A quicky analysis of BTC's RSI dip down over the past few days...

[traderethereum]

After Bakkt launch, the price is down for slowly and now, the price still down.

What exactly happened with the "Bakkt Launch".  I heard news about the launch, this launch, and that launch.  But now Bitcoin price sunk down and you hear nothing about Bakkt... that is a suspicious launch!

Yes, that's true.
I don't follow any news again about the Bakkt launch, so I don't know much except the launch from twitter.
Besides that, I only know that bitcoin is trying to increase and it proves, and now the price can reach $8000. I think Bakkt can give more chances for bitcoin to rise again.
But we need to be careful with these situations because not all happen in the market can stay for a long time, and the price can go anywhere.

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[Pipdips]

Bitcoin seems to be at a pretty strong support point right now. Can't exactly say if it will be a slow, medium, or fast dip back but one thing seems certain based on all the price opinions/analysis of late, bitcoin is still BULLISH.

I wouldn't be surprised if value rises sharply soon because of the nearing "halvening." Just need to hold a little longer.

Hmm, the next halving is not for a while.  It is May 15, 2020.  I seriously would not count on price increasing this time around just because of a "halving".  What are the chances price will actually drop before and after the halving?


https://www.bitcoinblockhalf.com/

[1Referee]

I wouldn't be surprised if value rises sharply soon because of the nearing "halvening." Just need to hold a little longer.

I wouldn't be surprised if the block halving is already calculated in today's price. Similarly, the Bakkt launch was/is calculated in today's price.

Think about it, most people are already aware of the block halving and that the price tends to go up prior to the actual halving. People with a high degree of certainty have bought in already and from here on they just wait for the price to go up, just like you are hinting at.

People bought in last year waiting for a bull run; they failed
People sold at the beginning of this year expecting $2000 or even $1000; they failed
People bought in this year hoping for the block halving to initiate a massive bull run; how high are the odds that they fail again?

The point I'm making is that people are actually preparing themselves for certain type of events or outcomes, which only increases the odds of a counter move.

[Pipdips]

I wouldn't be surprised if the block halving is already calculated in today's price. Similarly, the Bakkt launch was/is calculated in today's price.

Good thinking ^^^

[JeromeTash]

The point I'm making is that people are actually preparing themselves for certain type of events or outcomes, which only increases the odds of a counter move.

Good point you made there.
It's what i was telling my friend the other day especially after observing how bitcoin price has been moving lately. I have a feeling there will be some sort of anticipation for the long awaited event and price could move in the opposite direction from what most people would be expecting.

[exstasie]

I wouldn't be surprised if value rises sharply soon because of the nearing "halvening." Just need to hold a little longer.

I wouldn't be surprised if the block halving is already calculated in today's price.

Bayern LB, one of Germany’s top banks, seems to disagree with you. Their recent report shows a tight correlation between Bitcoin's price and its stock-to-flow ratio. They conclude:

“If the May 2020 stock-to-flow ratio for Bitcoin is factored into the model, a vertiginous price of around USD 90,000 emerges. This would imply that the forthcoming halving effect has hardly been priced into the current Bitcoin price of approximately USD 8,000 (the current model value is roughly USD 7,500).”

https://www.ccn.com/top-german-bank-predicts-bitcoin-to-hit-90000-after-halving/

I'm eager to find out which one of you is right.