BTC Plunging to $6K before Big Recovery

[CryptoBry]

Joel Birch, founder of an investment platform for retail investors, Lunar, reckons that under $8,000 per BTC is a good price for purchasing. “I can’t tell you if bitcoin is going to hit $3,000 or $4,000 or $6,000, but I can tell you, to me it doesn’t matter because I believe that any price below $8,000 is good.”

However, Birch does believe that Bitcoin price is likely to plunge further down to $6,000 before soaring ahead of the upcoming halving in May 2020. Joel Birch is the founder of Lunar and a partner at Lunar Capital which manages digital currency portfolios for investors.

More of this here...



Many analysts are now saying that soon Bitcoin will be breaching the $6000 territory before the coin will have the chance for a remarkable recovery due to the coming halving next year. I don't want to believe that $6000 can be possible but I think this is now the consensus of many people so there is a big possibility for this to happen soon.

I understand that there are now many waiting orders in the $6000 range making this level a very good opportunity to enter Bitcoin again and add more coins. Will you wait until Bitcoin touches $6000+ before making any move? Should we consider $6000 as the bottom of this ongoing dip?

[Wexnident]

Should we consider $6000 as the bottom of this ongoing dip?

Well, I don't think so cause in my side, I'd still want to get more coins before finalizing my entry to the market. Not gonna lie though, the dip was way too sudden and it doesn't look like its gonna stop anytime sooner. Although this could be considered good news since its kind of like the build-up before 2020 halving where we could expect a price hike that could probably exceed 10k$

[dentolas]

To be honnest with you, anything below 8k seems a good deal if we account for ATH and also the recent price level around 10k. If I was going to invest I would try to get some between 7-7.5k and the rest below 7k...
of course that on these things the price might end up not touching our range, or going way lower... who knows... I've gave up trying to understand BTC moves

[joinfree]

All these are predictions from people and i don't invest into bitcoin based on the comments and speeches of these so called crypto enthusiasts. I have seen bitcoin rise and fall for several times, i have read about this technology and know that it has a great future hence any buy order that i can afford is good to go with me because i know that after 2020 bitcoin halving i am definitely going to reap off some huge profits.

[exstasie]

I understand that there are now many waiting orders in the $6000 range making this level a very good opportunity to enter Bitcoin again and add more coins. Will you wait until Bitcoin touches $6000+ before making any move? Should we consider $6000 as the bottom of this ongoing dip?

Everyone's gunning for $6K, not just the bears but the bulls too. You know what they say: when everyone expects the same thing, it probably won't happen. Don't be surprised if we don't make it there.

We're near the "darkest before dawn" stage. The daily death cross will confirm today and there's no bounce to be seen yet. However based on experience, I think the next leg down will be the last before a major reversal.

[Oasisman]

Considering the fact that no one knows the bottom, obviously $8,000 was a good entry point. Also, knowing that the 2020 halving is making another hype, probably Bitcoin wont fall to $5,000 level again.
Wise investors starts accumulating at $8,000, I'm not gonna risk the opportunity to buy today rather than waiting for $6,000 that might have a chance to result to FOMO. Not a new scenario right?

[TGD]

We are still waiting for that confirmation. But I agree that BTC might plunge down 6k once it close the gap on 7.2k area then go deeper more. But still we can't guarantee that since BTC might show some recovery. The current price is moving sideways for 2 consecutive days so it's too early to give a conclusion on what will the possible outcome. I'm still hoping that BTC might recover this weekend to 7.7k so that this bear trend will
stop. Worst case, I'm looking at BTC price will plunge to 5.5K area. So stay safe and keep away for now on trading.

[Doell]

We are still waiting for that confirmation. But I agree that BTC might plunge down 6k once it close the gap on 7.2k area then go deeper more. But still we can't guarantee that since BTC might show some recovery. The current price is moving sideways for 2 consecutive days so it's too early to give a conclusion on what will the possible outcome. I'm still hoping that BTC might recover this weekend to 7.7k so that this bear trend will
stop. Worst case, I'm looking at BTC price will plunge to 5.5K area. So stay safe and keep away for now on trading.

agree and certainly still too early to conclude anyway in this case it still feels heavy to plunge deeper that no revelation here yet I think investors will certainly make the wall big ,we also remain calm when the spread of fud has taken place everywhere

[fabiorem]

Some time ago, any price below 12k was good.

Then, prices below 10k were a "gift".

Now, its 8k.

[romero121]

Breaking of the momentum that lasted for a much longer time period around $8000 has caused cryptocurrency users to think much about the fall in the price of bitcoin. More price predictions states that there is more chances for the price to fall low to $6500 over the falling weeks before a hard recovery reaching $15000+

Price predictions were common, but the technology gives the answer at the right time. Bitcoin most of the time gives unexpected results, this time too such incident could happen. Let's wait and experience the reality of price dropping low and getting recovered.

[sunsilk]

There is a chance but I don't want to see it coming. But Birch said a fact that under $8,000 it should be a good price to buy. And it seems that most of these people are eyeing for $6,000 as the new lowest and no argument about that because it's really possible.

At least he's telling an acceptable opinion about the price now and he's playing safe for being honest with his prediction.

[SaShiRaJaVu]

Many analysts are now saying that soon Bitcoin will be breaching the $6000 territory before the coin will have the chance for a remarkable recovery due to the coming halving next year. I don't want to believe that $6000 can be possible but I think this is now the consensus of many people so there is a big possibility for this to happen soon.

I usually wonder who are these analyst who predicts these things and my genuine doubt is that why would the market breach the $6000 to make a recovery, it is possible to hold the market with the current valuation till the halving and since everyone is expecting a rally after that everyone is trying their best to create panic so that the market goes down so that they can purchase more at a lower price .

I understand that there are now many waiting orders in the $6000 range making this level a very good opportunity to enter Bitcoin again and add more coins. Will you wait until Bitcoin touches $6000+ before making any move? Should we consider $6000 as the bottom of this ongoing dip?

Maybe these experts you mentioned earlier are waiting to enter at $6k  .

[Darooghe]

BTC Plunging to $6K before Big Recovery

I hope for this before the increase in price from next year but we all know the bitcoin bull will build a support wall to prevent this from happening. If Bitcoin drops around $6000, i can take loan from a bank to buy at least two bitcoin, because i am sure price of bitcoin in another six months will exceed $15,000.

Bitcoin has always experience bear effect and it's volatility is too high. In few hours, Bitcoin can shed $2,000 , this is too much and that why some panic traders don't like investing in it. IMO, bitcoin will go higher soon, but the price has to break the resistance at $10,800 and retraced to touch it as support. it could be clear indication of bullish market. however a lot of Resistance could hinder the price from moving upward the next resistance is at $8,800-$9,000 if its broken then the price will reach $11,000 and upper.

[wheelz1200]

Joel Birch, founder of an investment platform for retail investors, Lunar, reckons that under $8,000 per BTC is a good price for purchasing. “I can’t tell you if bitcoin is going to hit $3,000 or $4,000 or $6,000, but I can tell you, to me it doesn’t matter because I believe that any price below $8,000 is good.”

However, Birch does believe that Bitcoin price is likely to plunge further down to $6,000 before soaring ahead of the upcoming halving in May 2020. Joel Birch is the founder of Lunar and a partner at Lunar Capital which manages digital currency portfolios for investors.

More of this here...



Many analysts are now saying that soon Bitcoin will be breaching the $6000 territory before the coin will have the chance for a remarkable recovery due to the coming halving next year. I don't want to believe that $6000 can be possible but I think this is now the consensus of many people so there is a big possibility for this to happen soon.

I understand that there are now many waiting orders in the $6000 range making this level a very good opportunity to enter Bitcoin again and add more coins. Will you wait until Bitcoin touches $6000+ before making any move? Should we consider $6000 as the bottom of this ongoing dip?

I agree with this guy.  Anyone trying to pick the exact bottoms is gonna lose out.  Cost average on the way down and makes for an easier break even point.  No sense trying to figure out the market.  Just know that bitcoin will be worth more whether a month, a year or 5 years.  You can drive yourself nuts watching charts

[ecnalubma]

This is a very long opportunity grabbing then, the people who are really taking advantage of the current prices are those who witness how the price changes in just few days few years ago that resulted to Bitcoins unpredictable value which most investors didn't see it coming.

[iamsange]

If it is good news like this, i will believe it then. Because i will keep optimist about bitcoin price. And about dip, maybe it all depends on where support placed. I think this moment, that wall wouldn't get passed. And it can be dip of this price circulation for now.

[error08]

Bitcoin suddenly rebound to $8400 as I'm writing, seems really bullish but full of manipulation, whoever doing this probably the same entities who dump bitcoin recently.
The question is; will bitcoin breakout $8600 resistance level? or it just a short-term increase and bitcoin will tumble again to $7400? For average traders without connection to whales, who know? Nevertheless, It's a good time to take a bit of profits since I've accumulated bitcoin when it was at the bottom

[1Referee]

Bitcoin suddenly rebound to $8400 as I'm writing, seems really bullish but full of manipulation, whoever doing this probably the same entities who dump bitcoin recently.

It's not manupulation but many shorts being slaughtered. It just takes a nifty market mover to wait for the orderbook to be thin enough to wick the price up and trigger a massive short squeeze.

The question is; will bitcoin breakout $8600 resistance level? or it just a short-term increase and bitcoin will tumble again to $7400? For average traders without connection to whales, who know? Nevertheless, It's a good time to take a bit of profits since I've accumulated bitcoin when it was at the bottom

Considering that the price has been bought up by shorters because they were forced to, it's probably safe to say that it will not be sustained for long.

The only way for this increase to have a bullish end, is to close a daily candle above the 200EMA (~$8600) and then close a daily candle above the 200MA (~$8900). If that happens, then I'll be opening a thick fat long, or else I'll just keep my short at ~$8700 open and ride the market down.

[crwth]

Just like what others said, it really went high right now and it could be different reasons to it. And there are a lot of rumors surrounding it. What I heard is this.
 - There is a news surrounding cryptocurrencies specifically Bitcoin in China.
 - The rich people are now done in accumulation mode, probably guessing around 7k to 8k worth
 - A big player has stepped in the cryptocurrency space
 - The effect of politics in Bitcoin

I think the most possible cause could be the whales have done their part in accumulating more BTC in the price that they want. Probably it’s time to pump it again for them. Hoping everyone would get a chance to get in the trades.

[figmentofmyass]

Considering that the price has been bought up by shorters because they were forced to, it's probably safe to say that it will not be sustained for long.

i'm pretty sure that was the bottom.

the coming days will confirm, but the way everyone and their mom was planning on buying back $6ks.......this was bound to happen.

The only way for this increase to have a bullish end, is to close a daily candle above the 200EMA (~$8600) and then close a daily candle above the 200MA (~$8900). If that happens, then I'll be opening a thick fat long, or else I'll just keep my short at ~$8700 open and ride the market down.

you didn't take any profit? ouch. looks like a daily bullish engulfing and likely rejection of the death cross to me. don't wait too long to close.