It is somehow challenging knowing what the bottom is as you should already know that no one can accurately predict what the price will do. Besides, I consider it pointless looking for the bottom. Instead of worrying about the bottom, one can just do a simple analysis:

1. what is the ATH of Bitcoin? This being around $69k
2. Check if price is at a discount which is 50%  below the ATH... in the case with Bitcoin, it is a yes.
3. Are there chances of a bullrun in the near future? Yes it is possibly considering that there is a major even next year; an event that always lead to a surge in price.

With the above three points noted and established that price is at a discount and there is a high chance we will see a new ATH, then it is wise to buy using any method such as DCA. To me looking for the bottom might actually be a major distraction and a lot of people who practice this might miss the opportunity to buy at a discount.


I had this feeling too but the prolonged consolidation within that region made me have a second thought. I will be like: "what is holding the price from leaving this region already?"

If you dey wait for the public sector aka government to drive the adoption of Bitcoin for our country, you go wait tire. You don forget say Naija na copy copy people dey rule us? As e be say American and UK government never put body fully for Bitcoin, no expect say our government go think go that side. I know say once once them go dey talk dey mention Bitcoin and Blockchain technology, but since them dey speak grammar you don see them do anything wey show say them ready reason the adoption? E go shock you say if one big country make Bitcoin a legal tender, come dey use am well for their country, Naija go copy.

If we want make Bitcoin go far for Nigeria, na the private sector go drive am. Normally, Naija love news and things wey dey trend. The moment plenty privately owned businesses start to dey accept Bitcoin, I mean big name them, you go see our government go begin shake body go that side. Untop of that, plenty people go begin dey reason Bitcoin. Na private sector dey make things happen for Nigeria no be government.

I have not lost money in Bitcoin through hack but I have lost huge some of money in several occasions trying to buy Bitcoin from a third-party. There were several restrictions in my country including access to forex for international transaction and even PayPal is limited. This left us with the only option of using third parties(people abroad or who have someone abroad) when we started using Bitcoin before I even heard about Luno and other exchanges.

On several occasions, they have refused sending me the Bitcoin after receiving my money. These are the dark days I had to endure because I really needed the opportunity that Bitcoin offers which is being able to send money across borders with ease and comfort. I never stopped or gave up on Bitcoin, I just picked myself up and moved on. Today I'm better informed on how to go about the entire thing so the chances of loosing money through those means is minimal. As for hack, I don't want to experience it at all because the experience is terrible. You all be safe out there!

This post actually belong to the speculation board but since you want us to discuss it in our local board, it is fine; at least some people will feel at home to give their opinion. To me, it is extremely difficulty predicting what the price of Bitcoin will be before the end of this year considering how long price have been stuck between $26k and $29k region. In one of my comment in a similar post, I explained why I feel we will see some sharp moves downward before the expected bullrun billed to commence next year. Weather this will happen and when it will happen is what is not clear to me. Besides, we are already entering the last quarter of the year and soon the news of the halving will dominate the media... as you know, such positive news would have already started some positive response.

The best suggestion me fit give anybody now na to arrange yourself and buy some Bitcoin before this year ends. No look the price at all; no find the bottom before u enter bottomless pit come miss the joy wey dey come.

I don't know how you come about the conclusion that we will see the $20k region again in the coming days. Even though I keep an open mind to every possibilities, price going back to that region is increasingly appearing unlikely. Just within 24 hours, Bitcoin have gained about 3.5%, this shows that price have not completely broken the $26k region. Now factor this in to how much time we have before first quarter of next year when the Bitcoin ETF is expected to be approved; you will see that price going to the $20k region will be a major surprise.  But then, anything can happen.

As for the topic of this thread which is Bitcoin going to $12k, that will have serious devastating effect on a lot of people who so much believe that we a bull market is in sight.  I sincerely what is motivating people to think of the $12k region again... to me we have long passed that region.

The major problem with buying Bitcoin using Binance P2P is that all your Bitcoin will be in Binance and you have to pay the fees to take it to any external wallet. As have been emphasized in this forum across several boards, it is not safe to store your funds in centralized exchanges so you have to withdrawal to your personal safe wallet. Apart from the fees, Binance P2P is good way to buy with your local currency especially for people facing FX restriction like it is in my country.



There are many exchanges where the fees are minimal. For instance, Coinbase charge as low as 0.00000473 BTC(about $0.122) as withdrawal fee for BTC. Under this fee, a hundred transaction will cost $1.22 which is not too much a fee to pay. There are many other options including P2P using trusted merchants as it is done in my country where Coinbase is not available.

This is exactly my views and I have stated same here. Glad to see you put it in another perspective and with a reference. I have always known that when the consolidation lingers, there are higher chances of sharp moves in the opposite direction to the intended real direction. The market makers do this for two reasons: to seek for liquidity( such as hunting for the stop loss of those who would have entered the market with their protective stops below the range) and to create fear and panic (this is where weak hands sell while strong hands buy more). This pattern is consistent across all tradable asset classes.

Your analysis is good I must admit, however, I want you to look at it from another perspective. You will agree with me that there was no major news/event from 2022 till date that market will respond vigorously to. This a lone is an indication that price movement from next year will be totally different from that of last year till now because we are expecting major news/events next year. If this is correct, do you think the move will just happen without some market manipulations? The big guys will most likely want to buy very cheap; they have different mechanisms through which they achieve this. Buying at the present price level is good and very encouraging but that does not eliminate the possibility of further downside. I am not actually perturbed by further dip because I follow my DCA religiously.

I don't see this as feasible; where will you start from? You must understand that volatility is the response of the market to demand and supply and this is unique across various assets. It will interest you to know that Nasdaq and Dow Jones are highly volatile as well despite being the stock of some of the biggest firms in the world and have huge liquidity.

I am keen on learning your proposed method of stabilizing the price of Bitcoin as you have not really given us a clue to that effect. I understand your concern is how Bitcoin can gain deeper penetration into the mainstream as many people always use the volatility as excuse for their skepticism towards Bitcoin.  This is well understood and I can assure you that in a matter of time, many people will surely embrace Bitcoin.

Looking at the stats,one will feel it will be an easy three point for The Little Donkeys but looking at odds, I am suspecting a draw in that match. I know this is against popular opinion but Napoli having odd of 1.77 seems like a trap by the Bookies. A safe bet will be double chance Napoli win or draw and the odd for this is 1.21. This will return a whooping 21% as profit.

However, considering that Napoli have a title to defend and that Genoa have had a bad start this season, Napoli may have an edge over Genoa even though they are away. Another point to note is that Napoli's new coach, Rudi Garcia will also be expected to maintain the record of Luciano Spalleti who just won the 2022/2023 season league

I agree with you completely; a lot of people have not really come to terms that Bitcoin is the real deal. Maybe they are swayed by the promised huge profits that always end up being a mirage. To further add to what you said, just this year there was halving in Litecoin (LTC) and there was practically no effect on the market.


There is a high chance the halving will surely have effect. The market is driven by demand and supply and when the demand is higher or there is a drop in supply, the market will respond accordingly.What I'm saying is that the halving will create a reduction in supply (this time, block reward) and this will invariably cause a rise in price. Besides, Bitcoin is also influenced by news, so the news around the halving is enough energy to propel huge influx of capital which will correspond to a rise in price. Therefore, there is a huge tendency we might be seeing a surge in price following the halving event.

There are cheap withdrawal options just like many people have suggested here but I think Stellar(XLM) has zero withdrawal fees in Coinbase. Notonly that, This article shows that even EOS, Internet Computers (ICP), Celo (CELO) and Horizon (ZEN) also have zero withdrawal fees. It now depends on which option you are most comfortable with. Bitcoin withdrawal fees is 0.00000423 which is very low to in case other options are not fine with you.

This is more like "if you can't beat them, join them". Paypal seems to have come to terms with the reality that Bitcoin is the future that is why they are gradually keying into it. I am not surprised one bit; the power tussle between the East and the West leaves a lot of uncertainties with fiat and centralized payment systems. This might give a kind of clue to the recent huge buys of Bitcoin... who knows if such buy came from institution like Paypal (just my opinion though).

The future is truly looking so bright for Bitcoin and those of us who are already in should endeavor to maximize the opportunities that Bitcoin offers.

Have you bothered to think about the future of the forum without new people joining? Does that make for continuity? Do you envisage an end to this forum that have helped a lot of people? If you can answer these questions sincerely without trying to impress the older members of this forum, i'm sure you will realise the importance of inviting new people to this forum.

Sincerely, it can be annoying seeing new users making some posts in some boards; it's like when you see children display certain irrational characters. You won't kill them because their knowledge is limited by their age and experience, instead you correct them with love. Remember,  we all started as newbies and you cannot tell me you were perfect right from the first day you joined this forum... this is a place to learn and grow.

I'm not trying to attack you or your opinion but we have to set the records straight.  Without any benefits, you will not be here. There must be something keeping each and everyone of us here. Remember,  not everyone here is wearing signature; some are here for the knowledge, others are here to promote their business while there are people here just to feel among the Bitcoin community. Our motives are different and that is how it should be.


 

Actually a lot of people entered into Bitcoin without much knowledge of how it works and what drives the market. I have seen quite a lot of such people who panic at every given opportunity. Of a truth, the first step every investor should take is to seek the relevant knowledge needed to be able to handle various market conditions. There was a time I also panicked like that but I learnt to handle my emotions with time...I learnt that from this forum by following people who have been there before.

This concept of "spared money" is what I don't really understand because a good proportion of human population do not have money they can throw away. Besides, why can't I invest some percentage of my capital in something I believe in? Why should I wait till I have spared money before buying Bitcoin? I feel we should rather encourage people to invest wisely and not encourage them to wait till they have spared money which might not actually come.

The success of every nation is a reflection of their security architecture. When the security apparatus is solid and in tandem with the vision of the founders of the nation, every other segment of the country will align. But when the security system, that is supposed to be an institution, is compromised, every other thing will fall apart; this is the case with Nigeria.

Nigeria's security institution is burdened with corruption; from the army to the police and virtually every arm of it. It is rather unfortunate that the top military hierarchy are just politicians in military uniforms. As it stand today, laws are made only for the poor because the rich are under the protection of the security forces who are ready to kill to protect them

It was so frustrating seeing that Nigerian police, the army and civil defense personnel played key role in rigging the 2023 General elections as they were practically involved in ballot box snatching, and even protected hoodlums that came to disrupt elections in many places. Furthermore, they watch INEC officials collude with thugs to change results of elections in many places. Now how do we make progress as a people when the security that is supposed to enforce laws and orders are the prime breakers of same laws?

We knew how several accusations have been raised by prominent Nigerians like T.Y. Danjuma that the security forces collude with terrorist and bandits to kill Nigerians. These are not just casual statements or speculations... the man is am authority in that area.

Until our security institution is reformed and made to stand for what they are supposed to, I don't see us making much progress as a people.

Even though I am tempted to agree with you on this, I think it is fair we make some clarifications for the purpose of context. We have basically two major market conditions: bullish and bearish. Bullish market does not mean market will continue moving up forever and bear market does not mean market will continue doing down move forever.

Bitcoin dropping from ATH of $69k to around $17k does not require any sugar-coated statement but should be pointed out as bear market. Now that price have reluctantly recovered a little towards $26k  does not mean the bears have left the market.

I understand a lot of people just love hearing only nice things about the market that is why we delight so much in seeing the bullrun. Unknown to many is the fact that the bear market is actually where smart guys plan for the bullrun. Indeed, it is in bear market, such as we have now, that is good to buy Bitcoin rather than waiting to jump in during the bulllrun.

Have you ever thought about Bitcoin as a way of saving your money against inflation? If you have, then you will understand the reason many smart guys are ditching fiat for Bitcoin. For the past ten years my country's currency has lost more than 1000% of it's value whereas Bitcoin has gained over 2000% of its value. This shows the beauty and advantage of Bitcoin over fiat.

If you have a futuristic mindset towards Bitcoin, you will rarely be perturbed by the little drops in price because the recovery will always come and it will be rapid. So bullrun or not, those who understand the power of Bitcoin will always remain resolute.

Are you sure that we are not going to see further dips from this level? This very dip has lingered around the 26k region and from experience, when the consolidation is extended, there is always this sharp move in the opposite direction to the real major move. Going by that, I think we might see a little lower prices before the much awaited bull market.

Comparing the present market condition to the 15-16k dip is not perfect to me because while the later happened within a very short period of time, the former is still ongoing for about two months and counting.

So it is best to keep an open mind and DCA is just enough for that. When price lingered around the 29k region, I was tempted to allocate all my funds then through instant execution. Am glad I did not yield to that temptation as I had to set limit orders at different lower price points of which some have been filled at lower prices.  I guess that might be what is going on with you. Anyways, it your funds and your decision to make... just follow your heart.

Na the last thing wey this our government suppose put attention to be this. This one no fit change anything at all... this go just be another way to spoil our December and Christmas be this. Our government are very confused... weda them remove two zeros or or ten zeros, e no go bring employment, security, easy of doing business and better infrastructure.  This one na another office them wan open for some people to take chop the country wetin no good.

Wetin me been dey expect na for them to fix electricity, face infrastructure, improve the economy, tackle insecurity and develop our plenty gas and mineral reserves... hundred days don pass o, Tinubu no go fit point one single achievement. Soon those his sycophants will start praising him for making one naira equal to one dollar. Na God go help us for this our country.

If your price prediction fails and you feel bad, then risk management was never in place and fully incorporated in your strategy. As a matter of fact, one of the best winning strategy is being able to manage your losses because they will always come... no system or strategy is perfect and like it is always said, nothing is guaranteed in this market.

What we are doing is a game of probabilities so you just have to development a system that give you edge over the market with risk management in place so that your winner is far higher than the losses... that is how to survive. The last time I checked, we are little fries in the market because our capital cannot move the market much... so don't ever think you can predict the market accurately all the time because you won't.

If you ask me, I will suggest you refine your strategy to integrate risk management and also go for trading psychology course that will further help you manage your emotions and give you the balance you need to remain happy and stable irrespective of the outcome of your prediction.