the likelihood that bitcoin will see a correction at 5000$

[dealung]

Greetings; how would one gauge the likelihood or probability that BTC will see a correction at a certain price? my concern is that if many people believe it could happen that would influence it happening.

You should be able to analyze, read graphics and also hear information like the events of 1 August yesterday. Follow your feeling and follow what he wants. I hope you are lucky 

[Gotottack]

Greetings; how would one gauge the likelihood or probability that BTC will see a correction at a certain price? my concern is that if many people believe it could happen that would influence it happening.

Hmm. I don't think it is something that would be influenced by just a simple survey here on the forum. Since there are so many people trading and not all people will be on this thread let alone this forum. There is also the problem of the whales, you can't really say what is on their minds, and they are a major factor to the equation.

[cellard]

Some people have asked me about where to get the Tone Vays market analysis, well you can watch his youtube channel:


https://www.youtube.com/channel/UCbiWJYRg8luWHnmNkJRZEnw

Here's the prediction for the top:

https://www.youtube.com/watch?v=EHxNu95088E

And here's the prediction in the World Crypto Network channel for the correction:

https://www.youtube.com/watch?v=SoTaS9t3Po4

Nobody can predict the future, but it's clear that this guy is pretty good at this.

He isn't good at all with alts tho. He didn't predict the ETH rise, he didn't predict the BCash rise, and he didn't predict a lot of other alts that could have made you rich, even if they are shitcoins.

[Omega Weapon]

Greetings; how would one gauge the likelihood or probability that BTC will see a correction at a certain price? my concern is that if many people believe it could happen that would influence it happening.

Every time you see round numbers, those number are going to become a barrier, the barrier is mostly psychological, since people prefer to use round numbers when making calculations because it is easier, so when bitcoin touches a number like 5000 many people create sell orders, suddenly there are many sell orders and the supply is bigger than the demand and that makes the price to go down.

[Denker]

Greetings; how would one gauge the likelihood or probability that BTC will see a correction at a certain price? my concern is that if many people believe it could happen that would influence it happening.

Every time you see round numbers, those number are going to become a barrier, the barrier is mostly psychological, since people prefer to use round numbers when making calculations because it is easier, so when bitcoin touches a number like 5000 many people create sell orders, suddenly there are many sell orders and the supply is bigger than the demand and that makes the price to go down.

Yes round numbers can be a big barrier. 4000 wasn't that hard to crack. But 5000 is the half of 10.000 and therefore much more of psychological significance!
I'm sure we will go there soon. Then it will be very interesting to watch if we can break it or need some more attempts. And if they all fail, how much will go down? Especially with the planned november B2X hardfok. We're going to see some pretty exciting weeks.

[Kakmakr]

What I have noticed before is this : People set certain goals and when they reach that goal, they adjust their goals to something else. Some traders might set a goal to reach a $5000 bitcoin price. They will push fiat, until they reach that point and then they will sell and this is probably when you see a correction. < people taking profits at a specific price point >

Then they set new goals < $6000 per bitcoin > and the process are repeated.

[kryptqnick]

Well, I honestly don't understand what is meant by the correction even thought I read all the posts in this thread. Correct price? It doesn't make sense to me, for there's no stable true price in cryptos. Correction as an improvement? I can't see any logic here as well, for there are no upcoming development projects, especially those which would be related to the price. I think we'll see $5k once, now is just a time of a temporary dump.

[cellard]

Greetings; how would one gauge the likelihood or probability that BTC will see a correction at a certain price? my concern is that if many people believe it could happen that would influence it happening.

Every time you see round numbers, those number are going to become a barrier, the barrier is mostly psychological, since people prefer to use round numbers when making calculations because it is easier, so when bitcoin touches a number like 5000 many people create sell orders, suddenly there are many sell orders and the supply is bigger than the demand and that makes the price to go down.

Yes round numbers can be a big barrier. 4000 wasn't that hard to crack. But 5000 is the half of 10.000 and therefore much more of psychological significance!
I'm sure we will go there soon. Then it will be very interesting to watch if we can break it or need some more attempts. And if they all fail, how much will go down? Especially with the planned november B2X hardfok. We're going to see some pretty exciting weeks.

Jeff Garzik and everyone involved in the so called New York Agreement along with every exchange supporting segwit2X hardfork will be the ones to blame in case of a big price crash in the next couple of months.

Bitcoin Core is about to release a major new release, Bitcoin Core 0.15, which includes 50% increase of speed amongst a lot of other cool features. Meanwhile segwit2x's client is still stuck with old Bitcoin Core, same goes for Bitcoin Cash. They simply can't keep up with the best dev team in Bitcoin.

Remember to put [no2x] in your Twitter nickname to show support against segwit2x.

[NavySeals]

What I have noticed before is this : People set certain goals and when they reach that goal, they adjust their goals to something else. Some traders might set a goal to reach a $5000 bitcoin price. They will push fiat, until they reach that point and then they will sell and this is probably when you see a correction. < people taking profits at a specific price point >

Then they set new goals < $6000 per bitcoin > and the process are repeated.

You're right on this, this is very similar to a loop or cycle. The things are repeating themselves. We saw correction after 5k $ and now we'll probably targeting above 6k $. After that, we'll see another correction, and then we'll target 7k $.

[mrcash02]

What I have noticed before is this : People set certain goals and when they reach that goal, they adjust their goals to something else. Some traders might set a goal to reach a $5000 bitcoin price. They will push fiat, until they reach that point and then they will sell and this is probably when you see a correction. < people taking profits at a specific price point >

Then they set new goals < $6000 per bitcoin > and the process are repeated.

You're right on this, this is very similar to a loop or cycle. The things are repeating themselves. We saw correction after 5k $ and now we'll probably targeting above 6k $. After that, we'll see another correction, and then we'll target 7k $.

That is true, but each looping takes too much time to happen, when the correction comes we usually see the price increasing very slow, stable or decreasing and recovering everyday a bit only. The cycles are made of loopings and always go up on long term, but they don't happen so fast (at least until now they didn't happen so fast). I believe the price will stay around $4000 (or a bit less) for sometime.

[peter0425]

What I have noticed before is this : People set certain goals and when they reach that goal, they adjust their goals to something else. Some traders might set a goal to reach a $5000 bitcoin price. They will push fiat, until they reach that point and then they will sell and this is probably when you see a correction. < people taking profits at a specific price point >

Then they set new goals < $6000 per bitcoin > and the process are repeated.

You're right on this, this is very similar to a loop or cycle. The things are repeating themselves. We saw correction after 5k $ and now we'll probably targeting above 6k $. After that, we'll see another correction, and then we'll target 7k $.

That is true, but each looping takes too much time to happen, when the correction comes we usually see the price increasing very slow, stable or decreasing and recovering everyday a bit only. The cycles are made of loopings and always go up on long term, but they don't happen so fast (at least until now they didn't happen so fast). I believe the price will stay around $4000 (or a bit less) for sometime.

I think we are holding at $4200. Of course it will just repeating itself but its takes time as compare to the previous loop. So it you believed in it, this price correction is expecting although it may have traveled hurriedly by the news of the crackdown on ICO. So we may see prices go up again to $5000-$7000 after this price correction then another correction occurs down the line then move up again to maybe $10000. But this time it takes longer as before. And we may come to conclusion that bitcoin hodler should be really for long term to maximized your profit.

[BitFinnese]

Greetings; how would one gauge the likelihood or probability that BTC will see a correction at a certain price? my concern is that if many people believe it could happen that would influence it happening.

It seems Bitcoin does not wait for it to reach $5000 to make us see a correction.  I feel the current downtrend of price is somehow a correction from the fast increase of its price this past days.  Though probably China announcement about ICO have something to do with it but I am quite positive that correction is happening right now. After this we can see another boost in price as  buy support piles up .

[BingoDog]

Just the wishes can't influence the bitcoin price but this situation now doesn't worry me. It's the correction that probably has also something to do with situation in China but that will not last so long that O would have to sell my coins. It might take a while to get back to 5000$ but just be patient, the price will go back on the track.

[Bagaji]

More than 5% decline from around  $4,850 to around  $3,950 low. This really shows the sign of  serious correction at the moment. Although it Is a very good point for rational investors to buy more and hold pending when its value increase again.

[Baofeng]

Just the wishes can't influence the bitcoin price but this situation now doesn't worry me. It's the correction that probably has also something to do with situation in China but that will not last so long that O would have to sell my coins. It might take a while to get back to 5000$ but just be patient, the price will go back on the track.

Although the price has significantly drop in the last couple of days, it looks its own the way to recovery, just a few hours ago, I see the price ranging from $4100-$4200 but right now it has picked up to $43xx. The situation in China had made this price correction worsen, but knowing bitcoin, it has the capacity to return to its normal state and this maybe the beginning.

More than 5% decline from around  $4,850 to around  $3,950 low. This really shows the sign of  serious correction at the moment. Although it Is a very good point for rational investors to buy more and hold pending when its value increase again.

I hope new and rational irrational investors will go on buying spree and ordinary or casuals as well. Because once the price zoom again it will be very hard to buy once bitcoin has gain steam again. So its better to hold and buy back bitcoin at this low price.

[asriloni]

More than 5% decline from around  $4,850 to around  $3,950 low. This really shows the sign of  serious correction at the moment. Although it Is a very good point for rational investors to buy more and hold pending when its value increase again.

The recent news about china gives an impact to the price of the bitcoin too, because there are some people are said the possibility for the bitcoin to replay the historically of bitcoin in 2013, There were some exchange site has been banned by the PBOC due to the money laundering.

[Omega Weapon]

What I have noticed before is this : People set certain goals and when they reach that goal, they adjust their goals to something else. Some traders might set a goal to reach a $5000 bitcoin price. They will push fiat, until they reach that point and then they will sell and this is probably when you see a correction. < people taking profits at a specific price point >

Then they set new goals < $6000 per bitcoin > and the process are repeated.

You're right on this, this is very similar to a loop or cycle. The things are repeating themselves. We saw correction after 5k $ and now we'll probably targeting above 6k $. After that, we'll see another correction, and then we'll target 7k $.

That is true, but each looping takes too much time to happen, when the correction comes we usually see the price increasing very slow, stable or decreasing and recovering everyday a bit only. The cycles are made of loopings and always go up on long term, but they don't happen so fast (at least until now they didn't happen so fast). I believe the price will stay around $4000 (or a bit less) for sometime.

The reason for that is that we need more and more money for bitcoin to go up in price and until adoption becomes bigger, then the rate at which the money enters bitcoin depends largely on the efforts of the bitcoin community on expanding the awareness of bitcoin, but I think this is going to change when bitcoin is able to once again perform the functions of a currency thanks to the fees going down due to segwit.

[bitcoindusts]

What I have noticed before is this : People set certain goals and when they reach that goal, they adjust their goals to something else. Some traders might set a goal to reach a $5000 bitcoin price. They will push fiat, until they reach that point and then they will sell and this is probably when you see a correction. < people taking profits at a specific price point >

Then they set new goals < $6000 per bitcoin > and the process are repeated.

You're right on this, this is very similar to a loop or cycle. The things are repeating themselves. We saw correction after 5k $ and now we'll probably targeting above 6k $. After that, we'll see another correction, and then we'll target 7k $.

That is true, but each looping takes too much time to happen, when the correction comes we usually see the price increasing very slow, stable or decreasing and recovering everyday a bit only. The cycles are made of loopings and always go up on long term, but they don't happen so fast (at least until now they didn't happen so fast). I believe the price will stay around $4000 (or a bit less) for sometime.

The reason for that is that we need more and more money for bitcoin to go up in price and until adoption becomes bigger, then the rate at which the money enters bitcoin depends largely on the efforts of the bitcoin community on expanding the awareness of bitcoin, but I think this is going to change when bitcoin is able to once again perform the functions of a currency thanks to the fees going down due to segwit.

There is always a correction whenever Bitcoin price goes up rapidly.  The reason for that is that the demand cannot sustain the supply since price gone higher.  So price adjust according to what demand can support.  That is what we called correction and I think it is healthy to the market to have such correction once in a while.

[bubblebit]

It most likely to happen at 5000$ but I will crossed the road when I get there, what I mean is I'll wait after the correction has done. Before I agree that it happened. The perception of the users maybe also influencing the coming of that this November but not as big factor as you think. I think 10% of its probability that can affect but 90% is on the investors capacity to trade.

[onrise]

More than 5% decline from around  $4,850 to around  $3,950 low. This really shows the sign of  serious correction at the moment. Although it Is a very good point for rational investors to buy more and hold pending when its value increase again.

The correction tools place due to the China ban of ICO coins recently . Due to which it went low of 4k and and then started to bounce bank again . Now it's about 4600$ back and probably if again we heard some bad news then the drop may be significant this time it seems . Else if there is some positive news around then it should be reaching 5k mark soon.