$3k range the new $6k range?

[Butterscotch Cartman]

Bitcoin has lost interest among the mainstream, miners continue to dump and at this rate it won't be long until 1k is hit.  Then it shouldn't be long until we hit the previous crash levels of $200. I would sell while you still can.

[WinslowIII]

Well, I don't expect $200 - that would be shocking to say the least. $2000 though, is pretty likely. The next year's halving is a do or die for bitcoin I think though, no 2020 pump = death.

[whiteblue]

you should be able to compare with the price of bitcoin that could ever reach a price of $ 20k and the price of bitcoin is currently sliding sharply below the price of $ 4k, imagine how stressful and how sad those who have already bought bitcoin at $ 20k.

[romero121]

An upward price trend hasn't begun yet, now the price has been staggering within the $3500 mark. The price was predicted to stay above $4000, and the  same didn't go as predicted. At $6000 it had a long fall back value, now it is almost the low bottom. So can expect the price to pump high at the earliest.

[deisik]

For two months the price stayed in an uncharacteristicaly stable range in the mid $6ks, before the price was very quickly crashed into half, down into the $3ks. Do you think this same stability has begun to form over the next couple months in the mid $3ks? if so, will price break upwards to end this stable range or downwards, as it did last November?

I think many people are asking themselves the same question

And I also come to think that it is quite warranted, though I in no case would call the current environment as stable. If anything, it is quasi-stable as the trading volumes are really pathetic now, i.e. there is neither sufficient supply to move prices lower nor sufficient demand to move them higher. All in all, it essentially means that the market becomes highly susceptible to small disturbances in the balance of supply and demand

What it can lead to, we already know when the price quickly and effortlessly crashed 2 times. So don't expect too much from this seeming "stability". Maybe, it's about time to short, again

[Bitcoinwaist]

For two months the price stayed in an uncharacteristicaly stable range in the mid $6ks, before the price was very quickly crashed into half, down into the $3ks. Do you think this same stability has begun to form over the next couple months in the mid $3ks? if so, will price break upwards to end this stable range or downwards, as it did last November?

I think it is too early to tell if this is a consolidation phase or just a pause for the next dump. If this mid $3k's price holds for about a year or so I would consider it a safe bet that this is the bottom. But I have a feeling whales, traders etc plan on locking in another slew of bagholders in this range by giving a false feeling of stability. I have never seen a two to three month stable bitcoin price end in a pump always a dump. Just like $6k. I was even feeling pretty good about the stability in that price action, and lo and behold price gets cut in half in the blink of an eye. If the price stays in the $3k range for the next 6 months I think we are in the clear, but many of the popular ta analysts are saying we are going to the mid $2k's which at this point would not surprise me at all.

[exstasie]

I think it is too early to tell if this is a consolidation phase or just a pause for the next dump. If this mid $3k's price holds for about a year or so I would consider it a safe bet that this is the bottom. But I have a feeling whales, traders etc plan on locking in another slew of bagholders in this range by giving a false feeling of stability. I have never seen a two to three month stable bitcoin price end in a pump always a dump. Just like $6k.

I hear ya, but what about the 2015 sideways? We spent like 10 months in that $200-$320 range. It could have gone either way, just like the sideways at $6K. We could be building out a similar scenario now. We'll only know in hindsight.

[deisik]

I think it is too early to tell if this is a consolidation phase or just a pause for the next dump. If this mid $3k's price holds for about a year or so I would consider it a safe bet that this is the bottom. But I have a feeling whales, traders etc plan on locking in another slew of bagholders in this range by giving a false feeling of stability. I have never seen a two to three month stable bitcoin price end in a pump always a dump. Just like $6k.

I hear ya, but what about the 2015 sideways? We spent like 10 months in that $200-$320 range. It could have gone either way, just like the sideways at $6K. We could be building out a similar scenario now. We'll only know in hindsight

It's a difference that makes the difference

You can't compare what we see today with the market in 2015. Technically, back then it was an entirely different market which you can't even remotely place against today's. The 200-320 dollar range you refer to (actually it was more like 150-400) would match the price swings in the range of 3k-5k nowadays. I'm strongly inclined to think that most traders would be head over heels happy to see such price action today. But we are nowhere near that

[1Referee]

I hear ya, but what about the 2015 sideways? We spent like 10 months in that $200-$320 range. It could have gone either way, just like the sideways at $6K. We could be building out a similar scenario now. We'll only know in hindsight.

It's very likely to be so with how bots have only the past to fetch data from, and let them be in control of the market right now. If you look at the sideways movement of 2015 you'll see that it did so following the 200 wma, and that support guided the market to higher highs and eventually it broke out.

I'm certain that with the block halving speculation well in advance of the event itself will spark buying interest, and everything around Bakkt and the other institutional services might cause a spark too. Even if people here don't care about Bakkt, it does hold importance for the institutions on board because these developments are what they pay attention to.

I don't expect this to last longer than 6 more months from where we are right now.

[b3j0]

Last year I said that if the price of bitcoin in 2019 tends to be more stable and the market looks very boring, all that has been proven now. In my opinion this situation will last up to 3-5 months and after that the price of the bitcoin will break upwards.

[WinslowIII]

I agree with the sentiment that $3k prices will not last much longer, and to see $3ks for a year is impossible. I expect another dump to new range within the next few weeks, and I also expect the true bottom to be found by this fall/early winter. What I expect may not happen, but I think this is the likeliest scenario.

[adaseb]

It did lose interest main stream but I remember it also lost interest main stream back in 2015.

Many people jumped in on the bitcoin bandwagon in end of 2013 when it peaked $1000. Then with all the MtGox mess and China bans they sold at a loss probably at $200 during the long sideways markets of 2015. Then at the end of the year it finally "woke up" and has been rallying until Dec 2017.

This time it might not be any different. People are just in it mostly for the money anyways and it doesn't mean anything. Its no different than the people who jump in on a stock like all those pot stocks which they assumed would make them rich.

[darewaller]

I was against saying 3k is the new 6k earlier because it wasn't long enough but now it has been long enough time to call it that. Unfortunately bitcoins old 6-7k range became the 3-4k range now and it has been for couple of months. Lets hope that the price doesn't go down a lot like it did last time and instead it goes back up to the 6-7k instead. Because, if we go down another 50% to 1500% or even 2000% levels we are not going to go back up any quicker.

Do not forget when bitcoin goes up there is always a "tired" level, at one point people are tired of trying to push it further and then the price starts to go back down, if we are at lets say 10 thousand, people can take it to 30 thousand before they get tired of pushing it, if we are at 7 thousand then they can reach 20+ thousand before they get tired, however if we are at 2 thousand instead of 3 thousand we can take it up to 10 thousand at most before we get tired instead of maybe 12-15 range.

[WinslowIII]

I was against saying 3k is the new 6k earlier because it wasn't long enough but now it has been long enough time to call it that. Unfortunately bitcoins old 6-7k range became the 3-4k range now and it has been for couple of months. Lets hope that the price doesn't go down a lot like it did last time and instead it goes back up to the 6-7k instead. Because, if we go down another 50% to 1500% or even 2000% levels we are not going to go back up any quicker.

Do not forget when bitcoin goes up there is always a "tired" level, at one point people are tired of trying to push it further and then the price starts to go back down, if we are at lets say 10 thousand, people can take it to 30 thousand before they get tired of pushing it, if we are at 7 thousand then they can reach 20+ thousand before they get tired, however if we are at 2 thousand instead of 3 thousand we can take it up to 10 thousand at most before we get tired instead of maybe 12-15 range.

I think you are off your rocker, that isn't how this works at all - at least not in crypto. The lower it goes, and the longer it stays, the higher it will go in the future - but this all depends on who got in and why. Shaking the tree is all part of this process, the harder it is shook the harder it will eventually pump. The big IF here is the catalyst for the next pump - it's got to be more than just the halving.

[milewilda]

I agree with the sentiment that $3k prices will not last much longer, and to see $3ks for a year is impossible. I expect another dump to new range within the next few weeks, and I also expect the true bottom to be found by this fall/early winter. What I expect may not happen, but I think this is the likeliest scenario.

Bitcoin may find a new bottom in the next couple of weeks or so but i don't think that the same price range would happen too in a couple of months. This is probably due to the price manipulation but we shouldn't be worrying too much about it because it will probably won't last longer. The market is always manipulated through various situations and yet people are still supporting.

[deisik]

This time it might not be any different. People are just in it mostly for the money anyways and it doesn't mean anything. Its no different than the people who jump in on a stock like all those pot stocks which they assumed would make them rich

Technically speaking, you may be correct after all, but this is not what most of us would like to know. What we want to know is how low the price will go. I think you will agree that it is a big difference between the price finding a true bottom at 2.5k and at 0.5k. On the other hand, I don't agree that it doesn't mean anything. In fact, it means everything, and still more so with such a speculative asset as Bitcoin, as it is exactly these people who are in for money are driving the prices up (as well as down, for that matter)

Though for you personally, it may not mean anything, of course