Bitcoin can fall up to $9k or rise up to $17k - which one will happen.

[Juggy777]

According to this Cointelegraph article (link below) Bitcoin prices have the potential to reach either up to $17k levels or fall back to $9k levels, and it all depends on whether bitcoin prices can breach the $12k level mark or no, because if bitcoin prices manage to breach those levels then it has the potential to rally upwards and reach up to $17k levels.

However it’s pertinent to note that if bitcoin prices slip from the support level of $11.2k, then there’s a high probability of bitcoin prices slipping back to $9k levels.

Lastly I know that it’s really difficult to predict where bitcoin prices may head, but what are you’ll opinions on this article and which prediction do you think we will witness in the short term?.

Source:

https://cointelegraph.com/news/bitcoin-price-risks-dropping-below-10-000-if-this-support-level-fails

[Tytanowy Janusz]

Whales trapped bulls after breaking 12k resistance perfectly. After that event bitcoin looks weaker and weaker with every hour. I expect bitcoin to test 10-10.5k before even trying to go up.



Testing this trend line (and even fake breaking it to trap bears this time) is very possible. After that bitcoin can continue to grow.

[reliable]

It can fall a bit but do not expect that there should be any panic in the market. It will rise back again so on falls if it happens be ready to grab as it is the time to buy as per me and quickly it will be back again to 12k levels. So, some profits could be made in this times and traders do look for this type of opportunity when there is some volatility in markets.

[GreatArkansas]

For me, breaking below $11, 000 can be the trigger for fall upto $9 000 or below.
That is really scary, any FUD later this month could be a reason, especially we are about to close on monthly candle.
But whatever happens, either we see $17,000 or $9,000 first, we still lot of time to accumulate more.

[Slow death]

However it’s pertinent to note that if bitcoin prices slip from the support level of $11.2k, then there’s a high probability of bitcoin prices slipping back to $9k levels.

today it's been a very bad day with the price constantly struggling to stay above $11500, it dropped to 11516 and then managed to rise to $ 11594 but it shows that in the next few days the price will start to fall if it doesn't break $12000 because people get impatient when the price is stagnant for a long time. Anyway, we will see in the next few days what the price will be

For me, breaking below $11, 000 can be the trigger for fall upto $9 000 or below.

would still have to break $10500 where in the past it was difficult to break so I think it must have become a good support now

[Jating]

For me, breaking below $11, 000 can be the trigger for fall upto $9 000 or below.
That is really scary, any FUD later this month could be a reason, especially we are about to close on monthly candle.
But whatever happens, either we see $17,000 or $9,000 first, we still lot of time to accumulate more.

I don't think that we were more scare when we see the price going to $3k, and not only scary but we got all nervous and majority panic.

Well, as the saying goes, takes one step backward to go two steps forward, so it doesn't matter if you area long term holder or if you have been in the game for so long that you understand how the market moves and there's no such thing as parabolic rise. So it we are going to test $9k again so be it, I'm sure we're going to bounce back again. And I'm sure it will be another perfect opportunity for even average joe to accumulate and whales would love to see that as well. So still a win-win for us in the end.

[KTChampions]

This is another forecast in the series "the price may fall and may rise". Nothing useful )
As far as my opinion is concerned, both directions are equally probable, but the 9k level is much closer, so if I had to choose, I would bet on moving to this level.

[milewilda]

This is another forecast in the series "the price may fall and may rise". Nothing useful )
As far as my opinion is concerned, both directions are equally probable, but the 9k level is much closer, so if I had to choose, I would bet on moving to this level.

Actually a tiring up thing already where you do hear up these calls commonly or these media outlets just do post up something just for them to get some attention but actually these articles doesnt really give out something new but just a typical speculation on where an average joe can able to do so.Slipping to 9k wouldnt really be that far and to think that price would always have the tendency on crashing even way more lower that anticipated.
If it drops then buyback but is it really as it sounds? No. and now the price is tanking below 12k level but we wouldnt know on what would be the next movement neither it would go below 11k and head down to lower levels
or would simply break that 12k and go forth or would just retest this resistance one again? those are probabilities on next movement and as a trader then you should be smartly utilize it.

[Twinkledoe]

This is another forecast in the series "the price may fall and may rise". Nothing useful )
As far as my opinion is concerned, both directions are equally probable, but the 9k level is much closer, so if I had to choose, I would bet on moving to this level.

Actually a tiring up thing already where you do hear up these calls commonly or these media outlets just do post up something just for them to get some attention but actually these articles doesnt really give out something new but just a typical speculation on where an average joe can able to do so.Slipping to 9k wouldnt really be that far and to think that price would always have the tendency on crashing even way more lower that anticipated.
If it drops then buyback but is it really as it sounds? No. and now the price is tanking below 12k level but we wouldnt know on what would be the next movement neither it would go below 11k and head down to lower levels
or would simply break that 12k and go forth or would just retest this resistance one again? those are probabilities on next movement and as a trader then you should be smartly utilize it.

So bottomline, either way, one should be prepared for what's gonna happen because no one can accurately predict for what's gonna happen in the market. One good news and we will find ourselves staring how the price shoots up but if another crisis is in the corner, we will start seeing again its downfall. So we should always have contingencies in both scenarios and not trap for what is being laid to us because you have no choice on that matter.

[goinmerry]

Lastly I know that it’s really difficult to predict where bitcoin prices may head, but what are you’ll opinions on this article and which prediction do you think we will witness in the short term?.

Reading analysis even how good it was or came from a known good trader isn't the thing I always follow. There are several predictions with a good explanation that didn't happen lots of times. But I'm taking those as a reference at some of the cases.

I'm going with the flow whether the price will crash or not. But as always, I'm with the positive side.

The article shared was a good read. It looked out at some pointers that are close to happening if a certain condition will be met. Good to act as a basis on deciding what to do next especially on those newbie speculators.

[jossiel]

It is like the other articles that have a say in the price of bitcoin. In whichever level of the price we are with, the same speculations are coming from this to that. Saying that price could go as high as this xx amount and could go as low as this xx amount.

$17,000 is very plausible and it could go as lower than $9k.

Just like the old times, we get to see higher highs and higher lows or lower lows.

[hatshepsut93]

Why not both? I can totally see Bitcoin falling to $9,000, staying around there for a few weeks, then starting to rise again and reaching $17k in 2-3 months. We've seen both $3.8k and $12.3k this year, so big swings in short time are quite possible in Bitcoin, as they always were. I think in short term the market is a bit bearish, because the bullish momentum is being lost and we are now on the defensive, but that's okay.

[Free1bitco.in]

I support a prediction that says the price will reach $ 17k. although not actually reaching that price this year, I think the price will be closer to it. however, I am sticking to the increase in prices that occurred after the halving. it is likely that this price can be reached in 2021.

[davis196]

If the price stays stable at 11K USD for a few weeks a correction will happen for sure.
I don't share the opinions of the analyst,who wrote that article,about the theory that reaching 12K USD would mean that Bitcoin might hit 17K USD.Last summer(July 2019),the Bitcoin price reached 12,9K USD and after that, it went into a bear market that lasted until the end of 2019 and beginning or 2020.
I know that past performance isn't enough to predict the future price,but you can't use one prediction (12K) as a proof for another prediction(17K).

[DevilSlayer]

If the price stays stable at 11K USD for a few weeks a correction will happen for sure.
I don't share the opinions of the analyst,who wrote that article,about the theory that reaching 12K USD would mean that Bitcoin might hit 17K USD.Last summer(July 2019),the Bitcoin price reached 12,9K USD and after that, it went into a bear market that lasted until the end of 2019 and beginning or 2020.
I know that past performance isn't enough to predict the future price,but you can't use one prediction (12K) as a proof for another prediction(17K).

We have different analysis and it is the reason why I don't believe in news outlets or people who are talking about the price of the bitcoin. The price of the bitcoin managed to bounce in its current resistance which is at $11,400. There are 2 wicks there which indicating that there are people who are willing to buy in that area. I also think that the price may consolidate a little bit on that area of value.

There are 3 scenarios that may happen, first is it may go to sideways for weeks or even months. The second scenario is there will be a breakout that may happen where the price will managed and hold above $12,000 and the last scenario where the price may breakdown and create lower lows that will indicate weaknesses and will give a sign that the trend is becoming bearish.

[maydna]

Bitcoin price can fall to $9k or even lower than that, and bitcoin price can rise to $17k as we know that bitcoin can go to any price without we know. The important here is we need to prepare anything that might happen later, so we don't panic, and we can stay calm to think about what we need to do related to the current situations. Perhaps, when the price is down for more, there will be a flash dump that can happen because people panic to see the price is down, so they sell their bitcoin without think that the price will go up later.

If the price can increase again, we might see another rally to the high price, and we will see the price can break another high price. So let's wait for what will happens later.

[crwth]

I'm still looking at the long run. So upon checking the chart on a daily timeframe.



There is significant major resistance on $12000 and major support around $11200. So IMO, if one of this breaks, for example, the $12K one, it will be bullish, and it's possible to reach the $17k that you want. If $11200 is broken, it's possible to reach $9k on that rally. No one could really tell for sure, but as long as we are aware and watching the market, we could utilize and take advantage of knowing the possibilities. Don't you think so?

[bakasabo]

$17k seems unreachable imho. All we do in last 2 months is just growing. Even though there were no news or cases to stimulate this growth. Bitcoin's price just grew from 9k to 11k by itself. This can't continue all the way till $17k. I might be a pessimist, but I don't think that the price can rise up to $17k. I expect the price either be on the level of $11k, or go down and touch $10k. Really cant see any reasons for growth.

[peter0425]

Better to fall 9k again before heading to 17k$ because i have been waiting now to re enter half of my money since i have sold already some of my holdings.

I made a decision because reaching $12,300 for Bitcoin is really hard this year so when the price reached that i aggressively sold my coins and wait for the correction or downfall again because i am sure that greatness will happen either end of this year or mid of 2021.

[pooya87]

i disagree on both sides for the same reason this type of prediction was wrong when price was in $9k range.

first of all bitcoin is in a rising mode and during times like this it is a lot harder for its price to go down than it is to go up. that means going to $9k (below 2 very strong buy supports at $11k and $10k) is a lot harder than going above $12k (the resistance).

secondly so after breaking a resistance we can always expect a jump which is usually due to panic buys but since $12k hasn't been such a big resistance and not for long enough time to shape such FOMO action, a >41% rise is not possible. such jump at this point would be to $14k range (>16% rise) which is a more reasonable speculation.

we had the same situation in $9k range too. the same people were predicting a fall down to $6k (some even to $3k) with the same flawed logic. the same rules applied then and they apply now too. we could expect a fall to $8k (a small drop) but a bigger rise was more possible with the difference that $10k was stronger resistance and had lasted longer.