Hope it will continue.

Everything you are talking about applies to people chasing quick gains, and not actual holders. Holders have the highest level of patience and acceptance of each market situation. It was okay for holders to see the price hover around $1000, and it was okay for them at $20,000, and it is okay for them right now. As always, the non holders are those who are rushing to get back to previous all time high levels, not holders. ;)

Blood bath? It was just the market taking a step back due to people securing some of their profits, which is perfectly normal. People like you should really think more before using certain terms that don't apply to a market in a specific time. Blood bath happened earlier this year where the price reached its new low back in February. Right now the market taking a step back represents traders securing profits in a thin market.

Haha, I just want to remind you that recent ATH happened just like that - out of the blue.
At that time no one expected that price will cross 10k USD, and instead we doubled that.
With bitcoin we need to assume one thing - the trading of cryptocurrencies is nothing like a stock market.
here we can go  to $20k overnight - as it happened before - the problem is that the price most likely won't be stable.

I have bought some Bitcoin and Bitcoin Cash in the last few weeks. It seems they have reached the bottom in the long term.

The price pullback is healthy when you look at it, since mt.gox will still be distributing the bitcoins that they have, the price will will still go down and there will be ahuge volume of bitcoin that is going to be available in the market, from what I see, let's not just go with hype and speculations here, and wait till the right correction will happen, it is true that the bulls are back, but mt.gox is considered a very huge whale, and once the release the bitcoins they have expect for a massive price drop, there has been article in the internet, that they release only a fraction of bitcoin they they have and the price went down to 6k USD, this is anticioated already, there is no doubt that bitcoin's value will go up, but pullbacks like this is healthy for the market.

no offense but you keep repeating "mtgox" like a parrot here!
the fact of the matter is that Mt Gox trustee had never had any effect on the price in reality. even if he sold on the market directly he did it in a way to avoid any disturbance in the price as will any other person with half a brain who wants to get the most out of his sale.
and so far this FUD has been repeated a lot at each small dip trying to cause panic and it is no longer even effective.

Yeah, and something that was expected anyway. With this, I believe we should go build the momentum to see if the $10k spot can be tested and if we can actually move past it. People are always in haste since it is the main reason why a lot of them have always been involved in get rich quick schemes anyway and they thought with bitcoin they would be able to get the same thing.

I can see why it is always going to be easy for the whales to manipulate the market to their advantage always.

Yes , bitcoin price has pulled back a lot lately .He has grew up to almost 10k $ and then he pulled back and he dropped to 8500$ again . Its strange why he is doing this think , go up and then go down again and after this hes doing the same think , go up and then go down . |I hope that bitcoin will hit 20k$ by the end of this year and i hope that he will never pullback to 6000$ like this year.

Were hoping that bullish trend will comes this month but the same case applies it drops and ups. As long you believe in bitcoin you can hold for it until you have plan to sell if wanted for taking profit already. So hopefully green wil continuously take place to reach into all time high.

Holding for a long term in Bitcoin is a great idea because Bitcoin is not yet fully recovered yet but it is still a good sign of the price that Bitcoin is regaining it's price back again. But Bitcoin volatility is playing a lot in the market and the price range is gauging from 8.8 to 9.4. I wonder what would it be next week, seems like it can go beyond $9k but something will stop it from going to that price. Seems like someone is controlling it.

The bold part is spot on. A lot of people I see hyping about bitcoin prices skyrocketing etc., but that's just not going to happen overnight. There will obviously be corrections here and there, and this rally is no different. If you don't expect a pretty big correction during a rally in an overall bearish sentimented market, you probably shouldn't speculate on BTC at all.

We don't know yet if $10k is the resistance, or if bitcoin actually goes through it and start its major correction above $10k.

But $10k seems like the definitive ceiling at least for now, since we've tried to hit that 5 figure mark 2 times now with no avail. Expect a pretty big price decrease, when the correction comes. Nothing out of the ordinary though, because imo we're still in the consolidation phase unlike some other people who say that it's a bull market already.

Hoping for more increasing in bitcoin and hoping that bitcoin will never be decreased at 50% value of it. Price is pulling back again because of the good news that are releasing right now, People are just getting scared so they sell but if there is a good news they will bought back that's why price is pulling back again.

Price will pull back up even more, $10000-$11000  is for sure. Either it will get a slight dip before or after the mentioned target. Because many people bought at this price and many of them are new, that will make them sell there holding, even partially, but it will happen.

This is true, quick gainers want to see it that fast but the real holders are just calmly waiting for the right time to come.

When the market is starting to get red, I'm calling it a blood bath so this might be a misconception to other traders/holders.

Yes, there will be a minor pullback before we can march towards $10K-$11K. The price keeps fluctuating in the last  few days, which is a good sign because the market is very active and it will be a continuous buy/sell affair. And then afterwards, the price would steadily pickup and will go on the $10K and even more. Let's wait and see. Although the market is in red right now, I don't consider it as a bloodbath but a minor correction.

I wonder why a lot of people think that they would just get to see another bull run with the market hitting the all time higher price levels like it did December. They must really be dreaming.

Still, like you said that I still see either $10k or $11k in sight as it is and from there we may actually get to know what is really next. Rome was not built in a day and the mindset a lot of people always have that they want to get rich in few hours is alarming which has always been one of the major cause of the insanity going on in this community.

I do not expect the price to reach $20k so soon. Although it rose, it fell down the next day as it rose again and fell again. That is why I believe it will be hard for it to even surpass $15k. It is not impossible because bitcoin is unpredictable. However, it is a matter of faith as no one have the evidence. Moreover, I am happy with this current price and I am not going to whine about it like other people do.

Oh im sure it will. Same here, i think this current movement is quite better than a sudden pump because we're all aware now about the backlash. That few weeks pump had a correction that lasted the whole first quarter of this year. This curent is a whole lot normal both for btc and the entire crypto market