Bitcoin Forum

Bitcoin has been so bullish from last couple of week and this is exactly how 2017 bullrun started and as we discuss this Bitcoin has already crossed $17k, so are we ready for bullrun and a possible correction period post Bullrun?

Last time we were not ready for correction period as a result many sold bitcoin lesser price our of panic which creates more negative impact, will it be different and mature response from users this time if similar thing repeats? Kindly share your opinions.

It might repeat or not since its hard to tell yet no one knows on what would happen in the future if this one will be on similar on what happened
on that 2017 bull run but for sure that panic sell and doubts will really be there once the price starting to decrease after this price increase rally.
Correction is always there yet its part of a healthy market and we cant just see that the market is just continuing to grow in a short span of time
this is why we should anticipate that there might be a correction before some bull run or would to have that major selling point and would again
fail to break its previous ATH. There are only two possible outcomes this is why we should be wise on when to sell out.

That's what I'm seeing, a possible correction will come and once again the market will dump.
However, I believe it will not dump hard like before where we reach $3000+ because the market has strengthen already by the long bearish period.

Just be smart if you are planning to buy or sell, now is the time for selling not buying, don't ride with the FOMO if you believe that the same scenario will happen in 2017.

As one saying goes, "What goes up must come down" A correction is inevitable but question is a what point might we see correction
I expect a correction following the recent rise just before we hit $20K but It might not be as big as the past correction where we dropped back to $3k.

Chances are also high we might go past $20k to newer levels in the upcoming months before we start seeing some major corrections. I guess this is where knowing when to make an entry and exit from the market comes in to avoid get rekt.

We do ready for both.

There are people who are always ready to sell at any price. Just like me, sold at different prices but that doesn't mean that I'm panicking and I'm holding it anymore. We have our own needs and if someone thinks it's good to sell, he has to sell if he wants to.

But if someone is selling due to panicking, I hope that they don't sell at loss.

I disagree. Today's growth is not exactly how the 2017 bull run started. The price during that time went crazy without even a factor we can consider of the growth. The bull run today has fundamentals and not just because it was a bullish hype.

But I agree with you that last 2017, many become a victim of hype and end up still holding until the bearish market reached its bottom peak. We can say we are fairly ready for what will happen but there's no 100% preparation on how to counter the volatility.

What fundamentals are responsible for this bull run ? We are seeing 1000$ increase in the price of bitcoin every day so the big question is who is buying bitcoin in 16000-18000$ range ? Are they the retail investors , institutional investors or the bulls themselves buying and keeping the price up ?

i find it very odd to talk about something that is too far away in the future. it would be like talking about what started in January 2018 all the way back in middle of 2016 because that is where we are right now, close but still far from the previous ATH breaking of which is a long process itself. then we enter the big bull run that comes after all of which can last for over a year.

you are thinking about the end of the bubble which was the lat 2 or 3 months of 2017 not the START of the bull run. the start was in 2016 when price broke out of $400 IIRC. similarly the start of this bull run was when price broke out of $4000.

I speculate that there might never be a real correction period as long as Tether is driving this market to new a high.

iFinex might be printing the USDT, store it in their treasury and later loan them out to exchanges.

I noticed a correlation between price increase, and good news for trump;  and bearish movement on bad news days....

Also;  the investment by square says a LOT when it comes to BTC.

I think this is the most unpredictable ride of Bitcoin since inception because no one really anticipated or really believe that Bitcoin could march towards 20k$ in 2020 especially after the pandemic hit the world. Furthermore , we just cross 18.2k$ range and the capital of Bitcoin is bigger that it was in full bull run in 2017 so please correct me if I'm wrong but this just looks like the a really solid "V" in charts. What does it means ? It means that we have been in bull run since the end of  of 2016 and the real correction is about to come...or I'm wrong and another bull run just began...I don't know what to think anymore as it's super tricky to read it.

I admitted that it is a big achievement for bitcoin price that can jump to the high price level, and now the price can break $18k. I am sure that we are waiting for this moment because we will make a big profit and most of us can recover our losses before. But we need to be careful about the correction that can come after this and make sure that we are ready at that moment. And if we check on the market, it seems the correction comes because the price now is back to the $17,300 level, and I don't know how much the price will be down. But if bitcoin price can go up and down for $17k-$18k, that will be good for us because we can take profit over and over.

After the price crossed the 2013 ATH in early 2017, the bubble lasted for about a year.

We haven't even crossed the 2017 ATH yet. It's way too soon to be talking about the next bear market!


Ah, bbc.reporter and his Tether theories. :D

People said that in 2017 too. Tether's market cap ballooned from $7 million to $2.2B during 2017. Nevertheless, the 2017 bubble still popped and BTC declined 84% less than a year later. What is different this time?

Nah, it will never going to change. There's always people who'll eventually sell at a lower price during the price correction as investors would have a race in dumping their coins to earn profit.
Nevertheless, I don't see a huge dump happening sooner, since Btc has still showing strength in an upward motion.
Most probably quick sellers would sell their bags once Btc reaches a new ATH, base on how people posted their regrets for not selling immediately during the 2017 ATH.

As for my opinion, this is not 2017 yet, more of 2016, 2017 was very different, it was months of bull run specially from September to December, we haven't seen that as the price keeps on struggling once we hit a big barrier. Right now it is $18k. So I expect more corrections to come.

Majority haven't seen a bull run yet, that's why many sold without us touching the top. But as investors mature, I'm not seeing a sell-off unless we reach the bubble in 2021.

Last time would be to slip in a quick reference that we simply repeat prior action as if nothing had changed from 2017 till now; clearly much has changed in 2020 and we cannot expect just a mirror copy of what happened before.   

There was a small correction tonight (https://talkimg.com/images/2023/06/12/AcH3c.png), where we returned to the bullish channel yet found it as support and continued which is very bullish action.   Yet theres little resistance in this area so its to be expected we dont stop easily.

At least we break first the last ATH before we say it's a full blown bull run and yeah it's like we kinda feel it in the air right now. I think we may see a retest hitting that ATH this week and if this feels like a 2017 scenario then we will see a retest by November or maybe it's starting by now then wait again for December, all are speculations but I think it's a good thing.

Not only that,,, we have to be realistic (possible to be realistic in BTC?) and see that even if we touch the previous ATH, we have not yet had a correction. Many bounces from $14k but we went through $16k and $17k like nothing. One bounce from $18k but we should be strengthening with consolidation and corrections first I would say before taking on ATH.

So it is still to me very very far away in the future.

The way we are moving up, i think bitcoin will cross the All time high and then we may see a 20-30% correction. Also historically bitcoin prices are down near the Christmas and year end. No one knows exactly, at what point there will be reversal in bitcoin prices ?

i saw a post in facebook saying that :
#BTC
#Don't wait for 20K!
#Sell before 19k!
#wait under 16K!

actually it may be true and bitcoin can crush again before 20 k $ but this year is not the same situation , in 2017 the whole market was overbought , altcoins was already in the moon but now you can see the altcoins didnt start the bullrun yet and bitcoin is already in 20k $ , so i guess its a good sign for now

It's surprising to see the price reach for $18,000  since imagine how fast we get this figure since many never thought that we will go to this far. Although there's a short fall happen today but it recovers back again and for sure we can see more until the end of this year and might we can see the price surpass to the old ATH and we can see a new one this month.

^ Its a FUD. For me, history repeats itself but once we learned our mistakes in the past than we already know how to avoid them. Many had failed in the bull run last 2017 and rest assure they exactly know now what to do just not to commit the same mistake from the past however, we can't insist to everyone when they need to sell their bitcoin because they have their own reasons for doing so in fact if a small-time investor will sell his bitcoin as of this moment it will not bring huge impact at the price since the demand is continuously growing which makes me think that correction probably not happen either before or after the bull run. Nevertheless, If whales will not do any manipulation on the price I speculate that the price will continue to increase and can go beyond $20k in the soonest time.

hasn't the Bitcoin price correction occurred?
After reaching ATH in 2017, the Bitcoin price has been corrected until now and it is called the bearish season,
and finally now the Bitcoin price is slowly recovering to the All time high level, and I believe the bullish season has occurred.

Do not lose your hope, but do not get too hyped neither, both sides are not really that much helpful for you, it is not really something we should be considering at this stage of the increase. If you talk about how we are going to keep going down and drop, we are going to drop just because of that because you are creating a FUD and if your FUD sticks and everyone believes it, the price will go down from all those people who believed you selling their coins.

However if people do not believe you and believe the people who claim $30k is in play right now, they will all buy and if price crashes they are going to lose a lot of money. Which is why I suggest we stop saying it could be $5k or $50k, we should focus on what we have right now and prices around our range, if you want to say it may drop say $15-16k levels, if you want to say it will go up say $20k levels.

I don't really want to be pessimistic but it is scary as hell.
This kind of pace is just difficult to believe.
Soon, there will be a panic that will happen. Just $1k down and those trembling hands will press the sell button.

But just like 2017, it could be next year or late December since they will need the money for their Christmas events.
Still hoping it won't be the same or just a little better. $15k bottom should be enough.

Our expectation doesn't matching with the bitcoin price movement this time. Many people thought that a correction will happen soon, while the price reached at each stage, like 12k, 13k, 15k usd. But it hasn't happened yet. Bitcoin investors become mature enough now. So, it's hard to tell that what will be next move of crypto market. And same things aren't repeating, read this article
This time is different’ — 10 Bitcoin charts show that this rally isn’t like 2017’s (https://cointelegraph.com/news/this-time-is-different-10-bitcoin-charts-show-that-this-rally-isn-t-like-2017)

It seems very possible that Bitcoin might start to correct at some point and it is very common when you see a very high vertical climb in any asset. Once the price gets too high, the fees involved in transferring tend to outweigh how useful it is for completing regular daily transactions for the average person. A large part of the popularity and reputation stems from how useful it is to the average "retail" trader or people spending it as they would a fiat currency. Whether the price can stay at a high level might depend on whether the super-rich will continue to hold it and use it for transferring funds in huge amounts into the future. It is a very fine balancing act and nobody can really predict the direction into the future.

We are going through a bull run as it has broken many major resistance with ease in the past few weeks and it is really hard to predict where the market would reach by the end of this year. Either way it is promising for the investors and many could book their profit if they want to.


Not sure what is the negative impact you are talking about. The market was pumping for a very long time before we had a major correction in 2017.

Things like panic due to market collapse and because buying at high prices will definitely happen any time and indeed, this is a bullish period but whether it will continue to be consistent because of a correction is a concern because correction can happen anytime and will happen quickly. If this is the projected time for the attainment of the new ATH, then at least we can still be confident, because if history repeats itself at least there will still be plenty of time before that correction occurs. Careful preparation is very necessary so as not to repeat the same mistakes, because this is the best moment that has been hoped for for a long time.

This is the kind of advise investors in 2017 didn't listen to and they bought it higher, now same thing about to repeat itself. Being careful now is what to do and charting the bear is what is what investors can look at, at least a little correction.

100% agreed with your statement as correction can happen anytime and that's when emotions will be high and users will do panic selling causing more damage to the fragile market, but right now we are still on the way to ATH wherein I feel we can relax for atleast one or two more months until Bitcoin breaks its previous ATH as we can use previous ATH mark as a precaution to avoid investing into BTC until correction occurs.

We should really be careful and be caution because if we do let ourselves caught in the dump then we might end up on the same situation on where to those people who do get caught by the dump

and ending up on holding for too long or majority had been commit out some panic sell due to lack of patience of markets recovery or lost in belief.
Making yourself get too careless will really be affecting your investing decisions.

There would be only two people here on this market which is to those buyers and sellers and neither to those who profit or to lose money and as a trader then you should do your

best to let yourself belong to those who do make out profits.Dont let yourself get too blinded with the current market rally but it isnt really bad to feel that bullish but always

take precaution because we cant just go head up without stopping and selling point.

Well not one knows when the price correction will happen, but people are still people and there will always be panic sells taking place although i dont think it will have that negative impact you are referring to because at the end of the day whales are the ones deciding the price of bitcoin and they're not usually the ones doing the panic sells

To push the price high large volume holders will invest more and more money. This is kind of market manipulation, because based on the investment happening the market gets pushed. As a result there'll be growth, same as investing the money gets cashed out. This causes price drop. Whales won't react to it, while the the small investors get into panic which also crashes the market. This should not happen.

In the past the bitcoin rallied first and then we would see the alt coin market rallying and now most of the major alt coins rallied along with bitcoin and as long as the investors are confident in pumping their money in the market we will see the market moving higher. With the way the market was moving i thought it might touch the all time high valuation but now we are trying to break another resistance above $18k and in a couple of days we will know whether we will break that resistance or will have a correction.

What's with all this talk of 2017?

Where we're at now is more reminiscent of spring 2013 when we reached 8x the previous ATH up to $266 before dipping down to $50 and then half a year later quadrupled that ATH all the way to $1100.

It also reminds me of autumn 2016 when the rally from $600 barely broke the ATH before dipping to $750 in early January and bouncing back and forth between 3 and 4 digits for several months. It was another half year before the real fun started.

I'd be happy to see $20k before year's end but I don't expect 6 digits before autumn 2021.

Patience.

I can't expect them to be certain in trading the right time of not losing anymore but it's their choice in the first place. Those weak handed hodlers will soon dump as the market starts showing a new ATH price but we can't deny the fact that there are greedy ones too. It is a matter of right choice before they caught empty handed when the start to dump hard. I don't know if there will be a price correction sooner or the market will just slowly growing up until it hits a new ATH. ???

No one can tell if we arent on the actual situation but to presume that there would be a drop point on where those who invest earlier and to those who hold will decide
to drop off their bags and secure the profits that they do gain but the price might able to held up consider that the adoption isnt the same wayback into those previous years
where it did easily collapse.

Now there are lots of big companies that do adopt bitcoin which this signifies that we arent really experiencing some bad red or bearish run.
We might see or ride along with waves but we do have that constant price increase over time.

At the moment bitcoin is very bullish brother! Not even a few weeks ago. If we will remember, since March 2020 from a still very low price of $4K until this November, bitcoin has increased by 375%. That’s because of a variety of factors, essentially a lot of positive sentiment that benefits bitcoin.
In the middle of bullish as it is today, there will definitely be a period of correction, and there will definitely be FOMO that co-sells bitcoin.
Likely that this period of correction will not be too sharp, as inflationary factors still dominate, and will allow investors to hold on to their bitcoins
during the USD weakening, which continued to be depressed during the covid pandemic. This makes bitcoin even shinier amid the Covid-19 pandemic

I just watched a video on Youtube yesterday and this scenario is very different from what it was last 2017.
When Bitcoin is surging in 2017, there are many Bitcoin holders who are transferring their Bitcoins in an exchange so that they will be ready to sell it. Right now, people aren't doing that way but instead they are just holding it since many are hoping that it will break its recent ATH of near $20,000.

We already saw what happened last 2017 and 2018 so I think most of the investors who have experienced it are ready now for the bull run and at the same time the huge correction that "MAY" happen in the future.

The yesterday's candle is seems like the market is indecision between bullish or bearish, I think the following days will be crucial because it is either piercing the ATH or there will be a correction that may happen. I would like to see some correction and small consolidation first before breaking the ATH in order for the price of the bitcoin to become stronger where there will added momentum. Correction into $16,000 is the most ideal scenario right now but I still waiting for confirmation because the last candle seems like a doji with just small body where it also considered as indecisive.

Hehehehe yes I watch to much movies. There can be some validity to what I say, however.

What would be different for the 2020s? People of iFinex, Tether  will print 10x more USDT, for longer durations, and loan them out for as long as the exchanges borrow more.

Also, they do this under no regulations.

It is very normal that we wait for a correction period, when there is this type of rise in the market, corrections usually appear so that some traders are used to buy some altcoins, also for those whales to sell and buy again. You just have to wait and see how steep the correction can be.

Many panic, it is normal, news begins to come out that will fall much more in price. Some weak hands sell because it is their nature, while the smart investor takes the opportunity to continue buying Bitcoins.

And also a good timing is needed,because sometimes correction happens so fast and before we noticed this the price are increasing again so better open our eyes wide and look deeply  for exact Buying and selling action.
Actually Those FUDs are paid to create panic ,but people nowadays are stronger and not that affected with those Bad news instead this gives them idea that Bull is coming as negative news starting to spread.

I don't think the tether prints really mean as much as they did back in 2017. A few months back we got huge tether prints and price did nothing, basically traded sideways or went down. Sure sometimes we get some $150 million tether print and we get an uptick but there could be many reasons for it such as some institutional buying.

There was that guy that bought like $500 million worth of BTC at $11111, and there are many others like him. Today on the news there was some Mexican billionaire who owns like 10% of his net worth in bitcoin. That and along with tons of other investors. Hence its not always tether prints which drive up the price.

Maybe this: PayPal Removes Waitlist for New Crypto Service, Boosts Weekly Purchase Limit to $20K (https://www.coindesk.com/paypal-removes-waitlist-for-new-crypto-service)


That was for the US alone as per the article.

Because of the heavy demand, Paypal increases their weekly purchase limits.

Correction is needed in every period but remains in a calm position sometimes we draw wrong conclusions and basically panic occurs which makes them weak easily deceived by bad news about price declines, therefore we must be smart in processing and how when the market is trending.
Remember now that many predictions are too over the limit so this could lead to their confidence in the investment that will be faced, whether they will buy or wait for a correction because this is where we worry can happen to you.

the bullrun period is running, you don't need to worry, even though there is a correction,
I guarantee the Bitcoin price will be above $ 19,000 in the next few days,
currently it's still waiting for Fomo and if Fomo comes then the pump will happen again, just hold Bitcoin.

Whatever investment Bitcoin has received since it crossed $15,000 is due to Fomo and even those investment which Bitcoin will achieve until correction period will all be Fomo. But I would advise you not to guarantee anything since it's crypto at the end of the day and the only thing which can be guaranteed is the fluctuations and volatility. I understand that some might disagree with my choice of words but it's my personal opinion based on last couple of year's trend.

We do all have our own opinions and it might be right or might be wrong it doesnt matter since this is a speculative market.Correction is inevitable and we cant really say that his is just because we
had some FoMo here but we cant really blame out people not to think that those things that happened in the past will happen again for this year.For now we should really
be careful towards our investment decisions neither we do set up some goals on when to sell or we do decide to go for long term.
Not all would have the same mindset but talking about market corrections then it can happen anytime.

The correction in the middle of the bullrun is common because it is already overbought, if it already understands this should investors have mature thinking,
because bitcoin charts are bumpy, not straight. In general, high RSI reinforces the idea of a price drop. Oversold and overbought is a reference for an investor
and trader when someone is entry, or vice versa. Especially for long-experienced investors, a correction in the middle of the bullrun is commonplace for bitcoin
and other crypto currencies.
Panic sell will only be on the mind of a beginner.

A few months back maybe iFinex, Bitfinex printed Tether to store in their treasury before they are loaned to exchanges. Also, this is not only sometimes we get some $150 million more USDT. This is billions printed.

Those are good news, however, you cannot reject the question where the billions of newly printed USDT are going and how they are used.

https://i.ibb.co/Pm4D2PJ/AA1-BBC8-B-5482-4206-94-FA-596161405156.png

Source https://coinmarketcap.com/currencies/tether/

https://i.ibb.co/CssCjkR/AB4-F09-D9-7-CEE-4-EA4-B8-A1-C4-F2-F1198-D1-A.jpg

Source https://www.cryptocompare.com/coins/btc/overview/USDT

Keep in mind that as the price of Bitcoin and other cryptos rises, so will the tether prints, because they have too. Many alts and much of bitcoins spot volume is traded on USDT. So if the price of BTC goes up, so will the supply of USDT. The exchanges will want more USDT so their orderbooks are liquid and so forth. This is why in 2017 we noticed so much tether prints when price went up. In 2018 during the bear market the prints stopped and some of those tethers were burnt actually.

$150,000,000 sounds like alot but look at how many investors there are world wide. If you look at itBit volume, which supplies Paypal the bitcoins that retail public buys, you will see that they went from $7-8Million daily volume to like $20-25 million. So Paypal purchases alone are maybe $10-15 million daily. This is only for US people using Paypal. Imagine how many people buy crypto worldwide? Much larger scale.

In my opinion, bitcoin had a correction 2 day earlier which made the price drop more than $1000. It is not a big correction but it is enough for bitcoin to generate new force to continue the bull run

A bigger correction will be likely to happen. However, I can not spot a correct point or even a zone. There is no resistance at the moment. Just trust your instinc. Dont follow any rumor or trader on the social media. Holding is the best thing to do if you are a real investor.

The way you can spot a trend reversal is when the dips no longer hold and the resistance areas are hard to break. Basically right now, it barely dips a considerable amount for there to be a good R:R trade. You need to basically enter and use tight stops. Since most likely $20K will be resistance, if you enter here, the max profit is $2K. If you let it dip to like $16K or $15K you got more than double the potential profits. However if you wait that long, it might hit $20K before it even reaches your target and you get nothing pretty much.

So when the trend is reversed, we will get large dips, but it will keep hitting some failed lows and keep dipping lower and lower and lower. Thats when we know the top is in but most likely it will be too late to sell because the price can come down quit a bit by then and you can end up with huge losses.

Basically 2018 repeated, where most people longed $10K bitcoin and assumed $6K would hold and instead sold at a loss at $3K and then it reversed.

Don't get to in love with the uptrend as you might get into FOMO.

The pump was continues, I like what I'm seeing but I also can't deny the fact that the correction we witness in the past could take place anytime soon.
bitcoin may hit $20,000 or more but I believe it will correct below $20,000 which would eventually create some panic.

Institutional investment is a major factor for the market to rise but then there might be many factors for the rally if institutional investment alone can push the market we would have seen a rally all the time, the printing of Tether was a concern last time and there is not much of a difference this time as they are pumping the Tether in the market.

Correction doesn't need to start right away, it could take a while before it happens, we already had a decent level of correction at around $16k+ or so levels where it dropped under $16k and now we are at $18k.

I suspect next correction could come after $20k as well, that would be a psychological barrier where people would be ecstatic about reaching $20k once again and at that point some people may leave thinking we may not go even higher and that is the top, which is not true, we could always reach to higher levels but I think we can't convince those people.

So, we are going to see bitcoin reaching $20k first, have a small drop, and reach even higher later on, just like we did with the $16k level and dropping and going higher, same will happen.

In short - "You cant please everyone" since they do have different input in mind that the price might be rejected once again when it hit up on 20k price.

Im not surprised that there were people who do still think about the probabilities on high chances thats why they do secure out profits while its still early.

Market cant really just have to be on continuous rise on where theres a certain point where people do need to sell off due to some doubts.

I have to concur that action remains bullish, its a classic mistake to doubt a proven trend and the scale to the swing from lows to highs.    Till I can see doubts I'll back this rise as continuing to be valid.   It'll be noon Saturday in Tokyo in a few hours and so we draw into the end of the week and I'am going to look at daily and weekly bars for a conclusion for action over medium term.

https://talkimg.com/images/2023/06/12/Ac2cg.png

Hindsight is twenty twenty but this is a strong rise to the extent its formed a price channel upwards for some time now.   We have even confirmed above the channel and any doubts I might have would be over extension and a pullback that accumulates, so far any doubts in price have left us still well above 17k to end this week.   Its been a great time for holders to keep on, we're far from the 50 and 200 day averages so we got space to pullback certainly but no reason to presume that is occurring this week or even next during holidays.

That argument is similar to what Kraken exchange explained during 2017 and it is correct. I also fought for that argument. However, it was also during the times when 1 USDT was backed by $1.00. After relieving themselves of audits and attestations, it is hard to reject that iFinex, Tether are printing USDT with only the loans from exchanges as the backing.

Also, are you really assuming that in this bull market the investors have sold bitcoin to hold USDT?

Just because there has been corrections along the way in almost all increases doesn't mean that it happened in all of them. There has been some that never really had a correction and straight up just went higher, we could be in one of them right now. Definitely there were tiny ones along the way but they were speed bumps and that is about it, they never really cost bitcoin anything and investors anything, they were there to make bitcoin increase a bit slower and that's it.

I feel like we are going to break over 20k very soon, we are close to 19k anyway so reaching 20k shouldn't really be a problem. What will happen afterwards will be the real surprise, breaking over ATH is not something simple and when that happens we will see the real bull or bear run start.

The correction will come, it is something natural for the market, at that time the Alts season can start in green, and we will see the markets in green, for me there is still a long way to go for the uptrend like the previous one. In 2017, at the moment there are very good vibrations due to the fact that we are approaching December and therefore the demand begins to grow, this causes the price to fall, many trade with Bitcoin and do not change them to USD, which will continue increasing the price probably.

Careful in a manner not to be greedy but it doesn't matter for those who have decided to be at the longer term. It has corrected a bit and got back to $17,300 but I don't think that's the heaviest correction that we can take.

There can be a heavier correction than that because it's not that far from the current price of $18,700. That small dip is healthy but you are correct that it's healthier to see more of them.

If Tether can't make good on their fiat withdrawal obligations, USDT will unpeg from the dollar. Until that happens, it's useless to speculate like this.

As far as we know Tether never printed any unbacked USDT. Crypto Capital got taken down by police while they were holding Bitfinex's money, then Tether loaned money to Bitfinex to plug the resulting hole. They couldn't just burn USDT to account for the losses because most of the supply wasn't held by Tether, it was held by USDT holders. That doesn't suggest they are printing USDT without backing now.

If you're willing to research the subject, there is a massive market in China, and to a lesser extent Russia, for USDT to avoid capital controls and for cross border remittance. This has created extremely robust liquidity in the OTC Bitcoin and USDT markets in China, which tends to be self-reinforcing. That's why Huobi has the 2nd biggest BTC holdings of any exchange in the world, even though we barely pay attention to them in the west. The Chinese market is massive.

I hope we will see the same scenario, 2017 was just different as ICO was so popular and people trade altcoins when bitcoin falls, it's vice versa, now, we have not seen altcoins having the same run, everything is just too dependent with bitcoin and any significant movement of bitcoin especially the fall down affects altcoins a lot but a little effect to altcoins if bitcoin is bullish, at least for now.

Bitcoin could go in any direction at the moment; up, down and sideways. Upwards would likely yield $20K and could certainly go beyond this towards $25K (if too many people expecting rejection at ATH, then it's actually quite likely to break it). It could also correct upto 40% and take 6 months to make a new ATH similar to June 2016, given that we are also at similar overbought conditions on a Weekly time-frame around 85. Price could also simply consolidate, more or less sideways, maybe a little downwards, before moving higher.

Yes true, as people differ in opinion and plans but we need to learn from the past and be extra cautious especially during these situations wherein anything might happen anytime and now things will become even more complicated since the altcoins have started to pump wherein it was the only bitcoin all these while. Now I feel we are entering the phase which we entered at the end of 2017 this might go on for 2 more months at least from my point of view. I would advise people to think multiple times before making any investment as it would be too risky.

We'll have to see if investors have matured after all this time, after we reached another all time high but if you asked me the scenario is very much different we have aggressive investors who just came in to invest and they are going to support the market continuously, the old investors will not let the the same thing, because if that happens, we will all suffer it's like going back to zero.

Soon we can expect price correction with bitcoin. Right now the market of bitcoin isn't pumping high whereas there is growth with altcoins. From my view I find this to be the start for price correction. Once after the price correction we can expect the price of bitcoin grow high and reach a new ath value.

Last time people weren't prepared for the price correction. Once there happened a drop in the price, people got into panic and the same initiated more people sell their holdings. This led to market dumping and resulted in price crash.

This time there is less chance of panic selling, as people have learned better about the market from the previous bull market of 2017.

I feel like we'll never be ready enough to watch it all from a perspective and smile and that's because Bitcoin always does the unexpected.

In 2017 people were expecting a bull run but something like 6, maybe 10 thousand USD and Bitcoin went to 20. People were so euphoric that they missed the top and when it corrected sharply they were surprised.

I was also surprised even though I expected a correction but what I thought would happen was 8, maybe 6 thousand as the bottom, not 3. Then again people became so bearish that they were selling at 3, expecting 1 thousand.

This time you think it's going to be fine, expecting 50 thousand, but it's probably either going to be something like 200 or 300 because almost nobody believes in that level, or it's going to end at 20 and never reach a new high.

This is what makes bitcoin not go even higher than what it is today. If you believe that we increased a lot more than we should and if you believe that we are in FOMO right now and the price may crash at any time and the correction period will start, that means you are not going to hold any coins and sell them in order to avoid a crash or you may influence others that would get out in order to avoid crash.

All of this would cause bitcoin to actually crash because only thing required to go down in price is people start selling and if enough people believe that there is a crash coming in, they will all sell and when they all sell the crash will be a reality. However if we keep pushing the idea that bitcoin will keep going up and up until there is no money left to buy bitcoin and only crypto, we could go up without ever stopping.

Current price action has the 2 day average as its highs and is challenging some of the price channel trend in place for most of this month.  Its a very reasonable test and I think fair to say we remain positive so long as BTC stays above a weekly average and roughly within this channel.   To put it simply, we rose so fast and aggressively that a pullback is quite fair and still leaves us bullish even after some of this selling.   17500 (https://talkimg.com/images/2023/06/12/ALq9b.png) is where I'm looking for it to hold mostly but theres a variety of places to take profits and hold or center the case for further rises.

In this scenario it is very different for me, well if compared to 2017 in this increase it is definitely the same to move to 20k at the end of this year, but now DeFi is increasingly sticking out where people are so confident in it ICO has sunk for a long time and will never live again but still in the rise of bitcoin, there are several factors that might be mentioned in the media, so I think that when bitcoin will soar, altcoins will stand a little and it won't take long, sometimes they fall often because investors don't trust some of them anymore.

No need to worry because bitcoin will make another ATH soon.
This time is only another correction from bitcoin.
After this, I am sure that the price will be back to the high price, and I think the price will break another highest price, and who knows, the price can break $19k-$19,500 in a short time before this month-end.
The investor still buys back Bitcoin at a price now while the trend is now at the downtrend, so you need to prepare too.
If this week's bitcoin price can increase again to up to $19k, then that will be a good sign for bitcoin to still rise for another second-highest price.
We will soon see the bitcoin price will reach the last ATH a few years ago, and the bitcoin price will make a new ATH at the highest price.

I stop assuming it was of the same scenario but seeing more than that of 2017. I gain such optimism because I believe that Bitcoin is more than that and the adoption seems to get stronger even pushing the demand going high and the price as well.

And in regards to the correction period, that is something to show up surprisingly just like what it did before. The only we need is preparation and calmly make an exit, not panic selling that normally happens in the previous hypes.

Bitcoin deserves all the trust but this market would not go bigger if altcoins will not grow.

I would just hope that the growth is slow but consistent for altcoins and even bitcoin as we don't want to see a huge dump again which is always likely to happen after a bull run, well, I might be wrong this time but based on the last bull run, after a bull run, a long bear period happened.

We have something to look back on what went wrong, so we know what's going to get wrong, I don't expect Bitcoin to dip or crash, we are better now, the situation is very different, the world is now looking on the development of Bitcoin and majority of the holders are now thinking long term, not unlike in the past everybody just want to take profit.

Correction already happened, it happened twice. Now we are in the bull part of the discussion and I am not sure how high we can go. This time around I believe we are not going to stop at $20k but I also have no idea how high it can go neither, it looks like we are going to be doing fine but I am not sure if we are going to be $30k, or $40k? Maybe more or maybe stay at $22k and drop after that, who knows?

This is why I think it is going to be something very risky and even though we will be breaking all time high price which suppose to be something great for many people since we are as high as we have ever been, it would also be very dangerous because a lot of people will lose money, there will be a ton of people who buy at the top and lose after the price crashes eventually.

I would rather stop thinking for any higher price now, higher than $20k, until bitcoin breaks the current ATH.

Though the market is bullish, but it's a tough situation that bitcoin still fail to break that barriers until now, I know nothing is impossible with bitcoin as it could always surprise us but I believe if not this time, we have to wait for a bit of time and eventually it will again soar.

Normal for people to say up things when they do saw that we are nearing ATh where these kind of words or sentiments will really come out on someones mouth.
It cant be avoided not only just for the sake of profit or investing matters but also with the excitement yet we've been waiting for this time.
We are the same on which i dont really expecting much after we do break the previous ATH and would see new time high.As usual, there would be
sell off or profit taking which would really make up some pullbacks in price so we shouldnt really make ourselves too excited.

However, look at the graph, who is redeeming? There is only printing and issuing. Do you really think all the $18 billion in tether is backed by dollars?

I reckon before they relieved themselves from their auditors, tether was backed by 100% dollars. However, after removing the statement that all USDT is backed by USD and removed audits, it cannot be trusted. They are operating like a bank without regulation.

If you also are willing to research the subject, where are the audits?

I don't think they're printing anything out of thin air, no. I've honestly never seen anything to suggest that. None of the FUD or statistical analysis has been convincing. I'm also a very big believer in markets. As long as the dollar peg remains, it's useless to speculate about inability to pay their obligations.

I also expect that Coinbase's fiat holdings are exponentially larger than they were a couple years ago, same as Tether. Do I think that means Coinbase is "printing" USD or USDC? No. ;)

Whether it's smart to have large exposure to Tether's counterparty risk is another matter entirely. I would be cautious with that. I do think regulators are watching them closely and are possibly waiting to pounce on their bank accounts.


Tether made it clear a couple years ago that none of the professional auditing firms will go anywhere near them.

^I understand that Tether seems to be a great company that does whatever they promise so far and that is understandable and this is why many people believe there is nothing wrong with investing into USDT since there is no problems so far that means there won't be any neither.

However Tether is just a company, it is filled with people, it is literally the reason why bitcoin was created so we would not need these people. What happens if their building blows up? I know that sounds like a joke to you but in reality I do not want that risk, there is no building to crash in bitcoin or ethereum or many decentralized coins right? Why risk my money with one that has owners who could die at any moment? Hence I prefer to use stuff like DAI instead of tether.

What is the difference with DAI?

You should not be so categorical about Tether, because you can find a lot of other cryptocurrency projects, whose coins are in the wallets of cryptocurrency users, and their value directly depends on the activities of the teams. For at least the last 5 years, despite the too sharp ups and downs of the cryptocurrency market, USDT has helped every trader and all cryptocurrency users in general to minimize their losses in an unstable market.

It is just hard to think that it's market value will be twice as its ATH. Indeed the market price have grown many times eversince it was introduced in this industry but that's because of its development regarding popularity and trust from the masses to engage into it. For sure there's a limit on its market value, and given that it is still under the category of currency, meaning the supply will circulate to the market and how will it be done if the price will continuously increase, creating a tendency for the users to just hold amounts in their wallet.

it won't be so much different if institutional-investors aiming to sell at the peak as well, instead of holding Bitcoin for the long term.
in fact, it always is the common move from every investor, sell at the peak and buy back at the bottom, such a good strategy to accumulate bitcoin as well.
We know that it's inevitable yet we don't know at what point it will start to crumble or how much the major correction will be, is it 30%, 50%, or 70%? The history may be repeated.

the correction period in Bitcoin is usually when the price has reached an all time high and it has become bearish,
but now it is still in the recovery period zone, or maybe a bullish, bearish period is still not visible because there is a lot of good news in cryptocurrencies, especially bitcoin, so don't expect a correction period is coming.

^^Difference between DAI and USDT is the fact that there is no building that could crash, there is no person to be jailed, there is no centralized entity that can ruin it. I also do not like the coins that have big project teams over them constantly doing something, never been fan of ICO for example.

This is why last time I made a big size investment it was before the ICO period, maybe you youngsters may not remember but coins came out of nowhere back in the day, one day it didn't exist and another day they published their wallets (and we rushed to mine it :D) and that was it, no pre-sale, no funding period, no erc20 no bep20 it was all hard work and after that the team wasn't involved as much. Nowadays we are going back to that, we are getting to point where defi makes that possible with less teams again.

The influenced may still the same, once this institutional investors start to sell their holdings fud's will start to show up and weak holders will follow, it's been this ay ever since. Panic sellers are being drive by this early holders who bag holds their assets and create movements that they are well aware.

If people around this market start to realize the real potentials of this investment currency, not just for quick benefits but for long
term success. The chance that it will continue to rise be more stronger, looking forward that this time it won't repeat that same thing and will be more progressives.

That's the result of the hype, FOMO will come but it the hype is a short lived one, it will stop, and these people will again regret why they buy at the moment. Hopefully only few people would lose compared to the last bull run if indeed a dump will come, we have seen this scenario many times s we will probably make a better decision now unlike those people who are just active in investing when the market is bullish.

Its correcting now past the weekly average which is more severe as a selloff considering it was recently at a high.

https://talkimg.com/images/2023/06/12/ALWSJ.png

The recent attempt to rise from weekly to the 2 day average did not suceed and now its selling has passed the weekly average.  18k is a good area for it to hold over a longer term though, if the 4hr bar closes above 18500 and confirms that price then BTC remains very bullish.   The sell is a fair call if markets closing for thanksgiving has any effect.

This might only be nothing, however where are the audits? Also, why are they not submitting the documents requested by the New York supreme court?

Your comparison of Tether and Coinbase does not prove that iFinex, Tether, Bitfinex do not print USDT that are presently only backed by loans.

Did Paolo Ardoino said that?

then after that $17,000 bitcoin climbed up to $19,300 but now as we speak?the Correction came and bring the Bitcoin to 17,000 again i don't know how dip is this but for me?hope that Ripple drops down to 40 cents again then i will surely add more.
Actually even how many times other bitcoiner experince the rise and fall yet they still act the same whenever the value downtrend ,maybe because they are only relying in short time profit so they cannot wait for another growing moment.

Bitcoin never breaks first, in every possible trend there is always a correction, it almost touches $ 20k, but it has reached limits that are areas of opportunity, some call it resistance, that have an emotional impact, this added to 70% Of the bitcoins bought by paypal mined, this has contributed to the trend, however, it is necessary to wait, as it is already December and we can expect a greater increase in demand.

Demand of bitcoin will increase more when there is a hype, when the hype is on then we can still expect a new ATH to be hit by next month, but for now, it seems that bitcoin has already dump and it will take another hype for it to rise again.

normal scenario, we have seen this in the past, bitcoin dump after a bullish market and we call it as a correction. it's happening now, hopefully this will not create some big panic from people who have invested during the recent pump.

Now we first will see some FUD, or rather already saw it with this hypocrite fuck Mnuchin. I guess it will dip some more to about 13-15 and hopefully stay there for some time. The more fuel the rocket has, the higher it can go.

The market correction of bitcoin along with the entire cryptocurrency has begun. In a days time the market has faced a very big drop in the value. Right now everyone were with the expectation of market reaching its new ath value. Right now Whales will tend to make a big buy targeting to bump the price in a short and profit out of it.

Begun? There is really nothing shows a massive dump coming any time soon. We just experiening some pull back. We never know the future, in the distant future there will be plenty of 50% drops and 200% increases and all that, it is impossible for bitcoin to never have a 50% drop or never have a 100% increase, those will happen "one day".

However looking at the near future, it looks like nothing will be done and nothing will really make it go down. If you ask me, we are staying stronger for a while more and break over $20k and try to beat as much higher as we can breaking all the resistance points along the way and build support points instead. After that maybe some things could change but this will take at least until 2021, so there doesn't seem to be anything we need to be worried about at all.

You are right as we cannot predict whether we will see a 50% drop or 200% increase since everything is possible and we also know that even if the market collapse then still it will bounce back but we need to stay focussed and start ignoring FUD targeting Bitcoin and claiming it to be bubble as usual which thye do whenever there is a drop of even $50. Just one bad day of few good days does not define BTC or Crypto market.

Looks like we are in a phase of eliminating the doubters.
Everybody thinks that we will easily break and stay above 20000 usd but the market rejects it now.
What is the next move? This is the biggest question right now and everybody wondering , the fact that nobody can predict correctly this situation we are making speculation at this point as when the price bounce back after this correction , you wont regret  got some more bitcoin when the price tripled later.

One of the things that I like a lot is being able to enter the forum and see these types of discussions, because each person sees the market in a different way, I see it differently, some things I share and others I study, it is mere speculation, but It happens as you affirm, what comes next? Could it be that they are correcting to catch the bullish momentum? Is it that investors are taking advantage of quickly buying some alts to shelter their money from a possible much higher bullish trend until they exceed $ 20k? Emotions are running high. I think the market should correct, it should be, but as everything is going, I think it will continue to rise.

As they continue to discuss here, we will know what they think about taking this kind of action, is this really a correction or is it just the beginning?
Discussion is very necessary in order to continue to add to everyone's insight, of course they must have their own way, therefore we will see how profitable they are here.

Investors should now have sold from their altcoin profits, this is right and immediately the price fell that made a lot of panic but if we calmly face or buy at a time like this maybe in the future there will be a bigger profit judging from this momentum, and still haven't passed. December. So there is still time for bitcoin to rise again.

It is Either of the 2,the Pump because of Bull ru,or it happens because of Bull Trap.

not until the price rise again ,i wills till hold my thoughts.
Don't worry after selling their altcoin for sure it will be re invest in bitcoin .or maybe in another alt more as Ethereum is having 2.0 version and Ripple is having another Fork in December 12.

The market now is already in bloodbath, bitcoin is still at $17k which is still a good price but the way the market is moving looks like big investors are already selling off, after the bullish run, the bear market will slowly take over.

it is likely the market will recover again considering it is Friday (black friday) where all coins and altcoins have decreased. possibly Monday will recover

Oh yawns. When you've already seen March, and you've seen 85% pullbacks from ATH, then blood on the streets is just the rain falling down in a season of showers =p Ok, never mind the analogy but this is not a bloodbath. Just pull back those timeframes a little more and see where we still are today compared to October. The gains week after week was not healthy, nor sustainable. Profit taking had to happen at some point past $19k, and yeah, some latecomers to the game would be waiting for entry (to hell with dollar cost average for many right?).

This isn't a bloodbath. It's the buydafkingdip ship.

That is the forum function.
It helps a lot when it comes to enrich your knowledge with various point of view.
So whenever you are ready to make any decision in this speculation section , you have a lot of option already in your pocket, whether to watch and see , go buy immediately or sell some, make sure you are not trusting something like this for 100%, take it as alternatives and you will be fine.
Considering the altcoins mostly get pumped , i am pretty sure people allocate some of their assets in altcoin , that is pretty makes sense with the bitcoin slight drop since yesterday.

Not thinking of the black Friday or whatsoever, it's not significant anymore, the market has changed, it move when there's a big news as people just like to speculate, yes, this is just a correction and buying at dip is a great strategy, but hey! are we seeing a dip already or we will wait more?

Look back at the price, we lost only what we've recently gained.    Sure its sharp and the dream for bears would be it just never stops selling but its never so simple we only move in one direction or that'd be free money to just jump on board.    Its really close to not being that negative at all, I drew this chart before any sell because caution and awareness of pullbacks should be normal so thats what happened really:

https://talkimg.com/images/2023/06/12/AL8ql.png

Im just saying, you calling it a little early and I'd guess month end and days after is when we develop an answer as to greater direction going into year end.

Hard question to give correct answer. There's no way we can trace whether we already into this deep or we can experienced more deeper, it will be between good analysis and traders who understand the flow. The situation will be more likely relied with speculations as investors are being move by news as what you have said.

Fud's and Fomo's still got influenced whether to what directions the trend may go, so far after that huge fall now it's moving forward again, for those who bought @ $16,526 can now enjoy selling as current value is now more than $17K.

I see that the fall in prices in the market has stopped.  For the third day in a row, Bitcoin is at over $ 17,000, and ethereum is at over $ 500.  Holders of the cryptocurrency are in no hurry to sell it, so far those who could not stand their nerves and who urgently needed money did it.  It seems that the price correction will not last long and the bullish run may continue in early December.

Obviously this is something we wouldn't want to see, and obviously we would rather see bitcoin constantly going up without ever dropping, however we should also focus on what it can be instead of what it is right now. What it can be is 20k+ and breaking the ATH price which is what we want out of bitcoin, plus after this happens I do not think that the price will start going down again and reach as low as 3k like how it happened in 2017 and 2018 period.

From peak of December 2017 at 20k to December 2018 we have moved from 20k to 3k and that was the real hurtful and troublesome part. I believe if we move over 20k this time around, we are not going to see 3k ever again, we may not see 3k ever again even with the current situation, and that is even more important than going higher.

Nah, too soon to tell. It's the weekend and yes, we're almost back above $17k for 12 hours now but we haven't put behind volatility in the past 24 hours. Also, the bulls and bears do love a Sunday, so they could just be prepping up some targets for intense selling pressure below $17k. The wall already crumbled several times there, only natural they'll want to go a notch lower.

It indeed a hard question to answer correctly due to the volatile in nature of the market but the vulnerable investors seems to have exit the market which is the reason why the market is somehow stable but it doesn't guarantee that the correction period is over. Having said that, the recent correction has nothing to do with investors moved by the news.

The problem is lack of assurance to whether this is just a bear trap or the actual price correction lready but bottomline is that, the market would only go between these two. So what matters the most at this moment is to how will investors make an action regarding the situation. Will they continue holding? or will they assure the profit as early as it is? The answer would be depending on how the investor will view the situation. But I'd also prefer a lower market price in order to invest for some few amounts of it and to wait for another price increase on the latter.

Just like what we are seeing now, bitcoin started an uptrend again, it's moving fast, already at $18k now, so it's really moving almost the same speed when it dump and pump, and with that, it's hard to predict the price, it could be a a real bull run or a bull trap, we never know until we verify it.

Even if we verify it hard to predict the markett price correctly but as I said the weak hands have exit the market and the chance for the market to make a quick come back whenever the corrections happen is positive but the market making it back to the pump stage again doesn't mean the bull run has started again and i will advise waiting till it like Tuesday before we know the trend the market real posed.

What's so significant about this day mate? I'm just curious because I hear about Friday's , weekends in trading but not "Tuesday", this doesn't ring a bell.

The things thats important about those days (especially the weekend) is that the market at some point experience low demand when it weekend because some day traders and arbitrage skip it to spend time with their family or do some other important activities. Besides, this is the reason most long time unconfirmed transaction usually get confirmed during these days.

This has been a great bull run so far and I think we are not done yet, we are going to surely see something better in the future but I am not entirely sure when, it is looking like we are going to see it this December or January of 2021, because many people assumed it would have been $20k already with the way it was increasing, which means it is going to be higher at a later date, but do we really see a big bear run starting at any time soon after ATH?

We really can't say because remember last time we peaked we literally dropped to hell and came back only years later, so we should be very very careful about this one, it is going to be very dangerous to continue dropping and it would be very risky, but if we start going back up, that means this was nothing but a speed bump.

why will they panic and sell when its not yet time for the correction because the price will continue to rise  . the price dump last time but that might not be caused by a correction but it can be caused of the panic sellers . on the current time id say that correction has happen because i havent seen a reason why people will panic . people have matured now and they still hodl because price was not dumping hard  . bull run have happened but it was postponed for a while and may resume again by december .