Little dip in bitcoin market, will it be recovered reach 10k

[jseverson]

Just what I expected. This correction may not last for many days and soon we can be back speculating if bitcoin can see the $9000 level again. This is just another repeat of its own history...and it makes bitcoin a very exciting and pulsating investment vehicle. Volatility can be a ride liken to a roller-coaster. Let's have fun, baby!

Lol I wouldn't even call it a correction since we bounced right back up in just a few hours. It's just volatility at work, and it's crazy how many people seem to have panic sold (social media made a big deal out of it).

I initially thought this run would be short-lived, but now I'm entirely convinced that we're out of the bear market. $10k is likely in our immediate future.

[figmentofmyass]

Lol I wouldn't even call it a correction since we bounced right back up in just a few hours. It's just volatility at work, and it's crazy how many people seem to have panic sold (social media made a big deal out of it).

I initially thought this run would be short-lived, but now I'm entirely convinced that we're out of the bear market. $10k is likely in our immediate future.

you seem confident we've seen the end of it already. sadly, i think that may have just been the start of the correction.

a few reasons why from the daily chart:

• price plunged far below the 20ma---haven't seen that since the january 10th dump which preceded a month long decline
• strong volume on red days, weak volume on green days
• the shape of the run up: instead of curving vertical, price momentum slowed and now appears to be toppling over
• instead of testing the previous top as support and continuing up, we fell into the previous range = exhaustion

probably some volatility in both directions but overall i'm expecting more downward pressure.

[BitHodler]

Seems like selling pressure's gone down a bit in the past few hours and we're starting to climb slowly back up again after a bounce in the low $7400s. The possibility that we break through $7k is still present, but I believe we've reached a local bottom for now.

Sellers have taken a large chunk of liquidity out of the market in a matter of a week, which I expected to be topped up again, but it really seems that the market is preparing for lower prices.

The market has deceived people more than once this year, so it might just as easily pump over $8500 again and rush further, but at one point the market will follow the technicals and do what it indicates.

Don't forget that as fast as the price went up in the last couple of months, that fast can it plummet too, or even faster if the panic sellers start triggering each other. Feels good to have some fiat on hand.

[adaseb]

You know how the markets work exactly they basically do the exact opposite of what most people expect.

Take 2017 for example, before BTC broke $10K for the first time. I sold most of my BTC at like $9500 and even took a short at $9800 because I assumed $10K wouldn't break, it did.

Take 2018 for example, people assumed $10K was strong support, it wasn't and broke under.

Then take April/May 2018 again, the taxes were paid and everybody was assuming BTC would break $10K and never trade under it again, it never hit $10K.

So now we are in the same boat. Everybody expect it to break $10K, and most likely it might come close $9800 and reverse like last year.

[figmentofmyass]

You know how the markets work exactly they basically do the exact opposite of what most people expect.

So now we are in the same boat. Everybody expect it to break $10K, and most likely it might come close $9800 and reverse like last year.

or maybe it already did at $9100.

i've been looking through lots of analysis and the consensus seems bearish. lots of traders plan to rebuy at $6k so i assume the market will either 1. front run them and we won't even go below $7k, or 2. crash right through $6k just as easily as it broke on the way up.

[Gaff]

It's alright to see slight dip of bitcoin price market value, because more buyers will be given the right opportunities to purchase less cheaper btc. Technically the price recovery was still working out in order to correct price manipulation on some group of anonymous holders. Possibly $10k was the main goal  for each long term traders who aimed an established price of bitcoin, and hopefully someday this month of June we will see great surprises that will shock everyone, which entirely create positive effect for the whole cryptocurrency community.

[fourpiece]

Bitcoin is having a hard time reaching 9000$ , and now its going down below 8000$ even we are seeing good news  about bitcoin. Maybe some traders just cashout thier profit buy bitcoin again at this price before a bullrun will take place.

[pooya87]

You know how the markets work exactly they basically do the exact opposite of what most people expect.

So now we are in the same boat. Everybody expect it to break $10K, and most likely it might come close $9800 and reverse like last year.

or maybe it already did at $9100.

i've been looking through lots of analysis and the consensus seems bearish. lots of traders plan to rebuy at $6k so i assume the market will either 1. front run them and we won't even go below $7k, or 2. crash right through $6k just as easily as it broke on the way up.

the problem with the "analysis" you read online is that in 90% of the time it is not what traders really think. for example when price was in $3k range and an accumulation was obviously going on, most of these analysis were talking about bigger falls and every one of them were waiting to re-buy at $1800 and low prices like that.
in other words you can't really rely on their nonsense.

[Shinpako09]

It's alright to see slight dip of bitcoin price market value, because more buyers will be given the right opportunities to purchase less cheaper btc. Technically the price recovery was still working out in order to correct price manipulation on some group of anonymous holders. Possibly $10k was the main goal  for each long term traders who aimed an established price of bitcoin, and hopefully someday this month of June we will see great surprises that will shock everyone, which entirely create positive effect for the whole cryptocurrency community.

I don't need a surprising moment, I just want the price to reach $10k this month and that is enough for me. I really thought, June will be better since we had a great run in the past few months. Well, I think we just had to deal with it, that's how price really works because of its volatility and we are still in the first week, hope something good will happen before the end of the month.

[Kemarit]

Bitcoin is having a hard time reaching 9000$ , and now its going down below 8000$ even we are seeing good news  about bitcoin. Maybe some traders just cashout thier profit buy bitcoin again at this price before a bullrun will take place.

And that is how the market works, people here are into the business of making money, so don't be surprise if investors starting to cash out specially during weekends. However, the price is really looking healthy even though we have this sort of dips along the way.

Just remember that the price will not go on a parabolic rise, sooner or later there will be some investors booking their profits. Nothing has change, the only constant we are going to see is the rise and fall of the price.  . And eventually we will reach $10,000 in the next coming months and then there will be some folks who will go and sell and then the cycle repeats again.

[omonuyak]

Bitcoin is having a hard time reaching 9000$ , and now its going down below 8000$ even we are seeing good news  about bitcoin. Maybe some traders just cashout thier profit buy bitcoin again at this price before a bullrun will take place.

"You really got it" . Some traders are now taking profits especially the day traders. It is good we should be used to this type of price movement and trend as the market cannot continue going up and likewise continue going down. In between the trend we have little up and down.

[Kasabus]

Let's continue discussing while bitcoin has not reach $10,000 yet.
It's possible and there is a big possibility, but correction occurs and therefore have to be accepted.

Today, we have witness a slight recovery, we should see bitcoin back to $8000 soon, and we needed that to start a run again going to $9000
which we just passed recently.

[Indrawan77]

Let's continue discussing while bitcoin has not reach $10,000 yet.
It's possible and there is a big possibility, but correction occurs and therefore have to be accepted.

Today, we have witness a slight recovery, we should see bitcoin back to $8000 soon, and we needed that to start a run again going to $9000
which we just passed recently.

I think btc will need more time to settle down, the most important thing now is the stability, it will be useless if the rising is high and fast but got big dip of correction, bitcoin need to have a good resistance before jumping to another level, don't too focus on the price but pay attention to its potential, 10k wont be too difficult if we already got huge of transaction volume

[bitbunnny]

Let's continue discussing while bitcoin has not reach $10,000 yet.
It's possible and there is a big possibility, but correction occurs and therefore have to be accepted.

Today, we have witness a slight recovery, we should see bitcoin back to $8000 soon, and we needed that to start a run again going to $9000
which we just passed recently.

I think Bitcoin will not touch 1000$ so soon. Corrections will continue to appear and users have to be ready for that. At the moment it might seem that price is on the path to recovery again and it's heading towards 8000$ and more but there is no guarantee for that and I think we have to be ready for different scenarios.

[michellee]

Bitcoin is having a hard time reaching 9000$ , and now its going down below 8000$ even we are seeing good news  about bitcoin. Maybe some traders just cashout thier profit buy bitcoin again at this price before a bullrun will take place.

They already take their profit when the price is at more than $8000 because that will be a good price for them. And now, they are buying more bitcoin because the price still in a dip price and they want to wait for more to see the price is down again so they can get bitcoin at a low price. I am sure that bitcoin will be recovered and will reach a higher price again and not just to reach $8000 again, but it will reach more than that price.

[Pipdips]

It is a grizzly feeling day for Bitcoin. Right now it is at $7,696 with a lot of smaller red candles. I hope that price starts moving up again soon!

[el kaka22]

I think it will recover but I am not sure how quickly it will do it, we are at a point where the price is so tender and fragile that even one big sale will make sure we go back to bear run times of 2018, just one big sale from some person who wants it to go down, they can literally buy shorts from bitmex and then sell 5 thousand bitcoin all at once and profit insanely with that move.

Hence, first we need to see if that will happen before we go up or not, if we go up without anyone doing something like that then we will be going above 10k easily however if something like that happens I am sure we can go as low as 4.5k or so very quickly. There is no chart or prediction that can see this future, its all about that person with that move in mind doing it or not, there is no technically analysis that can foresee something like that.