Bitcoin Price Crucially Recovers From $3,700, Can $4,000 Hold in Short-Term?

[Lmaooo]

Over the past 12 hours, the Bitcoin price has recovered from $3,700 to $4,000 on major fiat-to-crypto exchanges like Coinbase and Bitstamp.

On December 3, Bitcoin (BTC) was on the verge of dipping below a major support level at $4,000 and at the time, several analysts said that a drop below the support level could result in BTC dropping to mid-$3,000.



The unexpected swift recovery of BTC has allowed the dominant cryptocurrency to avoid what potentially could have been a large drop to the lower range of $3,300 to $3,600.

Where is the Market Heading to?
Prior to the abrupt recovery of Bitcoin to $4,000, technical analysts said that the momentum of the asset was severely weak at $3,800.

“I don’t see any reason to be bullish on BTC at this level. Not that this won’t pump to test resistance $3,930 or higher, but longing here is a gamble I’m not interested in,” The Crypto Dog said on Monday.

Hsaka, a cryptocurrency trader, echoed the general sentiment of the market and said:

    “Dump, consolidation, dump. One of the most frequently occurring patterns on the corn, generally has three legs to it. Targeting the next blue level on a clean break of the swing low.”

Technical indicators demonstrated a large fall in price was in play but instead, the price of the BTC experienced an unpredictable recovery.


https://www.ccn.com/bitcoin-price-crucially-recovers-from-3700-can-4000-hold-in-short-term/

[pooya87]

price being between $3700 and $4100 and going up and down is not called recovery and drop respectively. it is called fluctuations and it is normal when the change is tiny (in this case ~5%) and that is no indication of anything other than another stable price range which we are witnessing.

because of the way that market has been acting recently which is irrational, in my opinion it is not possible to predict the short term future of bitcoin price. it can do anything unexpected and unless it makes a move in some direction i would stay away from the market.

[Crypdon]

The fluctuation boundaries hover between a very crucial zone. A recovery above $4000 for a recovery, or a battle for survival if it heads downwards towards $3500. These are testing times for bitcoin

[el kaka22]

I was thinking the same thing, price keeps hitting that $3.8k levels all the time and hits back to $4.2k again. There is absolutely no way of knowing what will happen in bitcoin world however the price did the same $4.2k to $3.8k to $4.2k move back and forth couple of times now, not that it means it will do it again but none of us would be shocked if it did the same thing 3-4 more times right ? If it looks like fish and smells like fish its probably a fish.

I think if the price hits back to $3.8k once again this time it might break the $4.2k because there would be more people buying thinking "oh its $3.8k again which means it will be $4.2k again" and buy from $3.8k making the price go up much faster this time around. Predictability is the enemy of bitcoin so I am a bit worried as well.

[buwaytress]

This the third such flailing below $4k in as many weeks, isn't it? Not quite the dramatic plunge that so many thought would bring us back to pre 2017 levels, but this frequent testing of floors in such a short timespan's got a lot of people worried.

Short-term's down to the dogs for anyone in the speculations market: it's December, time to wrap budgets up, traders aren't faring any better in stocks or in forex, so something's got to give. Exhaustion? Consolidation of funds?

If the majority of volume is still coming from N American markets as people insist, then we should see how everyone will feel once the New Year comes. Expect another deflation from Bitcoin ETFs + futures + STO approvals - all of these I expect to not come to fruition but for some reason people still hopeful of.

Mind you, holding at 4k for months doesn't mean a thing. Remember how long 6k lasted!

[LeGaulois]

Bitcoin is hardly able to maintain the $4,000. I bet it will recover temporarily up to $5,000 and $7,000 and then will go down up to $3000.
It will continue like this, going more down than up. At which point will we reach a true bottom is unknown to me and this is what worry me much than "will it recover?"

[1Referee]

Bitcoin is hardly able to maintain the $4,000. I bet it will recover temporarily up to $5,000 and $7,000 and then will go down up to $3000.

It's normal, because the price right now behaves the exact same as it was when the 2015 ~$150 bottom was in. After that it kept bouncing up and down between the $200-$300 levels and shot up afterwards.

If we happen to reach $7000 I'm pretty certain investors will see that as an inidication of a trend reversal and will probably fomo in as result of that. As long as we settle higher lows, I'm pretty confident that we might follow a similar pattern, but everything makes sense till it doesn't, so we have to wait a bit longer. All my focus will be on what's happening in the first quarter of next year; if we by that time still don't see a $3000 test, we probably never will again.

[sorrysteve1]

There is no significant movement at the moment. The price is stuck in a range between 3700 and 4100 and has been for a few days. Moving from the bottom to top of that range is nothing significant as it's only a 10% movement. From a bullish point of view, every day of further stability is a promising one, it moves us closer to major market breakthroughs such as ETFs and Bakkt and is one further day where fear in the market dissipates.

[Capt00]

That is normal on Bitcoin price movement that has a range, and as of now within 3.8k dollars up to 4.2k dollars, that was we called fluctuation due to volatility on every crypto. For me, no doubt this market having to raise up soon, we also much more happy if we know the exact date of what we speculate.
So maybe holding Bitcoin is good for the longtime investment, not just only by a week.

[DeathAngel]

Looks like we might re-test $3,400 again before the end of the day, I hope not though. Jeez, even $5,000 seems like far away at the moment.

I guess we must HODL!

[thecodebear]

I think Bitcoin will be in the $3500 to $4500 range 90% of the time for the next few months, so I wouldn't really concern yourself about whether it is 3700 or 4000, its all at the same level. Bitcoin spent 9 months between $200 and $300 in 2015, we've reached that point now with this cycle. I for one am buying as much as I can at these levels. Up to 1 BTC now at $38XX average. 

[bitbunnny]

Recently we've seen few moments when looked like the Bitcoin price is recovering but then it dumped again. So I wouldn't bet that it will touch 4000$.
Still I don't see big difference between 3700$ or 4000$ that isn't that big difference that would mean something significant for users.
I guess the price will not change much in the next weeks so basicly until the end of the year we can't expect some bigger improvements.

[mikeywith]

5% up from 35% down is not a recovery , it's nothing but a minor correction. the recover will be a few huge green candles and a close above the strong resistance at 6k. these are dead cats bounces and great chances to sell. any how, the 3600-3700 support is rather strong and more like the last resort before another large dip. so let's wait and see.

[Rozita]

I think the condition of market will finally change like it changed after 90% loss in 2014. But the price rise from 3700 dollar to 4000 dollar is not a recovery and it's not something to care about. It's just a small fluctuation.

[Kemarit]

Bitcoin is hardly able to maintain the $4,000. I bet it will recover temporarily up to $5,000 and $7,000 and then will go down up to $3000.
It will continue like this, going more down than up. At which point will we reach a true bottom is unknown to me and this is what worry me much than "will it recover?"

Well that's the bitcoin we all know, such fluctuations that if you have a heart problem, I'm sure that you don't want to stay in this market for so long. I also have the same notion that we haven't tested the true bottom, we might leg up once more before the final bottom. Eventually we will recover but think it will take more time as expected unless investors started to FOMO again, which I doubt will happen because they have gotten smarter, specially this year. They have learn their lessons very well in the bear market and they wouldn't just pour their cash on the ecosystem unlike last year wherein we witnessed a mad rush to get in even at peak prices.

[BitHodler]

People are alert. They only allocate a small portion of their balance to slowly buy at various levels in an attempt to get their buying price down to the lowest possible average. That's the smartest way to deal with a downtrend.

As long as that happens, there simply isn't a way to effectively cut through the firm selling pressure. I have set some buy orders just above the $3000 mark just in case it turns out to be a very brief visit.

Bottoms usually aren't available to buy into longer than a few seconds with so much algorithmic activity in the market. I will be buying some Ethereum as well and have my buy orders ready below the $100 mark.

[thecodebear]

People are alert. They only allocate a small portion of their balance to slowly buy at various levels in an attempt to get their buying price down to the lowest possible average. That's the smartest way to deal with a downtrend.

As long as that happens, there simply isn't a way to effectively cut through the firm selling pressure. I have set some buy orders just above the $3000 mark just in case it turns out to be a very brief visit.

Bottoms usually aren't available to buy into longer than a few seconds with so much algorithmic activity in the market. I will be buying some Ethereum as well and have my buy orders ready below the $100 mark.

Do you think Ethereum will recover as well as Bitcoin? I'm not sure there will be another ICO boom, which is what caused the $10 -> $1400 rise last year, since there is a lot of crackdown on scammy ICOs and ICOs will I think be a much smaller thing during the next crypto boom. That said, I suppose it could just mean that fewer but higher quality ICOs happen in the next boom. But also next boom Ethereum should have several competitors in the dApp space. I mean I'm planning on selling between $2k and $3k so I sure hope it booms again, I'm just less sure about it compared to Bitcoin.

[exstasie]

Do you think Ethereum will recover as well as Bitcoin? I'm not sure there will be another ICO boom, which is what caused the $10 -> $1400 rise last year, since there is a lot of crackdown on scammy ICOs and ICOs will I think be a much smaller thing during the next crypto boom. That said, I suppose it could just mean that fewer but higher quality ICOs happen in the next boom. But also next boom Ethereum should have several competitors in the dApp space. I mean I'm planning on selling between $2k and $3k so I sure hope it booms again, I'm just less sure about it compared to Bitcoin.

Most people thought Litecoin was going to disappear by the end of 2014. The answer for Ethereum now is the same as it was for Litecoin then: it's far too entrenched in the exchange ecosystem to not follow Bitcoin and get pumped. Money will always spill over into alts during bubble periods. It's definitely got another bubble up its sleeve.

Don't forget about Ethereum's proof-of-stake plans either. Like ICOs, it's another scheme to encourage massive buying and locking up of coins, same reason DASH has performed so well over time because of masternodes. I'm hoping the next bubble aligns with the launch of Casper.....should provide a lot of hype.

[thecodebear]

Do you think Ethereum will recover as well as Bitcoin? I'm not sure there will be another ICO boom, which is what caused the $10 -> $1400 rise last year, since there is a lot of crackdown on scammy ICOs and ICOs will I think be a much smaller thing during the next crypto boom. That said, I suppose it could just mean that fewer but higher quality ICOs happen in the next boom. But also next boom Ethereum should have several competitors in the dApp space. I mean I'm planning on selling between $2k and $3k so I sure hope it booms again, I'm just less sure about it compared to Bitcoin.

Most people thought Litecoin was going to disappear by the end of 2014. The answer for Ethereum now is the same as it was for Litecoin then: it's far too entrenched in the exchange ecosystem to not follow Bitcoin and get pumped. Money will always spill over into alts during bubble periods. It's definitely got another bubble up its sleeve.

Don't forget about Ethereum's proof-of-stake plans either. Like ICOs, it's another scheme to encourage massive buying and locking up of coins, same reason DASH has performed so well over time because of masternodes. I'm hoping the next bubble aligns with the launch of Casper.....should provide a lot of hype.

Ahh true about proof of stake...and won't that end the issuing of new Ether as well? Capping the supply.

Yeah Litecoin was at like $2 forever haha, that pump to like $48 in late 2013 was right when I got into crypto, then Litecoin price just disappeared until mid-2017!

Well I certainly hope Ethereum can vastly outperform the 2017 price, I mean my goal sale price is only around double the ATH so hopefully that will at least happen, even if other coins like Bitcoin go many multiples higher.

[pooya87]

Do you think Ethereum will recover as well as Bitcoin? I'm not sure there will be another ICO boom, which is what caused the $10 -> $1400 rise last year, since there is a lot of crackdown on scammy ICOs and ICOs will I think be a much smaller thing during the next crypto boom. That said, I suppose it could just mean that fewer but higher quality ICOs happen in the next boom. But also next boom Ethereum should have several competitors in the dApp space. I mean I'm planning on selling between $2k and $3k so I sure hope it booms again, I'm just less sure about it compared to Bitcoin.

Most people thought Litecoin was going to disappear by the end of 2014. The answer for Ethereum now is the same as it was for Litecoin then: it's far too entrenched in the exchange ecosystem to not follow Bitcoin and get pumped. Money will always spill over into alts during bubble periods. It's definitely got another bubble up its sleeve.

Don't forget about Ethereum's proof-of-stake plans either. Like ICOs, it's another scheme to encourage massive buying and locking up of coins, same reason DASH has performed so well over time because of masternodes. I'm hoping the next bubble aligns with the launch of Casper.....should provide a lot of hype.

Ahh true about proof of stake...and won't that end the issuing of new Ether as well? Capping the supply.

Yeah Litecoin was at like $2 forever haha, that pump to like $48 in late 2013 was right when I got into crypto, then Litecoin price just disappeared until mid-2017!

Well I certainly hope Ethereum can vastly outperform the 2017 price, I mean my goal sale price is only around double the ATH so hopefully that will at least happen, even if other coins like Bitcoin go many multiples higher.

$3k is just too much for a token like ETH and i don't think its ATH can ever happen let alone twice that much for a token that has unlimited supply. even if they put a cap on it at some point they would be putting a cap on a token that already has a gigantic circulating supply! not to mention that putting a cap on it means they would break everything they were saying so far (ETH is a fuel for smart contracts and it needs to be unlimited).

don't compare it with LTC either. LTC has less than half of the supply of ETH and it is capped. not to mention that it is a copy of bitcoin and unlike others it has always followed bitcoin up.