Will bitcoin drop?

[pornluver]

Eliot waves analysts

https://ewminteractive.com/btcusd-ready-another-terrifying-pullback

and Goldman Sach says that bitcoin will top $4800 and then drop

I wonder if any people here agree

Here are the links

https://www.cnbc.com/2017/08/14/goldman-sachs-says-bitcoin-may-rise-about-500-more.html

[maokoto]

It is hard to tell, but surely bitcoin is having a hard time going past 5000$. It is as if most people will sell when they see it approaching that price.

However, if it stays long enough in the high 4000$ that will establish a baseline and make it easier to surpass that barrier.

[CoinsCoinsEverywhere]

I am a big fan of technical analysis, especially in the absence of major news/events.  However, I've never been a big fan of Elliot Wave Theory.  In my experience, it can be hard to figure out where the waves are as charts tend to be pretty sloppy.  Additionally, like so many other analyses (Elliot Wave and others), the EWM Interactive article states a theory about where price is going, but they don't give any historical data for the use of Elliot Wave Theory on BTCUSD.  How many times has this sort of analysis worked in the past?  How many times has it been wrong?

That said, the chart in that article has been a pretty good guess so far.  If it holds, we should be right around point B right now.  I've been thinking that we're about due for a good gut-check correction, especially given how much optimism seems to be out there, and when we broke the old highs around $1100, I thought we might get to around 4x that level before a crash happens.  However, I would also point out that A was supposed to be around 4, and B is supposed to be a little less than 3, which would show weakness and the potential beginning of a downtrend.  In reality, A was significantly higher than 4, and B has surpassed 3, which makes the real chart look like we're very much still in an uptrend.

The bottom line is that I think there's reason to believe that we are nearing or have already hit a short-term top, and could see a major drop in the near future.  But it depends on what price does in the next couple of days.  If we can't break to new highs above $5000, and especially if we break below the last dip around $3900, we'll probably see a big leg lower.

[CoinsCoinsEverywhere]

Oh, and btw, I'm generally not a big fan of what Wall Street analysts have to say without knowing what their track record is.  They are paid to come up with numbers, and they need to come up with some kind of justification for those numbers, no matter the likelihood.  Many of them are lucky to be right half of the time.  And even those that are right more often than not are still wrong sometimes.

[HeRetiK]

USD 5000,- will be a tough nut to crack for 3 reasons:

1) There's only so much fiat that can enter the market and right now it seems like most prospect investors have already invested as they seem fit.

2) Short to mid-term there's little room to grow past USD 5000,-, so risk / reward is not as attractive as a few months back.

3) USD 4000,- still needs to establish as a new, stable bottom. This will take time.

However once USD 4000,- has become the new baseline (if it becomes the new baseline) prospect investors will have reloaded on fiat and the risk will be seen as lower, making risk / reward more attractive again.

[Papski]

Eliot waves analysts

https://ewminteractive.com/btcusd-ready-another-terrifying-pullback

and Goldman Sach says that bitcoin will top $4800 and then drop

I wonder if any people here agree

Here are the links

https://www.cnbc.com/2017/08/14/goldman-sachs-says-bitcoin-may-rise-about-500-more.html

Don't believe from them unless you want to make them more rich imagine if lots of people would following their predictions they could easily make money out of it.

[Siren]

Eliot waves analysts

https://ewminteractive.com/btcusd-ready-another-terrifying-pullback

and Goldman Sach says that bitcoin will top $4800 and then drop

I wonder if any people here agree

Here are the links

https://www.cnbc.com/2017/08/14/goldman-sachs-says-bitcoin-may-rise-about-500-more.html

I'm just quite surprise to see someone from Goldman&Sach really making a lot of bold prediction regarding bitcoin. Maybe the popularity of bitcoin is truly rising because you can see a lot of technical analysis saying that the price could really go some places. But again, bitcoin is purely based on speculation so its really hard to predict. The Goldman&Sach was really more on the China's decision banning ICO that's why it fall. And they are wrong saying that bitcoin will fall by $2200 after a price correction. We have recovered already at $4600 and I seriously doubt it can go below $3000 now.

[Basmic]

All the predictions about bitcoin is just opinions that have no basis. Actually nobody knows what will happen with bitcoin. The policy of bitcoin can only be based as of the moment. I'm more interested in how to develop the turnover of bitcoins.

[Barbut]

Goldman Sach said it, and bitcoin started to go down and I think yesterday low was 4.100$ and everyone was like Goldman is right he is smart, but price recovered and we didn`t saw 3.000$ like he said we will. Maybe Goldman can predict stock market better then crypto market. Also maybe he deliberately made his prediction to make people sell their coins and lower the price so he can buy more bitcoins.
Don`t mix drops with regular price oscillations, bitcoin price is doing that from beginning and we can discuss about will it stop eventually, but I doubt that we can find some solid answer on that. Future for bitcoin is bright, and price will rise and oscillate until it stop in some point. Just don`t be afraid from pessimistic predictions, people judged bitcoin before and they are doing same now, bitcoin is showing how strong it is despite all that.

[mobnepal]

Wasn't there another thread already to discuss this goldman sach prediction bullshit?

Nobody can predict market moves because crypto trading doesn't follow usual market pattern of forex and what all these so called market experts will predict is just some random guessing.

[Zocadas]

That are kinds of analysts who I can hardly believe because I look behind a news and then sort it to fake or manipulative predictions. Who analyzes and what is his aim to do that? So I come to the conclusion, that Bitcoin will continue its way up.

[YuginKadoya]

It is just a speculation and I think they did say this because of the impending Fork that is about to happen this November but we should not take this seriously, what if this is just all FUD? and the drop will be much and I think this may not happen, bitcoin came a very long way to take this opportunity to have this kind of value, but if $2,221 does came true I think it is still pretty for the price value of any Altcoin.

[Febo]

USD 5000,- will be a tough nut to crack for 3 reasons:

2) Short to mid-term there's little room to grow past USD 5000,-, so risk / reward is not as attractive as a few months back.

3) USD 4000,- still needs to establish as a new, stable bottom. This will take time.

That totally have no sense. You call that bitcoin will hardly break $5000 and on other hand you call $4000 as bottom.  That is like 20% difference between $4000 and $5000. With normal growth or fall it can be reach in a week. But with a crash or sudden growth even in single day.


Anything between $2000 and $10000 short term possible right now.

[iamTom123]

Goldman Sach said it, and bitcoin started to go down and I think yesterday low was 4.100$ and everyone was like Goldman is right he is smart, but price recovered and we didn`t saw 3.000$ like he said we will. Maybe Goldman can predict stock market better then crypto market. Also maybe he deliberately made his prediction to make people sell their coins and lower the price so he can buy more bitcoins. Don`t mix drops with regular price oscillations, bitcoin price is doing that from beginning and we can discuss about will it stop eventually, but I doubt that we can find some solid answer on that. Future for bitcoin is bright, and price will rise and oscillate until it stop in some point. Just don`t be afraid from pessimistic predictions, people judged bitcoin before and they are doing same now, bitcoin is showing how strong it is despite all that.

In other words, nobody can really predict and hit it 100% all the time. These people are just humans and though they have basis on their projections they do not have the power to make their projections come true. Of course, they can also be right but not in all cases. Another element we should be looking is the fact that some people are looking at the projections they want and then act accordingly making things like a self-fulfilling prophecy kind of thing. Where Bitcoin can be taking us is something only time can tell perfectly.

[Kemarit]

Goldman Sach said it, and bitcoin started to go down and I think yesterday low was 4.100$ and everyone was like Goldman is right he is smart, but price recovered and we didn`t saw 3.000$ like he said we will. Maybe Goldman can predict stock market better then crypto market. Also maybe he deliberately made his prediction to make people sell their coins and lower the price so he can buy more bitcoins. Don`t mix drops with regular price oscillations, bitcoin price is doing that from beginning and we can discuss about will it stop eventually, but I doubt that we can find some solid answer on that. Future for bitcoin is bright, and price will rise and oscillate until it stop in some point. Just don`t be afraid from pessimistic predictions, people judged bitcoin before and they are doing same now, bitcoin is showing how strong it is despite all that.

In other words, nobody can really predict and hit it 100% all the time. These people are just humans and though they have basis on their projections they do not have the power to make their projections come true. Of course, they can also be right but not in all cases. Another element we should be looking is the fact that some people are looking at the projections they want and then act accordingly making things like a self-fulfilling prophecy kind of thing. Where Bitcoin can be taking us is something only time can tell perfectly.

Exactly, that's why I just laugh and didn't believed a single thing that G&S analyst have told weeks before. Its no secret that along the way, we will get to a price correction, but he claiming that the market will crash in totally rubbish and no basis. Another factor that really made the price dip very quick is the China announcement so for me they got it wrong again. Its good to see their prediction and look what is their basis for saying that. And its up to us to believed or take it with a grain of salt. But since they are wrong already, I wouldn't trust anything coming from their financial analyst in the first place.

[Bagaji]

Drop and increase in the market value of bitcoin is a normal phenomenal because bitcoin is volatile in nature, any prediction about the movement of bitcoin is just a mere prediction and not 100% accurate.

[TheRealProphet]

Of course it will drop, we are in a freakin' bubble.

[Reid]

Creating news about a thing that is going all the way up is also a good advertisement for them.
Bitcoin being popular is going to make them pull more investors to them.
I praise the advertisement team of this good Goldman Sachs for being a genius into using bitcoin as a means of making a free ads for their names to be in the top again. Just want article for the popular bitcoin could make them a lot of money. Nice move.

[Maveth13]

I am expecting a worst case scenario of bitcoin dropping back to $3000. It doesn't really matter though. People seem to be obsessed with minor changes like +/- $500, we seem to forget to just zoom out and look at the trend. These changes are still considered as healthy in the market.

[mackenzied]

Eliot waves analysts

https://ewminteractive.com/btcusd-ready-another-terrifying-pullback

and Goldman Sach says that bitcoin will top $4800 and then drop

I wonder if any people here agree

Here are the links

https://www.cnbc.com/2017/08/14/goldman-sachs-says-bitcoin-may-rise-about-500-more.html

Don't believe from them unless you want to make them more rich imagine if lots of people would following their predictions they could easily make money out of it.

Believe it or not, that's not a big deal, the most important thing is the real value behind what they say. As long as you can understand it, you can make the right decision.