Will Bitcoin Correct to $6,500?

[Bagaji]

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?

And this same method may equally dashe your hope too because the current price of Bitcoin might be the bottom for this period if care is not taken dude. You need not to be too optimistic about this market.

[Baoo]

Not really, I don't even think that Bitcoin's price will down under $ 8000 especially in this period, but probably we are not going to see unexpected developments in this month ( big dip or pump).
Furthermore, it depends on the next decisions of the whales, they are the only ones who know what's going to happen in the market, as a normal traders we have nothing to do, just watching and expecting a good news.

[Tduty]

I don't know why suddenly people are talking about dump nowadays where everyone expected Bitcoin at 10K USD. The way Bitcoin price increased for the past few weeks, I though BTC price may hit 10K USD within the first week of February, but my thoughts were wrong! Now, I saw many dumping alert! It may happen, but I don't think 6500 USD will happen again, rather I think Bitcoin price will go 8K USD to 7500, not lower than that.

[shield132]

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?

It's very hard to predict price, it may really dump or will be stable/continue rise. Chances there are really 50/50 because when we saw rise from 9k to 13k, that was a huge positive psychological factor but you know what happened, price went down dramatically. Despite the fact that there is upcoming halving, it doesn't guarantee that price will remain high until that (who knows what will happen after that but I am hugely positive that it will rise after halving).
Idk what to suggest, personally I would hold it for a while to see what happens, if it goes down to 8500 and lower, then I would sell it. Otherwise maybe worth to see whether price will reach 10K or not (+ today max price was up to 9400 usd).

[hahay]

I think even though the correction occurred but to return to $6,500 it will not likely happen because I think it is a correction that is too deep, if a large increase that might occur later then a large correction will not occur and it looks like this year's bottom value will not be below 7k. We don't know for sure the next sentiment will be higher because this year's trend can be said that the market is getting a more positive trend so I'm more confident about the resistance that will continue.

[samcrypto]

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 pump continues to bitcoin and we didn’t see major correction so far so I think $6k level is not the support level anymore, maybe the price will correct on $8k level. The up trend looks stronger now as we challenge the wall on $10k, though we failed on it but I believe it can be hit this month and hoping that correction will happen on a much higher price.

[Kelvinid]

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?

It was noticeable how the market trend goes on. You are just thinking negatively that brought you to become worried in the coming days. Though we can't neglect such thing to happen but as we can see nowadays, the price is moving high and not because it was played by whales nor a hypes it itself but it is just because people are pushing into it. The sideways can be unpredictable and yet can't be avoided but if we are prepared for it and never been bothered for the dumps and think to sell, it for sure there is no need to worry so much.

But the sad reality is that most people will get shaken with the saw the market is in red and selling our Bitcoin is not the right way to help it recover. Holding is the way we can do it avoid losses.

[Bagaji]

I don't know why suddenly people are talking about dump nowadays where everyone expected Bitcoin at 10K USD. The way Bitcoin price increased for the past few weeks, I though BTC price may hit 10K USD within the first week of February, but my thoughts were wrong! Now, I saw many dumping alert! It may happen, but I don't think 6500 USD will happen again, rather I think Bitcoin price will go 8K USD to 7500, not lower than that.

They are talking about dump because many of them might have probably miss the trend and they are trying to great fud so that market value of Bitcoin could decrease to enable them to buy at a cheaper rate pending the expected price skyrocket during the coming halving in May this year.

[Kasabus]

I don't know why suddenly people are talking about dump nowadays where everyone expected Bitcoin at 10K USD. The way Bitcoin price increased for the past few weeks, I though BTC price may hit 10K USD within the first week of February, but my thoughts were wrong! Now, I saw many dumping alert! It may happen, but I don't think 6500 USD will happen again, rather I think Bitcoin price will go 8K USD to 7500, not lower than that.

They are talking about dump because many of them might have probably miss the trend and they are trying to great fud so that market value of Bitcoin could decrease to enable them to buy at a cheaper rate pending the expected price skyrocket during the coming halving in May this year.

It's just a minor correction, what bumping alert? Bitcoin still trading at $9100 now, it's a great price compared to the lowest this year so far.
The thing is, if we reach based on the sudden price movement, that is not good, bitcoin will rise and dump but we should be looking at the overall performance and its performance this year is good so far.

[adaseb]

Nobody can tell really. I think that if we DO NOT close above $10300 then we will most likely retest the $6K area again, however if we close above $10300 on the weekly charts then most likely it will be a while until we see $6500.

We are at a critical junction, basically if we break the $10300 area it would be a higher high and this would be confirmation of many that we are again in a bitcoin bull market. And with the halving not too far off, it could mean that FOMO will start soon after because people are going to be expecting the ATH of $20K to get breached.

So just use the charts as your guide, right now there are too many people who are long and open interest is very high so its possible we might get a quick retrace at least to $8500 or so. Maybe even head lower.

[Wind_FURY]

Many of your posts are "either/or". They were "either/or" when Bitcoin was $3,500, $6,500, and still "either/or" currently. A sign that the having might NOT be priced in yet.

Buy the dip, and HODL, full steam ahead!

[KnightElite]

The deep pullback is already happen so we only expect that there will be a shallow pullback so it is impossible to say right now that the price will reset at $6500. There are now major support but if the major support broken it is only indicating that the uptrend is now finished. The price is continuing to consolidate above $9000. If it is continue then it is the proof that the market is healthy and the uptrend will continue more.

[chip1994]

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 situation now is quite difficult for the price of bitcoin to adjust to $ 6k5. When bitcoin falls in that price range, it is like an opportunity to get rich soonest. But the whales won't let you do this because you've hesitated. On the chart over the past 2 months, there have been 3 times that the price of bitcoin has reached $ 6k5 and bounced very high. That shows that the whales predicted a glorious 2020 of bitcoin because of the halving event. Bitcoin is currently at $ 9k1 and it is still very cheap, besides it has broken out important price points such as $ 7k7, $ 8k6. so we can believe that the high possibility of bitcoin's price increases over time.

[In the silence II]

$6,000 correction is not a correction, but a big drop that cannot sustain the bitcoin's value. Maybe dropping to $8,000 is possible but not $6,000.
Ill advice to not sell yours as it can pump its way up to $10,000 easily.

[buwaytress]

P.S. OP you didn't actually mention since when you've been to and fro-ing from USDT and BTC. How much have you made/lost? I never play that game, learnt my lesson a long time ago pre-Bitcoin, and only occassionally make altbuys with BTC when I feel like I could do with a spot of gambling (gasp I know trading isn't gambling, but isn't it? ).

Those voices in your head? That's your human instinct. Remember, the markets are irrational because of millions of heads with voices in them.

[Lucius]

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.

$1200 at the end of next year? That doesn't seem realistic to me, then most people expect a new ATH, and I do not know what should happen to BTC drop so low. I personally think this will never happen again, but never say never when it comes to BTC. On the other hand, I think the $100k price is pretty realistic in the next 2 years, it is just x10 from current price.

I do not believe that this virus will take that long, they say that the peak is expected in the next ten days, and then the situation should start to calm down. Most of the world is already in recession, or what is actually called a technical recession. Growth rates are just above 0, and situations like this only exacerbate the global economy even more. The great recession may have a positive effect on BTC, but we can only find out if it happens - will BTC become a safe haven, or will it sink with most markets?

[LogitechMouse]

Any thoughts?

Anything is possible in crypto world so I would say that Bitcoin go down to 6500 is still possible.

This is a game of probabilities and not certainties so the chances of this to happen is around 1-5% only. There are many indicators telling that we are in a bull run already and the momentum is shifting already from downwards to upwards indicating a bullish run. MACD is above 0 right now and the RSI is at the middle (in daily chart).

Take note that most of the investors right now are bullish on Bitcoin because of the halving that is happening in less than 100 days.

[jostorres]

If that were to happen it would mean there is a huge bear run going on and that would really cripple the bitcoin economy a lot.

We are on the verge of bitcoin halving, which means that miners would mine half the amount of bitcoins they were mining until today, even with difficulty dropping and the transactions getting more expensive etc, that would still mean that miners will not make as much revenue as they used to, that requires price to go up in order to cover the difference but even a break even point would be good for them to get over that hump.

If the price falls down to $6.5k that would mean not only they are making less revenue, they are also working for less money than they used to as well and might result with them stopping their machines and the blockchain to be clogged constantly.

[fortunecrypto]

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?

It's not good to give a price or prediction without a chart to back your claims or else you are just creating confusion, even if we can freely post our own analysis it should at least have a reason why it should go that way, in your case you did not give any, it's just a feeling that will be ignored.

[dragonvslinux]

To put it simply, this already happened, so less likely now than it was at $10K before when there were signs pointing to this amount of downside.
Now there is not the same signs pointing to $6.5K, maybe $7-8K, but just like $3.2K, I think $6.5K is unlikely to occur again.