Are we looking at Bitcoin down to $5K?

[nydiacaskey01]

Speculators can speculate all they want be no one can tell if price of Bitcoin will go down further at $5,000 USD. Last year at this month, everyone is saying Bitcoin will go up to $20,000 USD but lo and behold, bull run did not happened. I will just hold on to what I have now rather than panic because someone is saying price of Bitcoin will drop. Its not helping.

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[wildey]

Speculators can speculate all they want be no one can tell if price of Bitcoin will go down further at $5,000 USD. Last year at this month, everyone is saying Bitcoin will go up to $20,000 USD but lo and behold, bull run did not happened. I will just hold on to what I have now rather than panic because someone is saying price of Bitcoin will drop. Its not helping.

You're right, there is no prohibition on speculation, and last year was a really good example of this. however, I still feel that bitcoin probably won't go down at that price. Well, different from last year, in 2018 there was a lot of information that harmed bitcoin, but this year the development is quite different. I am still speculating the price of bitcoin can exceed the price of $ 9,000.

[Kasabus]

I will not say btc won't go down at that level again because anything is possible in crypto with market unpredictability.

However, in the last quarter of the year, I am optimistic that we will see some good increase here so we can finally call this year a recovery year for BTC.
if the price will drop to $5,000, there's still a recovery but its' not a what we like to see as this year we've reached almost $13K already which is a good price already.

[Pelunize12]

Just take a breath...
It isn't surprising if Bitcoin's price may go down deeper and reaches $5k or $3k again...The market volatility still unbreakable and any changes may happen is not a thing to worried about and not actually a thing that could lose our hopes. But seeing the market today, I don't think that it will take more dips until we end up this year.

unfortunately, the bitcoin trend is downtrend bro. so it is tend to more dip and dipper until end of this year
many people hope on BAAKT las month but it is so dissapointed for us, it just has low volume even lower than CME
that's one of the reason why the price goes down and down

[bitbunnny]

I will not say btc won't go down at that level again because anything is possible in crypto with market unpredictability.

However, in the last quarter of the year, I am optimistic that we will see some good increase here so we can finally call this year a recovery year for BTC.
if the price will drop to $5,000, there's still a recovery but its' not a what we like to see as this year we've reached almost $13K already which is a good price already.

True, Bitcoin is unpredictable and  any scenario is possible regarding price. However I don't believe that the price will go as low as 5000$ although that number has been spoken of very often. Some further corrections are possible but until the end of the year we will not see some major changes not in positive or negative way.

[teosanru]

Actually the threat is absolutely real. My understanding of technical analysis tells that the two major MA i.e. the 50MA and 200MA act like the barometer of market telling what is the current sentiment of market. If the slower is above the faster we are into a bearish mode while if the faster is above the slower we are into a bullish mode. Generally a lot of price action takes place at the crossovers and as per my analysis of BTC/USDT chart one such crossover called the death crossover is due in two or three days which could really trigger some great bearish momentum. So unless there is some strong bullish price action in one or two days we are definitely going down to 6k Ranges.

[STT]

With enough determination the price can goto 5000 or any price, but we have to ask the question why does the market want to go lower and what changed from earlier in the summer.   To get past many layers of volume and support between here and 5000 will take some power and force of selling, why does that exist and what is the motivation.
   What tends to happen is speculation becomes over emboldened by previous moves, the price going up makes many think it will continue without question.  THe price movement in either direction increasingly raises the prospect of the opposite occurring as the price becomes more attractive to either sellers or buyers.   Especially if the price moves far in a short period of time its liable to rebound back.
5000 I dont think will stick as a price before 2020 and then likely it wont hold that low because of halvening approaching which many are happy to hold BTC for as the block reward is reduced.

[exstasie]

Actually the threat is absolutely real. My understanding of technical analysis tells that the two major MA i.e. the 50MA and 200MA act like the barometer of market telling what is the current sentiment of market. If the slower is above the faster we are into a bearish mode while if the faster is above the slower we are into a bullish mode. Generally a lot of price action takes place at the crossovers and as per my analysis of BTC/USDT chart one such crossover called the death crossover is due in two or three days which could really trigger some great bearish momentum. So unless there is some strong bullish price action in one or two days we are definitely going down to 6k Ranges.

Yep, death crosses are pretty scary and the daily chart is threatening one. Keep in mind though, there are sometimes false crosses. In September 2015 there was a death cross right before a huge rally in October. It was the beginning of a multi-year bull market, terrible time to sell!

David published a good video on this topic: 50-Day MA Crossing 200-Day MA Does NOT Necessarily Mean DEATH.

[BitcoinGirl.Club]

Bitcoin certainly could drop to $5000 and even lower.  If and when that happens, you know something?  I'll be buying more of it.  It will be like a liquidation sale at that point.  I don't know why a lot of bitcoiners don't see things that way.

While it's hard to predict which direction bitcoin will go but having the halving event coning in next year and the recent bitcoin price movement in calculation it seems bitcoin is doing very well in the range of $8k level. If it was to go further down then by now we would experience it. And also looking at the chart we can say that around at $7.4k we have a very strong support.
So if we really want to see this price of $5k which seems not coming any time, we will need to break the support at $7.4k first. Not sure if we can though.

[SaShiRaJaVu]

True, Bitcoin is unpredictable and  any scenario is possible regarding price. However I don't believe that the price will go as low as 5000$ although that number has been spoken of very often. Some further corrections are possible but until the end of the year we will not see some major changes not in positive or negative way.

Even i do not see any major downfall in the market unless and until there is some terrible issue that could affect the entire market, the global financial market is also not that great and we might see a global meltdown in the near future as predicted by some of the financial experts and if that happens it will impact the entire financial market and even the bitcoin market.

[darkangel11]

I would expect 7400 or something of that sort but not 5000. We are in a strong long term uptrend with a current bottom around 7000 dollars. Also we are in an expanding wedge formation that clearly shows that between the fall in the end of September and now we made higher highs and some higher lows.
I expect us to stay above 7000 and push upwards by the end of this year probably in the beginning of December. They say trend is your friend and bitcoin has been in the same trend for the last 10 years.

[Hypnosis00]

Just take a breath...
It isn't surprising if Bitcoin's price may go down deeper and reaches $5k or $3k again...The market volatility still unbreakable and any changes may happen is not a thing to worried about and not actually a thing that could lose our hopes. But seeing the market today, I don't think that it will take more dips until we end up this year.

unfortunately, the bitcoin trend is downtrend bro. so it is tend to more dip and dipper until end of this year
many people hope on BAAKT las month but it is so dissapointed for us, it just has low volume even lower than CME
that's one of the reason why the price goes down and down

People never looked into BAKKT to make help but they waiting for the halving to come as they mostly believe that this will only the one that could help the market. Halving may become a significant way to help the market recover as it shows in the previous halving before. We're not supposed to become hopeless, I know it was a long wait for everyone to see the market moves high again but it was so different now, we need to extend some more patient on it.

[Zemomtum]

Bitcoin might not fall to $5000 but $7500 and $6000 are my own targets. From May till date, Bitcoin has gained over 300%, what is happening now should not be a surprise.

[Pelunize12]

Just take a breath...
It isn't surprising if Bitcoin's price may go down deeper and reaches $5k or $3k again...The market volatility still unbreakable and any changes may happen is not a thing to worried about and not actually a thing that could lose our hopes. But seeing the market today, I don't think that it will take more dips until we end up this year.

unfortunately, the bitcoin trend is downtrend bro. so it is tend to more dip and dipper until end of this year
many people hope on BAAKT las month but it is so dissapointed for us, it just has low volume even lower than CME
that's one of the reason why the price goes down and down

People never looked into BAKKT to make help but they waiting for the halving to come as they mostly believe that this will only the one that could help the market. Halving may become a significant way to help the market recover as it shows in the previous halving before. We're not supposed to become hopeless, I know it was a long wait for everyone to see the market moves high again but it was so different now, we need to extend some more patient on it.

BAAKT attraced many people because it's from big company to institutional investor. but delaying made many investor dissapointed
then the BAAKT launching had only small volume, after that bitcoin price was down
yeah the next big thing will be halving, we hope much in that event. but in 2 previous halving, we know that's not fast growing. still need much time to reach new ATH

[Ferris419]

I will not be surprised if bitcoin goes under 6K USD or furthermore! Because this dump will stay for a limited time. Whoever will get panic and sell they will regret for sure. Converting into DAI would be great instead of selling at this moment! I hope we will see a bull run between February to March in 2020! Before that, a bear dun also will come.

[bitgolden]

The 7.9k barrier has been holding very well for us, I doubt we will go back down to 5k anytime soon, I even doubt we will reach 5k ever again. It looks like we have hit the rock bottom for us nowadays and we will definitely go up, I can't guarantee anything other than I have put all my money into bitcoin right now, that is as far as anyone can go for bitcoin.

If you are all in that means you trust the price to go up and I did went all in. I don't think it will go to 20k like some people claim anytime soon neither but if you ask me instead of going down 3.3 thousand dollars it is more likely that we will go up 1.7 thousand dollars, that seems more logical right now. Next few weeks will be the decisive ones, if we move under 8k then anything could happen but if we move above 9k then 10k is quite possible.

[Oasisman]

The 7.9k barrier has been holding very well for us, I doubt we will go back down to 5k anytime soon, I even doubt we will reach 5k ever again. It looks like we have hit the rock bottom for us nowadays and we will definitely go up, I can't guarantee anything other than I have put all my money into bitcoin right now, that is as far as anyone can go for bitcoin.

$5,000 is way too deep from where we are right now, I strongly believe that (I hope Im not wrong). Around $7,000 probably is the bottom and youre right, were still doing fine at $7,900 from the last 48hrs. As you can see, a lot of hodlers and momentum trades thinks its good to accumulate more Bitcoin in this figure. So, most probably the $7,900 support level still holds tight.

[buwaytress]

Even i do not see any major downfall in the market unless and until there is some terrible issue that could affect the entire market, the global financial market is also not that great and we might see a global meltdown in the near future as predicted by some of the financial experts and if that happens it will impact the entire financial market and even the bitcoin market.

What could be more terrible than the major headlines of the year so far? And if you're struggling to think of any, that's because, other than price updates, there actually hasn't been any significant event... Yet price has gone from 3k, to 12k to now 8k. All without any big event. Bakkt failure? How shocking (not).

Bitcoin forking and the existential threat from bcash was the last absolute big event that should have crashed us. Yet it was the opener to 20k.

Maybe a big bad wolf event is just what we need!

[Triffin]

The 7.9k barrier has been holding very well for us, I doubt we will go back down to 5k anytime soon, I even doubt we will reach 5k ever again. It looks like we have hit the rock bottom for us nowadays and we will definitely go up, I can't guarantee anything other than I have put all my money into bitcoin right now, that is as far as anyone can go for bitcoin.

$5,000 is way too deep from where we are right now, I strongly believe that (I hope Im not wrong). Around $7,000 probably is the bottom and youre right, were still doing fine at $7,900 from the last 48hrs. As you can see, a lot of hodlers and momentum trades thinks its good to accumulate more Bitcoin in this figure. So, most probably the $7,900 support level still holds tight.

yes $5k is very low and I think we will not see this again because we already had this price of Bitcoin now price of Bitcoin is recovering not coming down, so it is much possible that price of Bitcoin will go up and this time is the accumulation and investment in Bitcoin because may be we will not able to see the present price of Bitcoin again, so we should not wait for $5k.

[exstasie]

Bitcoin forking and the existential threat from bcash was the last absolute big event that should have crashed us. Yet it was the opener to 20k.

Maybe a big bad wolf event is just what we need!

There's an alternate narrative for that event. The forking event was not Bcash, but Segwit. The market was in extreme uncertainty in June-July 2017. That's when we crashed from $3,000 to the $1,700s, nearly a 42% drop, similar magnitude to now.

Once miners began signalling for BIP 91 the market rebounded hard and once Segwit activated, the market exploded. Markets hate uncertainty and they love to see it resolved. The Bcash fork was then viewed by the market as a dividend for Bitcoin holders, setting off the Bitcoin fork trend, making everyone want to hold BTC.

I agree though, a bad news event (particularly one where the selloff fails to follow through) might be perfect for springing us back into a bull market. Something like the Bitfinex hack in August 2016 or he Silk Road bust in October 2013.