Where is the bottom for BTC? 10K or 8K?

[AICoin_Official]

After moving up and down, it seems BTC remains in the range between 10K and 12K, is it really possoble for price to dip below 10K and reach to 8K in the next few weeks?

Original analysis about BTC from Kuang Ren:

Overall, price surged by a small range after breaking below MA 1Week after the expansion in volumes at high levels. Though price moved back to MA 1Week later, price kept going downwards. On a weekly basis, therefore, the overall bearish trend remains intact, making it unfavorable to buy at current level.

The narrow-range move today shows the temporary balance between bulls and bears after the fierce game. Having a rest before any inflection point of rally or trend reversal seems helpful to control risks and free yourself from anxiety.

Original by Kuang Ren, translated and posted by AICoin Jami.

You can also track the real-time price inforamtion here: https://www.aicoin.net.cn/chart/D331D4E2

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[1Referee]

Nothing really prevents the price to dip below the $10,000 level again with how thin the markets are. With that in mind, people shouldn't put too much weight on another sub $10,000 dip, as long as the market jumps back up again. The only interesting part is when we will fall below the bottom we reached some days ago. It would be too easy to say that we will then head down further, but it may very well be a possibility. On the other hand, we can't really blame the market to be so soft and unwilling to climb up further with nothing interesting happening in the coming weeks/months. If the price happens to go down, then it's because of that, and not like other people think governments cracking down on crypto.

[Lucius]

After moving up and down, it seems BTC remains in the range between 10K and 12K, is it really possoble for price to dip below 10K and reach to 8K in the next few weeks?

Original analysis about BTC from Kuang Ren:

Overall, price surged by a small range after breaking below MA 1Week after the expansion in volumes at high levels. Though price moved back to MA 1Week later, price kept going downwards. On a weekly basis, therefore, the overall bearish trend remains intact, making it unfavorable to buy at current level.

The narrow-range move today shows the temporary balance between bulls and bears after the fierce game. Having a rest before any inflection point of rally or trend reversal seems helpful to control risks and free yourself from anxiety.

Original by Kuang Ren, translated and posted by AICoin Jami.

You can also track the real-time price inforamtion here: https://www.aicoin.net.cn/chart/D331D4E2

Where were you few days ago when price drop to 9000$?Nothing is impossible in case of BTC,and 10k$ level is just one psychic barrier which can easily be broken anytime.Today we have another drop in price and it is now at 10500$,just look how is this sharp and sudden drop.

For people who want to invest this is very good time,looks like BTC could end up again bellow 10k$ for some short time.I wonder what's causing this drop,so far no some new bad news...

[ClutchThese]

My recommendation is to NOT invest until this week is over!!!

I believe that the miners (major minors who hold a significant amount of BTC) are the driving factors in the current market. They control the transaction fees, they control the hashrate, and with the introduction of future contracts - they control the market!

What I mean is that they can manipulate the market to push out new/small miners because it's not profitable to be a miner with lower prices. How are they able to do this? They're selling off BTC while also holding BTC Futures. essentially covering their sales and at the same time pushing out miners. They're then able to rebuy at a lower price and wait for the holders and others to start driving the price up. Rinse and repeat


This is me speculating, but it's what I'm seeing happen. If next week we see a 20+% rally, you'll know I may be on the right track.

[budz0425]

Five days ago the cryptocurrency not only bitcoin began to crash with almost all the top 100 coins down between 15-30%. It was also reported that the total market capitalization of all cryptocurrencies was hovering around $450 billion and down by 30% from $650 billion in just 48 hours. We don't know things ahead, it could be tomorrow or later that it would happen again but the thing is it would still rise up after the dip down.

[djpitagora]

My recommendation is to NOT invest until this week is over!!!

I believe that the miners (major minors who hold a significant amount of BTC) are the driving factors in the current market. They control the transaction fees, they control the hashrate, and with the introduction of future contracts - they control the market!

What I mean is that they can manipulate the market to push out new/small miners because it's not profitable to be a miner with lower prices. How are they able to do this? They're selling off BTC while also holding BTC Futures. essentially covering their sales and at the same time pushing out miners. They're then able to rebuy at a lower price and wait for the holders and others to start driving the price up. Rinse and repeat


This is me speculating, but it's what I'm seeing happen. If next week we see a 20+% rally, you'll know I may be on the right track.

perhaps not just miners but big time speculators and smart money. This is what we get for being accepted as proper financial instrument with a futures market. We are at the grownups table now and we play my different rules. It's a small market and big players see an opportunity in manipulating it.

...or ... it might be the same 40% crash that we have seen every January until now, with the only difference being the army of noobs that have never seen such a drawdown before.

[rafanadal]

there is no bottom
could easily go back to 1k

[Bitcoin Begger]

I am 22 days old in the crypto currency world and I have seen 2 very sharp price decreases. As I don't have much money to buy any currency in the top 10, would it be wise for me to buy penny crypto currencies. Would a seasoned investor advise me to start off in that direction or is it too late to join  the crypto market. I have the equivalent of 50 US dollars in my local South African Rand but cannot buy any portion of the bitcoin because of the minimums required.

[nl247]

BTC so far does not seem to have the strength to climb up for now and the buy strength is so low right now and I would not be surprised if we still go back to test the previous lower support. However, even though we are still in a corrective state, I do not see anything that would make us go lower than the lower low we got to already, so I would rather consider that as the bottom as bitcoin can be full of surprises. A good news is all we need now to give the market a huge strength.

[gentlemand]

Eight grand seems to be a common figure being bandied about. The more common a figure is the less likely it is to be correct. Either we never brush it and stay above, or it goes way, way below it.

[fabiorem]

My recommendation is to NOT invest until this week is over!!!

CME close between 26th and 30th. I would wait 'til February 1st.

[bucciarati]

i think most of us will be suprised in the next three weeks ...

a lot are gonna cry while small big players will laugh, more then usual this time :-) whales become sharks and the sory repeats

[SONG GEET]

I have some buy orders below 10k because I think price will dip even below last time low 9k this time before making recovery.
 
Like many analyst have suggested if price can't jump above $15k on last recovery it can easily test support level at $8k.

[kwukduck]

We broke to the 100-day we'll probably close well under there.
There's no support until the 200-day and even that is very weak.
We'll probably see sub 7-8k within 2-3 days.

[ClutchThese]

We broke to the 100-day we'll probably close well under there.
There's no support until the 200-day and even that is very weak.
We'll probably see sub 7-8k within 2-3 days.

This is exactly what I think will happen too. Once this happens, Bitcoin will be the main focus of news and radio talk. It's going to be the exact opposite of what it was in December.

[fabiorem]

The price dropped again in the last 24 hours.

10k was already tested enough, but since it fell again, we are going to 4-5k.

[Theb]

It is hard to say where exactly as there is no known major support in the 10,000$ level are and also the last bounce was in the 9,000$ level which means it can go either 10,000$ or 8,000$ with what I am seeing a major drop from 11,800$ to where it is now shows that the correction or the down trend is not yet over good thing we can still benefit from trading this bounce plays. With some recent analysis of mine and similar to what others are saying hopefully the last big dip will make Bitcoin recover and achieve a new all time high.

[zlatan07]

It would be great that 10k USD is the average price of Bitcoin, so we could see some small collisions near to 8k USD mark.
Speculation about 5k USD price is more common and investors see more opportunity to make the profit if that price becomes reachable, so they stopped to buy Bitcoin. There is one key factor in the price of Bitcoin and that is media.

[uslfd]

I reckon it might retest 9K again very soon forming a double bottom around 8.5K area and consolidate

[Morecoin Freeman]

10k, easy