[2017-05-26]Bitcoin could see a 47% correction, but some say it's going to $6k

[Karpeles]

Bitcoin could see a 47% correction, but some say it's going to $6,000

• Bitcoin rallied to a fresh record high of over $2,700 on Thursday.
  
• One analyst said that the cryptocurrency is close to a key level of $2,800 which could signal a correction.
  
• The analyst told CNBC that the correction could see bitcoin fall as far as $1,470, marking a 46.5 percent decline.
  

Bitcoin is close to hitting a price that could see a 47 percent correction, according to one analyst, following a huge rally for the cryptocurrency that has led it to record highs.

On Thursday, bitcoin hit an all-time high of $2791.70, according to CoinDesk data, marking a 180 percent rally year-to-date.

Meanwhile, the number of long positions – those betting on bitcoin to rise – has risen 18.2 percent, while short positions – those thinking the cryptocurrency will fall – have declined 10 percent since the start of the week, showing that traders are getting more bullish on the cryptocurrency, according to data from Bitfinex.

One technical analyst, who looks at historical trading patterns to determine future price moves, told CNBC that the $2,800 could mark a level of resistance where the bitcoin pulls back. Bitcoin was as little as $9 off of that price on Thursday morning.

Nicola Duke, an analyst at analysis platform Forex Analytix, uses a form of technical analysis known as Fibonacci retracement, which looks at the peaks and troughs of previous "waves" or rallies and falls in bitcoin to get a sense of where the future price of an asset could move.

http://www.cnbc.com/2017/05/25/bitcoin-price-correction-record-high.html

[radiocoin]

i think there will be some correction but you cannot ignore the fact a government legalized the currency. japan. and as others follow there will be a higher demand. in the short term, yea BTC will jump and drop, but on a upward correlation. its a matter when the milestone acceptances happen. in my opinion

[Kemarit]

I think a correction has just happened. It dip around -$300, but it looks like it had recovered, but we are experiencing some resistance now. But it will not be too long, it will again rise and will touch $3000 in the next coming weeks. I don't know if this press release has somewhat affected investors as there are panic selling that occurred after the release of this news. Some resistance may occurred, but I guess investors are matured enough not just easily dump their bitcoins.

[1Referee]

I think a correction has just happened. It dip around -$300, but it looks like it had recovered, but we are experiencing some resistance now.

From peak to bottom, it was a +$500 correction. I think this was just steam that had to find its way out. Let's see how much room for growth there is now. I am a bit unsure about the direction from this point - it could very well attempt to climb towards $3000, but also head down further, or take a short break and settle somewhere between $2000-$2500 (I know it's a wide range, but we've seen yesterday that it just takes hours to eat through). Trade the volatility, or keep holding.

[richardsNY]

Trade the volatility, or keep holding.

That's what I have done. I am doing both holding and trading at the same time for optimal results. Aside from this, I have noticed a complete shift from targets that people were aiming at before the price started to correct. Sentiment among those was all fine, but has changed dramatically yesterday -- at first it was HODL, and now it's SELL to prevent further losses, lol. Pathetic clowns....