Why bitcoin will go down below 6000 (explanation)

[ummart66]

Sure it's interesting to compare graphs of bitcoin to graphs of gold, or other commodities but I don't think these comparisons are any more useful than just to say "hey look, they're similar".

As another post mentioned, the price has been in a downtrend. The price of several commodities have been too, so it's no surprise the graphs will look similar.

It is definitely worrying, but in the long term as long as you believe in crypto, short term price doesn't matter much. Just don't be gambling your retirement fun on crypto and treat it as a side interest.

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[crypmike]

in addition, found such sheet:



So we have a lot of space to go deeper

[coinplus]

i gave you merit because of the effort although i disagree with what you said

why did you choose 2013-2015 chart to compare with 2017-2018 chart? bitcoin was not created in 2013. it started back in 2009 and there are charts for nearly as far back in time. additionally we have had the same "market cycle" multiple times before 2013.

i agree with Tytanowy Janusz about Wyckoff .
also i would like to mention that this type of analysis, generally speaking TA has never worked for bitcoin as much as you like it to.

I really do not see any problem so far in using history to judge. The only difference I am seeing so far in the 2013 - 2015 chart and 2017 - current chart is just the speed of drop which the pace is faster this year but if we are really to look at the graphical representation of things and the way things are going, it sure looks a lot similar.

Yeah, we cannot be so quick to judge yet as the market may want to be so fast at responding to certain things, or sometimes, I may even want to consider the whales trying to deceive to dump and stir up some panic, but in that case, time will tell how things end up.

[MMnoob]

probably because investors are starting to think again to invest in bitcoin and trades every day starting to fall so maybe that is a bitcoin factor going down considerably. hopefully big investors give energy back.

[@bamaricibo]

As I think there are so many pennies out there, they compete strongly with the BTC, so they have taken away a large number of investors from the BTC. The BTC trading volume should be reduced, which pushed the BTC price down.

[@baracitamon]

Because the whale they sold the BTC out to withdraw money. Therefore, the sale of BTC is too high, causing the supply to increase so the BTC price is going down gradually. But in the future, perhaps by the end of the year the whales will continue to pump in the market again.

[ivankoh]

probably because investors are starting to think again to invest in bitcoin and trades every day starting to fall so maybe that is a bitcoin factor going down considerably. hopefully big investors give energy back.

The downward trend of the entire cryptocurrency market has not stopped so anything can happen during this time, the worst scenario I think Bitcoin may drop below $ 4k. But I still have confidence in the cryptocurrency market and Bitcoin will bounce back in the end of this year.

[upsidedown75]

why did you choose 2013-2015 chart to compare with 2017-2018 chart? bitcoin was not created in 2013.

He chose 2013-2015 chart to compare with 2017-2018 chart because he probably thinks that "history will repeat itself" and IMO, 2013-2015 chart is the perfect one to use in order to say that since it is the time span where the biggest rise and dump of price happened(the biggest one before the 2017 bullish run started).

Of course, this is nothing more than theory.

It is an interesting theory but IMO price will not go as far as 4800$ since bitcoin have more real volume and support now.

2014 and 2018 has also 1 connection. MTGox case. In 2014 MTGox was hacked and in 2018 he is selling found bitcoins. In september court will decide whats with rest  bitcoins which are waiting on decision on mtgox wallets (https://www.cryptoground.com/mtgox-cold-wallet-monitor/) 137k bitcoins worth close to 1 mld $ at current price.

http://www.businessinsider.com/bitcoin-price-speculation-mt-gox-bitcoin-wont-be-sold-until-september-2018-3?IR=T

That MtGox ghost just still ended up haunting us to cause such a stir up in the market. It seems until we are completely done with this MtGox issue before we can actually start seeing things playing out differently in a way. However, the drop was imminent anyway and it was more like the MtGox dump actually made it a whole lot faster or more like aggravated it. It sure looks to me though that history is somehow finding a way to repeat itself this time around.

[izanagi narukami]

Based on chart trend , yes it will go down but remember bitcoin still bitcoin, the cryptocurrency that still able to amaze us because the value can change without being expect.
For example : right now bitcoin is green and weekend always red but it still maintain on $ 6000 so I think it will stay $ 6000 on this second semester !

[gamalzour]

As I think there are so many pennies out there, they compete strongly with the BTC, so they have taken away a large number of investors from the BTC. The BTC trading volume should be reduced, which pushed the BTC price down.

Well I have been here for long time seeing the ups and downs of bitcoin and all other altcoins trying to compete with bitcoin, I haven’t seen anyone. This is really strange that you are claiming there is an altcoin that is comparable to bitcoin. Although every altcoin have its own nature and behavior, but performance is the actual measure. And in this race, bitcoin leads at the first for so long time.

[xitrum]

Hello everybody!

People are trying to guess where is the final point of the current market dump

I have a theory why bitcoin will go down to 5000-4800 levels, I'll try to explain my theory. It based on some observations of past markets

1)
First of all, let's compare Market Cycle graph, Chart BTCUSD 2013-2015, and the current chart. I made an image, https://imgur.com/a/dKBcQ1H
As you can see, a lot of similar points and in general they are VERY SIMILAR
So, Capitulation phase is higher then Anger, Anger is higher then Depression
That's why I can easily imagine, that the price will go below 6000

UPD: 1a) also found GOLD chart — https://imgur.com/a/k6AzZPc — looks also familiar, right?

2)
Recently I found very interesting graphics, based on comparison of the current price chart and Wyckoff charts https://imgur.com/a/opLle8O
This is the second reason why the price can go below 6k

3)
So, where it will stop exactly?
I think, we should keep in mind an area 5000-4800, because this is strong support level and also global 0,236 fib level, what makes it even more powerful
https://www.tradingview.com/x/Ml9uJDfU/
I think this could be the final destination

UPD: 4) https://i.imgur.com/kUyjTO1.png. 80% downtrend is about 4k even..


Of course, this is nothing more than theory. But I hope that was at least interesting.

If you found his post interesting,  I will be really appreciated for +merit.   Have good profits!

Yes, I think bitcoin prices will probably fall to $ 6000 and they may fall further and may reach $ 1000 by the end of 2018. The market is in a downtrend stage and it is difficult to recover as the world is facing the global economic crisis. As a result, bitcoin prices will fall dramatically in the near future, so you should not invest in bitcoin.

[crypmike]

Yes, I think bitcoin prices will probably fall to $ 6000 and they may fall further and may reach $ 1000 by the end of 2018. The market is in a downtrend stage and it is difficult to recover as the world is facing the global economic crisis. As a result, bitcoin prices will fall dramatically in the near future, so you should not invest in bitcoin.

Don't believe in $1000) It's about 95% down

[crypto_futurer]

This is really very useful information for acquaintance, but it seems to me that bitcoin will not drop below 6 500 dollars. Now buyers are very strongly uphold this price level.

[1Referee]

Yes, I think bitcoin prices will probably fall to $ 6000 and they may fall further and may reach $ 1000 by the end of 2018. The market is in a downtrend stage and it is difficult to recover as the world is facing the global economic crisis. As a result, bitcoin prices will fall dramatically in the near future, so you should not invest in bitcoin.

Your words only make sense if you short the crap out of Bitcoin right now and provide screenshots or video content (better option) so we can see if you actually believe in your nonsense.

From $6000 to $1000 plus leverage will net you a massive profit. You are crazy if you don't do it if you are so confident of yourself. Also don't forget to short altcoins because they will go down way harder, which means that you will net even more profit.

People quite often hate future markets and all other platforms because you can short Bitcoin right now, but this is the best way to shut up naysayers; either short or gtfu.

[Tapyaks72]

This is really very useful information for acquaintance, but it seems to me that bitcoin will not drop below 6 500 dollars. Now buyers are very strongly uphold this price level.

Actually it is pumping up but cannot sustain eventually, because small player's  just playing the fluctuations, buy at low prices and dump in short period of time while the prices is little bit just earn little profits, when time comes that big whales will play that’s  the time that it will rocket.

[fibrolit]

Or maybe this is due to the fact that now other crypto-currencies have also started to develop very actively?Why bitcoin is falling is falling all the others.Vicious circle...I also read that at the end of 2017, due to the growth of the exchange rate,many investors sold their bitcoins and these bitcoins got to the traders who are profitable to keep the rate falling.

[Sum24]

This is really very useful information for acquaintance, but it seems to me that bitcoin will not drop below 6 500 dollars. Now buyers are very strongly uphold this price level.

Exactly that is so informational new because some new buyers were losing Patience when the price was started to fall but finally they will get the news that price of bitcoin will not go lower hat 6000 dollar,. I think as more people has started to buy so that’s why price has stopped falling and now moving to rise, it is nature of bitcoin after touching bottom bitcoin bounce upward which is now going to happen till the end of 2018 so holds and wait I am sure soon price will be  high.

[gabmen]

I can't tell what is the bottom for BTC price, all I know is that this huge downtrend from 20K down to 6K (and possibly lower) will not be followed by a spike in price like we see with some altcoins, BTC tends to go up in a parabolic movement, looking at the chart right now, a parabolic trend has not touched its bottom yet.

No one can know about the dept of bitcoin, but still i am sure that bitcoin price is not going to drop below 6000$ but will hopefully start increasing very soon. Because investors know about the potential of bitcoin and therefore they will never let it go below 6000$. I think that investment in bitcoin in current price is a good decision, and will surely give you a good profit.

You really think it's up to investors dude? I don't think so. That's why i don't think you can be sure of anything. We've already gone below 6k and it's likely it will happen again. I just prepare for whatever can happen, basically that's the best we all can do.

[denisaardelean]

Hello everybody!

People are trying to guess where is the final point of the current market dump

I have a theory why bitcoin will go down to 5000-4800 levels, I'll try to explain my theory. It based on some observations of past markets

1)
First of all, let's compare Market Cycle graph, Chart BTCUSD 2013-2015, and the current chart. I made an image, https://imgur.com/a/dKBcQ1H
As you can see, a lot of similar points and in general they are VERY SIMILAR
So, Capitulation phase is higher then Anger, Anger is higher then Depression
That's why I can easily imagine, that the price will go below 6000

UPD: 1a) also found GOLD chart — https://imgur.com/a/k6AzZPc — looks also familiar, right?

2)
Recently I found very interesting graphics, based on comparison of the current price chart and Wyckoff charts https://imgur.com/a/opLle8O
This is the second reason why the price can go below 6k

3)
So, where it will stop exactly?
I think, we should keep in mind an area 5000-4800, because this is strong support level and also global 0,236 fib level, what makes it even more powerful
https://www.tradingview.com/x/Ml9uJDfU/
I think this could be the final destination

UPD: 4) https://i.imgur.com/kUyjTO1.png. 80% downtrend is about 4k even..


Of course, this is nothing more than theory. But I hope that was at least interesting.

If you found his post interesting,  I will be really appreciated for +merit.   Have good profits!

You can see that bitcoin prices have been falling continuously since the bitcoin hit $ 19800, so the bitcoin price is now at $ 6500 and is still falling. The market is in a downturn in the long term and we are preparing to face the global economic crisis, so the bitcoin price may continue to fall sharply and may fall to the $ 1000 mark. by the end of 2018.

[zero9119]

This is really very useful information for acquaintance, but it seems to me that bitcoin will not drop below 6 500 dollars. Now buyers are very strongly uphold this price level.

Exactly that is so informational new because some new buyers were losing Patience when the price was started to fall but finally they will get the news that price of bitcoin will not go lower hat 6000 dollar,. I think as more people has started to buy so that’s why price has stopped falling and now moving to rise, it is nature of bitcoin after touching bottom bitcoin bounce upward which is now going to happen till the end of 2018 so holds and wait I am sure soon price will be  high.

There have been positive signals about the uptrend of the cryptocurrency market in the past few days but it is not clear yet so the next trend of the market has not been determined yet. Be prepared for any situation, divide your capital, and have a proper backup strategy is what you should do.