Bottom of BTC descending channel is 3000$?

[darkangel11]

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 only thing that's holding Bitcoin up is false hope that the SEC's decision next month might be positive for the ecosystem. It was somewhat predictable that $5800 wouldn't break, and in the same way the increase in the runup to the deadline is predictable as well.

If the SEC rejects the ETF, which I really hope they do because it's technically rejected already (postponing = rejection), we'll see how the market reacts to that and how much support is left around the $5800 level. I honestly believe that we'll see $5000 in that scenario and it's great for the market with how it could be seen as one of the last shakeoffs below $10,000.

Now I know why so many people dumped their coins when ETF got postponed. I'm curious, where did you get the idea that postponing is rejection? If they wanted to reject it they would have done it , just like they did with the Gemini ETF. Sec rejected it, brothers reapplied and got rejected again. This time it's not that simple because the ETF is physically backed (unlike Gemini and other projects) and it's also launched by huge companies with good history.
They could be buying time to look for some grounds upon which they can reject it, but if they wanted (could) do it right away they would.

[Varuj]

Bitcoin is already up to $ 3000 probably will not go down, because the stage of changing the trend to an ascending level. We should expect growth and strive to bring high peaks.

[Oilacris]

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/

Basing on TA then we do have that possible last support but still the current price of bitcoin is still tanking which it is just playing around on 6k price either below on 5900+ but still theres a chance because this market is very unpredictable but seeing on the price we are already on sideways or total accumulation readying up for a trend reversal. We might see it on this year on on next years.

[minime0105]

In my opinion, it would be rather difficult to have BTC drop as low as 3k because I think many whales would be against it and most investors overall won't let that happen even if it would mean resorting to market price manipulation.

[zero9119]

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.

Anything can happen in this market so Bitcoin can fall deeper too is very normal. The value of an asset depends on market acceptance, so if you want to invest in Bitcoin, keep an eye on the market to determine its future.

[pobeditelvezde]

I do not believe such types of analysis. Somebody painted several lines and curves and he considers that he knows the substance of bitcoin. Where are any objective reasons and arguments? Having looked at he chart I see that somebody is holding the level around 6000$ in spite of almost all altcoins are going down. I am sure the the level 6000$ will be held.
Ok, let us suppose that bitcoin will be 3000$. How much will cost ethereum in that case? What will be the total market capitalization? In fact I do not believe in such a scenario because I do not see any sense and most investors will go away from market forever. Everybody will understand that bitcoin is not so worthnes asset if it cost 20000$ a year ago and it will cost 3000$

[lotsky123]

All are just speculations or predictions. No one can tell exactly what will be the price of bitcoin in the coming days. But if it's true, then it is good for us so we can buy the cheapest price possible then hold it as much as we can to earn bigger rewards someday or may even make us millionaires the earliest time.

[dunfida]

I do not believe such types of analysis. Somebody painted several lines and curves and he considers that he knows the substance of bitcoin. Where are any objective reasons and arguments? Having looked at he chart I see that somebody is holding the level around 6000$ in spite of almost all altcoins are going down. I am sure the the level 6000$ will be held.
Ok, let us suppose that bitcoin will be 3000$. How much will cost ethereum in that case? What will be the total market capitalization? In fact I do not believe in such a scenario because I do not see any sense and most investors will go away from market forever. Everybody will understand that bitcoin is not so worthnes asset if it cost 20000$ a year ago and it will cost 3000$

I do hope we won't get that $3000 as the final drop of bitcoin price this year, and i agree with you that someone was still be able to hold the $6000 as the last bottom for this year. Too much traders are bleeding due to this down trend of prices in bitcoin and almost altcoins are suffering too but it could be blessings in disguise if we could take our perspective to another level. We could actually invest more during this drop and hold until the prices rises up again.

[TheUltraElite]

For an intelligent person, any change taking place in the digital market is important.

Do that and you will end up losing more money than you make.

A trader cannot gain any profits if he is not capable of predicting the coming pump or dump.

If that was the case no trader would be making profit. Its easy to "identify" a pump and dump but its not easy to "predict" a pump and dump. Follow the market price of any coin and if you see daily oscillations of price between two standard points it denotes pump and dump but not explicitely. However any trader would take advantage of it to ride the waves.

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.

Thats very basic. If you are not doing your own research on the asset then you are stepping into a snake pit with blindfold.

NOw I know why so many people dumped their coins when ETF got postponed. I'm curious, where did you get the idea that postponing is rejection? If they wanted to reject it they would have done it , just like they did with the Gemini ETF. Sec rejected it, brothers reapplied and got rejected again.

Well, the most official method to rejection is to delay it. There are other methods as well which you can study in Management books. Its just a diplomatic way of saying "Give me a break. I dont GAF"

[jrrsparkles]

In my opinion, it would be rather difficult to have BTC drop as low as 3k because I think many whales would be against it and most investors overall won't let that happen even if it would mean resorting to market price manipulation.

Yes,the whales won't let that bitcoin to fall that much r they will be in great loss and can't make the people to invest again and also the mining is not prfitaable it falls below $5000 so this can be aother reason that the bottom level is just $6000 and we can see that the price of bitcoin staying at this level quiet for a while so this can be the logical bottom level?!

[tulezua]

I think Bitcoin will not drop to $ 3000, if BTC drops that price it will be like a bubble burst and never big investors can leave it broken, so the market price only at $ 6000.

[vinbentrob]

The chart and graphs here is presenting very clear signal around $3000, though anything can still happen in the market since other factors could steer the market in opposite directions!  I will definitely like to see how this pan out!

[Slavyanskiy]

Each analyst gives his predictions. The bottom of the market may be below the $ 3000 mark, the market itself determines the price.

[TheUltraElite]

I think Bitcoin will not drop to $ 3000, if BTC drops that price it will be like a bubble burst and never big investors can leave it broken, so the market price only at $ 6000.

Bubble burst? Bitcoin was called a bubble by no-coiners. Those who dont have any coins/didnt ever enter the market and make FUD about crypto in general. Its like the old Eshop's Fable of the Fox and the Grapes. When they cant get coins for themselves they call it a ponzi and a bubble to just because it out of their reach.

Each analyst gives his predictions. The bottom of the market may be below the $ 3000 mark, the market itself determines the price.

Demand and supply determine the price. Of course the demand is there and the supply is limited. That why its deflationary as time goes on. If price drops to 3k no matter. Just wait because it will go up again.

[tesla80]

I think Bitcoin will not drop to $ 3000, if BTC drops that price it will be like a bubble burst and never big investors can leave it broken, so the market price only at $ 6000.

Bubble burst? Bitcoin was called a bubble by no-coiners. Those who dont have any coins/didnt ever enter the market and make FUD about crypto in general. Its like the old Eshop's Fable of the Fox and the Grapes. When they cant get coins for themselves they call it a ponzi and a bubble to just because it out of their reach.

Each analyst gives his predictions. The bottom of the market may be below the $ 3000 mark, the market itself determines the price.

Demand and supply determine the price. Of course the demand is there and the supply is limited. That why its deflationary as time goes on. If price drops to 3k no matter. Just wait because it will go up again.

Especially I wait for 4300 levels, not as far as 3000 levels. But everything can happen in this market. I don't think bitcoin will die if it drops to 3000$. So find an entry point and enter for long term..

[ivannalog814]

Perhaps but it is possible that it will turn around at around 4-6 thousand dollars.

[Matic]

We can actually hope on that but really bitcoin can go even below this position, because we're facing so deep state of cryptocurrencies prices that almost everything is possible.

[Thirdspace]

even if it's possible, I believe it will be very small chance and less likely to happen
at the time OP posted the chart, the pattern shows a possible drop below $6,000
but that was early august and the market formed a very good support at ~$6,000
it looked like the support held strong and bounced the price up some time mid august (14th)
and currently it continues to rise to test immediate resistances at ~$7,500 and ~$8,000

[nydiacaskey01]

$3,000 is just too low. Price wont even touch close to $5,000. And if ever that happens it will just entice more holders to buy more and hold as everyone is anticipating the price of Bitcoin to break $20,000 USD by December again granting that there will be no other bups ahead like a major news that will shake Bitcoin again.

[taliwang]

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.