BTC - What next?

[Whitly]

As a BTC holder, I'm starting to think about moving a large part of my BTC to USDT.
2nd wave of COVID-19, gap on CME, SPX and news, that showing around -  creating not positive thinking about the near future for BTC and the crypto market in general (personally for me).

What's your thoughts about this situation?

[jackg]

A lot of people expect btc to drop now though so there's potential it could just keep climbing. A final puff of steam back to 12k i dont think would be unexpected at this point if we do crash also.

It's possible we drop to 8.8k levels from here but also possible they move from retail that was going into stocks, gets withdrawn in a cradh and people instead move those funds to crypto.

I guess we'll find out once the current symmetric triangle ends, I was considering shorting some of my balance to keep the rest exposed though in case we do some sort of trollish breakout. I see companies like etoro are trying to push gold atm I'm getting a lot of ads for that... Maybe some of those will move to crypto if they're bored of the low volatility.

[Smartvirus]

Following what happened in the early phase of the pandemic, a drop in price anticipation is in due course but then, this time, there is a difference. Noting from the part that, much haven't been discovered about the Covid19 and a lot of measures were yet to be adopted to tackle the pandemic resulted in the catastrophic drop as people who owned cryptos seemed to make a lot of withdrawal.
But this is not the case as before, with a lot on ground, things are surely going to move smoothly. People will continue to be out for work maybe following a particular scheme so, activities is sure to go on almost normal. Even if, Bitcoin and other Altcoins were to drop in value, it's going to be very slightly and then upon stability, your sure to expect a quick boost.

[Reid]

But it did overcome the 1st wave.
So what are your worries?
It might have been dumped during the increase of tested positive Covid-19 related disease but Bitcoin is still in a strong path right now.
IMO, it might just be a panic.
We might feel the economy going down first before we could tell that Bitcoin will surely fall at a huge amount of value. 

[adaseb]

The issue right now isn't with second wave of covid19, most likely this is already priced in the markets. Eventually there will be a vaccine in months so even if people are in lockdown again, most likely it will be temporarily and not cause as much panic as before.

The larger issue is the presidential election which is going to take place soon. The stock markets will be on its knees for the result of the election and whchever way the market will go, crypto will quickly follow it.

So if Biden wins, the stock  market might have a sell-off and crypto will follow. Could take months or years for the stock markets to reach the highs it touched a while back. If Trump wins I am expecting a more bullish event and BTC and stock markets should rally.

[maydna]

That is a complicated chart for me.

I am sure many people are still waiting for the bull to comes to the market. But if the bull doesn't come after this, and it could lead to another drop in the price, we can buy more bitcoin at a low price. Even my friends say that the bitcoin price has the opportunity to go down below $9k if the support still not comes to bitcoin. This time, I am trying to prepare my money to buy bitcoin, just if the price goes down to that level price because we are not at the weekend. But if the price still is like this, then that will not be a problem for me because I hope the price will start to increase in the next week.

[piebeyb]

It won't really hit below $ 9k again, the price will continue to get close to above or below $ 10k but won't go far from that figure until the end of the year when the market really turns bullish, your analysis is pretty good sometimes a lot of things to take into account. Analyze, I analyze it that history will repeat itself, we won't go down below $ 9k again until next year it's at least just pause and continue the rally

[sunsilk]

I've never thought of it to happen immediately. If you have a lot of time to check the markets from time to time, you can do it if you see the sign of its drop.

But, I won't shift to USDT to retain its value. I'm pretty much confident that whenever it drops, the recovery is quicker to backup that. All the possibilities is there and I understand the worry of OP. Thanks for that chart.

[cryptomaniac_xxx]

There has been reported of second wave already, South Korea for once, and then UK but the price didn't move a bit and there are reports that we might close or did close the last quarter very strong. I agree with @adaseb, the US Presidential election might have a big impact specially if Biden won. So I expect that stocks market will seen a massive dump and then follow by crypto (correlation). So it's really up to you whether to hedge against USDT or just ride along if and HOLD if ever the market crashes because of the US Presidential election next month.

[Fundamentals Of]

The news right now are not even enough to pull down the price of Bitcoin lower than $10,000. This is enough sign for me that Bitcoin is strong. You have cited reasons why Bitcoin could actually fall down. I agree; we are on bad times right now. The circumstances surrounding our lives right now are not that good. But I am amazed at how Bitcoin is strongly keeping its 5-digit price. So I am feeling positive that the coming months will be better for Bitcoin. If I were you, I'd rather keep my BTC intact.

[Johnyz]

We are so near to end the sideways trend and break the resistance level, I know the bottom was hit already and the time for a pump is about to come. The next trend will become more powerful in terms of volume, remember that we are on a last quarter of 2020 and we all want to end this year on a good level with bitcoin, the next up trend in the next big thing.

[Febo]

As a BTC holder, I'm starting to think about moving a large part of my BTC to USDT.

You bought BTC with a reason. Ask yourself if that reason still exist. If it does then do nothing. If it dont exist anymore then sell Bitcoin.
Usually thoughts as yours appear to people that exposed them self to much to Bitcoin. That is not healthy, so I would definitely advise you to reduce your exposure to Bitcoin and invest your wealth in more other things.

[mindrust]

Anything is possible with crypto.

Don't act in panic. If you have unrealised profits, then this might be your chance to collect them before something bad happens just like you predicted.

I also believe we haven't done with Covid19 yet and there is more to come.

[JL0]

Do we have a chance to fill the CME Bitcoin Futures gap ?

[Gozie51]

From your chart there. I see a good spike candle that by analysis and all being progressive and good, that can be a bull forming gradually.
And with the area, what next is a positive hodl .
I don't expect much panic sell with the second visit of covid-19.

The price is now at $10,745 and still showing $11,000 on sight.

[Lucius]

When I read a question like this then I know that the person who asked it is not a true believer in Bitcoin, although I fully understand that there is a justified fear that something bad can always happen. Bad things have happened before, although I say that it can always be worse and that nothing should surprise us, especially when it comes to Bitcoin.

If someone has a feeling that the BTC will drop significantly, and that it will remain low for a long time - then it is logical to keep the value in a stablecoin or just convert to fiat, and then buy everything back at the bottom and thus profit.

For me personally, the future of Bitcoin looks very good, but I am a long-term holder, and I am not too interested in what will happen in the next few months.

[emrecemsan]

Bitcoin has been stagnating for a long time. The expected increase after the Halving did not happen. I think COVID-19 plays a role in this. The way it is going for a little longer, people may get bored and start turning to cash. As a consequence, this lowers the price of bitcoin.

[Upgrade00]

Bitcoin has been stagnating for a long time. The expected increase after the Halving did not happen. I think COVID-19 plays a role in this. The way it is going for a little longer, people may get bored and start turning to cash. As a consequence, this lowers the price of bitcoin.

I don't think people genuinely expected an immediate increase to happen right after the halving, except investors simply looking for a quick profit. That is not how the market works, pre-halving was seen as an opportunity to get in at a much lower price (below $10k) and prepare for a bull run within the next months which would range into a year or two depending on market factors. If there's no significant push in about May next year, which would be 12 months after the halving, then most would be bored and start to seek alternative investments.

Covid 19 played a role, as it caused economic crisis, limiting the amounts people had to invest in assets like bitcoin. It however also exposed frailties in fiat pushing people to seek an inflation resistant asset.
I don't see people switching back to fiat, even though the market remains sideways for a much longer time, that would be a bad decision and such investors would likely try to get back into Bitcoin later on, using a more devalued fiat against as asset with a growing value, which could lead them to get caught in a bull trap.

[Lucius]

I don't think people genuinely expected an immediate increase to happen right after the halving, except investors simply looking for a quick profit.

It wasn't that long ago, so I remember very well how convinced some were that halving would change something in the short term, and that was helped by the media with completely wrong information. But what to expect from the vast majority of investors who do not know the difference between Bitcoin and blockchain and what halving actually represents in technical terms - so I read that halving actually reduces the total amount of BTC by half every 4 years, which is of course a completely wrong interpretation.

I don't see people switching back to fiat, even though the market remains sideways for a much longer time, that would be a bad decision and such investors would likely try to get back into Bitcoin later on, using a more devalued fiat against as asset with a growing value, which could lead them to get caught in a bull trap.

I have no doubt that this is exactly what will happen, identical to what happened at the end of 2017 - most still do not want to invest in the long run, and in fact do not realize that they can profit the most in this way, not only because of lower BTC prices, but also because of lower transactions fee which will surely change in the event of a new big bull run.

[traderethereum]

Next week, we hope that bitcoin price can back to the high price and break $11k because this hour, bitcoin price seems trying to break $10,900.
Hopefully, the price can break that price and stay for a while on that price, or the price will have a chance to break $10,900 or $11k soon.
The bitcoin price looks been forced to go down again because the red candle still pushes the price down.
I hope that the bitcoin price still has power and can hold on to that price.
But if bitcoin price can not hold it, we will see another adjustment again, so prepare yourself.