Bitcoin Has Hit the Bottom: Why it is Unlikely to Fall Below $6,000

[gabmen]

In this Cryptocurrencies market everything is possible, one day prices could shoot up, and in second day price could go very low, but I don't think it'll go under $6k for now. Of course panic sellers are ruining the market right now so it may break that wall. But there is very small chance of that.

I don't think there are that many panic sellers remaining in the market at this point. That also one reason why i agree that we probably have bottomed out already at 5.8k and it's more likely that we'll go for resistance rather than support.

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[omonuyak]

Bitcoin has stabilized at $6,500, after rising to $6,700 on fiat-to-crypto exchanges and achieving $7,700 on Bitfinex.

Over the past 48 hours, the volume of Bitcoin has risen from $3.2 billion to $7 billion at its peak, but has since dropped to $4 billion. In a two-day period, BTC has shown a 25 percent increase in its daily trading volume, which can be considered as a positive indicator for the short-term trend of the digital asset.

Can Bitcoin Defend $6,000 Support Level?
The general sentiment regarding the mid-term price trend of Bitcoin is if BTC can successfully and comfortably defend the $6,000 support level in the weeks to come, then a large shakeout or a significant drop to the low $5,000 region is highly unlikely.

Based on the stability BTC has demonstrated since early August and the fact that the dominant cryptocurrency had not fallen below the $6,000 mark as the daily trading volume of the asset reached its yearly low, it has become more challenging for bears to bring down the value of BTC in the short-term.

Cryptocurrency trader Eric Thies stated that it is rare to find an asset that tests a major support level more than 20 times on a weekly chart. He emphasized that the only way BTC falls to the $5,000 region is if an unpredicted event occurs that negatively impacts the crypto market by a magnitude that exceeds the expectations of every investor in the market.

“My core reason on BTC bullishness is simple: Find me anywhere in any market where the floor held 20+ times on a weekly chart, only to break to the downside afterward. You’ll be looking for a while. The only way it happens on Bitcoin would be from an enormous black swan event.”

This article was published by Joseph Young in CCN and I deem it worth sharing. You can read more on
https://www.ccn.com/bitcoin-has-hit-the-bottom-why-it-is-unlikely-to-fall-below-6000/amp/

Thank for sharing this important article with us and I was well informed after reading it. I have thought along this analysis before seeing bitcoin test $6,000 support level several times and each of the times bance back. I believe that we have the best opportunity to buy bitcoin now because I believe that big investors are watching this and they are waiting for a set up in other to invest and push the market upward.

[BrewMaster]

In this Cryptocurrencies market everything is possible, one day prices could shoot up, and in second day price could go very low, but I don't think it'll go under $6k for now. Of course panic sellers are ruining the market right now so it may break that wall. But there is very small chance of that.

what you say is only concerning the very short term fluctuations not the overall movement. for instance it is possible to see a drop but only a drop that lasts less than an hour not a drop that can actually last!
as for panic sellers, they are almost gone. if they were really "controlling" the market now then price shouldn't have been this stable in first place!

[kentrolla]

In this Cryptocurrencies market everything is possible, one day prices could shoot up, and in second day price could go very low, but I don't think it'll go under $6k for now. Of course panic sellers are ruining the market right now so it may break that wall. But there is very small chance of that.

what you say is only concerning the very short term fluctuations not the overall movement. for instance it is possible to see a drop but only a drop that lasts less than an hour not a drop that can actually last!
as for panic sellers, they are almost gone. if they were really "controlling" the market now then price shouldn't have been this stable in first place!

Yes i have been involved in this volatile crypto market from long time but i have never seen this kind of stability ever in the past and i feel this should be the upselling point for the bitcoin because the pump or dump it's very less in the value. I hope this will take bitcoin to the next level.

[BitcoinNewsMagazine]

In the last 2014 bear market bitcoin price plunged from $1164 to $152 which was an 87% drop. In today's market that would mean a drop to $2500 - $3000 is possible on panic sellling from bad news. In the event of an unprecedented black swan event we could even see $1300.

[BrewMaster]

In this Cryptocurrencies market everything is possible, one day prices could shoot up, and in second day price could go very low, but I don't think it'll go under $6k for now. Of course panic sellers are ruining the market right now so it may break that wall. But there is very small chance of that.

what you say is only concerning the very short term fluctuations not the overall movement. for instance it is possible to see a drop but only a drop that lasts less than an hour not a drop that can actually last!
as for panic sellers, they are almost gone. if they were really "controlling" the market now then price shouldn't have been this stable in first place!

Yes i have been involved in this volatile crypto market from long time but i have never seen this kind of stability ever in the past and i feel this should be the upselling point for the bitcoin because the pump or dump it's very less in the value. I hope this will take bitcoin to the next level.

you either haven't actually been involved in bitcoin for more than 1 year or you have never actually looked at the price before this because this stability phases are not that rare. they actually happen often in bitcoin.  the biggest one that i can remember which was also recent was the one we had in 2015 which lasted months at the bottom exactly like this before the rise began.

[rodalutor]

In this Cryptocurrencies market everything is possible, one day prices could shoot up, and in second day price could go very low, but I don't think it'll go under $6k for now. Of course panic sellers are ruining the market right now so it may break that wall. But there is very small chance of that.

I don't think there are that many panic sellers remaining in the market at this point. That also one reason why i agree that we probably have bottomed out already at 5.8k and it's more likely that we'll go for resistance rather than support.

Any panic sellers were long removed, anyone panic selling now is someone who's circumstances have greatly changed but that will only be a very select handful of people. Support has remained solid for a number of months although of late there's not been such pressure on it, my guess is because people have realized it's a strong support and are not looking to accumulating before the next increase. The fact mining costs are so close to the price now is also probably helping sustain that support level.

[Kevin77]

Most obvious reason probably is that it is harder to get it under any price of 6k thanks to miners. If the miners are not making any profit than why would they mine, if they stop mining than how are we going to get more bitcoins and quicker transactions. People really do NEED miners and they need to sell it for a certain amount which at the moment is 6k for it.

Yes, couple years ago when the price was maybe 500 bucks the miners still mined but they have mined much easier and less difficulty, now the difficulty increased like hell which made mining insanely high and the fee got a lot smaller thanks to segwit and stuff like that so they are not making that much any more. Hence the price will not drop under 6k because the miners would not allow that to happen and stop selling which would make the balance higher for buyers who will get the price back to what miners want.

[Herbert2020]

Most obvious reason probably is that it is harder to get it under any price of 6k thanks to miners. If the miners are not making any profit than why would they mine, if they stop mining than how are we going to get more bitcoins and quicker transactions. People really do NEED miners and they need to sell it for a certain amount which at the moment is 6k for it.

Yes, couple years ago when the price was maybe 500 bucks the miners still mined but they have mined much easier and less difficulty, now the difficulty increased like hell which made mining insanely high and the fee got a lot smaller thanks to segwit and stuff like that so they are not making that much any more. Hence the price will not drop under 6k because the miners would not allow that to happen and stop selling which would make the balance higher for buyers who will get the price back to what miners want.

you are wrong and right at the same time!

what you say about miners and their profitability is very wrong because that is not how bitcoin works. difficulty is not something that rises on its own out of nowhere. it is a variable that is adjusted based on how many miners are mining bitcoin or more accurately how much hashrate is mining bitcoin. and different miners have different costs, in other words for some mining bitcoin is more profitable than others which makes it easier for them to have a bigger wiggle room! in case of price drop, nothing will change apart from difficulty being adjusted if miners leave.

but you are right because many investors believe in this false statement which means THEY make up a nice resistance near $6k. of course there are a lot of other reasons why there is a big resistance around $6k not just mining and costs. for example the smallest reason is the fact that it is 70% below the ATH!

[Xiahouyuan]

Compared with the remarks made by these celebrities, I believe that everything I can see, everything that is happening, no more purchasing power, Bitcoin is still in difficulty!

[lablab03]

 Don't worry it will never go down below $6000 because that's the current bottom price , wherein perhaps it will decrease but it will bouncing back for sure , as of now the price still on $6400 valued and probably it will stay stagnant again until year end IMO..

[enhu]

There ain't no black swan event coming unless it comes from within. Almost all fud had been laid of already except that regulations and ETF again which will happen I think next year? Maybe its time for bulls to rally. It will come of course although it may take more than a year, it may start to form gradually until they all buy back.

[STT]

The more people believe this without sound foundation the more likely a free market will just test their ability to hold anyway.   Markets always want to flush out people and any orders sitting on books before then reversing back up again so I would guess more of a spike down before possibly establishing a positive trend.   

 We have more lines in the sand then canyon walls to define the meandering flow of BTC forwards

[barota]

because bitmin who Supports miner
There are those who say that the crisis will come at the by 2019
the wall will never fall??!

[aqila baruroh]

if the ETF is rejected, it is likely that the price of bitcoin can fall back below $ 6k, but if the ETF is received the price of bitcoin can reach $ 25k.
the conclusion is that ETF determines everything.

[Niresean]

Bitcoin has somewhat stabilized at 6000 dollars limit. It is expected to not fall below this if ETFs are approved.

[Taylia]

Bitcoin has somewhat stabilized at 6000 dollars limit. It is expected to not fall below this if ETFs are approved.

[Wicomas]

You never know what will happen when its related to bitcoin. The market is highly volatile and a small hype can create a big storm. But recently it has somehow stabilized around 6500$.

[barota]

lets wait etf and what will happend ; for me etf this years Rejected 100 percent
we can say the wall fall when price Getting close to 5200 usd for each btc


 

[1Referee]

if the ETF is rejected, it is likely that the price of bitcoin can fall back below $ 6k, but if the ETF is received the price of bitcoin can reach $ 25k.
the conclusion is that ETF determines everything.

ETF rejections and delays are calculated in already. We were a point at which the speculation around the ETF was almost generating traders *free* money with how the market did what you and me were expecting it to do. Once your neighbour starts to figure out how things work in a market, they usually will no longer work.

Everything reaches a peak. Eventually when an ETF comes through the demand will shrink as well, and what happens the price either consolidates or drops. It's a one time event that you can't rely on endlessly, which is why actual use is the most powerful and near endless source of growth for Bitcoin. It's much better to focus on that than to hop from event to event just to sell the peak, but I'm probably one of the few thinking like that here.