Bitcoin might be $5000 short term, $1000 longterm if support is broken - Sosnick

[bbc.reporter]

This is not a clickbait doom article, but a simple analysis, by Sosnick of Interactive Brokers, of what might happen if bitcoin has completely broken the $6000 floor.

I reckon this is one of the most practical analysis that I have seen, but I hope his longterm speculation will not happen hehehe. It might also be an exaggeration, I reckon.



Watch the video https://www.bloomberg.com/news/videos/2018-08-13/bitcoin-could-fall-to-1-000-long-term-interactive-brokers-sosnick-says-video

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[yndye]

The $6,000 support is broken now and it's dumping like crazy. It just keeps going down. I hope there are willing buyers out there that would push the price higher and keep the $6,000 support for the daily candle. Stoch RSI is already oversold and it seems that there are buyers out there because it is pushing the price now but we have yet to see if the bulls would be able to push the price up and beat the bears for the day. After all, there is still more than 20 hours left for the day candle to close. I do hope that the $1,000 price would not be reach too.

[bbc.reporter]

yndye. It has only been barely broken, I reckon. Most of the time, we see it come back to $6000 and more after only 2 to 3 days.

Sosnick also did say that the decision on the ETF coming on September 30 might bring it up to $7000.

[BitcoinNewbie15]

yndye. It has only been barely broken, I reckon. Most of the time, we see it come back to $6000 and more after only 2 to 3 days.

Sosnick also did say that the decision on the ETF coming on September 30 might bring it up to $7000.

This drop is astounding. I, probably like everyone else here, am losing a shit ton of money right now (this helps me find solace). I hope this decline doesn't deepen all the way down to $1000, realistically I don't think it will. There is far too much buy support on the way down to $1000. If we are in full-blown capitulation, we will likely see $5500 either tomorrow or the next day. Probably even less than that. I personally am certain that we are entering capitulation. Maybe the alts are a future indicator of this because there appears to be capitulation happening there now.
 
The whole market is going down, down, down. The alts are dropping crazy hard right now. This puts me in a mode of cognitive dissonance, because I admit I hold a large portion of my portfolio in ETH, LTC, and XMR. I'm in cognitive dissonance because I love to see Bitcoin regain its dominance, but I hate to see the Bitcoin I'm losing from holding these alts (yes they are just a tool to earn more BTC, backfiring on me though). But as long as Bitcoin regains dominance, I'm cool with it. These crap alts deserve to die, the coins I hold are the only ones that I think could survive an alt-apocalypse. Only a matter of time before I stop screwing around and consolidate everything back into BTC.

Mark my words, capitulation is just starting... But it's not the end of the world, I still believe Bitcoin will see a $50k price point one day in the near future. HODL strong, and buy some coins while they are discounted! I think this may be some of the last blood in the market we see.

[pooya87]

Bloomberg published another "doomsday" article right as the drop started. why am i not surprised. half of the articles here (https://99bitcoins.com/bitcoinobituaries/) are from bloomberg

right now there is a big weight pulling bitcoin under called "the altcoin market". there has been a massive dump going on over there for the past <10 hours and the sell pressure is also being felt in bitcoin of course it is very interesting to see that bitcoin drop has been very small while the altcoin drops have been huge! and that is the only reason why we are currently seeing $5960 otherwise the only way price could have gone below $6k was the rejection of ETF.

today will determine a lot of things though. if bitcoin can hold the support here at $6k, it will become a lot stronger for the next attack. but if the dumps were stronger then we may see a lot lower prices specially with the ETF rejection on the way. i still wouldn't even expect $1000 though.

[Aveatrex]

A lot of analysists think that whales already knew that the ETF would be rejected so they started dumping on Bitcoin since it's price was at 8k$ level.Psychology will now play a huge role because it's under 6k right now,very bad news.

[freebutcaged]

Bull shit, it would be fucking great to see $1000 again but I reckon that's not going to happen, not for the long term at least.

If someone decides to dump more than 200k in one day we might see the price going down and reach $1000, but that's it.

Saying or believing that Bitcoin is going to be $1000 for a long time is insanity, saying or believing that Bitcoin is going to be

At $50,000 for a long term after a few years is also insanity. it will rise again to go back at $9000 in matter of weeks when

Another news come out about another Etf. fuck off please with this bull shit doomsday fake news. haha

[jadenunderhill]

It will defenetly go to $5K. Then, in September there will be a small rise - $7-7.5K. And after SEC will decline ETF again - $4K. In December it will be $2.5K

[davis196]

Bloomberg published another "doomsday" article right as the drop started. why am i not surprised. half of the articles here (https://99bitcoins.com/bitcoinobituaries/) are from bloomberg

right now there is a big weight pulling bitcoin under called "the altcoin market". there has been a massive dump going on over there for the past <10 hours and the sell pressure is also being felt in bitcoin of course it is very interesting to see that bitcoin drop has been very small while the altcoin drops have been huge! and that is the only reason why we are currently seeing $5960 otherwise the only way price could have gone below $6k was the rejection of ETF.

today will determine a lot of things though. if bitcoin can hold the support here at $6k, it will become a lot stronger for the next attack. but if the dumps were stronger then we may see a lot lower prices specially with the ETF rejection on the way. i still wouldn't even expect $1000 though.

There is another weight pulling bitcoin down,called "bitcoin futures trading".I think it has a bigger impact of pushing the bitcoin price down,compared with all the altcoins.
I don't want to read this Bloomberg FUD article,but a 1000 USD price would mean that 90% of the HODLers and whales had abandoned bitcoin and sold their btc.There must be a huge reason to force them to abandon crypto.

[buwaytress]

yndye. It has only been barely broken, I reckon. Most of the time, we see it come back to $6000 and more after only 2 to 3 days.

Sosnick also did say that the decision on the ETF coming on September 30 might bring it up to $7000.

This drop is astounding. I, probably like everyone else here, am losing a shit ton of money right now (this helps me find solace). I hope this decline doesn't deepen all the way down to $1000, realistically I don't think it will. There is far too much buy support on the way down to $1000. If we are in full-blown capitulation, we will likely see $5500 either tomorrow or the next day. Probably even less than that. I personally am certain that we are entering capitulation. Maybe the alts are a future indicator of this because there appears to be capitulation happening there now.
 
The whole market is going down, down, down. The alts are dropping crazy hard right now. This puts me in a mode of cognitive dissonance, because I admit I hold a large portion of my portfolio in ETH, LTC, and XMR. I'm in cognitive dissonance because I love to see Bitcoin regain its dominance, but I hate to see the Bitcoin I'm losing from holding these alts (yes they are just a tool to earn more BTC, backfiring on me though). But as long as Bitcoin regains dominance, I'm cool with it. These crap alts deserve to die, the coins I hold are the only ones that I think could survive an alt-apocalypse. Only a matter of time before I stop screwing around and consolidate everything back into BTC.

Mark my words, capitulation is just starting... But it's not the end of the world, I still believe Bitcoin will see a $50k price point one day in the near future. HODL strong, and buy some coins while they are discounted! I think this may be some of the last blood in the market we see.

One of the more unpopular Tweets at the time of those dizzying heights I recall was from Litecoin dev Charlie Lee (himself a huge Bitcoin supporter, I think?) who was telling people that if they couldn't handle crypto dropping to less than 10% of their ATHs, then they shouldn't buy in. Litecoin's almost at its 10% now and BTC would still have a way to go to reach $2k, but if those who've been around for years have experienced such depths, then I'm the first to say it's entirely possible.

But yes, this is astounding. I'm only a bit time user, just over 2 years, so all of this movement is still exciting to see, even if I know and have been prepared for it. I did call $5500 in this thread (okay $5489 to be exact) so if you're right and this is the extent of current capitulation, I win that contest. Not that it makes the winner an expert. I'd say this is far from over yet, though. Plenty of months left for 2018 to be known as the bear year everyone will remember just yet.

[Leahhhh]

What's the lowest it got to over the past 24 hours?

[tomahawk9]

This is not a clickbait doom article

Still, Bitcoin Could Fall to $1,000 Long Term". C'mon now that headline right there screams "click me!", especially now during a downtrend, would've been better like this: "Long-term analysis of the Bitcoin price", just so it doesn't trigger a panic selling wave among the weak hands  

The $6,000 support is broken now and it's dumping like crazy.

Not really, there was a massive dump from 6200 to 5900 but the prince went up to the 6k support, then the the price hit around 5970 again earlier today but it quickly bounced back. It seems like the 6k is holding pretty well, at least for now (6100 right now).

[MChain]

What's the lowest it got to over the past 24 hours?

It will MOOOOOON! Sell your house, buy BTC, get all in!

(not a financial advice)

Seriously man, why do you even ask here these questions, nobody knows what's gonna happen. Unless you have your own strategy and tools to do daytrading you shouldn't even bother.

[barota]

What's the lowest it got to over the past 24 hours?

It will MOOOOOON! Sell your house, buy BTC, get all in!

(not a financial advice)

Seriously man, why do you even ask here these questions, nobody knows what's gonna happen. Unless you have your own strategy and tools to do daytrading you shouldn't even bother.

How sell home and buy bitcoin

look to Ethereum It is a disaster 
People lose their money in trade
You should stop buying bitcoin

[gentlemand]

Where did the 6 grand figure come from? 5700-5800 is the area it kept popping back to. If that level's bowels loosen then off we go to the races.

I don't think these prices will hold. There's plenty of air below.

[MChain]

What's the lowest it got to over the past 24 hours?

It will MOOOOOON! Sell your house, buy BTC, get all in!

(not a financial advice)

Seriously man, why do you even ask here these questions, nobody knows what's gonna happen. Unless you have your own strategy and tools to do daytrading you shouldn't even bother.

How sell home and buy bitcoin

look to Ethereum It is a disaster 
People lose their money in trade
You should stop buying bitcoin

I was trying to show that there's no point in asking 24 hour price questions here. Anything people will tell you is nonsense coz they don't know. Either do your own research or don't bother with price movements within 24 hour periods because you will definitely  lose money

[bagalkot]

What's the lowest it got to over the past 24 hours?

It will MOOOOOON! Sell your house, buy BTC, get all in!

(not a financial advice)

Seriously man, why do you even ask here these questions, nobody knows what's gonna happen. Unless you have your own strategy and tools to do daytrading you shouldn't even bother.

How sell home and buy bitcoin

look to Ethereum It is a disaster 
People lose their money in trade
You should stop buying bitcoin

I was trying to show that there's no point in asking 24 hour price questions here. Anything people will tell you is nonsense coz they don't know. Either do your own research or don't bother with price movements within 24 hour periods because you will definitely  lose money

So it means that right now nothing should be bought neither eth, or other altcoin or btc , just sit and see the roller coaster. I am expecting eth price to go down to 0.030 level and then their will be bounce back. BTC maximum  tonight we can see is nearby $5650 level and then their will be slight rise and can close nearby $6000 level.

[BitHodler]

I was trying to show that there's no point in asking 24 hour price questions here. Anything people will tell you is nonsense coz they don't know. Either do your own research or don't bother with price movements within 24 hour periods because you will definitely  lose money

Spot on. It's interesting to see how people constantly force themselves to figure out what the market will be doing today or in the next few days, while most of them repeatedly state that they are in for the long term.

Day trading for most people has always been similar to gambling with how there isn't much you can rely on. Noobies should stick with dollar cost averaging while the market keeps going down.

Just like how this market can't always go up endlessly, it won't keep going down endlessly. By dollar cost averaging every other week or once a month you can pretty accurately buy the bottom or very close to it.

[MChain]

What's the lowest it got to over the past 24 hours?

It will MOOOOOON! Sell your house, buy BTC, get all in!

(not a financial advice)

Seriously man, why do you even ask here these questions, nobody knows what's gonna happen. Unless you have your own strategy and tools to do daytrading you shouldn't even bother.

How sell home and buy bitcoin

look to Ethereum It is a disaster 
People lose their money in trade
You should stop buying bitcoin

I was trying to show that there's no point in asking 24 hour price questions here. Anything people will tell you is nonsense coz they don't know. Either do your own research or don't bother with price movements within 24 hour periods because you will definitely  lose money

So it means that right now nothing should be bought neither eth, or other altcoin or btc , just sit and see the roller coaster. I am expecting eth price to go down to 0.030 level and then their will be bounce back. BTC maximum  tonight we can see is nearby $5650 level and then their will be slight rise and can close nearby $6000 level.

There's a long crypto winter ahead of us. No point in buying now for the long term IMO.

[Yaunfitda]

What's the lowest it got to over the past 24 hours?

It will MOOOOOON! Sell your house, buy BTC, get all in!

(not a financial advice)

Seriously man, why do you even ask here these questions, nobody knows what's gonna happen. Unless you have your own strategy and tools to do daytrading you shouldn't even bother.

How sell home and buy bitcoin

look to Ethereum It is a disaster 
People lose their money in trade
You should stop buying bitcoin

I was trying to show that there's no point in asking 24 hour price questions here. Anything people will tell you is nonsense coz they don't know. Either do your own research or don't bother with price movements within 24 hour periods because you will definitely  lose money

So it means that right now nothing should be bought neither eth, or other altcoin or btc , just sit and see the roller coaster. I am expecting eth price to go down to 0.030 level and then their will be bounce back. BTC maximum  tonight we can see is nearby $5650 level and then their will be slight rise and can close nearby $6000 level.

There's a long crypto winter ahead of us. No point in buying now for the long term IMO.

I don't know mate and I'm not sure why its not a good buying point at this time, specially if you are really in for the long haul. The price is perfect to enter specially ETH and accumulate more and wait for at least 12 months? Not a good strategy?