Bottom of BTC descending channel is 3000$?

[gabmen]

IF we went down to 3k and you'd be looking for similarities with 2015 there would be no space left for another year of bear market, simply because that would already be almost 90% drop in value, which was exactly what happened in 2015.

It wont happen, at least for now. The drop happened till 5995 USD and then umped back to buying pressure and now bitcoin is over 6.3k USD at the time of writing this post. Bulls are ready to buy back whenever the drop happens and happens significantly. Its not a surprise that people had buy orders set at 5.9 K USD mark and they got filled in at that time.

The difference is, BTC needed 2 years to reach that level and here it would happen in 9-10 months.

What also changed is the mainstreaming of crypto and crypto related topics. Almost every 1 out of 3 internet public are now talking about ICOs, bitcoin, ethereum and all. This was not the same in 2016.

IMO it would be not only too much of a dip but also too fast and for that to happen there would have to be a fundamental flaw. Pure market sentiment won't cut it.

Pure market sentiment would push it back everytime it went down. Simple observation.

The bottom most probably could be 4500 - 4800$. But 3000$ seems not highly possible. But this market can make everything possible.

Whales are always on the watch here. I think if we're going to go that low or even below 5k, it would'be happened already but look at how quick the price bounces back above 6k after dropping to 5.8?

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[Tyrandeo]

If Bitcoin will use $3000 as the bottom, then the market may change dramatically, I think 50% of the altcoin may die in this case!

[anobtc]

BTC price tried to break the 6650$ line for 4 times and this time it still can not. And this year, the support level of 5k8-6k has not been broken, but I have a bad feeling about this correction.

[newinbtc]

If Bitcoin will use $3000 as the bottom, then the market may change dramatically, I think 50% of the altcoin may die in this case!

Just look at graph , it seems it may reach 2500$ also at end of this year. This year 2018 is not good for bitcoins. last year 2017 was awesome in highest peak point at 20,000$. Last year people predict it reach 50k$ Now there prediction changed to 3000$ , its changing time to time according to downward trend and market support towards bitcoin. bitcoin will laying between 5000$ to 2000$ by end of year until one good news and price boom.

[feelingfroggy]

I don't see how Bitcoin could get all the way down to $3,000 dollars.  I can see mid $5,000 and maybe a quick dip under $5,000  but not for long.  I would be stepping in here little by little as the fall happens. 

[Kavallo]

If Bitcoin will use $3000 as the bottom, then the market may change dramatically, I think 50% of the altcoin may die in this case!

Altcoins die only if they lose all their adopters, which is rarely the case for healthy coins with a reason to be. Of course, scammish coins which have been created and adopted just in the hope of a fast enrichment, they could eventually die, but it wouldn't be a big loss.

[yla1974]

In the crypto currency market, technical analysis is worked out as beneficial to exchanges. Due to the very low liquidity, all the strength of the exchanges is in their hands. They have the ability to lower in a moment very low, and then raise to new heights. So be careful on the super manipulative market.

[TheUltraElite]

The bottom most probably could be 4500 - 4800$. But 3000$ seems not highly possible. But this market can make everything possible.

See if you check price of the buy and sell orders on any exchange you will notice a constant buying trend beyond the 6k USD mark. You wont find this elsewhere in any other altcoin. These orders help to push the market up. Every time the drop happens, they will get executed and the price will rise again. Unless some huge amount of bitcoins get dumped there is no chance of the price dropping to that low. Its true that anything is possible in the market but a huge drop will probably cause more buyers to buy in bitcoin.

In the crypto currency market, technical analysis is worked out as beneficial to exchanges. Due to the very low liquidity, all the strength of the exchanges is in their hands. They have the ability to lower in a moment very low, and then raise to new heights. So be careful on the super manipulative market.

Thats not what is being talked about here. Please read before you make comments. Oh wait you must be shitposting to get paid.

[lavara]

There is such an option-I admit that bitcoin will come to 3000, but it's true if you think that it can easily return for a couple of weeks to 10,000. We all watched how quickly the price of crypto currency could change. Now we see the border of 6-7 yew and for a long time. Wherever he goes no one knows up or down. To distribute investments, I am working in the direction of ico projects. There are also many nuances here, but the profit can be very good.

[voztata]

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/

This year is already over,  we have just four months left and it’s over. I have seen someone predict five thousand dollars as the lowest the price is going to get for this year,  but I really don’t think so,  cause based on what I’m seeing I believe that the lowest bitcoin price is getting will be this six thousand dollars. But even if it does fall below that, I still know that it will rise again and get back above $6k and at least reach $10k.

[bering]

I think probably if the bottom line hit $3000 then people will not fear even more likely they will buy at that price because this is could be good opportunities to buy back and hold but we still have several months remainning before reach 2019 and let see whether their analysis will true or even the bottom line lower from that price

[zazarb]

Bitcoin has pretty strong support at 5500-6000$, so if we did not heard any bad news in remaining time of this year, Bitcoin price should stay calm or even go up because Bitcoin price always raises and then goes down.

[atrocityx]

I doubt that this pattern will happen. Although in TA, I most likely look into the pattern so I can speculate what could it be in the next days in succession but 6k is like the solid floor now of Bitcoin this year. It should have dipped to 3k already before since Bitcoin was playing around that price before, but it didn't. The bulls are kinda in resistance for these that's why it is staying flat in 6k most of the time. If there will be case that this will be the price next, then I'll hoard on it.

Yeah I agree.. its clear that the people manipulating price with these extreme bart candles intend to keep the price stable atleast with bitcoin over the next 2 months waiting for ETF decision.. but know a flash crash down to 3-4k would send us further down the rabbit hole of bear market (maybe even as long or bad as 2014-2015).. I believe the millionaires out there that can actually move the price, know whats best for the long-term and tiptoeing that edge of getting the most out of their position in bart candle shorts and longs margined, but also the common sense enough to not spiral sentiment further.

IF we went down to 3k and you'd be looking for similarities with 2015 there would be no space left for another year of bear market, simply because that would already be almost 90% drop in value, which was exactly what happened in 2015. The difference is, BTC needed 2 years to reach that level and here it would happen in 9-10 months. IMO it would be not only too much of a dip but also too fast and for that to happen there would have to be a fundamental flaw. Pure market sentiment won't cut it.

Agreed.. the only thing I don't really agree with is it will go to 3k at all.. I just don't see a scenario where sentiment would be so bad that you drop far enough where a short squeeze doesn't get back over 6k.. I think anything is possible, but I don't see it without all the whales creating massive capitulation for an even deeper short squeeze.. but why would they want a one sided market where people follow them when they can park it right where it is and just bart candle the spreads.. easier money..  sentiment stays hopeful incase ETF passes, and they still make millions. 

[Cointoli]

In the crypto currency market, technical analysis is worked out as beneficial to exchanges. Due to the very low liquidity, all the strength of the exchanges is in their hands. They have the ability to lower in a moment very low, and then raise to new heights. So be careful on the super manipulative market.

I agree with your opinion, most of the coins are dominated by Exchange itself listing the coins. I usually only trade on the Exchange and do not hold the coins because I do not want to give my money to someone else.

[MahalQu2612]

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.

It never happens! Look right now, there is a correction in the market. Everything goes fine, in fact price of bitcoin and ethereum are recovering today. Eventhough there are lot of news happened last few days, bitcoin does not fell in 5K usd instead, it recover from 6k up to 6700 usd. I hope the increasing of price will continue.

[Spaffin]

Theoretically, bitcoin is able to fall to any lower level, but there must be a reason for everything. And just the reasons for the drop in the bitcoin rate to 3,000 dollars I do not see. For such a sharp drop in bitcoin, there must be some very negative event or complex of such events, but in practice they do not exist, so there is no reason to fear such a sharp price drop of bitcoin. If bitcoin had to fall to a correction to such a low level, it would have happened long ago. Therefore, it is most likely that this will not happen.

[katrimans]

one thing that i have found out about TA is that you can always draw your lines in a way to hit any price that you want. but that doesn't make it right. in case of bitcoin, there is no descending channel. there is a strong bottom instead which is not being broken so far.
the only way it will go below $6k at this point is if ETF is rejected or some other bad news comes out. not to mention that we might see a rise to something like $8k before the ETF rejection and that can only bring it back down to $6k again so we may not even see lower prices ever!

But even if ETF rejects it and bitcoin decreases to 3k r 4k dollars, would that mean it is the end of bitcoin? Obviously not. The point that investors need to understand is how bright a future bitcoin holds. The price that we are seeing today is not going to be the price of bitcoin tomorrow. We all know that it will regain its value soon so buying now would be better than other things.

[Bubblestonemax]

That can likely be the analysis of the top trader on trading view but in my own analysis, bitcoin price might not cross 4500$ by the end of the year. This is just my personal opinion.  No one can predict the accurate price of bitcoin but lets see what happens in this market

[prtty2gal2]

I used to follow magicpoop, I have to say he gets a lot of crap from other "traders" on his charts, but to be far during our rise in April/May I think it was, when everyone and their mother was saying "bear is over" he stuck to his guns and said it was not over yet, so fair play to him, his calls are good.

Be careful following any trader. Most of the trades posted there will be given after they have completed that trade so you wont actually be able to "Copy-trade" them. Rather you can analyse and try to find out why they did that trade or the motive behind the trade - whether it was for a short term gain or a long term hodl.

It is not important where the bottom is. When we will see a new ATH is more important.

Both of them are important. The ATL in a short period of time is the point where new traders are going to come in and fill the market. Then the ATH is the point where most people exit the market. Its important to watch the market cap during these times even though it is highly manipulated to get an idea of the amount of cash coming in or going out.

For an intelligent person, any change taking place in the digital market is important. A trader cannot gain any profits if he is not capable of predicting the coming pump or dump. Trading is never buy and buy or sell and sell game. It has been always about buying and selling. But the most important in my opinion is to have full trust in one’s digital asset.

[karungbitcoin]

I think down trend of Bitcoin and others crypto is enough and no one will decide to sell their digital asset in big loss, and more people will chooce to hold their coins. And when many people have the same idea like this the price of BTC will stay strong and possible to going up more when new player come in to this market.