Correction coming in the coming weeks?

[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.