Many graph analysts saying BTC will correct once it hits $10k. Why?

[jf5585]

I have seen many people analysing graphs, drawing lines on etc. Like this

https://gyazo.com/6ae491d57ae4cd953e1ce59cfe5abb27

People are saying BTC will correct by maybe 25-30% if it reaches $10k and citing the last 2 corrections as reasons. Weren't those last 2 major corrections because of the China ban and also the fork cancellation? Yet people are using these as graph trends to analyse the future and saying another correction will now happen.

Is there an actual reason why BTC will drop once it hits $10k other than the fact that everyone is saying it will happen?

[stefantt]

I think once the value hit $10.000 a lot of people will cash out cause they see it as a milestone, the difference between a 4 and 5 figure value will make a lot of people run with profit they've made.
But then again, once the value decreases a lot of people will invest again cause they have seen that bitcoin has the potential to grow big within a short time period, which will make the price correct itself back again.

[shareefbabikr]

I think once the value hit $10.000 a lot of people will cash out cause they see it as a milestone, the difference between a 4 and 5 figure value will make a lot of people run with profit they've made.
But then again, once the value decreases a lot of people will invest again cause they have seen that bitcoin has the potential to grow big within a short time period, which will make the price correct itself back again.

Hey Stefantt, i like your analysis man Kudos.

let me add this when people reach the 5 figure milestone and cash out they will buy massive amount of alt coins "liquidity in hand" which includes the winning horse Cardano. jacking up it's price, so you better have good amount of ADA's by that time 

I stumbled upon Cardano few days ago, am hocked ever since, smart team and visionary leader.

[pooya87]

People are saying BTC will correct by maybe 25-30% if it reaches $10k and citing the last 2 corrections as reasons. Weren't those last 2 major corrections because of the China ban and also the fork cancellation? Yet people are using these as graph trends to analyse the future and saying another correction will now happen.

that kind of drop has never been a correction, all these marks on the charts aren't corrections either, they started as a correction then some FUD caused panic which led to a bigger drop like that.

for 30% drop to be repeated, it needs to have the same FUD. we can't tell what it can be in the future. maybe another Chinese drama, or maybe another country this time. or even possibly another big exchange getting hacked.

Is there an actual reason why BTC will drop once it hits $10k other than the fact that everyone is saying it will happen?

there will be a correction, because that is how the market works. after a big rise people want to cash out their profit, traders want to get their money out, and these cause a drop. but it is not big. the circumstances always decide how big the correction is going to be.

[CoinsCoinsEverywhere]

Is there an actual reason why BTC will drop once it hits $10k other than the fact that everyone is saying it will happen?

As has already been said, self-fulfilling prophecy is pretty powerful.  Back when BTC hit $5k, there were a lot of calls for a drop to $3k.  The China ban occurred, and what happened?  We bounced quite nicely off of $3k.

There has also been quite a lack of FUD lately.  It wouldn't surprise me if something unexpected came along just as we breach $10k or shortly thereafter.  I saw another thread talking about rumblings at the Federal Reserve.  I know nothing about that, but something of that nature could lead to a quick correction/crash.

[Wind_FURY]

I have seen many people analysing graphs, drawing lines on etc. Like this

https://gyazo.com/6ae491d57ae4cd953e1ce59cfe5abb27

People are saying BTC will correct by maybe 25-30% if it reaches $10k and citing the last 2 corrections as reasons. Weren't those last 2 major corrections because of the China ban and also the fork cancellation? Yet people are using these as graph trends to analyse the future and saying another correction will now happen.

Is there an actual reason why BTC will drop once it hits $10k other than the fact that everyone is saying it will happen?

No reason. These analysts want to make stuff up and make it look "shocking" because that is what makes the sheep read their "stories". The sad thing about it is, more and more Bitcoin newbies love listening to them.