Bitcoin bullrun and correction period

[TitanGEL]

The yesterday's candle is seems like the market is indecision between bullish or bearish, I think the following days will be crucial because it is either piercing the ATH or there will be a correction that may happen. I would like to see some correction and small consolidation first before breaking the ATH in order for the price of the bitcoin to become stronger where there will added momentum. Correction into $16,000 is the most ideal scenario right now but I still waiting for confirmation because the last candle seems like a doji with just small body where it also considered as indecisive.

[bbc.reporter]

After the price crossed the 2013 ATH in early 2017, the bubble lasted for about a year.

We haven't even crossed the 2017 ATH yet. It's way too soon to be talking about the next bear market!

I speculate that there might never be a real correction period as long as Tether is driving this market to new a high.

iFinex might be printing the USDT, store it in their treasury and later loan them out to exchanges.

Ah, bbc.reporter and his Tether theories.

People said that in 2017 too. Tether's market cap ballooned from $7 million to $2.2B during 2017. Nevertheless, the 2017 bubble still popped and BTC declined 84% less than a year later. What is different this time?

Hehehehe yes I watch to much movies. There can be some validity to what I say, however.

What would be different for the 2020s? People of iFinex, Tether  will print 10x more USDT, for longer durations, and loan them out for as long as the exchanges borrow more.

Also, they do this under no regulations.

[LUCKMCFLY]

Bitcoin has been so bullish from last couple of week and this is exactly how 2017 bullrun started and as we discuss this Bitcoin has already crossed $17k, so are we ready for bullrun and a possible correction period post Bullrun?

Last time we were not ready for correction period as a result many sold bitcoin lesser price our of panic which creates more negative impact, will it be different and mature response from users this time if similar thing repeats? Kindly share your opinions.

It is very normal that we wait for a correction period, when there is this type of rise in the market, corrections usually appear so that some traders are used to buy some altcoins, also for those whales to sell and buy again. You just have to wait and see how steep the correction can be.

Many panic, it is normal, news begins to come out that will fall much more in price. Some weak hands sell because it is their nature, while the smart investor takes the opportunity to continue buying Bitcoins.

[Reatim]

Bitcoin has been so bullish from last couple of week and this is exactly how 2017 bullrun started and as we discuss this Bitcoin has already crossed $17k, so are we ready for bullrun and a possible correction period post Bullrun?

Last time we were not ready for correction period as a result many sold bitcoin lesser price our of panic which creates more negative impact, will it be different and mature response from users this time if similar thing repeats? Kindly share your opinions.

It is very normal that we wait for a correction period, when there is this type of rise in the market, corrections usually appear so that some traders are used to buy some altcoins, also for those whales to sell and buy again. You just have to wait and see how steep the correction can be.

And also a good timing is needed,because sometimes correction happens so fast and before we noticed this the price are increasing again so better open our eyes wide and look deeply  for exact Buying and selling action.

Many panic, it is normal, news begins to come out that will fall much more in price. Some weak hands sell because it is their nature, while the smart investor takes the opportunity to continue buying Bitcoins.

Actually Those FUDs are paid to create panic ,but people nowadays are stronger and not that affected with those Bad news instead this gives them idea that Bull is coming as negative news starting to spread.

[adaseb]

After the price crossed the 2013 ATH in early 2017, the bubble lasted for about a year.

We haven't even crossed the 2017 ATH yet. It's way too soon to be talking about the next bear market!

I speculate that there might never be a real correction period as long as Tether is driving this market to new a high.

iFinex might be printing the USDT, store it in their treasury and later loan them out to exchanges.

Ah, bbc.reporter and his Tether theories.

People said that in 2017 too. Tether's market cap ballooned from $7 million to $2.2B during 2017. Nevertheless, the 2017 bubble still popped and BTC declined 84% less than a year later. What is different this time?

Hehehehe yes I watch to much movies. There can be some validity to what I say, however.

What would be different for the 2020s? People of iFinex, Tether  will print 10x more USDT, for longer durations, and loan them out for as long as the exchanges borrow more.

Also, they do this under no regulations.

I don't think the tether prints really mean as much as they did back in 2017. A few months back we got huge tether prints and price did nothing, basically traded sideways or went down. Sure sometimes we get some $150 million tether print and we get an uptick but there could be many reasons for it such as some institutional buying.

There was that guy that bought like $500 million worth of BTC at $11111, and there are many others like him. Today on the news there was some Mexican billionaire who owns like 10% of his net worth in bitcoin. That and along with tons of other investors. Hence its not always tether prints which drive up the price.

[chaser15]

What fundamentals are responsible for this bull run ? We are seeing 1000$ increase in the price of bitcoin every day so the big question is who is buying bitcoin in 16000-18000$ range ? Are they the retail investors , institutional investors or the bulls themselves buying and keeping the price up ?

Maybe this: PayPal Removes Waitlist for New Crypto Service, Boosts Weekly Purchase Limit to $20K

“Due to initial demand from our customers, we’ve also increased our weekly cryptocurrency purchase limit from $10K/week to $20K/week,” PayPal spokesman Aaron Gould said Thursday.

That was for the US alone as per the article.

Because of the heavy demand, Paypal increases their weekly purchase limits.

[$crypto$]

Bitcoin has been so bullish from last couple of week and this is exactly how 2017 bullrun started and as we discuss this Bitcoin has already crossed $17k, so are we ready for bullrun and a possible correction period post Bullrun?

Last time we were not ready for correction period as a result many sold bitcoin lesser price our of panic which creates more negative impact, will it be different and mature response from users this time if similar thing repeats? Kindly share your opinions.

It is very normal that we wait for a correction period, when there is this type of rise in the market, corrections usually appear so that some traders are used to buy some altcoins, also for those whales to sell and buy again. You just have to wait and see how steep the correction can be.

Many panic, it is normal, news begins to come out that will fall much more in price. Some weak hands sell because it is their nature, while the smart investor takes the opportunity to continue buying Bitcoins.

Correction is needed in every period but remains in a calm position sometimes we draw wrong conclusions and basically panic occurs which makes them weak easily deceived by bad news about price declines, therefore we must be smart in processing and how when the market is trending.
Remember now that many predictions are too over the limit so this could lead to their confidence in the investment that will be faced, whether they will buy or wait for a correction because this is where we worry can happen to you.

[judaspriest]

the bullrun period is running, you don't need to worry, even though there is a correction,
I guarantee the Bitcoin price will be above $ 19,000 in the next few days,
currently it's still waiting for Fomo and if Fomo comes then the pump will happen again, just hold Bitcoin.

[Wysi]

the bullrun period is running, you don't need to worry, even though there is a correction,
I guarantee the Bitcoin price will be above $ 19,000 in the next few days,
currently it's still waiting for Fomo and if Fomo comes then the pump will happen again, just hold Bitcoin.

Whatever investment Bitcoin has received since it crossed $15,000 is due to Fomo and even those investment which Bitcoin will achieve until correction period will all be Fomo. But I would advise you not to guarantee anything since it's crypto at the end of the day and the only thing which can be guaranteed is the fluctuations and volatility. I understand that some might disagree with my choice of words but it's my personal opinion based on last couple of year's trend.

[dunfida]

the bullrun period is running, you don't need to worry, even though there is a correction,
I guarantee the Bitcoin price will be above $ 19,000 in the next few days,
currently it's still waiting for Fomo and if Fomo comes then the pump will happen again, just hold Bitcoin.

Whatever investment Bitcoin has received since it crossed $15,000 is due to Fomo and even those investment which Bitcoin will achieve until correction period will all be Fomo. But I would advise you not to guarantee anything since it's crypto at the end of the day and the only thing which can be guaranteed is the fluctuations and volatility. I understand that some might disagree with my choice of words but it's my personal opinion based on last couple of year's trend.

We do all have our own opinions and it might be right or might be wrong it doesnt matter since this is a speculative market.Correction is inevitable and we cant really say that his is just because we
had some FoMo here but we cant really blame out people not to think that those things that happened in the past will happen again for this year.For now we should really
be careful towards our investment decisions neither we do set up some goals on when to sell or we do decide to go for long term.
Not all would have the same mindset but talking about market corrections then it can happen anytime.

[sayaya17]

Last time we were not ready for correction period as a result many sold bitcoin lesser price our of panic which creates more negative impact, will it be different and mature response from users this time if similar thing repeats? Kindly share your opinions.

The correction in the middle of the bullrun is common because it is already overbought, if it already understands this should investors have mature thinking,
because bitcoin charts are bumpy, not straight. In general, high RSI reinforces the idea of a price drop. Oversold and overbought is a reference for an investor
and trader when someone is entry, or vice versa. Especially for long-experienced investors, a correction in the middle of the bullrun is commonplace for bitcoin
and other crypto currencies.
Panic sell will only be on the mind of a beginner.

[bbc.reporter]

After the price crossed the 2013 ATH in early 2017, the bubble lasted for about a year.

We haven't even crossed the 2017 ATH yet. It's way too soon to be talking about the next bear market!

I speculate that there might never be a real correction period as long as Tether is driving this market to new a high.

iFinex might be printing the USDT, store it in their treasury and later loan them out to exchanges.

Ah, bbc.reporter and his Tether theories.

People said that in 2017 too. Tether's market cap ballooned from $7 million to $2.2B during 2017. Nevertheless, the 2017 bubble still popped and BTC declined 84% less than a year later. What is different this time?

Hehehehe yes I watch to much movies. There can be some validity to what I say, however.

What would be different for the 2020s? People of iFinex, Tether  will print 10x more USDT, for longer durations, and loan them out for as long as the exchanges borrow more.

Also, they do this under no regulations.

I don't think the tether prints really mean as much as they did back in 2017. A few months back we got huge tether prints and price did nothing, basically traded sideways or went down. Sure sometimes we get some $150 million tether print and we get an uptick but there could be many reasons for it such as some institutional buying.

There was that guy that bought like $500 million worth of BTC at $11111, and there are many others like him. Today on the news there was some Mexican billionaire who owns like 10% of his net worth in bitcoin. That and along with tons of other investors. Hence its not always tether prints which drive up the price.

A few months back maybe iFinex, Bitfinex printed Tether to store in their treasury before they are loaned to exchanges. Also, this is not only sometimes we get some $150 million more USDT. This is billions printed.

Those are good news, however, you cannot reject the question where the billions of newly printed USDT are going and how they are used.



Source https://coinmarketcap.com/currencies/tether/



Source https://www.cryptocompare.com/coins/btc/overview/USDT

[adaseb]

Keep in mind that as the price of Bitcoin and other cryptos rises, so will the tether prints, because they have too. Many alts and much of bitcoins spot volume is traded on USDT. So if the price of BTC goes up, so will the supply of USDT. The exchanges will want more USDT so their orderbooks are liquid and so forth. This is why in 2017 we noticed so much tether prints when price went up. In 2018 during the bear market the prints stopped and some of those tethers were burnt actually.

$150,000,000 sounds like alot but look at how many investors there are world wide. If you look at itBit volume, which supplies Paypal the bitcoins that retail public buys, you will see that they went from $7-8Million daily volume to like $20-25 million. So Paypal purchases alone are maybe $10-15 million daily. This is only for US people using Paypal. Imagine how many people buy crypto worldwide? Much larger scale.

[slapper]

In my opinion, bitcoin had a correction 2 day earlier which made the price drop more than $1000. It is not a big correction but it is enough for bitcoin to generate new force to continue the bull run

A bigger correction will be likely to happen. However, I can not spot a correct point or even a zone. There is no resistance at the moment. Just trust your instinc. Dont follow any rumor or trader on the social media. Holding is the best thing to do if you are a real investor.

[adaseb]

In my opinion, bitcoin had a correction 2 day earlier which made the price drop more than $1000. It is not a big correction but it is enough for bitcoin to generate new force to continue the bull run

A bigger correction will be likely to happen. However, I can not spot a correct point or even a zone. There is no resistance at the moment. Just trust your instinc. Dont follow any rumor or trader on the social media. Holding is the best thing to do if you are a real investor.

The way you can spot a trend reversal is when the dips no longer hold and the resistance areas are hard to break. Basically right now, it barely dips a considerable amount for there to be a good R:R trade. You need to basically enter and use tight stops. Since most likely $20K will be resistance, if you enter here, the max profit is $2K. If you let it dip to like $16K or $15K you got more than double the potential profits. However if you wait that long, it might hit $20K before it even reaches your target and you get nothing pretty much.

So when the trend is reversed, we will get large dips, but it will keep hitting some failed lows and keep dipping lower and lower and lower. Thats when we know the top is in but most likely it will be too late to sell because the price can come down quit a bit by then and you can end up with huge losses.

Basically 2018 repeated, where most people longed $10K bitcoin and assumed $6K would hold and instead sold at a loss at $3K and then it reversed.

[mirakal]

Don't get to in love with the uptrend as you might get into FOMO.

The pump was continues, I like what I'm seeing but I also can't deny the fact that the correction we witness in the past could take place anytime soon.
bitcoin may hit $20,000 or more but I believe it will correct below $20,000 which would eventually create some panic.

[DRaGoN RaNTaRo]

I don't think the tether prints really mean as much as they did back in 2017. A few months back we got huge tether prints and price did nothing, basically traded sideways or went down. Sure sometimes we get some $150 million tether print and we get an uptick but there could be many reasons for it such as some institutional buying.

Institutional investment is a major factor for the market to rise but then there might be many factors for the rally if institutional investment alone can push the market we would have seen a rally all the time, the printing of Tether was a concern last time and there is not much of a difference this time as they are pumping the Tether in the market.

[lixer]

Correction doesn't need to start right away, it could take a while before it happens, we already had a decent level of correction at around $16k+ or so levels where it dropped under $16k and now we are at $18k.

I suspect next correction could come after $20k as well, that would be a psychological barrier where people would be ecstatic about reaching $20k once again and at that point some people may leave thinking we may not go even higher and that is the top, which is not true, we could always reach to higher levels but I think we can't convince those people.

So, we are going to see bitcoin reaching $20k first, have a small drop, and reach even higher later on, just like we did with the $16k level and dropping and going higher, same will happen.

[Oilacris]

Correction doesn't need to start right away, it could take a while before it happens, we already had a decent level of correction at around $16k+ or so levels where it dropped under $16k and now we are at $18k.

I suspect next correction could come after $20k as well, that would be a psychological barrier where people would be ecstatic about reaching $20k once again and at that point some people may leave thinking we may not go even higher and that is the top, which is not true, we could always reach to higher levels but I think we can't convince those people.

So, we are going to see bitcoin reaching $20k first, have a small drop, and reach even higher later on, just like we did with the $16k level and dropping and going higher, same will happen.

In short - "You cant please everyone" since they do have different input in mind that the price might be rejected once again when it hit up on 20k price.

Im not surprised that there were people who do still think about the probabilities on high chances thats why they do secure out profits while its still early.

Market cant really just have to be on continuous rise on where theres a certain point where people do need to sell off due to some doubts.

[STT]

I have to concur that action remains bullish, its a classic mistake to doubt a proven trend and the scale to the swing from lows to highs.    Till I can see doubts I'll back this rise as continuing to be valid.   It'll be noon Saturday in Tokyo in a few hours and so we draw into the end of the week and I'am going to look at daily and weekly bars for a conclusion for action over medium term.



Hindsight is twenty twenty but this is a strong rise to the extent its formed a price channel upwards for some time now.   We have even confirmed above the channel and any doubts I might have would be over extension and a pullback that accumulates, so far any doubts in price have left us still well above 17k to end this week.   Its been a great time for holders to keep on, we're far from the 50 and 200 day averages so we got space to pullback certainly but no reason to presume that is occurring this week or even next during holidays.