Correction coming in the coming weeks?

[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.

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[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.