Bitcoin - a short pullback or a long-term bottom?

[loicuagio1979]

After 5 months of heavy selling pressure, Bitcoin and altcoins have signaled to a bullish momentum pattern to buy. The recent low of roughly $6,500 comprised a 75% loss in value from last year’s highs of approximately $20,000. Currently, as with many other cryptocurrencies market, it finds as though the next move for BTC will likely be either more bullish momentum towards the 23.6% retracement area and even $10.000, or a declining pattern to retest the descending trendline that BTC recently overcame.

I believe that bitcoin and many blue-chips have completely bottomed out and have been confirmed both by hedge funds independently and technical analysis tools. What do you think?

[1714078784]

1714078784

[Bervelukan]

I also think like that bitcoin has touched its lowest point and now it's time to climb back up higher and it's starting to walk towards the top.

[Kotone]

After 5 months of heavy selling pressure, Bitcoin and altcoins have signaled to a bullish momentum pattern to buy. The recent low of roughly $6,500 comprised a 75% loss in value from last year’s highs of approximately $20,000. Currently, as with many other cryptocurrencies market, it finds as though the next move for BTC will likely be either more bullish momentum towards the 23.6% retracement area and even $10.000, or a declining pattern to retest the descending trendline that BTC recently overcame.

I believe that bitcoin and many blue-chips have completely bottomed out and have been confirmed both by hedge funds independently and technical analysis tools. What do you think?

To me a lot of the depreciation is due to the negativity surrounding bitcoin woth regards to a lot of companies and institutions completely blocking out bitcoin or cryptocurrency in their domain. Also while I do not believe that whales have a corrdinated effort I think that their presence is also a burden to the decentralization scheme of bitcoin. However I’m still investing on bitcoin for the long term and still committed to do so just because I believe in it

[GeorgiyBilyk]

there is no eternal growth and this must be understood! there will always be a correction! the bijecto and all the coins will always go up, and then down! and this will happen all the time! so do not be afraid of falling, it should be used for earnings! now it's very good to invest in bitcoin, because the price is very sweet!

[mast3rm1nd]

I think it's still early to tell. according to Tone Vays we need to hang around the 8,000$ area for a week. and then see what happens, maybe after that we'll get some clear bullish signals. I am optimistic over all, but we need to be careful with times like this

[Kemarit]

I think it's still early to tell. according to Tone Vays we need to hang around the 8,000$ area for a week. and then see what happens, maybe after that we'll get some clear bullish signals. I am optimistic over all, but we need to be careful with times like this

He also said that we not only need to maintained $8000, but we need to test and overcome the next mental barrier that is around $8500-$8600. Currently we are still on track to hit on in the next couple of days if the trend continues.

After 5 months of heavy selling pressure, Bitcoin and altcoins have signaled to a bullish momentum pattern to buy. The recent low of roughly $6,500 comprised a 75% loss in value from last year’s highs of approximately $20,000. Currently, as with many other cryptocurrencies market, it finds as though the next move for BTC will likely be either more bullish momentum towards the 23.6% retracement area and even $10.000, or a declining pattern to retest the descending trendline that BTC recently overcame.

I believe that bitcoin and many blue-chips have completely bottomed out and have been confirmed both by hedge funds independently and technical analysis tools. What do you think?

Obviously we have (double) bottom at $6500 that's why we have some sort of recovery around $8+++.  So it this price is not sustainable then expect another pullback, however its seems that the bullish sentiment has started to build up so another critical week to see if the pattern will continue and sustainable and test $8++ levels.

[Red-Apple]

we are already outside of the declining channel and have entered the rising one. it is not rising  fast and every day now because it is switching from the fully formed bear market into a bull market. and this process needs some time to fully take place.

although trends can change at any time, but for now every sign points to a bull market in the near future starting with a slower rise to $10000 first.

[xIIImaL]

we are already outside of the declining channel and have entered the rising one. it is not rising  fast and every day now because it is switching from the fully formed bear market into a bull market. and this process needs some time to fully take place.

although trends can change at any time, but for now every sign points to a bull market in the near future starting with a slower rise to $10000 first.

I see bitcoin and alts value is not bumping just to say it is recovering from the shit dump by the various government and corporate pulls mate. This time price recovering shows the every day symbol on that mate.

Yesterday I have noticed little dump on all the cryptos but with in some hours price started recovering I really feel happy bro.
Before this year ends we will find the bitcoin price goes to 20k USD for sure.

[loicuagio1979]

After 5 months of heavy selling pressure, Bitcoin and altcoins have signaled to a bullish momentum pattern to buy. The recent low of roughly $6,500 comprised a 75% loss in value from last year’s highs of approximately $20,000. Currently, as with many other cryptocurrencies market, it finds as though the next move for BTC will likely be either more bullish momentum towards the 23.6% retracement area and even $10.000, or a declining pattern to retest the descending trendline that BTC recently overcame.

I believe that bitcoin and many blue-chips have completely bottomed out and have been confirmed both by hedge funds independently and technical analysis tools. What do you think?

To me a lot of the depreciation is due to the negativity surrounding bitcoin woth regards to a lot of companies and institutions completely blocking out bitcoin or cryptocurrency in their domain. Also while I do not believe that whales have a corrdinated effort I think that their presence is also a burden to the decentralization scheme of bitcoin. However I’m still investing on bitcoin for the long term and still committed to do so just because I believe in it

Well, I highly appreciate your opinion. We are just Nemo fishes and have beliefs in Bitcoin in the future ourselves. Whales have left us with 75% losses from $20k area. We don't know for sure whether they shall come back or not. However, we have our own advantages - perpetual beliefs in bright future of BTC and cryptocurrencies.  
I am still holding and investing on BTC,  NEO,  LTC,  EOS,  Waves and some tokens also.
Hopefully that we are right

[Jonsnowstark]

The low is not a pull-back nor a long rerm bottom. Its a correction. And this does not happen only once in the history of bitcoin but every year around the 1st quarter, bitcoin always has coerection. The market is slowly rising and its no surprise because we have already strengthened our support. All of those weak hands already sold their share when bitcoin decreased, adding up to the fall of bitcoin price.

[pooya87]

at first when the rises started 8 days ago i thought it may be just a bull trap or a temporary rise to test the waters and see how things go, or maybe some whales trying to cash out and make some profit but ever since the initial big rise we have had a big buy support shaping up and a lot of the investors are coming back and price is still rising so this seems to be the start of the bull market to me.
and if i am right this would be very interesting because this bear market lasted a very short time.

[loicuagio1979]

at first when the rises started 8 days ago i thought it may be just a bull trap or a temporary rise to test the waters and see how things go, or maybe some whales trying to cash out and make some profit but ever since the initial big rise we have had a big buy support shaping up and a lot of the investors are coming back and price is still rising so this seems to be the start of the bull market to me.
and if i am right this would be very interesting because this bear market lasted a very short time.

It’s not difficult to point out bullish signals basing on technical analysis and it is becoming self-fulfilling prophecies as many traders have got wind of their predictions. Luckily, attitude of the industry has appreciably enhanced after good news of G. Soros has been preparing to invest in the industry appeared
Although U.S bond yields are increasing in renewed prospects of tightening in 2018, U.S Dollar demand remains supported because of mostly hawkish FOMC remarks and optimistic data. Furthermore, Bitcoin price has been supported by prolonging geopolitical risks and long-term needs of cryptocurrencies. If the bullish pressure of BTC is strong and long enough, we can see a stronger rally for btc in middle of  May
As all of you can see at the moment, BTC has just overcome short-term resistance level at $8.500. A continued bullish momentum could test $10k in middle of May or even sooner. 

[kache2018]

I don't see the point. Haven't you heard about the word fluctuation due to some external factors affecting its growth? Bitcoin is not on a short pull back nor declining. It is just fluctuating which is normal.

[Dondisimo]

Volatility is like breathing in any asset market. The example given by the author of the topic is just one of many breaths and exhalations of bitcoin. This a normal process.

[loicuagio1979]

I don't see the point. Haven't you heard about the word fluctuation due to some external factors affecting its growth? Bitcoin is not on a short pull back nor declining. It is just fluctuating which is normal.

As far as I concern, it's not a fluctuation as you thought. Let's see the under chart and "busted falling wedge pattern" which happened 2 months ago



I pointed it out a month ago, here: https://bitcointalk.org/index.php?topic=3198593.0

Please feel free to have a short view.

[charlotte04]

After 5 months of heavy selling pressure, Bitcoin and altcoins have signaled to a bullish momentum pattern to buy. The recent low of roughly $6,500 comprised a 75% loss in value from last year’s highs of approximately $20,000. Currently, as with many other cryptocurrencies market, it finds as though the next move for BTC will likely be either more bullish momentum towards the 23.6% retracement area and even $10.000, or a declining pattern to retest the descending trendline that BTC recently overcame.

I believe that bitcoin and many blue-chips have completely bottomed out and have been confirmed both by hedge funds independently and technical analysis tools. What do you think?

I hope that definitely that this is a new uptrend and only will only have a short retracement. Although we are not so sure about this one.

[Moneypham5]

Looking at many aspects, Bitcoin is in its infancy. Bitcoin costs $ 400 (about $ 8.5 million). You can withdraw money from ATM Bitcoin. More and more companies are accepting Bitcoin payments, and you can use Bitcoin to deposit or donate. In Norway, a man who spent $ 27 to buy Bitcoin 4 years ago became a millionaire.
But the fun seems to be dying. This virtual currency has survived as the US government increasingly tried to control it. In the context of the increasingly bitcoin world, and when the federal government was watching Bitcoin.

[RuslanSamui]

Hello everyone, lately we see that the decline in the price has passed and the price rises. My opinion is that in the near future bitcoin will grow in price

[dothebeats]

The $6k double bottom IMO has somewhat helped the traders fuel up and stock in as many bitcoins as they can in the mean time. After a series of bearish stints, starting from the Gox trustee crashing the market hard up to the tax day, right now it seems that the bulls are in power again (I hope). We clearly are poking the $8500 resistance level right now but still there are no signs of possible breakout from the said level, though there aren't any hints of any bearish movement in the market as well so we might be good.

[AK47-]

Bitcoin stayed at $6k for a while which was strongest level which if broken would have caused the real panic situation in the market. But bitcoin successfully survived that level even under the excessive selling pressure. After this recovery, I don't expect Bitcoin to go in bear phase again. Maybe a single dump cycle might take place before another uptrend. But is unlikely to go below $7k. Market has gotten the required momentum and is likely to continue in upward direction for quite some time now.