Correction coming in the coming weeks?

[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.