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

[cellard]

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.

Indeed, it's similar to how traders were making free money basically on all the PBOC press releases in which they said they were banning assorted crypto exchanges and whatnot.

We had a period were it was rather obvious that a dip was going to happen, it was pretty ridiculous. Obviously these things don't last forever so the market stopped giving a fuck about the Chinese government:



As with everything else in markets, the shock factor is gone, same for ETFs rejections and anything else, so we may have bottomed and we are flat until the big meteor called halving to remind everyone that the supply is shrinking but there's bitcoin for everyone, it's just a function of price.

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[Kemarit]

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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.

I'm pretty sure that we have seen this bearish trend and somewhat stable price in the past. As far as bitcoin miners not allowing the price to fall below $6000 because its not profitable, I'm not sure about that though, it has been a theory for the last couple of months.

The questions is, if miners are moving out of bitcoin, where are they shifting their hardware to? Bitcoin Cash? It doesn't makes sense at all as the money is still in Bitcoin market.

For ETF though, it might or might not break the $6000 in either way, but just like you guys, I'm tired of hearing about the news though, so let's just wait to see the actual impact specially the Van Eck/Solid X proposal.

[cellard]

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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.

I'm pretty sure that we have seen this bearish trend and somewhat stable price in the past. As far as bitcoin miners not allowing the price to fall below $6000 because its not profitable, I'm not sure about that though, it has been a theory for the last couple of months.

The questions is, if miners are moving out of bitcoin, where are they shifting their hardware to? Bitcoin Cash? It doesn't makes sense at all as the money is still in Bitcoin market.

For ETF though, it might or might not break the $6000 in either way, but just like you guys, I'm tired of hearing about the news though, so let's just wait to see the actual impact specially the Van Eck/Solid X proposal.

Indeed hashrate is not going anywhere, in fact it just keeps going higher:

https://bitinfocharts.com/comparison/bitcoin-hashrate.html#log

We hit all time highs pretty often, that is not an issue. So if hashrate keeps going up eventually price will follow because it means bitcoin keeps getting increasingly secure and at some point it will be clear for market participants that we bottomed and current prices would be cheap.

I am mentally ready for further dips tho so if it happens it happens, but to me it looks like we'll keep going sideways for a while unless Bakkt fundamentals are strong enough to pump it.

[xfaqs01]

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..

and now it way down 6300+ and going to 6.2k, the 5.9k is very possible since we are on a decending triangle for a long time now, though i still believed in an upward trend less likely, really the deciding factor of this price is the fundamentals and the current events to breakout from this long consolidation phase

[3la9l_kolbaCa]

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..

and now it way down 6300+ and going to 6.2k, the 5.9k is very possible since we are on a decending triangle for a long time now, though i still believed in an upward trend less likely, really the deciding factor of this price is the fundamentals and the current events to breakout from this long consolidation phase

We will see what may happen with the recent trend that came after those falling prices after 4 months of analysis. Although it seems unpredicatable, but it doesn't stop many people following and monitoring graphical trends which will show them better changes in the next more days to come. This truly hits the bottom line, hopefully we can survive the struggles.

[jonatuzc]

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.

I think that the bottom of Bitcoin this time is this 6k figure and you will not see further decrease in price. Onwards, it will follow uptrend in my opinion but this is only my opinion so you should not think the same but only consider the price movement with the passage of time and act according to conditions.

Let us consider this current price is the bottom this year and now compare it with previous bottom prices so you will clearly see the difference that the current price is far better than previous bottoms.

[Idrisu]

I think bitcoin is not going to fall below $6,000 and the bearish trend is seem to come to an end.  We should expect the next bullish trend very soon and if you really what to make money now should be the right time to invest.  I don't think bitcoin will fall down further!

[Bitcotalk]

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.

I think that the bottom of Bitcoin this time is this 6k figure and you will not see further decrease in price. Onwards, it will follow uptrend in my opinion but this is only my opinion so you should not think the same but only consider the price movement with the passage of time and act according to conditions.

Let us consider this current price is the bottom this year and now compare it with previous bottom prices so you will clearly see the difference that the current price is far better than previous bottoms.

Being so sure about that is something that we will just have to let time decide. The market could still tend towards a different direction as it is now, but the thing here is that no matter what, we are all just hoping and being optimistic that being Q4 and for the fact that in the past we have always gotten to see an uptrend, we just hope we will get to see the same scenario play out this time around.

For what it is worth, the support has been tested several times with a big bounce and that has psychologically made that support stronger, so let's just hope we start an uptrend from here onward.

[fulmetal08larz]

The longer BTC price's level stay at its current bottom price of $6k+, the higher its uptrend could happen within the current quarter of the year. So far, its performance, along with its volume is looking great to be ready for another trend reversal. This is an exciting time and perfect time to accumulate more BTC holdings.

[triciaa478]

Fallen below the 6000 USD that bitcoin has traded over  a month is unlikely to happen. The current price is all that traders will be willing to sell off their bitcoins hence demand is stalled by those who sought bitcoins to come down cheaper.

[AlutBitcoin]

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.

Yes there is no doubt that bitcoin has already hit the bottom and therefore I do not think that it will reduce anymore. I hope that now the time is that bitcoin is going to start increasing and most of the people are doing preparation and making strategies for bull run.

[Caroyln Facemire]

This is definitely a no way back period. When it goes under 4K rate, talking about return to 6K is a non sense. Unless expecting a miracle to appear. For those who still believe, Santa to play crypto. Huh!