Are We Going Back to $7,000?

[CryptoBry]

After a strong showing of energy getting back into the $8,000 range, bitcoin right now is getting its pack backward and is standing at $7,745.49    based on the CoinMarketCap figures. The market is now on red as almost all altcoins got no choice but to follow the lead of bitcoin. Of course, we are all hoping that this is just a temporary little dip and that tomorrow the bullish stand will be the prominent trait in the market.

Do you think this little dip can be the best opportunity to add more bitcoin into one's portfolio? Or should we wait some more time as there is that possibility that bitcoin can get back or retrace into the $7,000 level? What is your guess?

[STT]

7200 is downside target from the 8000 level I think due to old volume at those prices.     Main thing I watch short term is on the 4hr bars the 8 day average.   When it crosses below that its challenged and can easily reset or loop back to previous support which would be around the 7200 area initially



So its staying above right now but its a reasonable point of failure I think

[seoincorporation]

Crazy market is up and down, it's having a hard fight but i think it will go over $8000 this week, maybe it go over $9000 this week, as we have seen in the past weeks, this bump looks like will have a nice top. So, just keep holding.

[bitcoin31]

Market now is going up and down easy to say it is unpredictable right now, but I hope $7000 will not touch down to that price.
We need to think to our mind on how to become the bitcoim to stable to the $8000 we are far from the price last 2018 so we can also go far again to rise bitcoin to $8000. What I've noticed once bitcoin reached more than $8000 they decreased  fast under $8000 again.

[ajqjjj]

The current market move to upward and downward  so we will not say it will reach 7k USD in upcoming days. The current status is little jump anytime so I expect it will reach 8k to 9k USD in this month. Still many peoples are believe the Bitcoin potential so surely it will never go back the last month status.

[ldp5500]

Price movement is between 7000 and 8000 dollars and we are not seeing any massive correction to the price.

If it keeps in this range we have a higher probability to the 8000 and up scenario.

I am waiting for the price to go down though as I need to buy more bitcoins and this is not an ideal time to do so.

[davis196]

The 8K USD price level isn't getting enough support,so many "not very patient" traders will start selling their bitcoins and cashing out the profits of the recent bull run.This might push the price down to 7K USD,but that's perfectly fine.I still believe that bitcoin will reach a new ATH next year,so I'm not selling my bitcoins.

[Yukyzu]

The 8K USD price level isn't getting enough support,so many "not very patient" traders will start selling their bitcoins and cashing out the profits of the recent bull run.This might push the price down to 7K USD,but that's perfectly fine.I still believe that bitcoin will reach a new ATH next year,so I'm not selling my bitcoins.

yes, besides the price has also just recovered, so I think, there are still many people who can't wait to sell their assets. Current prices may be very difficult to stabilize above the price of $ 8k, but I think little by little, prices will recover and rise again

[Adriano2010]

Back to 7000$ now no, but this looks like a game, after grow to over 8200$ drop to 7100$ or lower and again grow to 7800$ and i think maybe again will drop and after will grow again, who have money can make some good profit.

[UnDerDoG81]

Yes this is needed. Let's hover in the 7000s for a few weeks, otherwise we wont see any ATH in the near future. Too early for FOMO.

[Naida_BR]

It would be hard to get back to 7k again.
There are many resistances that have to go through if we want to get back to that levels. Also retracement is going to happen easier if it does around 8k and not around 7k, so I don't think we have to worry.

[bitbunnny]

Nothing unusual I would say and nothing to be worried about. We've seen such corrections many times so far and I could say it was kind of expected. Obviously some predictions that Bitcoin price will touch 10000$ this weekend were wrong but this isn't the first time. I wouldn't be surprised if price goes even below 7000$ this week but that doesn't mean that it will continue to drop, recovery could happen rather soon.

[target]

If its not going to break the $8k, it will just keep the price swinging from $7k to 8k. The bulls just stop and there are more reasons to accumulate more coins than to keep it going to moon. This is where you shall think the sudden rise is actually a bulltrap, if you believe it you will end up selling.

[tomahawk9]

Back to 7000$ now no, but this looks like a game, after grow to over 8200$ drop to 7100$ or lower and again grow to 7800$ and i think maybe again will drop and after will grow again, who have money can make some good profit.

For someone who's been in this forum since to 2015, it seems weird that you would call these market movements a "game"  You should know how this market works and that these extreme price swings in the BTC price are pretty normal when both price and volume suddenly go up. BY saying "game" you're making it sounds as if there's someone behind the scenes manipulating the prices...

Yes this is needed. Let's hover in the 7000s for a few weeks, otherwise we wont see any ATH in the near future. Too early for FOMO.

Why 7000, and not 6000, though? The price went up from 5k to +7k without much resistance, so why not some consolidation around 6k?

[Twinkledoe]

Nothing unusual I would say and nothing to be worried about. We've seen such corrections many times so far and I could say it was kind of expected. Obviously some predictions that Bitcoin price will touch 10000$ this weekend were wrong but this isn't the first time. I wouldn't be surprised if price goes even below 7000$ this week but that doesn't mean that it will continue to drop, recovery could happen rather soon.

Yeah, no big deal with this market movement. This supposedly 'correction' will happen time and time again. How can we really tell that it's real correction and just the usual happening in the market?

[2chase]

I believe that during the summer, Bitcoin can drop for a short time to the level of $ 7,000. This will be a logical and expected correction for me, which in principle will not affect my long-term investment plans. Therefore, I admit the development of the situation in such a scenario.

[klaaas]

It is still swinging on the moment and its still need to see if it is going to spike or bust. It depends on the time span you want to hold, for longer terms go for it.

[huhhuh18]

I think we're seeing that happen because the ALTs finally decided to fight back and hence as they gain appreciable momentum, Bitcoin on the other hand had to retrace a little. Anyways i don't believe we're heading back to $7K. We'll hover around $8K for the time being.

[1Referee]

How can we really tell that it's real correction and just the usual happening in the market?

Can't tell beforehand.

I see a lot of selling going on as we speak (open up your exchange tab and see it happen live for yourself), and so far the sales are absorbed with little to no effort and we keep going back to that $8000 level, which is a positive sign in my opinion. The more people we see take profits right now, the easier the ride up will be when the rush continues.

I would love a revisit of $6000 (or even lower) so I can buy back lower, but the bulls have shown more strength than I initially gave them credit for.

Bitstamp's orderbook currently has a depth of +$80 million in visible buy orders, which is more than double of what it was before we started pumping, which shows that this increase isn't based on hot air, and this after the 5000BTC dump that took like $35 million out. This is very impressive I would say.

[BitHodler]

Do you think this little dip can be the best opportunity to add more bitcoin into one's portfolio? Or should we wait some more time as there is that possibility that bitcoin can get back or retrace into the $7,000 level? What is your guess?

People waiting for a dip to start buying most likely won't end up buying at all, because when it does reach $7000 they will wait for $6500, then $6000, and so forth. In other words, they'll miss out once again.

The price hovered below the $4000 for quite some time and people didn't want to touch Bitcoin, while now it's worth twice as much people suddenly wait for $7000 to start buying? Nonsense. Don't fool yourself thinking that.

Noobs will continue to miss out and eventually yolo buy during a pump because they are sick and tired of waiting. The downside to that is the likelihood of them buying the top of the pump and see the price crash shortly after.

A fool with money is still a fool at the end of the day....