Correction coming in the coming weeks?

[thecodebear]

I love me some bitcoin rising as much as the next guy. But looking at the parabolic rise of the past two months, does something gotta give?

If I'm looking at the chart objectively, and not with the bias that I own a lot of Bitcoin, I would say that price is very likely gonna drop back down to 6000s soon and  take a few months until it moves back up and hits $10k.

The only real reason I could see this not happening is if enough institutional money has come into the market already to prop up the price far higher than the bottom this early in the bull market. Basically a round of institutional FOMO just hit the market as Wall St realized the bull market started and a few players wanted to get a small allocation of bitcoin before the market starts really heating up in the next year or two. If this is what happened then I think either we'll see the price go sideways for a while because it'll still take a while before new retail investors start coming back in any serious numbers, or institutional FOMO will create a short bull market this year followed by a quick but full crash, and then another short bull market ensues later on next year to bring the price far higher, basically a 2013 scenario of two short parabolic bull runs with a full on 80% crash in between all within a short time period that if we zoom out now kinda just looks like a single bull market with a break in the middle.

[1714802302]

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[figmentofmyass]

I love me some bitcoin rising as much as the next guy. But looking at the parabolic rise of the past two months, does something gotta give?

If I'm looking at the chart objectively, and not with the bias that I own a lot of Bitcoin, I would say that price is very likely gonna drop back down to 6000s soon and  take a few months until it moves back up and hits $10k.

i've got mixed feelings. i'm pretty agnostic at the moment.

after that wick up to $9k and dump to $8k i was ready for blood, but bulls bought it back up. now it's up to the bears to push new lows and force a larger correction. i'm waiting, breath bated.

[Whaleagent]

It will happen, eventually... However as we all know, this market is not normal, it doesn't act like the others and sometimes you don't see any type of correction for weeks, months and even years. This was certainly the case the first time we broke 19k, that's why the crash was so huge. It's definitely happening again to a smaller extent, the weekly timeframe has been in an uptrend for a lot of weeks, higher lows every single week too, some pullbak will happen. The pullback we saw yesterday could be enough, though.

[exstasie]

If I'm looking at the chart objectively, and not with the bias that I own a lot of Bitcoin, I would say that price is very likely gonna drop back down to 6000s soon and  take a few months until it moves back up and hits $10k.

That was my gut feeling yesterday but I'm still on the fence. We're still holding firmly above the 20-day MA. Bulls forced sideways action off yesterday's dump rather than running back into the previous range.

So while the 4-hour shows a clear failure bar off $9K and bearish engulfing, the daily time frame is still bullish. I'm hesitant to predict blood (like another 25% drop) until the daily chart flips to bearish.

[stfN2128]

A correction might come or not... maybe the latest price drop was already the small correction and the start for a new yearly high will follow soon. in my opinion btc is still really strong... at the moment i don't see any bigger corrections. things can change within the next weeks... there is no doubt. lets see and fingers crossed

[mindrust]

We already tried to correct 2 times but the buyers are too persistent they don't let others to grab some. It bounces back almost immediately.

Someone really don't want ordinary people to buy cheap bitcoins and constantly pushing the price upwards. Fine by me I already got a small stack but I'm also getting pissed off because it doesn't moon neither.

I am starting to think we won't see any price under $6k ever again.

[Whaleagent]

We already tried to correct 2 times but the buyers are too persistent they don't let others to grab some. It bounces back almost immediately.

Someone really don't want ordinary people to buy cheap bitcoins and constantly pushing the price upwards. Fine by me I already got a small stack but I'm also getting pissed off because it doesn't moon neither.

I am starting to think we won't see any price under $6k ever again.

Well, that ''correction'' wasn't exactly a normal correction, to me it looked like a deliberate attempt to crash the price, normal corrections aren't that bad in such a short amount of time, specially after breaking several resistances. A correction would also not break several support lines like that, clearly someone was manipulating the market.

[NeuroticFish]

I think that Bitcoin is about the correct price level for 2019. The closing of the next halving, the acceptance at a new class of merchants, the news on Bakkt and ETFs will play with the price up and down (and up again).
But we should not forget that Bitcoin was unreasonably low until "yesterday" and that can also get triggered again.

Imho what happened in the last 2 months was the correction. But indeed, it was too fast. But that doesn't mean anything. At any point anything can happen.

[Palmaper]

Well, things tend to be like that in the bitcoin market, and for those of us who already have some time watching the market should not surprise us an eventual correction of 40% or more, but this does not mean that selling right now is the most advisable thing to do because the current moment looks tremendously bullish and the chances of a strong increase in the weeks to come are as certain as the possibility of observing eventual corrections continuously.

This is how markets work.

[Adriano2010]

I think some correction can appears and will make the price maybe go a bit lower, but i think after that we will have again a grow and bitcoin can reach 10k$.

[ryzaadit]

I tough its already correction at 8100$ a few days ago from $8700 and now we are still moving around $8300-$8500. Right now the market still on a good fundamental and strong trend, i would glad we can reach the next target to break the resistance at $10.000. Thats my target S2, From my speculation & analysis my S1 already reach at $7000-$7500.

[jossiel]

It's still possible although we've seen that it has corrected already back to $8100 and the other one from $8200 to $7200 but it seems that the the bull triggers and greediness led the price to recover so fast.

Many times for this year and I think all of those corrections were enough. We may see it go down a bit but it won't be exactly the same as those heavy corrections before.

[Whaleagent]

Not necessarily considering how overextended the RSI can get for bitcoin, correction might not come for months. We have been in a strong weekly uptrend for months now and we have seen 0 correction so far, when will it happen? TA would indicate that it should have happened long ago but it didn't, at this point is pretty hard to predict when will it happen, if at all, perhaps we will just run into a crash rather than a correction.

[Lanatsa]

~snip~

I'm not a technical guy when it comes to trading but talking on dropping price wayback to 6k level is plausible.I do rather believe on this thing rather than to those speculations
talking about heading back with 3-4k which I do see its very hard to believe on.

Correction is inevitable on this market yet prices can crash out in a matter of short time but we wont know yet if this would happen on  next days or weeks.

[cryptjh]

There will always be corrections when it comes to bitcoins, but right now the whole bitcoin market is super bullish and we have much greater chances for a $10k bitcoin than a $6k bitcoin.
The exchanges are already selling more bitcoins than the miners can mine, so the price is set to increase in the coming months!

[Dreamchaser21]

I think some correction can appears and will make the price maybe go a bit lower, but i think after that we will have again a grow and bitcoin can reach 10k$.

Corrections are ok and usually it doesn’t dump so much especially on up trend. The price is stable now and not dumping anymore so I think correction is done and this month we will go for another up again, and the price of more coins will become expensive again. $10k with BTC and of course $350 for ETH.

[BitHodler]

It's pointless to wait for a correction. It will happen when no one expects it to happen. People were waiting for a bull run, but it didn't happen. The bull run happened when people somewhat gave up on it and expected a slow year.

We haven't seen much of the crazy fomo yet, so it could very well be that the correction will kick in once we're peaking in field. The more positive the sentiment is, the harder we crash.

The only thing is that we don't know from what level we will start correcting, and what the bottom is. It might very well be that a relatively minor correction 10-20% is all we can expect with the demand popping on all sides.

[WinslowIII]

I think some correction can appears and will make the price maybe go a bit lower, but i think after that we will have again a grow and bitcoin can reach 10k$.

Corrections are ok and usually it doesn’t dump so much especially on up trend. The price is stable now and not dumping anymore so I think correction is done and this month we will go for another up again, and the price of more coins will become expensive again. $10k with BTC and of course $350 for ETH.

$350 for eth, based on what? their scam icos aren't selling anymore, what exactly is there to  buy now?

[freedomgo]

Bring that on, I'm ready for the correction, market pump and correction is pretty normal these days.
Day traders can enjoy the situation as they can load up again, it's the best time of the year to trade when the market is so bullish.

yes,,, it's still bullish and first half of the year might close with at least 10,000 usd btc price.

[pooya87]

anything could happen but to see such a giant drop of $2000+ (25%) for no reason while we are on the rise and the overall market attitude is bullish doesn't seem likely to me at all. and you can not call such drops as a "correction" because correction is what we had 3 days ago and they are smaller and only happen after a rise. what you are describing is a market crash, a small crash but still a crash.