Bottom of BTC descending channel is 3000$?

[Pamadar]

Things were quite active in the cryptocurrency space, and the correction took place on most of the bubble markets after some digital assets hit an all-time high. The mainstream media is reporting on Bitcoin's price increase. The possibility of bitcoin breaking the $ 3000 range and finding new highs is not a problem.

Both negative and positive news will bring impact but falling to 3k$ would take a huge  dumped coming from big bagholders who might shake the market or quit entirely this industry, there's different points of view coming from people who are waiting and expressing their interest, the last fall went to 5800$
and support buy it right away and start pumping again, will take some time before we can get some clear position I guess.

[AlNu]

I dont see any logical explanation on painting few line on chart and predict few months further.

I agree with you. And I also think that just one good or bad news can spike the price a lot % up and down! Cryptocurrency market is too volatile to be calculated with technical analysis!

TA works but in the long run, and now we are just in such a time when the price can shoot up and down and on TA everything will be executed. The crypts market is very manipulative, now everyone is waiting for the SEC's decision, although if you think about it not what does not depend on now, futures are already traded, who wants to trade them.

[Alfiehob]

but the condition of the bitcoin price is very difficult to fall back to the price of $ 3000 again because currently the bitcoin demand is soaring so much that there are so many who make buy orders that make the bitcoin price conditions difficult to fall again.

Well, from where I am standing and looking at the charts now, I would say supply is much more than demand due to the fast and rapid drop in prices within a very short period. Sure, that is not a guarantee that the bears can still always want to drive the market lower, but at the same time, that does not say we should just discard that the bears can still end up doing that.

The market though is holding up pretty great at the moment, and I also expect it to push a bit higher above $7k, but that is just a wish, not like it could end up happening.

[TheUltraElite]

Things were quite active in the cryptocurrency space, and the correction took place on most of the bubble markets after some digital assets hit an all-time high.

Its a natural thing to get corrected after a spiky pump. It happens everywhere and even in human nature when you see a sudden change its bound to be bad soon. Similarly in crypto if it pumps gradually the dump wont be noticeable because the support level will fill them up.

The mainstream media is reporting on Bitcoin's price increase.

Problem with mainstream media is that they report what they see and dont understand because they only care about the buzz surrounding a topic or they are in it for the money. If you listen to them do so with caution because a lot of news there a FUD and made-up speculation to manipulate people.

The possibility of bitcoin breaking the $ 3000 range and finding new highs is not a problem.

You are very much misinformed because bitcoin had crossed that line last year and has never dropped below 5.9k USD after that. Its currently rallying at 6.5-7.0k USD mark.

[weblaraveluser]

While most of the analysts are letting their wishful thinking of a trend reversal influencing their analysis, this top analyst on Tradingview (MagicPoopCannon) has been predicting the current price action of BTC already several months ago and he is setting 3000$ as a logical bottom. Click on the link below to read his analysis and see his chart. What do you think about it?

https://www.tradingview.com/chart/BTCUSD/GLtEEYfz-The-Downtrend-Continues-BITCOIN-BTC-D/

The bottom of bitcoins is $6 dollars and the price is not dropping even more so we can expect higher values in the future, that is the reason why we should hold our coins today and wait for the market prices to pump up again.

[emililadjet]

The bitcoin  reached almost 20k, but  Bitcoin  does have a much lower amount of supply and why would institionals pay that much money

[arnaudel98]

Things were quite active in the cryptocurrency space, and the correction took place on most of the bubble markets after some digital assets hit an all-time high. The mainstream media is reporting on Bitcoin's price increase. The possibility of bitcoin breaking the $ 3000 range and finding new highs is not a problem.

As a matter of fact we can never realize that in light of the fact that there are some supporting levels on bitcoins value that we think about yet it is as of now experiencing $6,000 and lower so no one is positive about the base point.

[katuhakuh]

In my opinion in the cryptocurrancy currency market, technical analysis is useful in exchange. Because of the very low liquidity, all the power of exchange is in their hands. Many people will try to hold their coins. And when many people have the same idea as this price.

[umar22pk]

I think in crypto world nothing is final & here is no full stop. Market is trying to be stable & want to stays green.
But due to some FUD & panic sellers its facing ups & downs, in this position we can say market will stays around 5K to 6K & will never down  from this figure.

[KXC247]

Bitcoin price is very volatile. Every one has his or her own analysis and the price of bitcoin is not stable. In my own opinion, it's hard to believe that bitcoin can get to 3000$. My own prediction is 5k

[cryptolidus]

The price of Bitcoin was tested several times this year around $ 5 k and always bounced back, so I do not believe
that the price  will go below that level. But if it happens and we face $3 k  for me it will be a call for action to all in.

[Rejevunator]

Things were quite active in the cryptocurrency space, and the correction took place on most of the bubble markets after some digital assets hit an all-time high. The mainstream media is reporting on Bitcoin's price increase. The possibility of bitcoin breaking the $ 3000 range and finding new highs is not a problem.

I don't perceive how Bitcoin could get the distance down to $3,000 dollars. I can see mid $6,000 and possibly under $5,000 however not for long. I would advance in here little by little as the fall occurs.

[arinalwa]

So many speculations were already made about bitcoin's market price to go down the 5,000$ mark but i think it will never happen at all. How many times does bitcoin fall in the 5,000% mark this year? It's only in that mark that bitcoin has fallen but it never went down below that that anymore.

The fact that it has fallen in that mark does not mean it cannot breakdown below that mark. Now, this is market, there is no certainty for anyone about the future and we certainly are just trading the trends.

The market is still inside that channel as it is and as long as there could still be a possibility of the bears back in action and squashing the $5800 support, there is certainty that the market could go as low as $3k, but usually, we cannot make any confirmed statement as only time can.

[TheGreatPython]

Things were quite active in the cryptocurrency space, and the correction took place on most of the bubble markets after some digital assets hit an all-time high. The mainstream media is reporting on Bitcoin's price increase. The possibility of bitcoin breaking the $ 3000 range and finding new highs is not a problem.

I do not even know why people tend to consider a low price as a problem in the first place. I guess that is one of the reasons why the whales and those who are smart players or institutional players will always have an upper hand in the market.

People tend to chicken away when everything is going bad, rather than looking for the opportunity within those moments for their own good. If price descends that low to the bottom of the descending wedge, then it just makes it a great time to be buying into the market.

[Ganbound]

Bitcoin price is very volatile. Every one has his or her own analysis and the price of bitcoin is not stable. In my own opinion, it's hard to believe that bitcoin can get to 3000$. My own prediction is 5k

I don’t think that the bottom of bitcoin would be $3000. I think that $6000 is the bottom for bitcoin because in the whole year of 2018 the price was almost stuck between $6000 and $7000. Some times it crossed that limits but mostly remained in these limits. I think that the price would never down to $3000 and if it happens, it will be the end of bitcoin.

[jonatuzc]

While most of the analysts are letting their wishful thinking of a trend reversal influencing their analysis, this top analyst on Tradingview (MagicPoopCannon) has been predicting the current price action of BTC already several months ago and he is setting 3000$ as a logical bottom. Click on the link below to read his analysis and see his chart. What do you think about it?

https://www.tradingview.com/chart/BTCUSD/GLtEEYfz-The-Downtrend-Continues-BITCOIN-BTC-D/

The price of bitcoins will never go down to $3k dollars because there are a lot of people who are interested on cryptocurrency and i believe that $6k is the stable price today in the market.

Well, the bottom of the descending channel does not mean it would reach the bottom before it breaks out, but only shows there could be more room for it to break down to that level as long as it remains inside that channel.

That is one thing a lot of people do not get, it is a way of just preparing for the market in any way it wants to come, it is not like anyone can certainly predict exactly what would happen in the future. So, saying that the market will never go down to $3k is not sensible at all, because it certainly can.

[BitcoinCommodor]

I dont think it will descend any lower than 5800$ ever. Thats a great support level and even haters are waiting there to buy bitcoins at that price.

No one knows how low it would ever go or if we might just get to see some good recovery in a short period of time. The market certainly could go lower than it is already and the truth here is that the highest we can do is to just wait. Can the market go as low as $3000? Oh yes, and even lower if the bears tend to get the chance.

We may be optimistic but that does not mean we should totally discard reality. The reality now is that no one knows how the market would behave at any particular point in time, and we can only stick with the trend.

[swscowods]

Bitcoin price is very volatile. Every one has his or her own analysis and the price of bitcoin is not stable. In my own opinion, it's hard to believe that bitcoin can get to 3000$. My own prediction is 5k

Exactly. This is what I believe as well. I can see Bitcoin will not fall below $5000 despite all the odds. This thing was actually observed when the value of Bitcoin fell below the $5000 in the late June and got recovered within hours after the fall. This happened twice which means that Bitcoin shows its reluctance towards the further fall and this is the reason it is one of the most demanded coin as well. The reason behind its success.

[feelivent]

The price of Bitcoin was tested several times this year around $ 5 k and always bounced back, so I do not believe
that the price  will go below that level. But if it happens and we face $3 k  for me it will be a call for action to all in.

In my view there is no bottom price for bitcoin because the price is not stable and there is huge volatility in the price. Nobody can say anything about the coming price of bitcoin. The difference between the predictors about the price is more than $40000. Therefore I want to say that there is no bottom price for bitcoin. It may reach or even drop in the coming days.

[hanlap]

Bitcoin has remained stable at $ 6,000 to $ 6,700 within the past month, but Bitcoin needs a few more months to get a solid foundation for a new wave of value.