Bitcoin Price Plunge to $3,700 Expected, Say Traders

[Capt00]

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I realize that this situation will be riskier since no one will know where the price will go. Only with deeper analyze, we can try to make a buy and sell, but if we cannot make any analysis, then it's better to leave the market for a while.

As what you have replied on this now Bitcoin price is now 4k dollars crypto market price. Yes, no one knows and now I've seen the market painted with green colors and I think if this is not a bull trap we are now started on bullish trend which is all people want. And we hope that the price will not back to the bottom range which is very sad to know. So, therefore, no one expected the price on Bitcoin.

[btc_angela]

Ok, the price just surpassed $4k mark, so definitely something is brewing inside and this might be a bull run is the making. But I won't be too excited, not yet, it might not sustain this run so we need to observed in the next couple of days again. But definitely, its not going to $3700.

[The Sceptical Chymist]

- Expect plunge to a new low for 2019, if not one even lower than 2018's low. This has been the expectation for a while now, get on with the programme;)
- The longer this "bear", the better. It's already a blessing for anyone who missed out on pre 2017 bull, like yours truly.
- Still too many bulls not yet consigned to defeat. That's always a big sign it ain't over and we're still in the woods with the bears.

I'm not sure what a "new low" would be for bitcoin, as it's only existed for 10 years and was essentially worthless at its inception.  Maybe if you said a 52-week low, that would make sense.  Anyway I don't think that's going to happen in 2019.  I have no evidence for that of course, but I have a strong feeling we're going to see some price action this year--maybe not $50k or even back to the last ATH, but we'll get out of this range we've been stuck in for months now.

Very nice to see bitcoin breaking $4000. It's not an enormous gain, but at least it's some movement upward.

[kodtycoon]

this is towards a new point and my predictions will continue to advance, if it continues to reach up to $5K in the next week then maybe it can be ascertained that 2020 will be the most powerful bull for bitcoin but still need to be alert

[omonuyak]

Bitcoin price almost reached the $4000 level according to coinmarketcap $3,997.42 USD (1.19%) but we are not yet on a bull run and the price is expected to go down again but there is a blessing attached on it


https://www.ccn.com/bitcoin-price-fall-3700-good-for-crypto

What are your thoughts?

Bitcoin is currently above $4000 and I don't it will fall to $3700 now because the market seem to be in uptrending. If bitcoin can break $4250 we should be seeing it above $5000 very soon.

[eaLiTy]

Bitcoin price almost reached the $4000 level according to coinmarketcap $3,997.42 USD (1.19%) but we are not yet on a bull run and the price is expected to go down again but there is a blessing attached on it

It looks like the market abide by this technical analysis and the gains from the market rise are lost in a matter of hours and i am not sure what to make of this situation, the future market might be the cause of this correction, what ever be the case if the market reacts like this every month, then it will take a long time to see some good recovery, waiting to see how low the market will go this time and the time it takes to recover from this situation will give us an idea on how the market will perform in the first quarter.

[G2z_Riya]

Bitcoin price going low to $3800 happened all of the sudden when people were speculating about the price reaching $4500. Possibly the growth with bitcoin always happens with price fluctuations. One such is happening at present with the market.

[magneto]

Now, when BTC tapped origin of supply, I’d expect it to pull back, my zones of interest are $3,675 – $3,725.

If you were looking to short, this is the closest point to invalidation (stop above that wick), if this was it – price has no business going above it, therefore clear invalidation place for you.

But, the near-term minor correction of Bitcoin could positively affect the trend of the crypto market in the weeks to come as it will provide more stability and a strong ground to initiate short-term rallies.

Seems like that they have had this one spot on.

In recent days there has been a trend reversal of sorts, but to be quite frank, I don't think that the main stage of the recovery is anywhere near us right now if you look at the trends in previous bear markets and how long they've lasted. I understand that they won't provide an 100% accurate image at all of this current bear market, but since bitcoin moves in distinct cycles of around 4 years (halvings), it will provide a rough guideline.

There has been a lot of FOMO that has sparked this current rally, which led to the significant increases in price of BTC which imo was unsustainable in the short term. Thus, an adjustment was inevitable even though it seemed for a while that we've entered a phase of bullishness. This dip honestly provides quite an interesting buying point that I think traders should take, imo.

[bitbunnny]

It was kind of expected, I agree. Many started celebrating too soon, dreaming about Bitcoin price to cross 10000$ or even more forgetting how easily price can change in both ways. Nothing terrible happened, it's just another correction but I'm just trying to say that it's not good making conclusions and predictions too soon not knownig how market actually is functioning and how behaves. In the current situation it's better to make short term decisions and choices.

[Mugtaiya]

Well said it would plunge back to $3700 as soon it hit over $4000 was a spot on event.
Happened all in a matter of 24 hours.

[dothebeats]

I wouldn't say that I expected the climb back down to exactly $3700 ranges, though I know that the rise wouldn't really hold for long considering that the foundations for the rise were bleak. We're not yet in the time wherein a trend reversal is going to happen as it's still too early for such, or the conditions aren't that suitable yet for yet another tremendous rise in price. A lot of FOMO is still needed, and we don't see that here on this recent rise.

[Naida_BR]

Ok, the price just surpassed $4k mark, so definitely something is brewing inside and this might be a bull run is the making. But I won't be too excited, not yet, it might not sustain this run so we need to observed in the next couple of days again. But definitely, its not going to $3700.

You should consider that again. After 3 days of a green market, we reached over 4k but just a few hours were needed in order to settle down again to a 3.7k approximately.
The market is fluctuating so much and mostly it goes downwards. As time goes by, I think 2019 will not be a good year for the blockchain industry as well. We don't see any rise in the price for a long time now.

[Kopyleft]

I wouldn't say that I expected the climb back down to exactly $3700 ranges, though I know that the rise wouldn't really hold for long considering that the foundations for the rise were bleak.

The price may have not held for long. But I believe that breaking through that resistance level ($4000) was a positive and would make it easier to break through it again in the future as the foundation becomes much stronger to sustain higher prices.

Some say we are yet still far away from a bull run. Does the unpredictability of the market not mean that the price could pump at anytime?

[bitcoinisbest]

Well said it would plunge back to $3700 as soon it hit over $4000 was a spot on event.
Happened all in a matter of 24 hours.

I think many big players would have sold and booked profits due to which market cane back to 3800 again from 4200$ . It may be just for short time and can bounce back again and this can bring again happiness on the face of people .

[coinplus]

Well, it semi-happened. Traders were kind of right but honestly its just not a big huge guess, bitcoin was always going up and down, look at the past 2-3 months, bitcoin price hit over 4k multiple times and went down so why would that be a surprise that it hit over 4k again and dropped again, that is what traders want anyway.

If you have a coin that always go up, always go up than there is absolutely no point of "trading" it, you can just buy it and than keep it until you want to cash out and buy something or even pass it on to your kid.

If there is a coin that always go down than nobody would use it. This type of ups and downs is required by traders so at best they can sell when its at top and buy when its at the bottom (sometimes people fail to do that) and it happens all the time to feed the traders, it was highly expected.

[Oasisman]

Well said it would plunge back to $3700 as soon it hit over $4000 was a spot on event.
Happened all in a matter of 24 hours.

I think many big players would have sold and booked profits due to which market cane back to 3800 again from 4200$ . It may be just for short time and can bounce back again and this can bring again happiness on the face of people .

Thats how trading works, especially with this bear season. If you see a glimpse of light, grab it and dont miss the opportunity to acquire good profit, then make a good buy back entry point after.
Big players and veteran traders are the people who usually had an accurate speculations regarding the price movements, since they were the first to feel it even at the slightest price changes.

[Gaff]

Well said it would plunge back to $3700 as soon it hit over $4000 was a spot on event.
Happened all in a matter of 24 hours.

I think many big players would have sold and booked profits due to which market cane back to 3800 again from 4200$ . It may be just for short time and can bounce back again and this can bring again happiness on the face of people .

Thats how trading works, especially with this bear season. If you see a glimpse of light, grab it and dont miss the opportunity to acquire good profit, then make a good buy back entry point after.
Big players and veteran traders are the people who usually had an accurate speculations regarding the price movements, since they were the first to feel it even at the slightest price changes.

Indeed, those people who had more tight visions in trading will always be clever enough and will show strong actions towards trading. Even though they felt the slight price, that doesn't mean their losing up their grip on their holdings but rather keeping it safer. Once the time market became greener again, there's a better ways for the market of our coins to pump. Lets wait for the best price to come, and am happy with the consistency seen after sudden fall that it recover eventually.

[STT]

Its reset from above 4000 but I wasnt ready to call it negative just because of that so long as it can regain the 8 day average.   So far its flopping on that achievement so far, maybe tommorow but Im not rating it bullish till it gets above the blue line here -



Its pretty neutral till it loses previous high about 3675 or so and thats roughly the 50 dma so good area for watching

[arpon11]

Its reset from above 4000 but I wasnt ready to call it negative just because of that so long as it can regain the 8 day average.   So far its flopping on that achievement so far, maybe tommorow but Im not rating it bullish till it gets above the blue line here -



Its pretty neutral till it loses previous high about 3675 or so and thats roughly the 50 dma so good area for watching

It is truth and I agree that the current area is actually a  strong area to watch!  If the resistance around $3700 hold then we should expect bitcoin to resume it upwards trend but if it is broken then bitcoin may fall below $3000 this time around.  It is advisable that we should watch carefully and analytically before investing because there is a bit uncertainty around the current market conditions.

[pooya87]

Its reset from above 4000 but I wasnt ready to call it negative just because of that so long as it can regain the 8 day average.   So far its flopping on that achievement so far, maybe tommorow but Im not rating it bullish till it gets above the blue line here -



Its pretty neutral till it loses previous high about 3675 or so and thats roughly the 50 dma so good area for watching

It is truth and I agree that the current area is actually a  strong area to watch!  If the resistance around $3700 hold then we should expect bitcoin to resume it upwards trend but if it is broken then bitcoin may fall below $3000 this time around.  It is advisable that we should watch carefully and analytically before investing because there is a bit uncertainty around the current market conditions.

from $3700 down to $3000 is a lot of different values that each have a very strong support line. starting with $3500 and then $3200 which is the actual strong bottom so falling below $3700 is meaningless and it won't have any further implications, let alone showing a fall "below $3k"!!!

as for the rise, it will happen but before that we will see $4100 tested a couple of times and fail before a sudden breakout happens where price shoots up to near $5k and possibly even higher.