Bottom of BTC descending channel is 3000$?

[Kavallo]

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/

[vlad230]

If you ask me a lot of stuff about bitcoin's evolution is illogical nowadays.

I don't think it wil fall under 5k this year as this level was tested across the year and nothing happened, it always bounced back.

I would buy BTC at this level anyday. Also, once the big players will be able to trade BTC, I would see a big spike in it's evolution.

[sedahan13]

Price of Bitcoin is very volatility but in my opinion is very small probability the price will going down to $3000, because by looking to weekly time frame of history Bitcoin price , Bitcoin did going down only by maximum 90% and this happening in 2013, and currently Bitcoin price already dropped more than 70%, so in my prediction $5500 will become support level of BTC, and from this level will going up again.

[Tytanowy Janusz]

I dont see any logical explanation on painting few line on chart and predict few months further. There is MTgox case to be solved, ETF case, Lightning network developement, regulations etc. etc. Any of this events will affect price 10 times more than line on chart.
For now on i can see that there are more and more buyers on btc and price will recover at liest to 7,5k. Then ill see if there are dumpers Than ill see if there are buyers etc. I will look on the environment (recent news and its influence on market - if good news dont affect price means that someone big dumps coins on news-fomo demand or investors are to scared to put money in for that news - bad time to buy even if we are on strong support or in cosmic triangle of red power). Looking on lines and cosmic formatcions from them and predict price for next 4 months its like lookng into tea dregs and predict weather. You can be right once, twice in a row and become hero of tradingview but after 100 predictions you will be 50% right just like coin toss beacause only TA lovers buys on TA indicators and its only demand that they rely on. It means that only person who paint those line exacly like this guy will w8 for 3000 to happend to buy there. Any other investor will buy in other place. You really think that those few investors will stop price there? Whales dont use AT or use it to know where supply and demand from TA lovers will appear to rape them without lube.

I will not paint stupid triangles. I will think. If price is hitting support 4th time and bounce less each time it means that slowly we are getting out of buyers on these levels. Simply those who want to buy at 6k range already bought it on february, april or june. There are less and less of them and their confidance is lower and lower beacuse bounce is lower. Probably only TA lovers are buying on this support (those of them who bealive in supprots more than triangles xd). It means that they will probably set stoploss around 5500 and if price will cross it it will dump more (then we will see long squeez etc. and 4,5k range is possible if huge demand wont appear from whales). Of course it looks like this currently. Any huge news can change it drasticly. And i dont need stupid triangles to predict price.

Even painting lines is in my opinion inadequate to predict btc price beacuse in 90% times BTC is acting more parabolic than linear.

[drmasa]

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!

[bitbunnny]

In theory there is no lowest bottom price, it could be any at all. But in practice, this time I don't think that Bitcoin will go that low, I don't see no circumstances that could lead to such scenario.
Current correction is quite expected and normal and I don't see the reasons to panic and to predict such low price.
To my opinion if price continue to go down it will not go under 5500$.

[Dhanems]

Hmmm if ever the bitcoin price will falling down to $3000 then it's time to buy more and I wait that price lol😂coz i believed no one can stop the Bitcoin

[Gaaara]

The lowest possible is $1 or under, there is always a possibility but as long as market is confident in its current value it can never be less than the current. I actually think that bitcoin can even go lower than $2k but of course I am not wishing it nevertheless the possibility is still there the better question to answer is when, when will it go down or when will it go up.

[peter0425]

Interesting view, if we are going to hit $3K this year, then I consider it the last bottom of the year and it could trigger a reversal. However, bitcoin support at $6K is still strong and we even see a good recovery in the last 24 hours, pushing the price to almost $6500. The good thing though for that $3K prediction, is that its another perfect opportunity for everyone to jump in. So let's see if we can really hit that bottom or not, because by the looks of the current trend, we won't see a decline < $5K.

[LuciferEveningStar]

Hmmm if ever the bitcoin price will falling down to $3000 then it's time to buy more and I wait that price lol😂coz i believed no one can stop the Bitcoin

Yes you are right, every time the market prices are falling, you should invest even more because in this way you can earn more profit when the price in the market increase again.

[denisaardelean]

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/

I think it's possible that the bitcoin price will be even worse. According to my analysis, the bitcoin price could fall to $ 2,000 by the end of 2018. The market is bearish in the long run so anything can happen to a bottomless market like the current time. So I believe that this time you should only short-term investment.

[electron-coin]

To predict the price of bitcoin in recent times is very difficult . I think that the $ 3,000 mark is too low, but still possible. We saw how the transfer of the consideration of ETF-bitcoin influenced the price. Therefore, if in September the decision is negative or again will be postponed, then the effect from this can be overwhelming. Of course I would like to believe that the community will not let the price drop so low. I think that for $ 5,000 (or even higher) there will be so many people who want to buy bitcoin, that its rate will begin to grow rapidly.

[SUDARMONO]

currently the price of bitcoin does have a deep decline, but I don't think bitcoin prices will touch the $ 3000 price, and I believe prices will rise again in the near future.

[mostkey]

I don't mind because it's really an opportunity for me to buy more Bitcoin at a very cheap price because investors are waiting for very cheap prices so that in the near future there will be great reflection and the future will be very good unlike now increasing mass adoption every year I believe that, to think about the price of Bitcoin we think that we are just speculating and no one knows for sure how to achieve value for the next, but thinking it won't reach the price of $ 3000 because it is not worth the current demand, maybe in the next few months Bitcoin to pump back the umpteenth time.

[pattley]

I'm in shock we are down this low after being part of the 20k ride last year.  3k won't surprise me one bit.  I'm trying to devise a plan for my last 10 Bitcoin and which altcoins I'm going to get into.  This seems to be a great opportunity to increase your stash if your lucky and skilled. 

[okorocrypto]

He might have a point in this but I don't agree with this. The RSI is entering oversold and this will not linger for long. Hence, I do not see BTC respecting this analysis.

[googs84]

If you ask me a lot of stuff about bitcoin's evolution is illogical nowadays.

I don't think it wil fall under 5k this year as this level was tested across the year and nothing happened, it always bounced back.

I would buy BTC at this level anyday. Also, once the big players will be able to trade BTC, I would see a big spike in it's evolution.

True, it wont fall back below 5K because we are pretty much having that much support walls for bitcoin. Bitcoin's growth is all about its investors base as well as how strong is its support wall. Most of the time whenever crypto or bitcoin itself is dropping heavily then people will start buying on mass scale and this again creates a situation where bitcoin gains its more support and then starts rolling back to higher prices. The 5K pull back cant happen because it is the bottom most of the people think about and start buying instantly out of FOMO investment. So are literally good at this point.

[hurriebra49]

I think this ratio is not a good mindset, Actually I am thinking about this current market situation is only a market trash and it will recover the price of bitcoin in again near in coming days, so keep calm and wait a few days it will recover again but the figure of $3000 is the wrong estimate about Bitcoin price.

[BitHodler]

I'm in shock we are down this low after being part of the 20k ride last year. 

If you're shocked about the decline from $20,000 to $6000 you haven't done any prior research before entering this market. Bitcoin historically corrects with 50-90% after a significant increase in price.

It's normal for this market since the majority of the people use Bitcoin and any other crypto for speculative purposes. It doesn't yet have much other characteristics to rely on granting it some level of stability and solidity.

This seems to be a great opportunity to increase your stash if your lucky and skilled. 

Till the price drops even further and you yet again bought the wrong dip. Crypto is a crazy ass market and has no base value. Today's "low" price of $6500 could be the the next lower high in the long term downtrend pattern.

Only if you can ignore all the lunacy of the short term market and hodl through for a year or two today is a great entry point.

[Reid]

I didnt click the link coz I am hoping this will just be for now.
Or if ever it will really happen then maybe it is a good chance for others to take the ride.

We know a lot of negative reactions also because of the expensive price of bitcoin. If they suddenly jump in then demands could go up again making the price fluctuate so high.

If it happens it wont take long l.