Will Bitcoin Correct to $6,500?

[dhondiet]

I don't think that bitcoin has a chance to fall to 6500. Judging by the current trend, I can say that in the near future the price will gradually increase.

[Oasisman]

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?

The chances for a dump this year is very slim. As you can see the investors were so hyped because of the Bitcoin halving that are trying to accumulate as much as they can. The past 2 halving's outcome has become the trend up to this very moment, while Bitcoin is gradually crawling back to a 5 digit figure. Absolutely no obvious sign of a dump.
If it happens to dump down to that level, then that's still good for accumulation.

[Wind_FURY]

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?

YES! Buy the dip and HODL. Don't trade, just HODL all the coins you have in store now, and get more fiat to buy more.

It's time to be inspired/motivated to get a job, or a second job, to invest in something that maybe, MAYBE, will go to 6 digits within 5 years.

[mk4]

I don't think that bitcoin has a chance to fall to 6500. Judging by the current trend, I can say that in the near future the price will gradually increase.

I also think that the price would gradually increase in the long term, but it definitely has a chance to drop to 6500. I mean, the floor of the bull market of 2017 was around $3000; what is 6500? 6500 isn't that far off. I wouldn't even be surprised to be honest.

[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?

The chances for a dump this year is very slim. As you can see the investors were so hyped because of the Bitcoin halving that are trying to accumulate as much as they can. The past 2 halving's outcome has become the trend up to this very moment, while Bitcoin is gradually crawling back to a 5 digit figure. Absolutely no obvious sign of a dump.
If it happens to dump down to that level, then that's still good for accumulation.

Agree with that since in every halving we can see the price always goes up as per charts below shows.

So better we should bare more confidence since the next halving round is nearly coming and since all past rounds gets a good result so there's no question for this year's month that we can see another good sets of pumps until the price reach for another ATH or maybe closest to the past ATH.

[YuginKadoya]

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?

The chances for a dump this year is very slim. As you can see the investors were so hyped because of the Bitcoin halving that are trying to accumulate as much as they can. The past 2 halving's outcome has become the trend up to this very moment, while Bitcoin is gradually crawling back to a 5 digit figure. Absolutely no obvious sign of a dump.
If it happens to dump down to that level, then that's still good for accumulation.

Agree with that since in every halving we can see the price always goes up as per charts below shows.

So better we should bare more confidence since the next halving round is nearly coming and since all past rounds gets a good result so there's no question for this year's month that we can see another good sets of pumps until the price reach for another ATH or maybe closest to the past ATH.

I really think we should need the confidence in trusting Bitcoin more because this is what has always bitcoin does, the correction is pretty normal, but a sudden flickering down movement of Bitcoin will surely cause a few waves of panic from weak holders, I know this is what OP is thinking right now because the movement upward had turned to a downward slope but as you have said the halving is near and that trust in that even can certainly make a go to another ATH.

[Kimi80]

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).

Traders with experience never sell ALL, there always stay a possibility, especially with crypto, that the price will continue to drop or to raise. When the maximum or bottom will be easy to seen then they will sell or buy, depends on the target they, traders, follow.
I do not know how bitcoin will behave itself in coming days and I am not sure about any "psychological" numbers as well. I am ready for everything.

[exstasie]

As a general rule: when a support level keeps getting hammered, it's probably going to fail. If the market returns to $6,500 again, it's probably going much lower, possibly into the $5,000s to the 200-week MA.

Fortunately I don't think we'll see $6,500 again. My contention is the market is experiencing downward pressure on the daily time frame, but strong upward pressure on the weekly and monthly time frames. The higher time frames will win out in the end.

These are areas of interest if the bottom falls out of this current sideways:

[Lucius]

Any thoughts?

The current situation is very unpredictable, just last month we had a price of $6500, and I think the trend can be reversed in both directions with. I may be wrong, but halving is still 3.5 months away, and I think there will be at least 2-3 more significant falls in that period, but by that I mean drop up to $1000.

It should be borne in mind that it is impossible to predict any bad news involving exchange hacks, or that someone decides to dump a big number of BTC at once. I wonder if those who intended to buy as much BTC at a lower price are happy with the quantities they have, or they will try to manipulate the market while it is still possible (in an easy way).

OP, if you have that voice in your head, maybe you need to react before it's too late. After all, it's about your money.

[Latviand]

There is a possibility but if ever the price will be corrected to $6,500, that won't be that much of a problem because it will again increase within a period of time simply because that is the nature of the market volatility, so there's really nothing to worry about.
Also that would be a good opportunity for investors to engage into investing to bitcoin. If you are not new in this industry, you would get my point. Only the new ones do panic the most whenever the market price is falling. As a holder, I do tend to compare the present market price from its price in the past to lessen the stress backdrops is giving.
In such way, i am confident still for the 'comeback'. It is just a matter of investor's mindset. But for now, calm down, as we wohld observe the behavior of the market price of Bitcoin, things are going well.

[shoreno]

thats what your instincs say so better you follow that  but its not also bad to have a high hopes . that only means that you are an optimistic person which is good when compare to person that does not hope too much because it only shows that they are weak or not have an ambition on thier life . to the original question if bitcoin will correct ?  id say yes btc always correct but i hate to say it will correct on the said price.

[Reid]

It can happen but I don't really want to be pessimistic when there is an event that is going to happen.
It is not going to be a correction but a full of people dumping their bitcoin with the same thought as you.

You are not alone who want to sell their bitcoin.
Some long term traders there might be getting ready to do that.
I hope not.
If there is a lot of profit for a large of number of people who are trading then I bet it will be one full wave of a dump.

[skarais]

Bitcoin is a very volatile asset in the context of its price. The rise or fall of the price of bitcoin is influenced by demand and supply on the exchange and it will forever apply. I have no doubt that bitcoin also has the potential to fall to touch the price of $6000, but at least I am sure that will not happen in the near future.

The hard thing about trading is controlling your emotions and doubts about the price of the traded asset. Without careful analysis and planning, that feeling will make us more afraid of loss, but I think this is something that is often experienced by traders in general.

[justdimin]

I don't think so. Correction is something that is under 10%, which means with a $9600 price at the peak of this month, we can say that the correction could be at most 900 dollars or so, which comes down to $8.7k price rate and that's fine, if we stay above $8.7k I would keep calling it a correction as long as we are higher, however as soon as we start to go further down that is not a correction anymore.

The price of $6.5k suggest that wouldn't be a correction, it would literally be a bear run and it would mean the price is bottoming out. Look at the prices in the past 1 year, we haven't touched $6.5k price for a long long time now and not frequently in the past 1 year neither, so that would be a super bear run that would reach a new all time low for the past 300 days or so.

[$crypto$]

Believe me the price of bitcoin will not correct to the price of $ 6500 it really must be because bitcoin is pretty good at the current price, so only $ 9k is a good correction. See the movement on the chart.
In February is a good key where bitcoin has started to increase. $ 10k will become a target this month and make bitcoin a real recovery.

[worle1bm]

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?

I follow one big trader on Twitter and most of the times, his predictions are spot on. He posted a tweet yesterday warning his followers that huge dump is coming this week. However, I don't like to believe others and most of the times I do my own research but this time I think he's right. But $6500 is too low. If we remain anywhere above the mark of $8700, we can sustain this dump. The price will cross $10K this month for sure. We will see $10000 earlier than $6500, believe me.

[Juggy777]

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.

@pooya87 that’s an eagle eyed observation and I’ll admit that I too would have missed correcting him, and now moving on I don’t expect bitcoin prices to crash because of the global uncertainty that we’re witnessing around us. Though I’m expecting small fluctuations in bitcoin prices, and when that happens one should buy on the dibs because bitcoin prices may once again shoot up due to growing fear of Coronavirus.

https://edition.cnn.com/2020/02/01/investing/bitcoin-prices-coronavirus/index.html

https://www.forbes.com/sites/billybambrough/2020/02/03/coronavirus-fears-could-see-bitcoin-explode-in-value-as-china-markets-plummet/

[AakZaki]

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?

I'm not sure the price of Bitcoin will fall to $6500 again, if in the next few days bitcoin has decreased it's part of the correction.
I know the lowest bitcoin support at the price of $5900 but I'm not sure that can be achieved, even I'm more sure if the price of bitcoin will soon reach $10,300 this month.

[Febo]

Will Bitcoin Correct to $6,500?

I know someone that believes it will go to $1200 at end of next year.  At same time that many others predict it will go over $100.000.


Some are saying that coronavirus if spread wider can cause recession.  If we get hit by huge recession right now price of Bitcoin can go way way under $6500.

[keyscore44]

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?

I have the same feelings. The market looks like it has stabilized and is beginning to accelerate to the new bull run, but it's hard for me to believe that there will be no big dump before halving. I think that level $6500 is still very much possible. It would not be a big surprise for me if by mid-year the price dropped even to $5000 for a while. For a long-term investment, it is better not to risk exit to the USDT, but if someone play short-term, should be very vigilant in the coming weeks.