Will Bitcoin Correct to $6,500?

[olumyd]

I've been in-between moving back to USDT and hodling my Bitcoin in the hopes it may reach the psychological price of $10,000. But this voice in my head that just won't go away says, a heavy dump to $6,500 is on the way. I just hate to get my hopes up high and then dashed again.


Any thoughts?

[jackg]

To me a drop to $6500 isn't really that far... From $9k to $6k, sure its a considerable drop but would you be happy to sell now and have it go to $15k? You're going to have to work out where you'd buyback if we swing up? (potentislly around the 11k area) and what if you still have these thoughts then? Are you going to risk holding everything to have to buy back at 15k or 20k? (if we make it thst far).

[bitbunnny]

To me a drop to $6500 isn't really that far... From $9k to $6k, sure its a considerable drop but would you be happy to sell now and have it go to $15k? You're going to have to work out where you'd buyback if we swing up? (potentislly around the 11k area) and what if you still have these thoughts then? Are you going to risk holding everything to have to buy back at 15k or 20k? (if we make it thst far).

6500$ isn't that far but isn't that close either. Corrections are possible, even expected, but fall to 6500$ would be a rather significant so I don't think that will happen so soon. In the next correction that might follow in the next week or two I don't expect to see price lower than 7000$.

[criza]

No, I think the value of Bitcoin would not dip too far into $6,500. Bitcoin's price would only struggle close to a $9000 value in the present, halving is coming so it is more possible for it to continue to increase as the day goes by. But, regardless of the current standing of Bitcoin in the present, all possibilities are feasible and we must always take extra care.

[sunsilk]

If you trust your intuition then go ahead but I say that just be prepared for everything. Be prepared if the price pumps continually or if there's a slight dump in the next few days. But to be honest, everybody is expecting that we're not going that far anymore.

The price is kind of far from that price you're trying to look at. The halving is approaching and it's expected that we're increase more than 25% for the next few months because it was the increase last month.

[Kasabus]

Don't loss that possibility in your mind but at the same time think of what good things could possibly happen based on the price are moving now.
Bitcoin was up significantly so far and thanks to the hype in the upcoming halving and since halving is still months away, I think bitcoin will still continue to soar and I would not think of its correction down to $6500 again.

when talking about correction, I guess we heavily experience that in the past years especially in 2018, so it's nice if bitcoin will not go down to that direction again so it could also help the whole market to slowly grow.

[figmentofmyass]

I've been in-between moving back to USDT and hodling my Bitcoin in the hopes it may reach the psychological price of $10,000. But this voice in my head that just won't go away says, a heavy dump to $6,500 is on the way. I just hate to get my hopes up high and then dashed again.

Any thoughts?

reaching the $6000s again looks unlikely to me. there was a weekly double bottom there, and also a monthly dragonfly doji---an indication of bullish reversal. https://commodity.com/technical-analysis/dragonfly-doji/

based on just about any metric, the uptrend since mid-december is also significantly stronger than the bull traps from last july, august, and october. everything suggests a new bull market IMO. it's just that price doesn't go up in a straight line---there will be plenty of pullbacks along the way.

dropping to the $8000s and testing important levels like the 200dma is probable. i could even see a quick flush to the upper $7000s. but the $6000s are completely off the table IMO.

[Kemarit]

I've been in-between moving back to USDT and hodling my Bitcoin in the hopes it may reach the psychological price of $10,000. But this voice in my head that just won't go away says, a heavy dump to $6,500 is on the way. I just hate to get my hopes up high and then dashed again.


Any thoughts?

If the price is around $8000-$8500 today, then probably, chances are we might re-test $6000'ish. However, the $9000 support level looks very solid and the moment it will goes down a few %, someone is buying it up and put the price into perfect equilibrium.

So I'm not seeing $6500, unless there's some massive FUD around causing people to panic and newbies buying the FUD and pushing the sell button immediately. We might be indeed entering a bullish cycle as early as January already in preparation for the eventual halving in May.

[jiten12344321]

I've been in-between moving back to USDT and hodling my Bitcoin in the hopes it may reach the psychological price of $10,000. But this voice in my head that just won't go away says, a heavy dump to $6,500 is on the way. I just hate to get my hopes up high and then dashed again.


Any thoughts?

According to me after reaching and breaking 9000 BTC becomes the stronger and the resistance of 9000 become the huge support of bitcoin so this is not easy to break now but let's see what happens.

[mk4]

If you're not sure what's going to happen, then the right move would probably to hedge your bets. Can't decide between USDT and BTC? Then probably put 50% on each instead. Even if we're a few months away from the halving, prices are still not guaranteed to rise so act accordingly.

[nydiacaskey01]

I've been in-between moving back to USDT and hodling my Bitcoin in the hopes it may reach the psychological price of $10,000. But this voice in my head that just won't go away says, a heavy dump to $6,500 is on the way. I just hate to get my hopes up high and then dashed again.


Any thoughts?

From current price of $9,200 down to $6,500? That's roughly 29% difference. If that happens I don't think we can call that correction but someone or a group dumped heavily to cause panic and buy more at lower price. if its correction, maybe a 10% to 13% drop from current price is possible. Try using stop loss to protect your investment in case a heavy dump happens and you are not in-front of your PC.

[philipma1957]

If you're not sure what's going to happen, then the right move would probably to hedge your bets. Can't decide between USDT and BTC? Then probably put 50% on each instead. Even if we're a few months away from the halving, prices are still not guaranteed to rise so act accordingly.

Good advice.

As for 6000-6500  happening.

Well  

415 dec-2015
447 jan-2016
379 feb-2016............................ feb-2020 about 95-100 days before  ½ ing
419-mar-2016
421-apr-2016 95-100 days before  2016  ½ ing
452-may-2016
577-june-2016

647-jul-2016

587 8/11/2016
605
640
714
767
785  jan-2017
1008 feb-2017


we look okay based on past preformance.

Not sure that the past  ½ is the same as this one so hedging is okay.

[The Sceptical Chymist]

OP, what were you doing when bitcoin was recently at $6600?  Were you buying then?  It sounds like you're starting to get a little bit of fear of missing out mixed with a little fear of losing money. 

Yes, bitcoin could drop back down to $6500 or any other price you could come up with in your head.  However, from all indications it seems like there's been a lot of buying lately and the overall mood is pretty good, so I would expect any drop to be temporary.  As long as you're not investing money that you're going to need for expenses, I'd say keep your funds in bitcoin rather than USDT.  If the price goes higher than where it is now, you'll be wishing you did just that.

[Wexnident]

6.5k? Even if it does go down that far, signs would most probably appear beforehand, enabling you to act accordingly after that. There isn't really a need to sell right now.

But if your more on the safe side, wanting to maximize the current profit you could take, sell your coins. If you want to maximize your profit no matter what, there are two choices. One, do daily trading, take advantages of pumps and dumps and profit daily. Two, long term investment, but the profits made there are still quite unclear yet.

OPs problem is more of a need of something to push you through in making a decision, but since you've started thinking of a possible drop, better sell it than regret it.

[Beparanf]

There is still possibility that it will drop by that amount but not maybe before halving. I remember buying some bitcoin when the price reached around 6k and I will choose to buy more again if the price will reach that amount again. It's good to expect and put high hopes that price will continue to increase but know that there is always a tendency for the amount to alter in this very volatile market. Jusf watch the market and take advantage of the time that the price may declined to buy again or simply wait till you get your desired profit.

[Jating]

There is still possibility that it will drop by that amount but not maybe before halving. I remember buying some bitcoin when the price reached around 6k and I will choose to buy more again if the price will reach that amount again. It's good to expect and put high hopes that price will continue to increase but know that there is always a tendency for the amount to alter in this very volatile market. Jusf watch the market and take advantage of the time that the price may declined to buy again or simply wait till you get your desired profit.

Of course there's a possibility to see the price hitting $6k ceiling again as we all know that in a blink of an eye, this market can go on a downward spiral. Yeah, you better try hedging 50/50 and see how it goes for you.

We all don't want to get disappointed, we wanted to see the price hitting 5 digits again, but if you're not that comfortable and feeling a bit nervous about it, the best thing to do is to leverage. Best of luck to your decision.

[peter0425]

I've been in-between moving back to USDT and hodling my Bitcoin in the hopes it may reach the psychological price of $10,000. But this voice in my head that just won't go away says, a heavy dump to $6,500 is on the way. I just hate to get my hopes up high and then dashed again.


Any thoughts?

so that is only based on your instinct?is that what you mean here?if does then better check also the speculation section in which mostly in Wall Observer thread.

https://bitcointalk.org/index.php?topic=178336.0

there check the posts given by those crypto experts and don't just automatically believe in your mind.

[arwin100]

I've been in-between moving back to USDT and hodling my Bitcoin in the hopes it may reach the psychological price of $10,000. But this voice in my head that just won't go away says, a heavy dump to $6,500 is on the way. I just hate to get my hopes up high and then dashed again.


Any thoughts?

If you are afraid for another dip to come then maybe hodling is not best for you since you will get stress out when certain red days comes and I suggest that you should do a day trades since by this you can monitor your profits and capitals. But if you can afford to risk anything then hodling game is good for you since remember we have halving and this events are good times for crypto so it's up to you if you want to risk or not but remember all hodlers earn more money before compare those people who dump earlier.

[pooya87]

first of all lets get one thing straight, going from $9500 down to $6500 is not called a "correction" that is called a big market crash since it is more than 30% drop.

now that the terminology is corrected we can discuss it better. a crash of this magnitude during a time where price is already on the rise and market is ready for it too is not possible out of nowhere and for no reason. we need some massive FUD and a large market wide panic for the market to crash that hard!
not to mention that we already have multiple strong buy supports (barriers) that would prevent such a crash at $9k, $8.5k and biggest of all $8k.

[Pamadar]

I've been in-between moving back to USDT and hodling my Bitcoin in the hopes it may reach the psychological price of $10,000. But this voice in my head that just won't go away says, a heavy dump to $6,500 is on the way. I just hate to get my hopes up high and then dashed again.


Any thoughts?

If you are afraid for another dip to come then maybe hodling is not best for you since you will get stress out when certain red days comes and I suggest that you should do a day trades since by this you can monitor your profits and capitals. But if you can afford to risk anything then hodling game is good for you since remember we have halving and this events are good times for crypto so it's up to you if you want to risk or not but remember all hodlers earn more money before compare those people who dump earlier.

Deciding really tough when you are between your dream and your doubt. It's best to split so whatever direction this market will proceed you'll have a good position that will bring consolidation to your investment.
If you ain't sure then wisely pick to balance the situation and give yourself some peace of mind.