Correction coming in the coming weeks?

[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.

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[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.