Analyst says Bitcoin is 'on sale' after BTC price dips below $54,000Bitcoin price is dropping back toward monthly lows, but analysts agree that the current range is a “buy zone.”
Bitcoin's (BTC) downtrend extended a few rungs lower on Dec. 3 after the price dropped under $54,000 and traders will note that the BTC/USD daily chart shows a notable uptick in sell volume.
Investors seem concerned at the emergence of a new COVID-19 variant and hawkish comments from the Federal Reserve. Meanwhile, veteran investment icon Charlie Munger added to the fire by comparing the price action in the crypto market to the dot-com era that ended with the bubble popping.
Strong lower support at $52,000 to $53,000
The “listless” nature of Bitcoin's price action over the past few weeks was highlighted by crypto market intelligence firm Decentrader, who pointed to the choppy price action on lower timeframes and the evidence of a slow downtrend on high timeframes as cause for traders' increased fear “that the bull run may be over.”
The analysts suggested that once BTC breaks out of its current range, “the most obvious support cluster lies around $52,000 to $53,000” near the point where the price broke down during the May crash earlier in the year.
Decentrader said,
“Should we get a deeper correction then a strong support area lies around the 200DMA at $46,200 and at the lower support level of $44,300. To the upside, a significant resistance level lies at the round number of $60,000.” I guess we are starting to see some people who are panicking with the possibility of bitcoin going down below $50k. What are your thoughts, will bitcoin support enough to avoid a dump, and if this price will dump, how low it will go? Since we are done talking with the possible new ATH, then maybe we should not overlook what is happening now. Almost the last month the price of bitcoin has experienced a very deep price decline. Even the price of bitcoin has dropped to as low as $42k although it had risen to as low as $50k last week before falling again. Conditions like this make some people panic so they sell their assets because they are afraid that they will experience big losses. |
|
|
|
There is still 2 weeks to go for 2021 and you'll be surprised at what can happen in 2 weeks in crypto. Plan B's prediction is unlikely to come true but let's not rule out a god candle that can create all sorts of FOMO that pumps the markets
The current situation can automatically cause me to wonder, whether the current bearish cycle will continue until the end of the year or end soon where we will see a big pump started at the beginning of the year. but before there is a breakout of the resistance, the current bearish looks likely to continue until the end of the year. |
|
|
|
|
From early December until now the downward trend in bitcoin prices has continued. bitcoin price has not been able to rise significantly after touching the ATH level of $68,789 last November. Until now the price of bitcoin is still at the level of $ 47,000.
Will the current downward trend in Bitcoin price continue? or the current price correction as a move towards bullish to set another new ATH record in 2022.
|
|
|
|
|
Indeed bitcoin has set a new ATH record a few months ago. However, since early December the price of bitcoin has experienced a very deep decline in price. Until now the price of bitcoin is still stuck below $50,000. I see the current price is likely to last until the end of December because the trading activity will decline at Christmas.
|
|
|
|
|
After bitcoin made ATH early last November, now the price of bitcoin continues to experience a very deep price correction. even the massive selling of bitcoin has dominated lately where the price is still stuck at the $47k-$49k level. With the current bearish conditions, it seems that bitcoin is getting more and more difficult to make a new ATH again until the end of December.
|
|
|
|
i have follow the bitcoin chart movement for some time now and have discovered that the market is highly unpredictable, with the sudden crash of the price from 52,000 to 46k this have relieved the fact activities of certain individuals or whales are always responsible for such crash. what is your opinion on this?
Bitcoin in the past month did experience a decline in the price of about 12 percent precisely after El Salvador accepted bitcoin as a legal tender in his country. But now, the bitcoin bulls are back that the bull market and bitcoin rally have started to pick up again in the past week or so. The price index is very positive in this one week, many altcoins are following the movement of bitcoin. will likely be followed by the newly marketed altcoins in cryptocurrencies. The bitcoin market index has broken through its high levels in recent days looking like a household ladder. However, after breaking through its highest price level, now the bitcoin price has continued to experience a correction over the past week where the bitcoin price has not rebounded from the $56k level. even many experts think that the current bitcoin market condition has entered a bearish phase. |
|
|
|
In my opinion, in the coming years, the price of bitcoin is expected to continue to increase significantly and even reach levels above $100k as predicted by several well-known experts. We have to have good indicator here to believe that $100K will be achieved either this year or the following years and one of them is the increasing adoption and also the influx of many institutional investor. So far, the support of institutional investors has played an important role in the increase in bitcoin price because it make the demand for bitcoin increase. Of course, the support of institutional investors in adopting bitcoin plays an important role in the increase in bitcoin prices. So far, many large investors and institutions have adopted bitcoin, so the price of bitcoin continues to rise to a record ATH. Therefore, I believe that in the next year more and more large institutions will adopt bitcoin and other cryptocurrencies and the price of bitcoin will continue to rise even higher. |
|
|
|
I think bitcoin is having a hard time holding on to the $59k level and is now down to the $56k price level. until now the price of bitcoin has not returned to the level of the ATH price. The price correction that occurred in the last few weeks indicates a short-term bearish trend. However, a break above $59k is still possible in the near term and potential trend reversal, giving hope for a bullish run.
always continue to be optimistic even though we also cannot close our eyes that bitcoin is in a very deep dilemma and continues to be corrected and is unable to rise quickly as usual. time is running and to reach the final ATH will it be possible before the end of the year? it all depends on all the potential that exists and still want bitcoin to be able to reach at least in the range of $70K which yesterday was just a step away but couldn't be achieved. Bitcoin price corrections that occur towards the end of the year like this have actually happened repeatedly in the last few years and bitcoin has always been able to overcome it and bounce back. I predict the price of bitcoin will skyrocket again early next year. Moreover, if we look at the historical ups and downs of bitcoin prices, it is possible to return to the bull run in Q1 2022. |
|
|
|
|
It's hard to predict the bitcoin price accurately, let alone setting a maximum price of over 1 million dollars per bitcoin may sound impossible. but we do not know how far the price of bitcoin will continue to move in the next 5-10 years. however, I think the positive trend of bitcoin price will continue in the next few years. Therefore all possible prices could go forward and have room for a 100%-200% price increase.
|
|
|
|
In 2022 or any of the years before 2025 I think 100k is the obvious objective now. 10k to ten times as much might be a bit much so it could take some time to stabilize near there but thats the kind of scale in estimate or expectation. Right now we are just moving in circles like whirling dervishes in the desert, waiting for sundown or something to change no rush or real fuss.
Seconded. Like many others, $100K is the objective. When we get to that price then we might start think of where to take it next. But I wouldn't want bitcoin to get too high that it would be "extremely" difficult for even the average person to buy and get in on the action. If we manage to hit our $100K goal in early 2022, we might see a correction that lasts till end of that year. Currently, the bitcoin price is looking for fresh technical sentiment following the massive price slump that has been going on lately after hitting a record ATH at $69k. Many assume that the price of bitcoin will reach $100k in the future. In your opinion, what is the most reasonable percentage correction for Bitcoin to reach a new Peak price of $100,000 in 2022? |
|
|
|
|
I think if the current price correction ends soon at the end of this December, I expect the bitcoin price to soar to over 100% in Q1 2022 maybe even break a new all-time high of up to $100,000.
|
|
|
|
|
The year 2022 is approaching, but until now the price of bitcoin is still experiencing a major correction and has not shown any bullish signs. Therefore I am still not sure if the bitcoin price will reach $150,000 in 2022.
|
|
|
|
This is a big opportunity for those that have the money to buy right now, now that a lot of alt coins and bitcoin is going down, I think that it's a good time to start buying right now especially with a possibility of pump in the next year or even this month, you don't want to miss out. As for me, I have everything in place, just need to get more money to buy more bitcoins.
True, most traders have made wise investment decisions during bear markets like today. Investors and traders who are willing to take the risk of speculating on Bitcoin and altcoins make huge profits if they buy and sell at the right time. Traders can earn huge profits by observing market movements and taking advantage of price changes. |
|
|
|
|
It looks like the price of bitcoin will not reach $70k for this year especially with only a few weeks left this year is coming to an end and the price of bitcoin is still experiencing a very deep price decline. even bitcoin price is still hard to get back up to the $55k level after hitting ATH. however, I am still optimistic that there will be a positive sentiment that will make bitcoin prices rise again early next year.
|
|
|
|
The crypto market is in a bearish phase at the moment, where the price of bitcoin has continued to correct in the last few weeks due to fears of the Omicron variant of Covid-19 resulting in a massive sell-off. From a technical point of view, the possible downside for bitcoin could be more stable around the $56k level, although gains appear to be limited above $60k-$65k.
Once again I would say that Bitcoin and Covid is not correlated at all ever since from the start of lockdown. It is possible that most investors are now in a panic due to the FUD releasing left and right that's why they think it's time to dump but I think if Bitcoin reached the bottom below $50k then a possible bear is coming. But the chart says it's just a temporary dump and looks like a bear trap to me to consider it a full time correction straight to bear run. So, I will consider this opportunity a good time to buy the dip and hodl until the market pumps back again. I'm sure most of them are waiting for the breaking of $70k resistance straight to $100k as they said. Right. I agree with you that the current bitcoin price correction is actually still normal and reasonable despite the negative FED news. I think the current bitcoin price correction is an inevitable part of the market, but it can still be used to buy dips and holds. |
|
|
|
We were always in a bull market. But if we talk in short terms it's too early to say. Today is a good day but we need to see what's gonna happen next to understand the situation.
In everydays of cryptocurrency they will be changings and the bull market just come when people did not assumed it arrives and is optional no matter the market, wether the market is not favourable again to traders continue because opportunity does not have continuity, bull market depends the rate of price you buy. The recent bitcoin price correction is still quite reasonable and needs to happen to take a significant upward step because no asset always moves up forever, but the next question is where will the next move go? |
|
|
|
|
It looks like the bull market is over, this is seen where the prices of bitcoin and altcoins have decreased significantly this week. This decline continued the decline in the previous week. Therefore, it is natural for bitcoin to enter a saturated market because for several months it has continued to show price increases, let alone price declines have also occurred due to concerns about the emergence of a new variant of COVID-19.
|
|
|
|
I am not ready to sell my bitcoin because I know its price will increase back, I do not mind if it will take time but I know it will increase back. But recently the price of bitcoin has been decreasing, before it was at a resistance of $60000 but now it is at a resistance of $55000. I am thinking bitcoin price may never increase for now back to above $60000. The support is strong at $50000 and bitcoin has not falled to the level at all but is this not the begining of the bearish market?
When facing a bearish market condition, it's a good idea not to panic too much. The condition of the bitcoin price correction that has occurred recently is only temporary. Fundamentally, the price of bitcoin is still strong and will increase again. Therefore, always monitor the market trend which is bearish. If we are able to analyze the trend, then you can make a profit even if the market conditions are not good. The key is to stay calm in the face of price swings. With a calm mind, it is not impossible that you will benefit at that time. |
|
|
|
In my opinion, in the next 5-10 years it will probably happen if cryptocurrency replaces fiat in some countries as El Salvador has done. Moreover, fiat currencies look relatively stable, but not strong against recession. Higher inflation rates and growing concerns over the sustainability of government-backed fiat currencies have started to have an impact and are causing people to turn to digital currencies.
Countries that legalize bitcoin or crypto will certainly make their citizens prefer to transact and store assets with crypto from saving money in banks, of course the influence of fiat will continue to decrease and I think this is a good thing because we are in the era of cryptocurrencies and will soon leave the era of banks. Of course, if the State legalizes bitcoin or crypto as a medium of exchange, it automatically makes its citizens choose to transact with cryptocurrencies as implemented by the country of El Salvador which has legalized bitcoin as a legal tender. Even El Salvador continues to buy bitcoins for the development of developed cities in their country. El Salvador has also reinvested unrealized profits into various infrastructure development projects. |
|
|
|
|
I think bitcoin is having a hard time holding on to the $59k level and is now down to the $56k price level. until now the price of bitcoin has not returned to the level of the ATH price. The price correction that occurred in the last few weeks indicates a short-term bearish trend. However, a break above $59k is still possible in the near term and potential trend reversal, giving hope for a bullish run.
|
|
|
|
|
Show Posts
