Is 7K the right price to buy in at a bottom price?

[Tzupy]

A local bottom might be reached in 4 - 6 hours from now, so it might be a good entry for a short term trade.

Looks like a local bottom to me, but it went a bit lower than I expected.

Surprisingly, the bulls were weak, and the market might drop a bit lower before a true local bottom. This is unsettling, I usually am wrong the other way...

[BitHodler]

I on purposely didn't check the price for some hours while working, and the price dipped below $7000 without any effort for the second time now. There is absolutely no one being able to tell where it goes from here.

I bought some coins already and have no fiat in my account anymore, which is why I initiated a wire transfer to Bitstamp in the hope that it'll post tomorrow to buy at current levels, or preferably even lower.

From that point I don't really mind seeing the price fall lower, but it has been quite an impressive correction after such a long period of ultra bullish developments and progress ~ even traditional markets are down.

[JCLee]

As of the time I write this post, BTC/USDT rates are at $ 6800 and are still in the process of declining in exchange rates. So you need to wait another 1.2 days then the Bitcoin exchange rate will be at its bottom, and it predicted that this storm will reduce the Bitcoin exchange rate to $ 5,000, the lowest ever. Yet, after the Chinese New Year, the market will soon increase again and will make more profits.

[fabiorem]

That's a tad drama queeny. I'm sure during 2014/15 there were periods where it was barely worth bothering. The big operations would be well capitalised enough to account for fallow periods.

As ever, if enough miners clear off it becomes cheap enough to mine to attract others after a sluggish period of readjustment.

And the price would go up, as cheaper energy costs would attract miners back.

Theres no way to go to zero, there will be always a mining cost which will reflect on prices.

[pinkflower]

Asked yesterday "Is 7K the right price to buy in at a bottom price?"

Answered today "No lol!"

[jadenunderhill]

As of the time I write this post, BTC/USDT rates are at $ 6800 and are still in the process of declining in exchange rates. So you need to wait another 1.2 days then the Bitcoin exchange rate will be at its bottom, and it predicted that this storm will reduce the Bitcoin exchange rate to $ 5,000, the lowest ever. Yet, after the Chinese New Year, the market will soon increase again and will make more profits.

Just forget about Chinese New Year. Bitcoin is banned in China.