Bitcoin Forum

Will the price of Bitcoin continue to fall? Where will the resistance point be? I am worried.

It may; it may not. But there's nothing to worry about. Bitcoin has been declared dead a hundred times. Look where it is now.

We've all been here many times before. A year ago, Bitcoin's price was around $30,000 and some were worried because it fell to around $25,000 several days later. Before the year ended, the price has went beyond $40,000.

People are easily worried. They worried when Bitcoin fell from $1,000 to $500, from $20,000 to $3,000, from $60,000 to $30,000, and now from $70,000 to $54,000. Can't you see the pattern?

This is normal turbulence. Fasten your seatbelt and enjoy the ride!

It's true that one sometimes l have to be worried about there investment but if you're investing in bitcoin for a long term this temporary price change wouldn't be a problem to you because you would have the confidence that even if it falls below half it will surely make a good turn which is even the more reason we believe in bitcoin and not altcoins that aren't capable of returning to a good price.

If you have spare cash that could be used for investment you can rush now that we are facing a temporary a dip and buy bitcoin in discount because it will turn out to be the best time to have bought bitcoin in the year 2024 before if sky rockets to an unbelievable price which is the bullishness we awaits. Panicking isn't our thing but opportunity maximisation is the aim.

To answer your first question, Bitcoin may continue falling but it shouldn't cause a panic for those who are Hodling, do not be pressured by the price decreasing but rather see at as an opportunity to buy more Bitcoins at a reduced price. Bitcoin is a high volatile asset so it is expected to experience DIPs and RISE at a particular interval of time. Just throw back at the highest price it got last week about $69k and now it's around $54k so it's about 15% decrease which is a very fair advantage to buy the DIP and HODL.

Then about your second question if a resistance point will be experienced? the answer is NO, there will be no opposition to price of Bitcoin rising again after experiencing some DIPs. It should be noted that Bitcoin have stood fame even amidst media, political and personal criticisms so on no account will there be an opposition against the price of Bitcoin to skyrocket after undergoing necessary corrections in form of DIPs. Bitcoin have stood up for itself overtime even to some point where most investors almost lost confidence but yet it gave us a reason to be courageous and to have faith that it has a brighter future ahead so we shouldn't be confused when an intense DIP is happening, it's gonna rise again.

Not only bitcoin, the entire world financial market is going through its worst days, the reason is said to be that people fear the global economy will enter a recession.

No one knows what will happen next. But you need to remember that no market will decrease forever, if there is a decrease, there will be an increase, the financial market is always like that. So if you are investing in btc with your idle money and can hold it for a long time then don't care what is going on because it will soon pass and everything will recover. But if you're investing money you can't afford to lose, you should have a plan because I don't think the market will recover anytime soon. If there is an economic recession, it won't end anytime soon.

We are not alone in this correction, the entire financial market is going through a bad period.
https://www.talkimg.com/images/2024/08/05/5Iy79.jpeg

Source: x.com

If you're asking yourself that question you're asking the wrong question, because the worst thing with Bitcoin is trying to guess what it's going to do in the short term and, if it's the case, trading it. The best strategy is to accumulate for the long term, forget about the noise and have a view of at least one cycle, or 4 years. The Bitcoin since its creation until now has been the most profitable asset for those who have not worried about what you worry about. For those who have cared about short-term performance, it has generally been a ruin.

But why? Why are you worried actually?  Prices go up, down, all around.  Predicting the bottom is impossible. You should know that already. If you invested in Bitcoin or something, the price drops probably stress you out and  Id say don't sweat the day-to-day stuff.  Think long-term.  But hey maybe you haven't invested at all.  No shame in watching from the sidelines until you feel ready.  Consider this a good opportunity to dip your toes. So again, no need to worry.

According to the monthly chart, the support should be around $40000. But according to weekly, daily, and other short range candles, the price has already seen support price and you can start to DCA. With how the market is now, there would be a strong support at $51000. If $51000 is broken, another support would be around $45000 to $46000. But the support at $50000 would be very strong to break for now.

Right now, there's a support zone below the current price range, and many inefficiencies above it. We expect the price to bounce back to its original trend from here. However, based on a deeper analysis, the market seems to be in a slight downward trend. Several factors are pushing Bitcoin below the $50,000 mark, including political aspirants trying to manipulate the market. But don't worry, this is a good opportunity for some of us to buy more Bitcoins. I believe every dip you see during this period might be the lowest price Bitcoin will reach, so take advantage of the dip and keep accumulating. Don't stress too much about it.

Don't be worried, this is a temporary situation that the markets are responding to what we are having right now, and nothing that big, it's not going to feel that way at all. We need to realize that it is going to be a hard situation to live and I know that it will make a lot of people worried but that is not a big deal and you do not have to feel that bad about it at all.

A ton of people sold, and that's fine, people getting out of the market which is fine as well, but also long futures were cashed out to, which caused extra fall but I think it's over, right now bitcoin market is trading above 56k levels; a good sign. In fact, even though we are VERY close, I think we may not even see under 50k happen, we may see the price be higher, so it is not going to end up being all that crazy at all.

It may continue to fall but it will recover soon, that’s for certain. This happened a lot of times already so there’s really nothing to worry. But if you are trying to invest thinking for quick profits, with this type of scenario, you should worry by now. It’s hard to expect from bitcoin some quick profits due to its high volatility, and in most cases where its price drops dramatically, it certainly takes couple of days or even months before it goes back to normal and surge high again.

Absolutely, let stop worrying about bitcoin temporary market reactions and focus more on taking advantage at each of the opportunities that the unstable bitcoin price movements will bring both in the uptrend direction and also in down trends directions, because bitcoin according to previous price pattern, there is never a steady price movements directions, some times it goes up and the other time it going down, but the ability of bitcoin holders to categorise each price phases in bitcoin and making sure to take the appropriate steps to gain at each point.


I don't know why most bitcoin investors get panic when the price drooped bellow $60k few days back, when we are sure that the price will recover again in no time, and even if it goes down further still it make no difference, just to wait for it to recover which surly will happen.

Many investors are worried exactly because it's not possible to know if Bitcoin will still drop below the 50,000$'s or not. In my opinion, if an investor is going to need the money anytime soon for expenses, he should cashout immediately, because crypto market is too uncertain these days. It's too risky to keep an investment without knowing how long it's going to take to recover, while having expenses to pay on short-medium term.

On the other hand, if you don't have any financial appointments to meet, keep holding your BTCs. At some point things will change in Bitcoin's favour once again, and those who kept their investments intact will be rewarded. I don't know what price Bitcoin will still reach soon, but I'm pretty sure it can still cross the 70,000$ line, what means 25% or more profit for those who are buying BTC now for 56,000$.

To reach a decision, everything depends on how much risk you can afford in the present moment. Reach the answer, and you won't have reasons to worry anymore.

If you keep on worrying, nothing is going to happen. The price of Bitcoin will continue to stay where it is right now. But stop worrying, the price will stabilize soon and its volatility will calm down soon. What you have to do when times like this comes is to ignore the market for a while. You don't have to be too active at all and this is your mechanism for yourself so that you don't get to worry a lot. So, if you can do things that you don't do anymore then kindly do it. Spend time somewhere else because whether you do something or not for that worry, the price of Bitcoin will eventually change and recover.  ;)

This is high time to build confidence and trust in the bitcoin market incident and actions, because this is not the first time we are seeing bitcoin doing a sharp fall like this, and what I believe in all of this is that, at a time, the whales may be the one that benefit most from this kind of market situations since they have large cash reserves to keep buying at every opportunity to buy more at discounted prices such as this and in the future when more opportunities present themselves from the volitility of the bitcoin market, so while some weak hand's panic in this kind of situation, the strong hands sees it as opportunity to bag up and starch up my bitcoin holdings.

We are today in a dynamic position of bitcoin prices, where indeed the potential for recovering bitcoin prices is still possible for the next few days for 2-4 days, but do not deny that the decline is also still visible, and this could be a mere price bounce in my opinion, support at prices of $50k, $44k and $40k if indeed bearish continues to occur the price level will be tested for strength, but from my personal view the level at $50k is quite temporary.

Some institutions at the time of the flash dump collected more of their bitcoins, but retail was afraid and sold them so that these whales got an advantage, if you still have bitcoin just hold it and better increase your load for the bullrun at the end of the bitcoin cycle.

Reading the comments, I can see that a lot of people have already told you not to be worried and that's the truth. Your worry won't solve anything. Worrying would only push you into making decisions you might regret.
What I want to tell you is that you should see times like this as an opportunity to make more profit. Bitcoin is best as a long-term investment, so think of the long-term as you have been told, but don't just think about the long term on the investment you already have, if you have more funds and feel like buying more Bitcoin if you don't want DCA, buy at a time like this.
People rush to buy a coin when the price is bumping and run away from the coin when it's dipping, you can apply that logic to altcoins, but for bitcoin, there is no bad time to buy, but there is certainly a good time to buy and that is when the price dips

Nope, it's gaining value again and that was just a dump nothing else. Don't ever fear or get worried as a Bitcoin investor because the markets go up and down and that thing will continue forever.

Not only Bitcoin or crypto market but there were many markets and stocks that lose value in August. Just be emotionally strong and hold your Bitcoin.

Are you worried because you are trading or for the short term? This is normal bitcoin has experienced several long crashes but at the end it will still recover, while you have bitcoin for the long term then just HODL or better accumulate more.

Because for the long term it is clear that it will go through several market challenges that experience a sharp decline, therefore it must be more relaxed if we are more panicked it will make you feel uneasy again.

Believe bitcoin will return to the top after going through its downward period.

Those weak hands are giving these whales the opportunity to buy. They're taking all of those bitcoins that are sold in the market at a discount. But someone who's long won't even be bothered by the market situation. There's a huge difference between the panic sellers and someone who's just chill and has nothing to do with the market as well as those who are waiting for the sharp fall of Bitcoin. Those that have bought at $49k were great and they're for sure going to chill now and whatever happens won't make them feel anxious anymore.

The price of bitcoin is such that you cannot say will be exactly at a point for too long but within a period of time, but at some point you can be sure that they price of bitcoin can be at a certain level, but in recent time, we have been anticipating a bull run and i think that may be responsible for the downward movement of the price of bitcoin because it may be trying to make corrections as possible after which it will then then gather the momentum with which it will make the upward movement.

The most recent resistance has been at the $50k, that has been the lowest it has gotten in recent time and it has been upward ever since and have not tried retesting that price again, so that can be said to be its most and strongest resistance but then it may continually go in the upward movement that will bring about the expected Bull run.

We often say the price of bitcoin is unpredictable, which is true but we shouldn't forgot the potential of bitcoin long term profiting which is somewhat predictable, so for that we can say that bitcoin short term price speculations is unpredictable but then the long terms base for bitcoin also stance out since there is track record of how the asset have acted on the long term base and how the value of bitcoin have grown over the time.current bitcoin market conditions is another discounted level for all to take advantage of to stock up their bags.
I know that those that sold they bitcoin at 70k or above will be buying back by now and this is Indeed a great opportunity for them since no one expected bitcoin to dive down below 60k to the point of reaching below 55k at the moment.

Bitcoin is an asset, so we should get prepared for some worst and best situations, that's how any market behaves. What the coin did in the past few weeks is not without some warnings and it was aggravated by the recession fear in the US. This is not peculiar to Bitcoin but all the risk-on assets, while the risk-off assets like the USD took the rise for it despite the recession being at the detriment of the US itself.

As Bitcoin is right now, all roads still lead south and this might linger because the 1D, 1W and 1M charts are all bearish and are trying as much as possible to also maintain some bearish price action. This coupled with all strategies I know shows a negative signal to buttress how strong the bearish bias is at this time.

Also, the asset breaching below the 1D MarginTrend support at $64,673 is another reason that the sellers are dominating. It takes it to move above the level before I will take any bullish attempt seriously on the Bitcoin chart. However, if the market continues like this, it may target $48,864 over time, and a clear break of the level will send a strong signal that the psychological level of $40,000 is no longer safe.

Bitcoin's price never continues to fall. It has always been rise and fall. That has always been the pattern. You have to remember that. That's why when the price of Bitcoin falls, it is not really a sad thing because that's an opportunity for buying at a cheaper price. It can't be falling all the time. Sooner or later the price will recover.

In a week's time, the price of Bitcoin fell from $69,000 to $49,000. This was probably what made you worried. If you sold at that point instead of buying, then you're missing the opportunity. If you bought, then you already have made a good profit because Bitcoin has quickly recovered, reached $57,000 in 2 days.

biggest resistance always around $50k because that's where the price has bounced off quite many times and just refuse to go down.

since there's ongoing rumour about some japanese company taking a loan to buy BTC and also Microstrategy trying to buy another 2 billions worth of BTC I think the price will never touch below $50k but since the price has touched below $50k one time even though for a short brief period, it still opens up the possibility of a deeper dumps.

if you happen to open up a short or long position this time around, just be sure to use stop loss feature, otherwise you will be in predicament if market shakes again.

I do agree that it will probably not go any lower than that, it's quite common to expect the price to go up after getting close to 50k, that's how it has been and that's how it will be. I know that it looks like it is not going to be that easy to handle, but I believe that we are going to end up with something that will take a while.

What we need to consider right now is that we are going to make sure that the price stands the way it is right now, and because of that I honestly expect the price to be something that will take a bit of a time, and won't be all that easy to handle. We are going to see price bounce from here, go beyond 60k, and even take a look at 70k too, not saying it will go beyond that, but it may get close to it.

It could be that it will continue to decline. It could also not and Bitcoin will fight the downward graph. This means that ups and downs can occur at any time.

I can't be sure where the resistance point is. All I can say is, don't worry about Bitcoin because Bitcoin in the long run will not disappoint us.
The law of the market, ups and downs are something normal.