$5,000 is the number - so get used to it.

[Heimer]

Show up some technicals on this one rather than saying without having any basis.I read up above theres no significant support on 5k levels.

I'm already get used to when we do speak on bitcoins price.Im aint surprise that it can swing up 30-50% in a matter of a day or a two.
If it dips then you should accumulate and if it pumps then sell off for profits.Rinse and repeat then make some money. 

He may refer to 50% fibonacci level which would be right about $5k which is correct in my opinion. 30% - 50% day up swing is not likely especially now in bear market. And about you "pump = sell" and "dump = buy" tactics - it is NOT that simple...

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[Pipdips]

It reminds me of those rigged games at carnivals...

The Ring Toss
The Balloon Dart Throw
The Milk Bottle Pyramid 

[figmentofmyass]

It reminds me of those rigged games at carnivals...

The Ring Toss
The Balloon Dart Throw
The Milk Bottle Pyramid 

it sounds like you've had a rough few days trading.

btw we're still waiting for that chart showing why we're headed to $5000. *crickets*

[exstasie]

There is a monthly support from June which hasn't been tested yet. On Coinbase, the level is $7,427. There is also the 61.8% retracement of the uptrend in the $7,200s. That's the first area to watch.

After that, we have the apex of last year's triangle around $6,500 and the 70.5% retracement level at $6,300. Then in the $5,400s we have weekly pivots from April and the 78.6% retracement level.

I believe you, but I want to see a chart of these levels. I'm too lazy to draw them myself. These replacements sound like tasty discounts to me.

Why are we not speculating on the $6k level first? Did we over speculate on this level last year too much already? How boring.

Volume profile says that level is "well important". Even if it completely disregarded this relevance back in May when it blasted through it in 2 days 

Maybe you lot have a point.

Aye, I was in disbelief at the lack of respect for $6K earlier this year. Testing it as support now would be reasonable. I just prefer to react rather than predict, watching support levels on the way down for reversal signs instead of focusing on any one price target.

[DonQuijote]

Im waiting Vegeta meme again, my floor is 6k-7.5k, i will long there

[kentrolla]

I dont think bitcoin would go deep down at 5000$ each maybe you are dreaming in the day light. Lol probably the lowest price of bitcoin would be 7500$ then it will bounce again to 10k by the end of this year.

This is the same thing which echoes from the mind of every single crypto enthusiast but we need to accept the reality that $5000 could be the stable value for bitcoin by looking at the fluctuations which has happened in last 18 months or so, but if we check with early adopters of BTC they are so confident that there will be a massive pump which will happen within a span of next few years but for short term investors it might not yeild any result.

[Herbert2020]

haha, actually the real "number" is $10,000 and your sock poppets can't change that either. any price below that mark is a surprising discount that we are receiving as the bitcoin autumn sale promotion that is unpredictable and there is no resistances here, only weak hands that are giving up their coins at that discount in this promotional campaign

[bhabygrim]

It is fine for me as long as it wouldn't stay too long in $5,000 and move up again after it hits it .
I really hope that we could see it around $15,000 again before the year ends and we still have some time for it to happens,
So if it would drop down to $5,000 again it is better to grab that chance to get some.
And I think it wouldn't really go down to that road again  (crossed fingers) .

[magneto]

I highly doubt that bitcoin is going to dip down that much in the meantime. However, I do think that a short term period of suppressed activity is going to follow after this dip from the $14k range.

As a result, I've stopped all my longs long ago, but I've also cashed out my shorts recently because markets could reasonably go either way and it's extremely difficult to predict which way it'll be.

I don't think that a recovery to $10k+ is going to be likely in the short term, although possible, since there is now clear resistance at both $12k and $10k that would prevent prices from catching up any time soon. A likely scenario would be sideways movement at the $8k level before BTC tests support at $7k, although $5k seems a bit too low of a regression.

[timerland]

What's your reasoning behind this mate? There is little to no concrete proof or any other people who would ever imagine BTC dropping to the 5000 mark in this bear market.

I personally don't think BTC will even hit below 7,000 USD, we haven't seen any big price movements in the last couple of months and unless something drastic happens, I don't think we'll see any actual movement until then.

[dragonvslinux]

What's your reasoning behind this mate? There is little to no concrete proof or any other people who would ever imagine BTC dropping to the 5000 mark in this bear market.

I personally don't think BTC will even hit below 7,000 USD, we haven't seen any big price movements in the last couple of months and unless something drastic happens, I don't think we'll see any actual movement until then.

There's a lot of TA out there suggesting a drop to between $5-6.8K with the possibility of $7K holding, this is probably why. Most people don't expect it to drop below $4.5K it seems as the 200 Week MA is there which supported us back at $3120. It still hasn't been broken and is continuing to trend upwards. $5K is clearly a number to rally behind for ₿ bulls basically. See here for examples of how Bitcoin could drop to $6875, $6410, $5,350 and $5,050, by extrapolating past price history to the current price.

Show up some technicals on this one rather than saying without having any basis.I read up above theres no significant support on 5k levels.

Here's an example of what $5K could look like for you. Give it a couple of months and the 200 Week MA will be there to support the price.

[error08]

~snip~

There's a lot of TA out there suggesting a drop to between $5-6.8K with the possibility of $7K holding, this is probably why. Most people don't expect it to drop below $4.5K it seems as the 200 Week MA is there which supported us back at $3120. It still hasn't been broken and is continuing to trend upwards. $5K is clearly a number to rally behind for ₿ bulls basically. See here for examples of how Bitcoin could drop to $6875, $6410, $5,350 and $5,050, by extrapolating past price history to the current price.

Show up some technicals on this one rather than saying without having any basis.I read up above theres no significant support on 5k levels.

Here's an example of what $5K could look like for you. Give it a couple of months and the 200 Week MA will be there to support the price.

Basicly, according to this chart, bitcoin will go down to $5K as the bottom? a very convincing chart based on MA, 19bars-133 days, 17bars-119 days, 19bars-133 days, and next will be another 17bars-for 119 days until March 2020? Well, I don't buy it.
Bitcoin seems persistent above $8K, probably can drop to $7K or the worst at $6K but not at $5K.
Furthermore, we approach the end of the year, entering the Q4 which the market sentiment seems positive even at this bear market, Bitcoin may recover back to $10K by the ensd of this year. But, who knows, we'll see when the time comes.

[BitHodler]

I personally don't think BTC will even hit below 7,000 USD, we haven't seen any big price movements in the last couple of months and unless something drastic happens, I don't think we'll see any actual movement until then.

The years of experience in price action here taught me that you should never discard certain price levels from being retested.... we have enough historical evidence that this market is irrational and full of surprises.

$7k isn't even that bad would we revisit that level. I would consider a $5k visit to be more worrying, but then again, when people start to get worried it usually is a great time to open some long positions. In my case it means buy more spot.

People are still fairly optimistic which makes me think that they haven't suffered enough yet. Maybe that another $1-$2k red candle will be that last shakeout of weak hands and profit takers.

[bitbunnny]

Current situation on the market doesn't show us signs that that Bitcoin price might fall so deep. There is no need to spread the panic. Moreover many are expecting for price to rise as the year is going to an end although there isn't any rule that could confirm that.
Still having in mind previous experience I can say that nothing should surprise me and therfore I'm prepared on every scenario without drama.

[beerlover]

$5,000 will be the next support range and $8,500 will be the resistance, and no higher.

There will always be people who think they are edgy and smart to tell something nobody really believes.
It is literally just so simple to see behind their guise that bitcoin can't be $5k forever, it is literally impossible so they just make stuff up to get attention. Remember there are people in this world who get no attention from the real world because people could literally decline to talk to them, they can just remove themselves from these people and that is why people tend to get attention from online people.

You can't get away from them, you can't block them, they are just there and they are not just one, they are millions in every language in every website. Hence they troll and write stuff like "bitcoin will be $5k!!" so they could get some attention they otherwise couldn't.

[Pipdips]

Hence they troll and write stuff like "bitcoin will be $5k!!" so they could get some attention they otherwise couldn't.

I am not trolling.  Look for yourself, look at a chart with 1-week candles.  The $5,000 range is not an unrealistic resistance over the next several months, it is more than possible.  $5,000 is the lowest I think it will reach.  This is not trolling it probably just goes against what you personally want the price to do.

[STT]

5000 wont happen easily now we're printed some much volume about 6000.    Maybe Mt. gox liquidated coins are being sold off or some other reason that leads to weakness, we'd find that out afterwards I guess but right now its not especially apparent.

50% fibonacci level

There is no 50% Fibonacci level if we were being strict about it and of course we arent, all we are trying to do is guess where others place significance in any move forward and sort the amount of momentum and true direction from speculative activity.
  50% is just invented by people as a place to take some profits, in a natural order its not got any greater power to it presuming Fibonacci itself does.

https://www.investopedia.com/ask/answers/05/fibonacciretracement.asp

I'd normally take the 38 and 61% levels are good confidence levels that the move will complete, if we cant even stay above 38% then its quite weak.

[perla]

Maybe about support, i think for now we must think about it too. By the way, christmast and holiday almost come and usually it can cause price dumped. Maybe for people if already know this, don't need to panic because it is only temporary and will up again after that. Because if people make it worse, price of bitcoin can really dumped and no buy order can block it anymore.

[dragonvslinux]

Bitcoin seems persistent above $8K, probably can drop to $7K or the worst at $6K but not at $5K.
Furthermore, we approach the end of the year, entering the Q4 which the market sentiment seems positive even at this bear market, Bitcoin may recover back to $10K by the ensd of this year. But, who knows, we'll see when the time comes.

Personally I don't understand the thesis of acknowledging the price can drop 25%+ to $6k area but not 50%+ to $4k level if there is natural bearish correction. I'm starting to consider it a less than 50% chance $6k is broken, due to multi-year support at this level from 2017 & 2018, which is incredibly rare in Bitcoin price history. We haven't had multi-year support since the $380 "dip buying" level back in 2014 and 2015 which held in 2016. But also surely if $7k and $8k can be broken then why not $6k and even (dare I say it) $5k? It reminds me of when people thought $5k and $4k wouldn't be broken either, whereas anything can happen despite the overall bullish sentiment.

If you think investors are smart enough to know when to stop selling then this example disproves this myth:

Own work: dragononcrypto

Notice how the target for the breakdown was around $2K but people panic sold it down to $1.8K. Also bare in mind how this was at the beginning a full-blown bull market as well as new ATHs, more of less one of most reliable prices to buy Bitcoin in the context of being only 2x from it's previous ATH and looking bullish af. Why wouldn't the same thing occur?

Also note how this scenario of breaking $6k doesn't exclude the idea of being above $10k and even $12k by the end of the year 
Hence I consider it the "best case scenario", even if it's far from the most likely in my opinion (it's what too many people want to see!)

Own work: dragononcrypto

[palle11]

but what can I say we are entering the holiday season And I surely expect dump on the end of each year every time there is a holiday season.

I have hardly witnessed a drop of price during the December holidays. First, in 2017 December was the era the bitcoin flew most with very high volatile. In 2018 (December) there was no drop but market was already down till the increase we are currently seeing now. Therefore, the drop in price is not just for holidays, fund is what I think is responsible for drop and at the moment I'm not reading any fud that is likely going to drop price back to 5k area.