Bitcoin Forum

3 reasons why BTC will unlikely trade below $50,000 in the near term and up from here

https://cointelegraph.com/news/3-reasons-why-btc-will-unlikely-trade-below-50-000-in-the-near-term

you sure? i though people say its normal for 20%-30% correction  ???

Bitcoin will rally above $50,000 and it will have another all time high. Today, people are shorting bitcoin with big power on the market. More than 80% positions on Bitfinex are SHORT. (https://www.viewbase.com/bitfinex_long_short_position)

Do you think bitcoin will suddenly rise too strong and liquidate all short positions? I think bitcoin will fall more and liquidations will be on people who don't control their short positions. They short successfully, take profit but open their second, third or fourth short position. The last short position of them will kill them.

This is the hope of many traders. They expect the BTC price to increase or stabilize. With stable or rising prices, if you look at the current trend, altcoins will follow it. But if you remember that every increase there is a decrease, this will happen over buy, the market is saturated. this is natural. I do see that there is indeed strong support in the $ 50k area. A few days ago there was a rebound, this seems to be the effect of a tweet from Elon Musk. So the price came back - + $ 57k yesterday.

Cointelegraph is famous for the big media in the crypto currency world, yes we know that, and now they provide this important news, whether they are just opinions or facts, if from the analysis $ 50k is strong support and at that time the breakdown might just be a wick on $ 48k to $ 49k happens, yes, it really helps the big media to provide analysis, and I hope that the holders and traders will not experience panic.

If Below $50K I think this is still possible in the near term, Current price of Bitcoin is $52K so I think still possible even though 50K is strong support, remember crypto is unpredictable. Whatever will happen next I just want to say don't miss the opportunity, It's time to buy and hold

Definitely normal but there are people who do easily freak out when they do see 5-10% drop in a course of day or a couple without even thinking that these are just casual price corrections.
It is just there are news or fundamentals which could be automatically attached into these kind of events where people do presume out to be the main reason of such dip but honestly
we cant really point out fingers if those are precise reasons on why we do have this price decline. Trading below 50k on near term? It doesnt matter because
people could easily adapt through it and also this is a good time on buying out cheaper coins.

This is just a normal correction as all indications still prove that the uptrend is still intact. 50k has been tested severally today and bears were unable to go beyond this level which is key resistance. I am of the opinion that we are going ti see a renounce to 70k from this level.

We really never know what they are telling us is technical analysis but we never know what other whales are thinking it takes a group of whales to make the market drop and small and weak hands will follow, anything is possible in a highly volatile market, I will not use the word unlikely, when things are looking obvious.

That's a very bullish way of convincing investors to join.
Traders are seeing it differently when they see the charts that the rise isn't sustainable. This is why they are predicting at least it will take months before getting back up to its feet again and while it's happening, a slow decline of price to maybe around $40-45K will take place. The advice I got was to wait a little longer before buying BTC again.

Media channels are used to convince people that bitcoin won't be sold out to lower price in short term.
Bitcoin Traders Keep Buying the Dip, Blockchain Data Suggests (https://www.coindesk.com/bitcoin-buy-the-dip-exchange-withdrawals-2021-high)
Bitcoin Options Traders Position for Gains (to $80K?) in Historically Bullish April (https://www.coindesk.com/bitcoin-options-traders-80k-april)

Believe those news or not, it is your side but believe in bitcoin or not, you don't need to read those articles and news. Your belief in bitcoin should be put on the Whitepaper, Protocol consensus, the block halving schedule, the total suppply and the bright future of bigger adoption.

After yesterday's strong volatility, look back at the beginning of March with the support resistance at 44k at that time.  and the spectacular BTC rally at the new ATH is $ 61k.  So, if the bears lose an advantage at $ 50k during this corrective period, we could see that the additional demand from institutional investors will be greater, Futures premiums still increase, whichever  This also triggered stronger sentiment in stable cash flows.  $ 85k will be the next ATH station.  Good time to earn more beef!

It is only normal when it happens after a big rise. Think of it as taking 10 steps forward and 3 steps backward. If you take 3 steps forward and then 5 steps backward then that is not normal specially in a bull market, then we can no longer call the 20% to 30% drop a "correction" which is the case right now since from $62k to $50k is already a 20% drop and it is happening after a very small rise from 2 months ago which makes the current price only 8% higher!

so you saying this is bear market now?

This utterly brings good news for holders who expect the price of bitcoin to go higher.

$50000 is absolutely a big resistance and it will expressly reduce the dense of the bear. The new rally will soon form around this point. Perhaps bitcoin can move slightly below $50000 (about $49000, I guess) but that's it. It will once again show us the strength of the number one cryptocurrency

Moreover, during this point, many people are optimistic about amassing more bitcoin, and with the quality of newcomers, bitcoin is able to sustain the current bear run

I am not sure, but IF BTCUSD (https://de.tradingview.com/symbols/BTCUSD/) would drop below the 50k, I know I would wait for 45k before even considering buys:
https://www.tradingview.com/x/ydNgMCqV/

It is characteristic of bull markets that resistance becomes support. We will see if what the article says is true. I believe that the 50k is behaving as a support, and that we will reach $100k little by little, without much trouble.

And with speculations and people comparing this month to last year, we are seeing that there's really a big change and very different from last year. Whilst, some are waiting for a bigger correction, IIRC, yesterday was likely the third big correction that we had experienced since we have entered the bull run.

Whether it won't drop below $50k or it will, we have been on a great deal already since the start of his year and I hope it lasts until next year.

I think the same. It dipped to the $50,000 support area but managed to recover quickly. Overall, BTC remains supported on the downside. Momentum indicators flashed red, signaling a possibility of a corrective rally in the short term, but also indicating potential gains in the long run.

Phew, I saw that we almost took 50k support away in the past 24 hours. Not that we still will not, but it does look like the bears and sellers are trying really hard and we can only see this level of dip? Not 20% dip many people are talking about yet so it seems like a good position to be in on Friday!

I hope bitcoin will not go down for below $50,000 in the near term before I can close my trade and take profit ;D

If that happens, I think I will prepare more money to buy bitcoin if the next downtrend is below $50,000. I think the price now is good to trade, and if you do not chase to search for a bigger profit, you can close your trading with a small profit. You can wait for the price to go down below $50,000 and then buy it at that lowest price.

I am finding these type of topics funny and they are getting more frequent as well. Just because bitcoin went down a bit, doesn't mean that it will go down all the time, and every time there is even one drop, they end up saying it is going down. What's so interesting about bitcoin crashing for these people? What do they love about it? I mean we all know that it is not going to happen, so why try to hope for something like that?

I do not think that it would happen, and I think it will always stay high from now on, maybe under 50k is possible but I think even under 40k is very difficult from now on, why do we keep trying to find "how it will go down soon!!!!1!!1!" for some reason? Like is that a good thing? Are you hoping it will go down so that you could buy some? Do you hate people who made money so you want them to lose? What is the point when you failed over and over and over again?

A very common character of bitcoin is being resilient. While there were many that have seen to panic when it has been dipping, they haven't seen to that point that bitcoin is very resilient no matter how low it will go.

Close your trade and set it automatically so that you won't be panicking if ever it will do. But there's still the probability that it will but just like you, we don't want to see it go low down again.

I do not think that bitcoin has been resilient that much before, not back in the day, we had whales who pumped and dumped bitcoin however they wanted and that was a thing that they did for a long time. These days we are doing better because we are in a world where bitcoin is not doing that bad and it is high and we are seeing that whales are just companies these days and not early birds.

We had a lot of people who bought bitcoin at low prices, prices that are under 10 dollars, they had thousands of bitcoins, and back in the day those people were capable of changing the price easily, we weren't resilient back in those days. However we are doing better now, and companies are buying in billions, just in this past 400 days we had over 10 billion dollars worth of bitcoin bought and stored and not sold so far. That's a big deal and that matters, we became resilient thanks to that.

Technically yes, I support that bitcoin will not fall to $50.000 and below. There is an indication that its price movement will try to reach $60.000 again because there is an engulfing candle in the strong support and the next candle will be formed as a green candle as well which will indicate that the increasing price will still continue.

The mass adoption is coming, there is just a few chance for its price will drop like a few years ago. And the Elon Musk's intention will give a plus value for some investors to keep hold their bitcoin until its price reach $100.000 and more. Yeah, I guess $100.000 is the next price for some whales and they will never sell their bitcoin before reach $100.000.

BtcUsd (https://de.tradingview.com/symbols/BTCUSD/) closed above, retested that level, off to moon. I closed my position earlier though. Yesterday when that first bearish candle closed below the bullish one, in the sell Area, that was my exit. No need to be greedy, but need to be picky!

https://www.tradingview.com/x/QXMsqR0Q/

That article is a boring to read wall of text and I didn't understand most of the reasons.
I don't care about the derivatives market and Bitcoin futures and not my priority.
I couldn't care less about the US consumer spending in April.
In summary,Bitcoin price might face a correction and go below 50K USD in the short term,but in the long term Bitcoin remains very bullish and the investors/HODLers are optimistic.
I don't have to read a pointless Cointelegraph article,in order to know this information.

BTC found the 50 day, the monthly and weekly as support recently so near term its quite certain it's acting quite bullish in its price action.

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

See if price can establish above 57508 on 4hr bars, so long as DXY does not move upwards I guess BTC has finished its selling already.   Just meeting 50 day average was enough to end that period of selling, same as happened during January.
   Longer term dollar index keeping above 92 makes me think we should be prepared for Bitcoin to face further headwinds as larger markets are still tightening against speculation and non yielding assets.

That's right, it looks like weekly is on our side and the candles all looking green and healthy. I do believe that we are in a situation where buying bitcoin is still a great choice, short future people tried to drop it, 6 billion dollars worth of futures all in cash now (well in bitcoin) all causing it to go down, basically there was a test to see if it will go down or not, but the reality is that we are not dropping anywhere anytime soon, it's not going to be like that at all.

Of course it's not going to be incredibly easy to go up neither, it's going to take a bit of money to get there but I believe over 60k is possible once more. When we test that, the result will be great and we are all going to be happy about it, when it goes up everyone gets together, people get hyped, that's why it's called a bull run, because we move in packs to buy not to miss out on it.

I don't have experience at the earliest time of bitcoin but isn't it that bitcoin was volatile and resilient based from the price history that it had before?

But anyway, it's really doing better these days and that's why we're having a good time and not thinking of how long this will end because in our minds, this bull run would take up for a long time maybe until next year or even more, we don't know.

More and more companies are buying bitcoin and the domino effect has started since even before the bull run has ever started.

Lol so what if you’re wrong about that and the price starts increasing are you going to buy back or just stay back? Although I am just noticing that the price has decreased to $50,000, but something like this happened earlier before the price jumped to $62,000 and you know for sure there is the possibility of it repeating itself again.

Though from another angle we can agree that you with some reasons yet bitcoin still remain stronger regardless of those things because it’s been triggered by institutional investors now and the price has just being going up, it can crash at anytime and maybe that’s what will be happening by next year but definitely not going bellow $50,000 levels.

We all know that 2021 is a different year from 2017. A lot of support has come from big investor this year which has been a strong fundamental factor in saying that bitcoin will no longer trade below $50K. But I believe this rising cycle will not last much longer if a wave of panic traders detect the presence of whales looking to sell their bitcoin. -20% to -30% is still possible. Correction is still very possible even though the support continues to increase, this volatility has provided many profit for trader.

It's tough to predict as behaviors coming from new and old timers are relying with how bitcoin will perform, so far it's still showing
bullish as corrections that take place earlier are now bouncing back again.
With this line of support coming from institutional investors the chance that it will continue to step up is very possible, though there
are also pressures once those so called whales play along and bring everything to fall and be followed by weak holders, we just have
to work along the line to have a much lesser risk and to try maximizing the benefits.

I think if many traders will sell which usually they're doing as they won't be called trader if they'll just hold together with the whales, there will be other whales and traders that are prepared to buy those bitcoins that they'll be selling.

That percentage that you have given isn't that much compared to the pump that we've taken from bitcoin since the end of the year 2020. Anticipate correction as it's always going to happen whenever bitcoin goes up.

I already close my trade when the bitcoin price can increase, so I do not think more about the price. Now, I only want to wait for another downtrend that will comes after the price increase. But if the price still increases, I have some more bitcoin ready to sell at the next higher price because I think the price can break $61k or more. Hopefully, the price does not drop again as before, but I will make sure to buy more bitcoin if that happens.

That's right, we could drop a bit, those 20-30% drops are not a big deal, sure that would mean that we would be in the under 50k places, but I think that could happen after we increased as well. What people are not understanding is that last time in 2017 when these sales happened, people were mad that they were too late and they sold anyway, price kept going down more and more constantly, that was what people did, however we are talking about something that's entirely different, prices go down and people see it as cheap discounted bitcoin this time around.

This is why I think it's quite obvious that we are not going to make that much change anymore, we will probably go up faster once again because when it goes up, it goes up very fast and that's what we will have because we tried to go down and whales sold but it's not dropping much so only way to go is up now.

As I'm looking at the price lately, it didn't break $60k and there's again a liquidation which made bitcoin drop by $2k. The highest for this day was $59k and I thought that we're be breaking the $60k again but it didn't and as of now, the price calmly stays at $57,900.

The trend for bitcoin for going up makes it different this time. While we've seen it broke the last ATH for 2017 and even more from last year's ending up to this moment, this makes us believe that it's unlikely to see bitcoin at a lower price again, although things can change in instant.

^ The price really didn't break the $60k barrier, we almost did, but instead, we've seen a selling pressure. Which do usually happen if we are trying to break a big barrier and we are not successful. I'm sure that tomorrow will be another day, and hopefully if will be a different outcome this time. We all wanted to see a new ATH and or at least a $60k price, so let's see.

It's obvious that we are going to, it's impossible at this point to not reach 60k price, I know that each time we reach there it stops and we end up going lower, last time it almost went under 50k as well, but each time we recover and make a push for breaking it, having broken 60k once as well. So, I am talking about something that's more interesting here, the fact that we are not falling that much and yes we may fail to break over 60k this time, but how many times do you think it will happen? One more? Two more?

Eventually if we decline to go down that means we are going to end up pushing 60k once more and then we will be above it. That's what I believe we will see, price will go up, and we are going to be quite heavily above what we are right now. And I mean something like 70 or eve 80 thousand dollars that would be possible.