Bitcoin Price | Healthy pullback

[hugeblack]

Bitcoin (BTC) continues to be highly volatile. Having ranged over 30% in the past week, the cryptocurrency was, at one point, down 56% from all time highs. The BTC market cap now stands at US$190 Billion, with just over US$5 Billion traded in the past 24 hours.[1]

Unconfirmed transactions now stand at around 80,000, down from well above 250,000 in late December. The low sat fee/byte transactions remained unconfirmed until they are mined or time out in the network. Most of the high sat fee/byte and high priority transactions are being mined quicker than they are being replaced, so the backlog is decreasing. The current appropriate fee for a guaranteed confirmation within the next 5-10 blocks is around US$5 or less for a typical 250 byte BTC transaction.[2]

Do you think this is a Healthy pullback (like writer Analysis ) OR more crash coming?
Source: https://bravenewcoin.com/news/bitcoin-price-analysis-healthy-pullback/

[tokeweed]

Nice looking analysis you got there.  But here's the thing, it's only a 'healthy pull back' if the price reverses and trends back up again.  But who's to say that it's going back up again?  What if it goes down a bit more to 8k USD?  Would that be a 'healthy pull back' as well? 

No one can really predict the market.  All we can do is follow the price, check the volatility and trade accordingly depending on how large or small our bankrolls are.

[Harlot]

Nice looking analysis you got there.  But here's the thing, it's only a 'healthy pull back' if the price reverses and trends back up again.  But who's to say that it's going back up again?  What if it goes down a bit more to 8k USD?  Would that be a 'healthy pull back' as well? 

No one can really predict the market.  All we can do is follow the price, check the volatility and trade accordingly depending on how large or small our bankrolls are.

That will be called a correction of course and with what Bitcoin is now showing it is signaling that it will head that way. And you are right you cannot predict where it will go but a little help of technical analysis will help you narrow your choices and increase your chances of predicting the price of Bitcoin and where is it headed. With what Bitcoin is having which in its hourly chart it shows many attempts of false breakout meaning if you want to buy Bitcoin now is not the right time to do so.

[eagleman]

But here's the thing, it's only a 'healthy pull back' if the price reverses and trends back up again.

I agree, there's no indication that it's a healthy pull back as long as it doesn't go back to its price before the correction.
I saw an analyst said the same thing but I can't find that article.
An analyst from Saxo Bank told that this correction is healthy but the 'healthy' pullback is still not visible.
Bitcoin Plummet 'Healthy Correction' Rather Than 'Bursting of Bubble'

[Tankdestroyer]

Do you think this is a Healthy pullback (like writer Analysis ) OR more crash coming?
Source: https://bravenewcoin.com/news/bitcoin-price-analysis-healthy-pullback/

I think that it really is a healthy pull back since Bitcoin is being more stable to used atm albeit not being that stable but when compared to last December, it was better and faster for transactions to get a confirmation in blockchain today. Also the price dip is just a normal retracement for it to prevent Bitcoin having an unhealthy market. For now I think there aren't any crash to expect in the next coming weeks.

[Braggar25]

I think Bitcoin is just ranging between12k and 10k. This is nothing to be alarmed about since it's neither negative nor positive. People are just accumulating within these levels.

[alyssa85]

Nice looking analysis you got there.  But here's the thing, it's only a 'healthy pull back' if the price reverses and trends back up again.  But who's to say that it's going back up again?  What if it goes down a bit more to 8k USD?  Would that be a 'healthy pull back' as well? 

It's currently in the upward channel that was formed prior to November (If you look at teh charts and draw a support line starting from the rise in Jan 2017, you can see that the current bitcoin price is above that line).

As long as it stays above that line, it should gradually rise. There won't be a spectacular move, but it should grind upwards.

The time to panic is if bitcoin falls below that line.

[Pursuer]

it is a correction and a healthy pullback until proven otherwise.

the only reason why it was bigger than it should have been (meaning it was 50% from ATH instead of being 30% tops and 40% worse case) is that bitcoin has been filled with FUD and lots of issues. we had the huge spam attack which has stopped about 2 days ago after the big dip to $9200 ended. I don't ever consider these coincidences. these are market makers playing with the market to make the most out of it. and sometimes things get bigger than normal.

[SONG GEET]

I think there will be more correction before another surgery throughout the year.

Market might remain bearish for few more weeks with ocassional small pump from optimists.

[MoonIsBlue]

I personally think its a wait till february as January is quite unpredictable due to people taking profits and we've had a lot happen in this month on top of that

1. BCC ponzi collapse
2. Governmental taxes/shutdowns
3. A lot of inexperienced money flow that might overreact to circumstances.

But I can easily see BTC retrace back to 8k. Just wondering when are we calling something a ''healthy pullback'' or ''correction'' and when are we speaking of a crash? If this was stocks this would be an utter disaster crash.

[DrGuns4Hands]

I think thats a healthy pullback. People today are just panicking and creating issue by themselves. I cannot see some negative sides that are occuring on bitcoin today. We just need to be patience and responsible.

[fulmetal08larz]

It is indeed a correction and could have a healthy pullback at around 2-3 months. Profit taking is not done yet for those who had a goal of 1 year who bought BTC at a price level of $1k+ last year. FUDs are being spread like a disease all over the news and social media as well which affects those who have weak hands in investment causing panic selling.

[kwukduck]

There is nothing healthy about a mass sell-off of an asset that is fundamentally broken on so many levels.

[tokeweed]

There is nothing healthy about a mass sell-off of an asset that is fundamentally broken on so many levels.

Agree with the mass sell off part.  This could be the part when we are in denial...  But what's the basis for BTC being 'fundamentally broken'.  Sure it could be if you compare it to the more traditional assets, but BTC is something new that it's really hard to judge it, predict its future or even classify what it really is.

And it's open source project at that.  So it's its own animal.

[btcone111]

It's inevitable we see btc price being so weak after all the climb to $20K was absolutely bubbly.
Something has to give.
If btc had risen to $40K from there straight the impact could be even worse.

[cindygirl]

It's inevitable we see btc price being so weak after all the climb to $20K was absolutely bubbly.
Something has to give.
If btc had risen to $40K from there straight the impact could be even worse.

I wouldn't say it was a bubble bursting, just a very frantic rise followed by a harsh correction. You're right that if we went straight to 40k it could and would be even worse. Really now it would be good for bitcoin to retouch maybe 20k and then hover around 15-20k.

[richardsNY]

If btc had risen to $40K from there straight the impact could be even worse.

Not so sure about that. In this case it would mean that the important $20k level has been broken, which is extremely bullish, and the important $30k level too. I am confident that regardless of how high we might have seen the price go up, there at some point would follow a sizeable correction, but we would probably (empty speculation from today's perspective, I know) settle way higher than current levels. Either way, we, or at least I, can be happy about how far we have gone up compared to last year's price exactly on the same day. People were complaining about the price to be stuck at $14-$15k, and now we are hovering around $11k -- what do you guys prefer, a stuck market at $11k, or a stuck market at $14k?  

[Pleione527]

seeing how bitcoin grows for almost a decade now I believe this is just a healthy pull back. If we only try to look at the history of bitcoin what is happening today is really something should not be worry about besides I don't think this drop in bitcoin price should be consider as a dump because I started joining bitcoin with on $3000 value and having tgis $12000 is still a good value for me. The only problem is many expects too much in bitcoin that they ignore the legacy it has made through the years.

[rommelo24]

I think it is healthy pullback. It is the correction that made it's value normalizes again. Have read an article saying "don't panic" it is just a normal thing for cryptocurrency.

[timerland]

It is going to be a healthy pullback after this. For now, there is still doubt and fear in the market that bitcoin's final support at $10k is going to wear off and just crash to the ground. Therefore i think we could still be at this low level for some days/weeks to come before making an adjustment upwards in terms of price. Though i don't think that scenario is going to be sticking around for long.

A lot of people are already buying back in and with price as you said, losing around 50% of its value within like 2 months, it's a steal of a price. Bitcoin could continue to go upwards, but first, a steady recovery back to a respectable price is needed.

I think that once the pullback initiates, we could well see $15k within a few weeks before prices that are $20k+.