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.

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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.

[davis196]

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.

To be honest,I don't give a damn about the short term bitcoin price movements.By short term I mean everything in the next 6-12 months.The price might crash or it might boom,both options are fine for me,since I won't be selling for any price under 13K USD.

[figmentofmyass]

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.

but it wouldn't be for no reason. it's a matter of supply and demand. this whole uptrend since the $3100s has been indicative of excess demand and weak supply. but every trend eventually peters out. at some point, everyone who plans to buy in the short term will have bought. then excess supply will take over. that's when a correction will occur. whether that's at $9k or $15k is anyone's guess.

corrections happen on every time frame. if you zoom out to the monthly chart, the 2014 and 2018 bear markets were just corrections to the decade-long uptrend. we haven't seen a major correction to this $3100-$9100 rise yet but it will surely come eventually.

[pealr12]

Im still counting on the prediction chart that ive saw that was made by an unknown guy i think he  is from the future. Its still a bullish till the end of the year,  he said btc will hit 10,900$ by next month.

[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.

but it wouldn't be for no reason. it's a matter of supply and demand. this whole uptrend since the $3100s has been indicative of excess demand and weak supply. but every trend eventually peters out. at some point, everyone who plans to buy in the short term will have bought. then excess supply will take over. that's when a correction will occur. whether that's at $9k or $15k is anyone's guess.

corrections happen on every time frame. if you zoom out to the monthly chart, the 2014 and 2018 bear markets were just corrections to the decade-long uptrend. we haven't seen a major correction to this $3100-$9100 rise yet but it will surely come eventually.

a correction is from $9100 to $8500-$8100 or a correction would be from the current $8500 to $7800-$7500 but a fall from the current price to $6000 is a big ass crash not a correction so it needs a big ass reason.

as for the current trend, i see corrections all over it which leads me to believe there is no major corrections coming. additionally in my view there hasn't been any major "corrections" as some people expected, because this is not exactly a bull run! instead this rise itself is a correction of sorts. i would call it a "reverse correction"^TM as we were in a "reverse bubble"^TM and it needed to "reverse burst"... and here we are now after that reverse correction.

[adaseb]

People have been sayings its due to correct since April 1st and still hasn't. So eventually you might be correct and it might go into a corrective phase for the next few weeks or it could keep rallying all the way to $10K or even to $15K or even reach the ATH again.

You need to becareful with Bitcoins parabolic rises, usually it never stops rising and when it actually does pullback to a fair price, its usually the start of the bear-market.

Let your chart and TA be your guide. If BTC hits $10K and drops to $5K, then I would say that $10K Was the top and maybe to get out at $7.5-8K on the bounce.

[exstasie]

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

I think ETH will go much higher than $350. And while I think the ICO/STO sector will see a resurgence, the biggest catalyst during the next bubble will be Ethereum's transition to proof-of-stake. I expect people will accumulate heavily in order to earn staking rewards.

[1Referee]

Let your chart and TA be your guide. If BTC hits $10K and drops to $5K, then I would say that $10K Was the top and maybe to get out at $7.5-8K on the bounce.

It depends on how it rebounds. I wouldn't want to be stuck in a bearish mood just because of a deep correction. We have a year left to the block halving and I rather remain bullish and ride the trend instead of going against it. If the price drops to $6000 I'm buying back. It's not worth it for me to wait for $5000 or lower, and I can always buy more if the price does happen to fall that low.

All the bears must be burning from the inside realizing that they missed a great buying opportunity. That's what you get when you pay attention to idiots such as Tone Vays.

[timerland]

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.

I doubt it. It's extremely unlikely that a dump of this magnitude will occur, even if the resistance at $10k proves to be strong.

Especially when you consider that the bull market is only in its infancy stages. We could see short term corrections after each and every rally for sure, but I think that currently, the support built up by people's renewed bullish sentiments as well as the institutional investors will prove to be enough for at least $7k to be upheld.

Though, if such correction does come, then I'd certainly continue to dollar cost average and accumulate, since the long term outlook is quite clear given the halving and the institutional interest imo.

[bitbunnny]

I don't know what is the basis for this prediction that corrections are coming. They are part of Bitcoin volatility process and could happen any time but usually there is some reason behind the corrections. Maybe the lack of fresh money on the market could cause them. And it seems that some resistance boundaries is hard to break so price will not have continuous growth and ocassional corrections are possible.

[rdluffy]

When BTC hits 10k it's very possible to have a correction
I don't know how much, it's psychological, but a dump will occur for sure

[serjent05]

It seems we are seeing 10k USD Bitcoin soon.  Correction.. it always happen, there is always price correction everyday, that is when someone FOMO and buy a huge chunk of BTC but after that price goes down to where it should be before that huge buy, even with the crash that happen the previous day, though crash takes a bit longer for the price to be corrected. I guess we should be keen on the next crash of BTC on when it will come during this price surge.

When BTC hits 10k it's very possible to have a correction

It is also possible that price will continue to rise once FOMO kicks in.  In this Bitcoin market, price movement  is always uncertain.  We can always speculate and all the stuff we are saying is always a guess until it happen.

[Lucius]

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.

If you are a trader on a daily / week basis it is not pointless to wait, this is how traders make profit - and this $500 to $1000 ups /downs are a perfect opportunity for taking profits. Real bull run maybe did not happen, but price is more then dubled in last 2 months, this is mean something.

Based on history big bull runs are usually happens some 1+ year after each halving, so we can somehow predict when this will happen again, which does not have to be completely accurate, but it may still be useful for investors. Some big investors talk about 2022/23 as the years when price may reach six-figure numbers, but they may all be wrong, same as any other prediction.

[Febo]

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.

That is possible. But is it worth to bet on it? Sell your BTC now and then next week Bitcoin is $12000 and you are without them. Trading is gambling. If you want to win you can also lose. Holding is super simple job. You only win.

[Pursuer]

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

I think ETH will go much higher than $350. And while I think the ICO/STO sector will see a resurgence, the biggest catalyst during the next bubble will be Ethereum's transition to proof-of-stake. I expect people will accumulate heavily in order to earn staking rewards.

if that happens and people truly try to accumulate a lot of ETH to earn the stake rewards then we should expect a follow up big crash in ETH market because there will be a lot of people who will by then earn a lot of free money for just owning coins and they will dump those free money on the market. in other words it will increase the liquidity and circulating supply in the market that will cause  a big sell pressure.
combine that with the panic, the bubble (which would be the result of our first assumption of the big rise) and the lack of ICO incentive to buy ether and we will see a big crash.

[Caladonian]

When BTC hits 10k it's very possible to have a correction
I don't know how much, it's psychological, but a dump will occur for sure

But most of the time, what we anticipate to happen is the opposite of what reality showed to us. we expect to have corrections so we can buy cheap coins, but instead fomo's rallying so fast and the value begins to soar high. we really can't predict the actual amount of incoming movements, we are just speculating.

Anything is possible, both corrections and pumped can be done around the market.  always have your setback plans to make sure you are still going to get positive  return.

[7788bitcoin]

Im still counting on the prediction chart that ive saw that was made by an unknown guy i think he  is from the future. Its still a bullish till the end of the year,  he said btc will hit 10,900$ by next month.

If you keep on trusting some random guy with charts when it comes to investment it is not a bright idea, there is no reason for the market to go bearish at this point after recovering from the bottom after a bearish year, the possibility of the price crossing $10 K is still a big hurdle and if that breach that resistance the price could rally until there is another major resistance.

[deisik]

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

Let it be crash (or whatever)

But if you see no reason for a sudden dump (or crash, if you please), do you in the first place see any reason for a rise as high which already happened? More generally, do Bitcoin and crypto in general have to have a reason for a sudden rise or fall? The market might have been massively oversold as seems to have been the case earlier in the year and now it may well be in the overbought territory with a crash as strong coming our way for no (apparent) reason at all. Simply put, always expect the unexpected and get ready for it

[inanilujimi]

the correction is sure to exist but it will never touch $ 6k anymore because now I feel bitcoin is strong enough with what has been experienced in the past two years.
I think personally, we will soon see ATH again at the end of this year.

[deisik]

the correction is sure to exist but it will never touch $ 6k anymore because now I feel bitcoin is strong enough with what has been experienced in the past two years

Much of the stuff which feels just "right" turns out wrong at the end of the day

People have been wrong about predicting future prices (including both pumps and dumps) more often than not (and by more I mean a lot more). I remember some dude here promised that Bitcoin could not ever drop below 5k (it was in November last year if I'm not mistaken). He even promised to eat a frog alive if it would. And what d'ya think? Bitcoin easily did while he failed to deliver. So be careful both what you wish for and preach against

But most of the time, what we anticipate to happen is the opposite of what reality showed to us. we expect to have corrections so we can buy cheap coins, but instead fomo's rallying so fast and the value begins to soar high. we really can't predict the actual amount of incoming movements, we are just speculating

It is a statistical impossibility for the majority to be right (most of the time). Otherwise, everyone would be a millionaire already and driving a proverbial lambo now, which is impossible as who is to pay for the party and hold the bag then?

[webtricks]

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.

If you are a trader on a daily / week basis it is not pointless to wait, this is how traders make profit - and this $500 to $1000 ups /downs are a perfect opportunity for taking profits. Real bull run maybe did not happen, but price is more then dubled in last 2 months, this is mean something.

I don't think intra-day buying/selling of Bitcoin can be called trading actually. It is more of the gambling sort of thing. It is much more easy to predict movement of stocks than predicting the movement of Bitcoin or other coins. So even if Bitcoin fluctuates $500-1000 everyday, it isn't that easy to derive profits on daily basis.
Being a less radical investor, my trading period is generally 2-3 months. Rather than following pumps, I follow general price trends and invest on such basis. In most of the cases it do result in good profits.

[deisik]

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.

If you are a trader on a daily / week basis it is not pointless to wait, this is how traders make profit - and this $500 to $1000 ups /downs are a perfect opportunity for taking profits. Real bull run maybe did not happen, but price is more then dubled in last 2 months, this is mean something.

I don't think intra-day buying/selling of Bitcoin can be called trading actually. It is more of the gambling sort of thing

What makes you think so?

Let me guess, you think it is a losing game (read, gambling) primarily because you don't know ways of earning dough through short-term trading (both day trading and scalping). But obviously, it is just your lack of knowledge and understanding (no offense intended) which you are trying to rationalize by claiming that it is no more than gambling. In fact, it is no more gambling than long-term holding and it remains to be seen who is to reap most profits in the end

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.

but it wouldn't be for no reason. it's a matter of supply and demand

It all eventually comes down to a balance of supply and demand. But what leads to this particular balance is of interest here. That is, why exactly demand is running low or supply squeezing short

[BrewMaster]

but this "correction" you are expecting already happened!
when price shoot up to $9100 and they cashed out their profit immediately crashing it down to $8000 that was a 10% profit in a couple of hours and was the correction that we had.
right now we have a nice slow upward movement starting from before May in $5k range and it is not showing any signs of reversal or even slow down apart from the hiccups we have from time to time.

[Whaleagent]

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!

Going to 6k wouldn't really be a correction, it would be a crash. The last crash was good enough as a correction and I don't think we need more right now, considering the strong uptrend, we are very likely going to enter another tightening pattern on the daly chart with higher lows and lower highs but I think this time we will break it even faster since the range is already quite small (~$800)

[exstasie]

a correction is from $9100 to $8500-$8100 or a correction would be from the current $8500 to $7800-$7500 but a fall from the current price to $6000 is a big ass crash not a correction so it needs a big ass reason.

I disagree. Take a look at some typical corrections from the 2015-2017 bull market:

July 2015: $318 to $198 (37.74%)
November 2015: $502 to $294 (41.43%)
June 2016: $778 to $465 (40.23%)
March 2017: $1,350 to $891 (34%)
June 2017: $2,980 to $1,830 (38.59%)
August 2017: $4,980 to $2,972 (40.32%)

So it seems like a 40% correction would be quite normal. If the price falls 40% from the last high ($8,940) it puts us at $5,364. That's why I think the $5,000-$6,000 range is still very possible.

It's pretty obvious that after significant price increases (sort of like price tripling since last December), large corrections occur. We don't need any catastrophic bearish news. This is just how the Bitcoin market always moves.

People always try to attach news and fundamental reasons to corrections, but the ubiquitous nature of price corrections in all markets implies it has more to do with price cycles than anything specific. Profit-taking, demand drying up, greed giving way to fear and panic, etc.

I don't know when the correction is coming exactly, but it's obviously going to surprise the bulls by its magnitude.

[Whaleagent]

a correction is from $9100 to $8500-$8100 or a correction would be from the current $8500 to $7800-$7500 but a fall from the current price to $6000 is a big ass crash not a correction so it needs a big ass reason.

I disagree. Take a look at some typical corrections from the 2015-2017 bull market:

July 2015: $318 to $198 (37.74%)
November 2015: $502 to $294 (41.43%)
June 2016: $778 to $465 (40.23%)
March 2017: $1,350 to $891 (34%)
June 2017: $2,980 to $1,830 (38.59%)
August 2017: $4,980 to $2,972 (40.32%)

So it seems like a 40% correction would be quite normal. If the price falls 40% from the last high ($8,940) it puts us at $5,364. That's why I think the $5,000-$6,000 range is still very possible.

It's pretty obvious that after significant price increases (sort of like price tripling since last December), large corrections occur. We don't need any catastrophic bearish news. This is just how the Bitcoin market always moves.

People always try to attach news and fundamental reasons to corrections, but the ubiquitous nature of price corrections in all markets implies it has more to do with price cycles than anything specific. Profit-taking, demand drying up, greed giving way to fear and panic, etc.

I don't know when the correction is coming exactly, but it's obviously going to surprise the bulls by its magnitude.

Simply showing those numbers doesn't show the full picture. You are not showing what happened before or after those ''corrections'' was the price pumped to the moon before those huge ''corrections''? Was the price trading sideways for long periods of time, was it already crashing before, etc. These are important differences that you need to look at in order to say those corrections happen all the time for the same reason

[deisik]

I don't know when the correction is coming exactly, but it's obviously going to surprise the bulls by its magnitude

Every bull run inevitably ends with a bull trap

With lots of bulls being sacrificed in the name of the bear, metaphorically speaking. And what adds insult to the injury the bulls suffer in this bloodfest is the fact that at the end of a bull run there is a smaller but even stronger bull run just before the carnage begins. For example, this time around the price first surged to over 9k (my last sell order has been triggered at 9078 dollars) and then quickly collapsed to lower 8k's. That last surge (let's call it a mad bull's run) took only a few minutes but I think it was enough to push even more bulls to the cliff and off

People always try to attach news and fundamental reasons to corrections, but the ubiquitous nature of price corrections in all markets implies it has more to do with price cycles than anything specific. Profit-taking, demand drying up, greed giving way to fear and panic, etc

The market can be oversold and it can be overbought. In either case, a substantial price correction or reversal is imminent and can be triggered by virtually anything

[exstasie]

I disagree. Take a look at some typical corrections from the 2015-2017 bull market:

July 2015: $318 to $198 (37.74%)
November 2015: $502 to $294 (41.43%)
June 2016: $778 to $465 (40.23%)
March 2017: $1,350 to $891 (34%)
June 2017: $2,980 to $1,830 (38.59%)
August 2017: $4,980 to $2,972 (40.32%)

So it seems like a 40% correction would be quite normal. If the price falls 40% from the last high ($8,940) it puts us at $5,364. That's why I think the $5,000-$6,000 range is still very possible.

It's pretty obvious that after significant price increases (sort of like price tripling since last December), large corrections occur. We don't need any catastrophic bearish news. This is just how the Bitcoin market always moves.

People always try to attach news and fundamental reasons to corrections, but the ubiquitous nature of price corrections in all markets implies it has more to do with price cycles than anything specific. Profit-taking, demand drying up, greed giving way to fear and panic, etc.

I don't know when the correction is coming exactly, but it's obviously going to surprise the bulls by its magnitude.

Simply showing those numbers doesn't show the full picture. You are not showing what happened before or after those ''corrections'' was the price pumped to the moon before those huge ''corrections''?

Pull out a chart and see for yourself. The reason I chose the "2015-2017 bull market" period is because the entire period was characterized by a strong ongoing uptrend, just like now. Each of the above pullbacks was a correction to that uptrend. If we are truly entering a new bull market (i.e. this isn't just a bull trap) then the analogy should hold true.

Most people tend to be blinded by recency bias. They see the momentum behind the current bull trend and think it can't ever end. They don't recognize that we've gone through these same cycles many times before. They always think "this time is different" (that for some reason the price won't crash) but it rarely is.

[tomahawk9]

Simply showing those numbers doesn't show the full picture. You are not showing what happened before or after those ''corrections'' was the price pumped to the moon before those huge ''corrections''? Was the price trading sideways for long periods of time, was it already crashing before, etc.

I took the liberty to check the charts on CMC from 2017 (too lazy to check past years). Prior to the 'August 2017' 40% correction that @exstasie mentioned, there was a massive surge in the price from $1856 to $4480 with usual sideways movement, then there was a 18% correction to $3674, from there the price took off nonstop towards $4980 until the 40% crash hit the market and the price touched sub 3k. After that, the price recovered and the rally kept going.

I don't know when the correction is coming exactly, but it's obviously going to surprise the bulls by its magnitude.

Very unlikely. If you were able to work out with those numbers from your previous posts that the price enters a "cycle" everytime we're in a massive uptrend (the cycle being a 40% or so correction), what makes you think the bulls aren't anticipating such correction?

I'll just have some fiat ready before the inevitable flash crash comes...Everyone should do the same.

[iMark]

but this "correction" you are expecting already happened!
when price shoot up to $9100 and they cashed out their profit immediately crashing it down to $8000 that was a 10% profit in a couple of hours and was the correction that we had.
right now we have a nice slow upward movement starting from before May in $5k range and it is not showing any signs of reversal or even slow down apart from the hiccups we have from time to time.

I think that has happened, yeah the previous price has touched $9100 and oversold has made the supply increase very high and make prices fall back to $8500, corrections like this will continue to occur during an uptrend, every trader will do it for securing profit, but certainly prices will go up again, and now will return to $9k

[wekael]

I will not invest my next salary checks in btc if things continue to go up that fast

[gabbie2010]

the correction is sure to exist but it will never touch $ 6k anymore because now I feel bitcoin is strong enough with what has been experienced in the past two years.
I think personally, we will soon see ATH again at the end of this year.

The price action of bitcoin in the  last few weeks indicated that the price is very bullish the price had already corrected and couldn't dropped below $8K an indication of strong bullish sentiment against the $6K predicted by the OP and going by the present volatility and momentum of the price the ATH will be reached within a shortest period of time.

[pooya87]

July 2015: $318 to $198 (37.74%)
November 2015: $502 to $294 (41.43%)
June 2016: $778 to $465 (40.23%)
March 2017: $1,350 to $891 (34%)
June 2017: $2,980 to $1,830 (38.59%)
August 2017: $4,980 to $2,972 (40.32%)

this actually proves my point about such big drops needing a big reason to occur but only if you don't just look at the chart but also check the news. for instance the last 2017 drop which was from "September" 1 to 14 occurred because of the large scale news about China banning bitcoin whereas in reality they banned ICOs and market panicked like this thinking it is the end of the world. if you search the internet you can even find articles like from Forbes basically saying bitcoin can't go up at all without China!

the June 2017 crash was because Chinese exchanges which were closed down for months finally announced they are going to allow withdrawals and market panicked thinking there is a big dump coming so they started cashing out.

March 2017 crash was because price tried breaking the ATH of that time  multiple times and failed and basically people thought $1200 is the highest price bitcoin can ever reach

... and so on.

you see none of these are "correction", all of these are market-wide panics caused by some big underlying reason causing such crashes. right now we don't have any reason for such a big crash as OP is suggesting which is why i say it is impossible and if an actual "correction" were to happen it would be to $7500 worst case scenario and without major manipulation.

[freedomgo]

I will not invest my next salary checks in btc if things continue to go up that fast

That depends on you, but I guess the price will continue to rise and might reach a higher price this year.
If you are here for long term and willing to wait a little longer, the price now is still good since it's below $10,000, I believe by this month, we'll go double digit.

[exstasie]

July 2015: $318 to $198 (37.74%)
November 2015: $502 to $294 (41.43%)
June 2016: $778 to $465 (40.23%)
March 2017: $1,350 to $891 (34%)
June 2017: $2,980 to $1,830 (38.59%)
August 2017: $4,980 to $2,972 (40.32%)

this actually proves my point about such big drops needing a big reason to occur but only if you don't just look at the chart but also check the news.

you see none of these are "correction", all of these are market-wide panics caused by some big underlying reason causing such crashes. right now we don't have any reason for such a big crash as OP is suggesting which is why i say it is impossible and if an actual "correction" were to happen it would be to $7500 worst case scenario and without major manipulation.

You couldn't possibly prove that news stories are responsible. You're just employing post hoc rationalization. There are countless examples of bad news hitting the market where 40% corrections didn't occur. We recently found out that Bitfinex was USD-insolvent, Tether is not 1:1 backed, and Binance was hacked in one of the biggest exchange compromises in history. Did a 40% correction occur? No, because demand was too strong. The market didn't care.

Insisting that big bad news or manipulation is required for a completely typical price correction is akin to saying price rises in a straight line. Which is a more reasonable assumption: That corrections are a natural part of any trend? Or that every price move is caused by news or manipulation?

[Lucius]

the correction is sure to exist but it will never touch $ 6k anymore because now I feel bitcoin is strong enough with what has been experienced in the past two years.
I think personally, we will soon see ATH again at the end of this year.

Do not be so sure we'll never see $6k again, this can happen today or tomorrow, or after next ATH. All you need is several thousand of BTC and coordinated dump on few largest crypto exchanges. After next ATH depending on price, correction can be up to 90% and if we take for example $50k and price after correction of 90%, we are back to $5k. You do not think it's possible? Just look what happened in 2017 / 2018, and also back in history.

New ATH at the end of this year? I do not consider it absolutely impossible, but I personally do not believe that this is the year this can be achieved.

[exstasie]

Do not be so sure we'll never see $6k again, this can happen today or tomorrow, or after next ATH. All you need is several thousand of BTC and coordinated dump on few largest crypto exchanges. After next ATH depending on price, correction can be up to 90% and if we take for example $50k and price after correction of 90%, we are back to $5k. You do not think it's possible? Just look what happened in 2017 / 2018, and also back in history.

Only 2.5x above the last ATH? That's what seems unlikely about that scenario. Bitcoin's bull cycles are always much stronger than that. We also always seem to bottom above the previous cycle's ATH, in this case, $20K.

With that in mind, I think the next bubble will top higher than $200K and the subsequent bear market low will be at $20K+.

[webtricks]

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.

If you are a trader on a daily / week basis it is not pointless to wait, this is how traders make profit - and this $500 to $1000 ups /downs are a perfect opportunity for taking profits. Real bull run maybe did not happen, but price is more then dubled in last 2 months, this is mean something.

I don't think intra-day buying/selling of Bitcoin can be called trading actually. It is more of the gambling sort of thing

What makes you think so?

I am an occasional day-trader in equity and commodity market. But I find Crypto Market to be very different from traditional security markets. Main reason being the random movements. In case of equities or commodities, it is much easier to predict future movements from candlesticks and charts. But when it comes to crypto markets, most of my predictions go wrong, that's why I consider it to be more a sort of gambling. However, it is my personal opinion. You may be getting better results from day-trading but that's not the case with me.
 

[klaaas]

I will not invest my next salary checks in btc if things continue to go up that fast

Do it inn parts if you are unsure.

8k seems a bar we dont want to touch before it plumbs down and need to worry if we are getting to close.

[deisik]

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.

If you are a trader on a daily / week basis it is not pointless to wait, this is how traders make profit - and this $500 to $1000 ups /downs are a perfect opportunity for taking profits. Real bull run maybe did not happen, but price is more then dubled in last 2 months, this is mean something.

I don't think intra-day buying/selling of Bitcoin can be called trading actually. It is more of the gambling sort of thing

What makes you think so?

I am an occasional day-trader in equity and commodity market. But I find Crypto Market to be very different from traditional security markets. Main reason being the random movements. In case of equities or commodities, it is much easier to predict future movements from candlesticks and charts. But when it comes to crypto markets, most of my predictions go wrong, that's why I consider it to be more a sort of gambling. However, it is my personal opinion. You may be getting better results from day-trading but that's not the case with me

But that's the whole point

Equity and commodity markets are totally different. Basically, you are trading stocks against the dollar (or whatever) but you don't trade one stock against another (I mean directly). The cryptomarket is very different in this regard and more like currency markets. More specifically, you can trade, say, Litecoin against both Bitcoin and the dollar at the same time (as well as the latter two), which allows you to profit from small discrepancies between their prices. Indeed, it is hard to do it manually, but you can easily see bots at work doing exactly this kind of thing on exchanges like Bitfinex. If done right, it has nothing to do with gambling

[omonuyak]

I am not afraid of corrections again and it will be an opportunity to buy cheap. I am happy bitcoin was able to cross some significant levels and that is what matter to me. For now no matter how it goes down I will still be in profits base on the level I bought. I will keep eyes in orther to take the advantage of next corrections and buy low.

[Gaff]

I am not afraid of corrections again and it will be an opportunity to buy cheap. I am happy bitcoin was able to cross some significant levels and that is what matter to me. For now no matter how it goes down I will still be in profits base on the level I bought. I will keep eyes in orther to take the advantage of next corrections and buy low.

Same here mate, no need to be afraid of because we've been through tough corrections since last year yet we're still surviving despite of being disappointed. So far as time goes by, many people been challenged along the way and expecting bullish market to prevail. Although it's hard to gain quick profit right now, but when you learned to hold your asset for such a long term I don't think you'll end up losing once the price increase at sustainable value.

[El duderino_]

a correction is from $9100 to $8500-$8100 or a correction would be from the current $8500 to $7800-$7500 but a fall from the current price to $6000 is a big ass crash not a correction so it needs a big ass reason.

I disagree. Take a look at some typical corrections from the 2015-2017 bull market:

July 2015: $318 to $198 (37.74%)
November 2015: $502 to $294 (41.43%)
June 2016: $778 to $465 (40.23%)
March 2017: $1,350 to $891 (34%)
June 2017: $2,980 to $1,830 (38.59%)
August 2017: $4,980 to $2,972 (40.32%)

So it seems like a 40% correction would be quite normal. If the price falls 40% from the last high ($8,940) it puts us at $5,364. That's why I think the $5,000-$6,000 range is still very possible.

Wasn’t there a crash when we went fast forward to around 10K or little higher or something, with an immidiatly pullback to few K’s lower....

Damn I don’t really remember right now.... but something as that happend as well, Then again all just noise toward Gentlemen

Still imo not everything of history Will repeat, I just HODL and fuel my Rockets for moon...
Wanna be prepared at all time, meanking HODLing on to as much as I can!

[btc_angela]

Wasn't able to check the price yesterday, but it seems we had a correction in the last 24 hours? ~$8k now. So yeah we would go to this usual bumps, massive pump followed by another dumping, the usual route if I have to say. But then again, we should look at the bright side, and purchase and then hold, simply as that.

[Juggy777]

I am not afraid of corrections again and it will be an opportunity to buy cheap. I am happy bitcoin was able to cross some significant levels and that is what matter to me. For now no matter how it goes down I will still be in profits base on the level I bought. I will keep eyes in orther to take the advantage of next corrections and buy low.

@omonuyak we need more people like you who can hold their nerves, and not indulge in panic sales when the market is taking a dump. This dump is indeed a buying opportunity for all cause when bitcoin prices will rise it’ll cross $10k, and everyone who’ll buy now will earn handsome profits. What levels are you you planning to buy bitcoins, as I’m planning to buy them at $7.7k levels.

[buwaytress]

Didn't have to wait the full week in fact it seems. I suspected something was round the corner when for the first time in weeks, the bulls failed to take the weekend upper hand.

Still, am surprised it didn't decline harder, this will probably resurface above 8k by Friday but we'll need to see how the coming weekend turns out before we know if price settles or the correction continues.

Loving me bitcoin like you guys too, though.

[pooya87]

~
You couldn't possibly prove that news stories are responsible. You're just employing post hoc rationalization. There are countless examples of bad news hitting the market where 40% corrections didn't occur. We recently found out that Bitfinex was USD-insolvent, Tether is not 1:1 backed, and Binance was hacked in one of the biggest exchange compromises in history. Did a 40% correction occur? No, because demand was too strong. The market didn't care.

Insisting that big bad news or manipulation is required for a completely typical price correction is akin to saying price rises in a straight line. Which is a more reasonable assumption: That corrections are a natural part of any trend? Or that every price move is caused by news or manipulation?

i agree that bad news on its own is not going to do anything to the market but it always is accompanied by manipulation and every trader taking advantage of the situation to ride the ups and downs and make money. and of course timing is important too. during a bull run the "bad news" that can reverse it should be huge while during a bear market a small bad news can cause havoc.

with that said i still stand on what i said before. your examples of recent bad news are not bad news at all.
the Bitfinex thing: "recently" is an understatement. we already knew that but we still have no proof and unless government closes down bitfinex, it is not considered bad news.
as for Binance: it was not even related to bitcoin! they are an altcoin exchange not a bitcoin exchange so you really can't expect their hack to affect bitcoin price in first place. if a bitcoin exchange like Coinbase, Bitfinex, Bitstamp, Kraken,... get hacked you can expect a 40% drop not an altcoin exchange just as when Bitfinex got hacked in 2016 we had a big crash.

and finally i am not denying corrections. they are natural part of any trend. my argument is about the size. as it grows it reaches a point where we can no longer call that drop size a "correction" it is a big ass crash. and big ass crashes are not part of a trend specially when we are in an uptrend. so unlike a correction they do need a reason.

[exstasie]

the Bitfinex thing: "recently" is an understatement. we already knew that but we still have no proof and unless government closes down bitfinex, it is not considered bad news.

We do have proof. Bitfinex and Tether admitted Tether was insolvent and USDT no longer fully backed 1:1. 3 billion tethers pumping the market and it turns out 1/4 of them are fake, by Tether's own admission.

as for Binance: it was not even related to bitcoin! they are an altcoin exchange not a bitcoin exchange so you really can't expect their hack to affect bitcoin price in first place.
if a bitcoin exchange like Coinbase, Bitfinex, Bitstamp, Kraken,... get hacked you can expect a 40% drop not an altcoin exchange just as when Bitfinex got hacked in 2016 we had a big crash.

They lost over 7,000 BTC. Not altcoins, BTC. Their BTC/stablecoin markets also can't be ignored since they are redeemable for fiat. By volume, this is one of the biggest exchanges in the world, much bigger than Bitstamp or Kraken. And this hack was one of the biggest in history too.

and finally i am not denying corrections. they are natural part of any trend. my argument is about the size. as it grows it reaches a point where we can no longer call that drop size a "correction" it is a big ass crash. and big ass crashes are not part of a trend specially when we are in an uptrend. so unlike a correction they do need a reason.

They are part of the trend. Those 30-40% "crashes" discussed earlier, none of them stopped the bull market. They were just pullbacks. They may seem big but that's just the point. BTC corrections can be massive but it doesn't mean it will end the trend. It's all about perspective. You could call 2014 a crash but really it was just a correction to the decade-long bull market.

[Lucius]

Only 2.5x above the last ATH? That's what seems unlikely about that scenario. Bitcoin's bull cycles are always much stronger than that. We also always seem to bottom above the previous cycle's ATH, in this case, $20K.

With that in mind, I think the next bubble will top higher than $200K and the subsequent bear market low will be at $20K+.

I just mentioned a possible example, new bull run should push price much more then $50k, but the question is whether his main driver would be big institutional players or small investors. It will be required huge amounts of money to achieve price above $100k or $200k, and I am pretty skeptical how small investors would react on such high price.

Just imagine $100k and that small people hold or buy at that moment, it does not look like a possible scenario. I wonder what will keep upward trajectory when most people will sell, instead of buying.

[RealMalatesta]

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.

If you are a trader on a daily / week basis it is not pointless to wait, this is how traders make profit - and this $500 to $1000 ups /downs are a perfect opportunity for taking profits. Real bull run maybe did not happen, but price is more then dubled in last 2 months, this is mean something.

I don't think intra-day buying/selling of Bitcoin can be called trading actually. It is more of the gambling sort of thing. It is much more easy to predict movement of stocks than predicting the movement of Bitcoin or other coins. So even if Bitcoin fluctuates $500-1000 everyday, it isn't that easy to derive profits on daily basis.
Being a less radical investor, my trading period is generally 2-3 months. Rather than following pumps, I follow general price trends and invest on such basis. In most of the cases it do result in good profits.

Who told you so? It all depends on level of knowledge of each and every one of us, although I would not dispute the fact that trading within that interval is lot less riskier and could even be more profitable, but there are some people that are still very good and calculative, which makes day trading easy for them.

Day trading is not for everyone, it is just for the strong minds. I do day trade and I have my daily target, I don’t buy when the market is green, I only buy when it  is red and the moment it gets to green, I don’t wait for the green to be so long before taking my profit. Bitcoin fluctuates a lot in a day more than it does in weeks or months, so you get the chances to make fast and quick money in a day more.

[iv4n]

This days I noticed some sell off, if it continue most likely we will see 7500. I sold some bitcoins and I will see some more today, I will trust myself about this deep now, good time for shorting. I wills start buying at 7500 again, it`s how I see this week. Going down 10%, more or less, stopping there and making new rise to 8000 or more.
Looks like we are still far away from 10000, but lets try to earn something from this fluctuations. Good luck to all, if you don`t know what to do, follow my steps.

[pooya87]

And this hack was one of the biggest in history too.

FWIW, Binance hack was nowhere near biggest hack in history when the record belongs to a Japanese exchange called Coincheck that lost $500+ million in 2018 and MtGox that lost 850,000BTC. the Binance's 7000BTC is dwarfed compared to them. basically anything below 100kBTC is a small hack. haha

[bitbunnny]

This days I noticed some sell off, if it continue most likely we will see 7500. I sold some bitcoins and I will see some more today, I will trust myself about this deep now, good time for shorting. I wills start buying at 7500 again, it`s how I see this week. Going down 10%, more or less, stopping there and making new rise to 8000 or more.
Looks like we are still far away from 10000, but lets try to earn something from this fluctuations. Good luck to all, if you don`t know what to do, follow my steps.

It's not a bad strategy and it could work. The important thing is to always have prepared your own strategy and some back up plan. Corrections are always possible and this one wasn't unexpected.
Although it looked very close in one moment 10000$ price seems rather distant now and I.don't expect to.touch that value soon so chances for smaller profits should be used meanwhile.

[Reid]

It's as if it already happened before.

It is like a bait.
A bull then a little bear then goes back to another bull.
But afterwards a large correction will happen that will take 50% off the price of bitcoin.

Let us see what will happen. It seems that most analyst have the same look at what will happen in the next month. I may be on the optimistic side but it is better to be ready at any possible events.

[deisik]

the Bitfinex thing: "recently" is an understatement. we already knew that but we still have no proof and unless government closes down bitfinex, it is not considered bad news.

We do have proof. Bitfinex and Tether admitted Tether was insolvent and USDT no longer fully backed 1:1. 3 billion tethers pumping the market and it turns out 1/4 of them are fake, by Tether's own admission

Could you give your sources please?

As my sources paint quite a different picture. Bitfinex had a liquidity gap due to European financial authorities freezing like 850M dollars (or something to that amount) in their Polish bank account, so in order to close that gap they had to take dollars from the stash backing up all the tethers. If the tethers were fake as you claim, how could they take the dollars backing them? I guess you can't have it both ways as in the case you make (that of fake tethers), these dollars couldn't possibly exist in the first place since otherwise the tethers were quite legit, not fake

[exstasie]

And this hack was one of the biggest in history too.

FWIW, Binance hack was nowhere near biggest hack in history when the record belongs to a Japanese exchange called Coincheck that lost $500+ million in 2018 and MtGox that lost 850,000BTC. the Binance's 7000BTC is dwarfed compared to them. basically anything below 100kBTC is a small hack. haha

That's ridiculous. 100K BTC = $800 million now. A hack that large would dwarf every past exchange hack in history.

You can't compare this to 5+ years ago when BTC was worth a small fraction of current value and exchanges were keeping 100% in hot wallets.

The Binance hack was literally the 6th biggest in history in terms of value:

[1Referee]

Although it looked very close in one moment 10000$ price seems rather distant now and I.don't expect to.touch that value soon so chances for smaller profits should be used meanwhile.

Price wise it may have been close, but the resistance in the background popped the moment the price broke the $9000 level. I honestly don't think much has changed at all despite yet another sub $8000 dump. As long as the weekly time frame remains bullish I'll follow.

I'm not yet tempted to buy in, but might start doing so when it dips well under $7000 and dollar cost average as the price goes down further, purely because I don't consider these prices to offer enough of a discount. We came from far and the market should be generous enough to provide at least one more opportunity to buy in lower. It always has so it might pay off to wait a little longer.

[uneng]

There is a too strong resistence level near 8800 dollars that is making bitcoin fall down when it reaches near that line. This new correction is deeper than the last one, but I expect it won't be so powerful like those we have seen in 2018.
I predict the next pump won't take too long to happen, and when it comes we will be close to 10,000 dollars. For now I refuse to believe we are entering a bear market again.

[STT]

Here is a graph of us breaking the up trend of the last month or two, that should give us a correction.   Target 6200 I guess but need to examine that further and obviously depends on us closing the daily bar at prices here or lower

[logicgate]

I will not invest my next salary checks in btc if things continue to go up that fast

Do it inn parts if you are unsure.

8k seems a bar we dont want to touch before it plumbs down and need to worry if we are getting to close.

It is not the permanent price, it will change someday, we are living in modern age there are so many opportunities that we only have to use wisely, so according to my own analization good time is not so far and within coming few weeks we will be able to see remarkable growth in price, let’s hope further best so till the end of 2019 price will be fully recovered.

[BitFinnese]

Of course the correction will come, only now it is a bit difficult for it to happen, because a high volume of pure purchases has entered, the volume is given thanks to it, and it can be verified by looking at tensorcharts.com, that the Correction is a fact but you must wait a little longer because now new investors may be entering.

It seems the correction is already happening.  I wonder how low will Bitcoin become after this correction.  Would this correction open a window of opportunity to invest in Bitcoin before it goes up again?   If it gives a window then I would buy some to stack more Bitcoin to my portfolio.

[Ozero]

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.

It looks like your predictions are starting to come true. Of course, I would like to believe that this is not a very deep and lengthy correction of the price at which Bitcoin can fall to six thousand dollars, and one of many that has been much lately. Although everything can be. Bitcoin often presents us with its surprises. While one thing is clear - a large growth of the cryptocurrency market, which was at the end of 2017, we are unlikely to see.

[jossiel]

It's as if it already happened before.

It is like a bait.
A bull then a little bear then goes back to another bull.
But afterwards a large correction will happen that will take 50% off the price of bitcoin.

Let us see what will happen. It seems that most analyst have the same look at what will happen in the next month. I may be on the optimistic side but it is better to be ready at any possible events.

Yeah this is the pattern that we see most of the time.

When the market goes dump a little bit of it, when the trend changes, a reversal comes out and the bull starts more than what the bear has showed. Most of the folks that has been aware of every possibility weren't surprise with this correction.

We've been aware of anything can come out at anytime. If you're a long term investor, you see this as something useful and as an advantage to get the most of it before the trend changes.

[normanderecho]

We might know what's really come next week or next year. All we have to do now is to hold while bitcoin still on low value. Don't if ever it will fall down again next week you can invest more as you believe it will rise soon and make us benefits for the possible skyrocket soon.

[creeps]

We might know what's really come next week or next year. All we have to do now is to hold while bitcoin still on low value. Don't if ever it will fall down again next week you can invest more as you believe it will rise soon and make us benefits for the possible skyrocket soon.

Its down now, and we must grab this opportunity to buy so we can increase our holdings, this corrections seems not big and hopefully it will not last up to the last two quarter of the year. Bitcoin is not the only coin correcting right now, look for altcoins its also a good to buy like the eth. I think bitcoin will start to pump again on the middle part of the third quarter or on the first part of fourth quarter which is going to be big.

[jhongzjhong]

We might know what's really come next week or next year. All we have to do now is to hold while bitcoin still on low value. Don't if ever it will fall down again next week you can invest more as you believe it will rise soon and make us benefits for the possible skyrocket soon.

Its down now, and we must grab this opportunity to buy so we can increase our holdings, this corrections seems not big and hopefully it will not last up to the last two quarter of the year. Bitcoin is not the only coin correcting right now, look for altcoins its also a good to buy like the eth. I think bitcoin will start to pump again on the middle part of the third quarter or on the first part of fourth quarter which is going to be big.

You are definitely right, no need to worry on this sudden dip price because it is only a small correction. Bitcoin price is still at a good price if we compared last year in the Q4 in the year. Besides, we can grab the opportunity now as said the users above of mine to buy more bitcoin as many as we can. Probably there are whales involve in this current situation now but we will let them play the market soon they will be tired or else just follow them and make a profit too.

[imstillthebest]

So what if theres a corection ? Everyone is used to it so its not shocking to see it comming  . Everyone is expecting that after a pump there will always be a correction that will follow , that happens because alot of people will sell their coins at the pump . Correction is not bad but its also helpful because this opens another room for investors to invest more in a cheaper price .

[Duzter]

So what if theres a corection ? Everyone is used to it so its not shocking to see it comming  . Everyone is expecting that after a pump there will always be a correction that will follow , that happens because alot of people will sell their coins at the pump . Correction is not bad but its also helpful because this opens another room for investors to invest more in a cheaper price .

Everyone is used to it and no one knows how low it is gonna go low. This is what majority of the users keeps watching. As of now there is no big down movement. The price keeps stabilizing above $7700 which is quite good, and the trend needs to continue which will probably get us reaching the price to reach $9000+ before the month of June.

[BLAST2MARS]

I just hope that it does not go down to $5k because the sentiment of people will switch again from bull to bear. I believe that a lot of people who  have btc will not sell on the $6k or $5k mark but if it goes below than that then many of them will become panic dumpers.

[exstasie]

I just hope that it does not go down to $5k because the sentiment of people will switch again from bull to bear.

That would be a good thing. Sentiment has been feeling overly bullish lately, with most people expecting higher prices and even an upcoming bubble. Bull markets usually launch during periods of pessimistic sentiment as price climbs the "wall of worry."

It would be really healthy to shake out longs, build up some shorts, and reset overall sentiment again. Then I'd feel safe building up a long position again. Right now, I'm sitting on my hands and waiting for a new bullish setup to appear.

[bitbunnny]

I just hope that it does not go down to $5k because the sentiment of people will switch again from bull to bear. I believe that a lot of people who  have btc will not sell on the $6k or $5k mark but if it goes below than that then many of them will become panic dumpers.

I don't think that price will fall all the way to 5000$ but current correction will continue for a while.
Maybe this is good thing because it's easy to see how Bitcoin users fall to exaggerated optimism every time when the price begins to rise and completely forget that price isn't always moving forward. On the other hand continuous fall could easily be the trigger for panic selling.
Anyway, now it's time for buying and waiting for next growth.

[radjie]

Of course the correction will come, only now it is a bit difficult for it to happen, because a high volume of pure purchases has entered, the volume is given thanks to it, and it can be verified by looking at tensorcharts.com, that the Correction is a fact but you must wait a little longer because now new investors may be entering.

It seems the correction is already happening.  I wonder how low will Bitcoin become after this correction.  Would this correction open a window of opportunity to invest in Bitcoin before it goes up again?   If it gives a window then I would buy some to stack more Bitcoin to my portfolio.

it is clear if bitcoin is able to touch prices at the lowest point after a correction, it is the biggest opportunity to be able to buy more bitcoin to be used as a long-term investment asset before the price experiences a sharper increase

[thecodebear]

Hey look at that we got a correction just two days after i made this thread, from high 8000s to mid 7000s. I'll be interested to see if it goes deeper like say to 6000s like i guess in my first post or if it just holds steady in 7000s. Personally i think the charts will be looking a lot healthier if it spends the rest of june in the 7000s and low 8000s, maybe even a dip to 6000s.

And just to comment on people who said not to sell bitcoin just because there might be a correction and not to be afraid of a correction - i certainly wasnt saying either of those. All my bitcoin is long term i ain't selling any time soon (though i did send some more money to an exchange recently to use for short term trading so i have been buying this correction with that). And i have no fear of corrections, my point of making this thread was to say the chart looked unhealthy and needed a correction that lasts a while to start looking healthy again. I would love nothing more than to see 6000s, 7000s, and 8000s for june and july before the price moves up again to chase $10k in august. We'll see what happens.

[emmybd]

The situation is very uncertain, we can't say what would happen in future. Either it may go up and cross 10k, or it may go down to 7k again. The best way is to hold and observe the situation.

[suzanne5223]

The situation is very uncertain, we can't say what would happen in future. Either it may go up and cross 10k, or it may go down to 7k again. The best way is to hold and observe the situation.

You're when you said the status of the market is still uncertain but one thing is certain the bitcoin price will never dump below $7000 price range. However, the market correction predicted by the OP has already happened but it won't last long before the market experience bullish and this is how the market will work till Q4.

[exstasie]

The situation is very uncertain, we can't say what would happen in future. Either it may go up and cross 10k, or it may go down to 7k again. The best way is to hold and observe the situation.

By most classical metrics, the chart is still bearish. The last breakout failed into the previous range, trapping lots of underwater supply. The dump came on high volume and price never got up off the floor....not even a .382 retracement of the entire correction yet! Price is holding below the 20-day MA without showing signs of getting back above.

So from "the trend is your friend" standpoint, we should expect more downside. Low $7,000s to upper $6,000s seems plausible.

The best hope bulls have is a recovery like late April: sideways at the bottom for a few days absorbing supply, then break above the range. If sentiment is right, FOMO will reappear on a push towards $10K.

[vit05]

The situation is very uncertain, we can't say what would happen in future. Either it may go up and cross 10k, or it may go down to 7k again. The best way is to hold and observe the situation.

By most classical metrics, the chart is still bearish. The last breakout failed into the previous range, trapping lots of underwater supply. The dump came on high volume and price never got up off the floor....not even a .382 retracement of the entire correction yet! Price is holding below the 20-day MA without showing signs of getting back above.

So from "the trend is your friend" standpoint, we should expect more downside. Low $7,000s to upper $6,000s seems plausible.

The best hope bulls have is a recovery like late April: sideways at the bottom for a few days absorbing supply, then break above the range. If sentiment is right, FOMO will reappear on a push towards $10K.

I follow that same thought and I am placing purchase orders, long, up to 7100. If it gets to drop more than 6800, I will have to review my projections.  But I think it improbable, a sudden change would occur only if Bitcoin's dominance ceased, with a part of what entered the market via Bitcoins going to the alts.  I believe that after this correction, it will rise strongly to the 9k.

[deisik]

The situation is very uncertain, we can't say what would happen in future. Either it may go up and cross 10k, or it may go down to 7k again. The best way is to hold and observe the situation.

By most classical metrics, the chart is still bearish. The last breakout failed into the previous range, trapping lots of underwater supply. The dump came on high volume and price never got up off the floor....not even a .382 retracement of the entire correction yet! Price is holding below the 20-day MA without showing signs of getting back above.

So from "the trend is your friend" standpoint, we should expect more downside. Low $7,000s to upper $6,000s seems plausible.

The best hope bulls have is a recovery like late April: sideways at the bottom for a few days absorbing supply, then break above the range. If sentiment is right, FOMO will reappear on a push towards $10K.

I follow that same thought and I am placing purchase orders, long, up to 7100. If it gets to drop more than 6800, I will have to review my projections.  But I think it improbable, a sudden change would occur only if Bitcoin's dominance ceased, with a part of what entered the market via Bitcoins going to the alts.  I believe that after this correction, it will rise strongly to the 9k

The coming Litecoin halving can do that thing to Bitcoin

If it gets pumped beyond our expectations. How likely is that is open for debate, though. Other than that, I wouldn't trust "gut feelings", for example, that the price cannot possibly fall below a certain threshold. We had been trading below 5k for a few long months, and it can easily go there again even if our feelings are telling us otherwise. Personally, I have shorts which go down as far as 5k, just in case

[thecodebear]

I bought some more at 7580. Just missed the drop down to 7400s. Set the last bit of money I have right now at 7100 in case there is further downside (which I'm guessing there will be in the coming days.

[shield132]

The situation is very uncertain, we can't say what would happen in future. Either it may go up and cross 10k, or it may go down to 7k again. The best way is to hold and observe the situation.

Possibly we will see stable 7k-8k in next week and then fall or rise but I hope it will be rise because we recovered from 3K fall, then was rise and rise up to 8K. Now as always, I think there will be stable price for a while and then upcoming rise. At least this scenario was shown very often and why will this one be different? Well, when we talk about bitcoin, we can't really say anything exactly but to my mind this scenario will happen what I wrote. Who wants price fall? no one, miners benefited with current rise too and can't see any reason for bitcoin to fall but whales, they suck.

[RealMalatesta]

I am not afraid of corrections again and it will be an opportunity to buy cheap. I am happy bitcoin was able to cross some significant levels and that is what matter to me. For now no matter how it goes down I will still be in profits base on the level I bought. I will keep eyes in orther to take the advantage of next corrections and buy low.

@omonuyak we need more people like you who can hold their nerves, and not indulge in panic sales when the market is taking a dump. This dump is indeed a buying opportunity for all cause when bitcoin prices will rise it’ll cross $10k, and everyone who’ll buy now will earn handsome profits. What levels are you you planning to buy bitcoins, as I’m planning to buy them at $7.7k levels.

I think Op was actually right to some extent about the dump and anyone that is wise would have seen that dump as an opportunity to buy more, which I already did too when the price go to the level of $7.8k and I do not regret taking that action because I believe that in the next few weeks, the price will be back to its real price and shoot above that, maybe from here, we will easily achieve the value of $10k, and even if the price still corrects below its current value, it will still be a great opportunity to buy if the money is still there to always buy, so people should not panic, it is juts a normal correction that will be fixed.

[South Park]

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.

I have a very similar prediction to this but the market of cryptocurrencies is so volatile that the growth could continue for several more months before we see the correction, but either way I am ready, the last time this happened I was a complete newbie when it came to trading and investing but since then I have improved my skills and regardless of the direction the market takes I am sure that now I have the tools at my disposal to take the right decision.

[jademaxsuy]

Is really correction needed and then who will made this correction possible? If there really is correction about then I doubt that there could be no abuses or manipulation that will going to happen. I thought that bitcoin since high pump ups with its market price happen a correction interns of its market price does seem really needed. Injust hope that there will be a third party that will ensure bitcoin market price correction in proper way and in good faith.

[Whaleagent]

Simply showing those numbers doesn't show the full picture. You are not showing what happened before or after those ''corrections'' was the price pumped to the moon before those huge ''corrections''? Was the price trading sideways for long periods of time, was it already crashing before, etc.

I took the liberty to check the charts on CMC from 2017 (too lazy to check past years). Prior to the 'August 2017' 40% correction that @exstasie mentioned, there was a massive surge in the price from $1856 to $4480 with usual sideways movement, then there was a 18% correction to $3674, from there the price took off nonstop towards $4980 until the 40% crash hit the market and the price touched sub 3k. After that, the price recovered and the rally kept going.

I don't know when the correction is coming exactly, but it's obviously going to surprise the bulls by its magnitude.

Very unlikely. If you were able to work out with those numbers from your previous posts that the price enters a "cycle" everytime we're in a massive uptrend (the cycle being a 40% or so correction), what makes you think the bulls aren't anticipating such correction?

I'll just have some fiat ready before the inevitable flash crash comes...Everyone should do the same.

Exactly my point, of course there are going to be stupid corrections after stupid bull moves, going from 200 to 5000 is insane, a 80% correction after that seems only normal. This surge was a 2x and happened durig several months, started march. This ''bull run'' isn't as stupid as the previous ones and the correction wont be as stupid either.

[Distinctin]

I bought some more at 7580. Just missed the drop down to 7400s. Set the last bit of money I have right now at 7100 in case there is further downside (which I'm guessing there will be in the coming days.

You are already in profit now, seems like bitcoin is ready to stay at $8000 again, selling at this price is good for you since you buy at a lower price.
But my friend, I'd suggest that if you are not into day trading, just wait until bitcoin crosses $10,000, I can feel it's happening soon.

[Shinpako09]

I bought some more at 7580. Just missed the drop down to 7400s. Set the last bit of money I have right now at 7100 in case there is further downside (which I'm guessing there will be in the coming days.

You are already in profit now, seems like bitcoin is ready to stay at $8000 again, selling at this price is good for you since you buy at a lower price.
But my friend, I'd suggest that if you are not into day trading, just wait until bitcoin crosses $10,000, I can feel it's happening soon.

It seems not, the struggle is real. The $8k stayed in just a moment and fall again. If you are a trader, you've  made a profit with this swing. The $10k we are waiting seems adjusted because of this. It maybe possible if not because of the person/group who moved or sold I guess  the 25k btc. Just like you, I thought the price went back to normal since he/she buy back but then it went down again.

[3la9l_kolbaCa]

Hopefully the correction will bring better market changes in the next few days to go this month, which will make the price stable and pumping. Even though there's a declination of the price, I guess that's great to see more new developments to come along with bitcoin. More people now hodle their assets and gained strong dedication towards growing their coins, yet learning more ways to overcome panic emotions.

[klaaas]

Even though there's a declination of the price

It is already fighting around the 8k bar. If it can build the support further on without bears this can catapult already to higher price levels.

[guoyu78]

Is really correction needed and then who will made this correction possible? If there really is correction about then I doubt that there could be no abuses or manipulation that will going to happen. I thought that bitcoin since high pump ups with its market price happen a correction interns of its market price does seem really needed. Injust hope that there will be a third party that will ensure bitcoin market price correction in proper way and in good faith.

The correction already happened and OP was right, just was not completely accurate on the value it will dip to, and as against the 6000 op speculated, it went just a little below $7100 before finally rebounding.

I don’t think we should get to see that value again for now till maybe after this bullish market has set a new ATH, that is when I know that the market can be forced down to that vale again and I think after this ATH, that might be the lowest value we will ever see in the history of Bitcoin again. The next value we should be targeting now that Bitcoin is trying to sustain the new $8000 should be $10,000.

[thecodebear]

Is really correction needed and then who will made this correction possible? If there really is correction about then I doubt that there could be no abuses or manipulation that will going to happen. I thought that bitcoin since high pump ups with its market price happen a correction interns of its market price does seem really needed. Injust hope that there will be a third party that will ensure bitcoin market price correction in proper way and in good faith.

The correction already happened and OP was right, just was not completely accurate on the value it will dip to, and as against the 6000 op speculated, it went just a little below $7100 before finally rebounding.

I don’t think we should get to see that value again for now till maybe after this bullish market has set a new ATH, that is when I know that the market can be forced down to that vale again and I think after this ATH, that might be the lowest value we will ever see in the history of Bitcoin again. The next value we should be targeting now that Bitcoin is trying to sustain the new $8000 should be $10,000.

Yeah it didn't go quite as low as I thought it might, but the chart is starting to look a lot healthier now. The correction broke the insane parabolic move that has been forming since it left the 5000s, so that is good, that was entirely unsustainable. Even though it's only been a week since the correction it makes these first 70 days of the bull market look a lot more sustainable than the chart looked after like 60 days. I'd love to see the price hang around in the high 7000s or around 8000 for another week before moving back into the 8000s, and then hang out in the 8000s till end of the month. Then a surge to 9000s and perhaps breaching 10k once again in July could be in the cards.

[maydna]

Hopefully the correction will bring better market changes in the next few days to go this month, which will make the price stable and pumping. Even though there's a declination of the price, I guess that's great to see more new developments to come along with bitcoin. More people now hodle their assets and gained strong dedication towards growing their coins, yet learning more ways to overcome panic emotions.

It will happen soon, and the correction is one step to increase higher in the next days. We need to stay calm and don't panic, and that will be a good time to buy more bitcoin if we can see the price is at a low price. Perhaps, you cannot get a very low price, but you can get a low price, and you can hold it for a while until the price can increase to a higher price. No need to worry if the correction is staying for a moment because if the time for the price to increase comes, you will see your profit will bigger than the price you bought.

[davinchi]

I bought some more at 7580. Just missed the drop down to 7400s. Set the last bit of money I have right now at 7100 in case there is further downside (which I'm guessing there will be in the coming days.

You are already in profit now, seems like bitcoin is ready to stay at $8000 again, selling at this price is good for you since you buy at a lower price.
But my friend, I'd suggest that if you are not into day trading, just wait until bitcoin crosses $10,000, I can feel it's happening soon.

LOL, I though you said the price was good for him now, you know this is the indecision that usually makes some of us lose a lot, there is no assurance that Bitcoin will still not have correction again, and if he doesn’t sell now, he might still have to wait for another time to get the opportunity again.

I also would wait for the price to hit $10k before I sell mine, but what I am just saying is that if he trades it at the price now is not till a bad one, he will definitely still get another dip to buy from, or he could just sell part of it like I usually do, to be on a safe side. If the coin continues appreciating, the other remaining ones will still keep me in the market, while the one withdrawn will help mw buy more dip, if the market turns the other way of dip.

[TopT3ns]

Hopefully the correction will bring better market changes in the next few days to go this month, which will make the price stable and pumping. Even though there's a declination of the price, I guess that's great to see more new developments to come along with bitcoin. More people now hodle their assets and gained strong dedication towards growing their coins, yet learning more ways to overcome panic emotions.

It will happen soon, and the correction is one step to increase higher in the next days. We need to stay calm and don't panic, and that will be a good time to buy more bitcoin if we can see the price is at a low price. Perhaps, you cannot get a very low price, but you can get a low price, and you can hold it for a while until the price can increase to a higher price. No need to worry if the correction is staying for a moment because if the time for the price to increase comes, you will see your profit will bigger than the price you bought.

I think a lot of people should know something like this. Correction is something that not will not make us afraid. If we can make opportunities with that, it will be very good and bonus for us.

[FanEagle]

I think corrections of these times will not be as big as it used to be. I mean there will be some corrections for small numbers but the reality is that the times when corrections were like 25% will not happen anymore. So far the question, will there be a correction? Sure, there will be but I think it will be small and than go back up that number very easily.

Now we are seeing the support lines and we are testing them because we are going up super fast so we want to know if the buyers have our backs and we sometimes sell and drop to support line to see where it is and how hard it can defend and after we see its solid we go back up. So, check the support lines and put buy orders one dollar above it so you can buy from the best possible place and put your sell order one dollar fewer than resistance line to sell at the best place.

[Ayiranorea]

We are getting close to the days of reaching $10k. Maybe before the days of reaching a larger milestone there will be price correction in the market. Maybe this time we've already crossed the price correction and we're too fast to reach $10k. From my experience the present market resembles the same growth pattern during the year 2016 before the days of halving.

[Golftech]

We are getting close to the days of reaching $10k. Maybe before the days of reaching a larger milestone there will be price correction in the market. Maybe this time we've already crossed the price correction and we're too fast to reach $10k. From my experience the present market resembles the same growth pattern during the year 2016 before the days of halving.

There's possibilities that it will repeated itself and then reach another peak, maybe corrections will take place each time the value hit each levels
then come back once again and be much stronger than the previous high, we should all be ready if there's another downside it should be consider
and be take as part of natural movement before another barrier to breakout upwards.

[Bagaji]

O p you can see it yourself that your speculation is wrong owning to the fact that the market trend has been on a bullish direction since you open this thread if am not mistaking though such a thing do happen here in this forum because people don't know how to interpret the market situation in most cases.

[emmybd]

I also believe that a major correction is imminent, i wouldn't be surprise if bitcoin goes down to 7k again. It is definitely a good time for investors to take some profits.

[EdenHazard]

Is really correction needed and then who will made this correction possible? If there really is correction about then I doubt that there could be no abuses or manipulation that will going to happen. I thought that bitcoin since high pump ups with its market price happen a correction interns of its market price does seem really needed. Injust hope that there will be a third party that will ensure bitcoin market price correction in proper way and in good faith.

Fundamentally we don't need a correction for bitcoin price movement, because I haven't saw any negative information that comes to bitcoin. But technically, if yor are a trader then you will often to see the correction when the pump has happened. The correction is a common thing to happen, you can see the candle pattern and several strategy about it then you will get benefited from. There are a candle pattern which can be use as a benchmark for a trader to get profit. It is not about manipulation, not all dramatically increase was caused by  a whales or some party which you mean.

[joshy23]

I also believe that a major correction is imminent, i wouldn't be surprise if bitcoin goes down to 7k again. It is definitely a good time for investors to take some profits.

If you have  a considerable profits then why not, selling is part of this business as long as you are getting satisfying profits then its good to sell your
assets, buy back when correction happens and again repeat the cycle and take each opportunities to earn more.