Bitcoin bullrun and correction period

[bbc.reporter]

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.

That argument is similar to what Kraken exchange explained during 2017 and it is correct. I also fought for that argument. However, it was also during the times when 1 USDT was backed by $1.00. After relieving themselves of audits and attestations, it is hard to reject that iFinex, Tether are printing USDT with only the loans from exchanges as the backing.

Also, are you really assuming that in this bull market the investors have sold bitcoin to hold USDT?

[tbterryboy]

Just because there has been corrections along the way in almost all increases doesn't mean that it happened in all of them. There has been some that never really had a correction and straight up just went higher, we could be in one of them right now. Definitely there were tiny ones along the way but they were speed bumps and that is about it, they never really cost bitcoin anything and investors anything, they were there to make bitcoin increase a bit slower and that's it.

I feel like we are going to break over 20k very soon, we are close to 19k anyway so reaching 20k shouldn't really be a problem. What will happen afterwards will be the real surprise, breaking over ATH is not something simple and when that happens we will see the real bull or bear run start.

[LUCKMCFLY]

The correction will come, it is something natural for the market, at that time the Alts season can start in green, and we will see the markets in green, for me there is still a long way to go for the uptrend like the previous one. In 2017, at the moment there are very good vibrations due to the fact that we are approaching December and therefore the demand begins to grow, this causes the price to fall, many trade with Bitcoin and do not change them to USD, which will continue increasing the price probably.

[jossiel]

Bitcoin has entered the bullrun period, and we have to be careful with the change of periods,
currently Bitcoin is still holding above $ 18k, and there is no correction period yet,
if this persists then we will see another pump, I hope more correction and rebound again in a healthy manner.

Careful in a manner not to be greedy but it doesn't matter for those who have decided to be at the longer term. It has corrected a bit and got back to $17,300 but I don't think that's the heaviest correction that we can take.

There can be a heavier correction than that because it's not that far from the current price of $18,700. That small dip is healthy but you are correct that it's healthier to see more of them.

[exstasie]

That argument is similar to what Kraken exchange explained during 2017 and it is correct. I also fought for that argument. However, it was also during the times when 1 USDT was backed by $1.00. After relieving themselves of audits and attestations, it is hard to reject that iFinex, Tether are printing USDT with only the loans from exchanges as the backing.

If Tether can't make good on their fiat withdrawal obligations, USDT will unpeg from the dollar. Until that happens, it's useless to speculate like this.

As far as we know Tether never printed any unbacked USDT. Crypto Capital got taken down by police while they were holding Bitfinex's money, then Tether loaned money to Bitfinex to plug the resulting hole. They couldn't just burn USDT to account for the losses because most of the supply wasn't held by Tether, it was held by USDT holders. That doesn't suggest they are printing USDT without backing now.

If you're willing to research the subject, there is a massive market in China, and to a lesser extent Russia, for USDT to avoid capital controls and for cross border remittance. This has created extremely robust liquidity in the OTC Bitcoin and USDT markets in China, which tends to be self-reinforcing. That's why Huobi has the 2nd biggest BTC holdings of any exchange in the world, even though we barely pay attention to them in the west. The Chinese market is massive.

[mirakal]

The correction will come, it is something natural for the market, at that time the Alts season can start in green, and we will see the markets in green, for me there is still a long way to go for the uptrend like the previous one. In 2017, at the moment there are very good vibrations due to the fact that we are approaching December and therefore the demand begins to grow, this causes the price to fall, many trade with Bitcoin and do not change them to USD, which will continue increasing the price probably.

I hope we will see the same scenario, 2017 was just different as ICO was so popular and people trade altcoins when bitcoin falls, it's vice versa, now, we have not seen altcoins having the same run, everything is just too dependent with bitcoin and any significant movement of bitcoin especially the fall down affects altcoins a lot but a little effect to altcoins if bitcoin is bullish, at least for now.

[dragonvslinux]

Bitcoin could go in any direction at the moment; up, down and sideways. Upwards would likely yield $20K and could certainly go beyond this towards $25K (if too many people expecting rejection at ATH, then it's actually quite likely to break it). It could also correct upto 40% and take 6 months to make a new ATH similar to June 2016, given that we are also at similar overbought conditions on a Weekly time-frame around 85. Price could also simply consolidate, more or less sideways, maybe a little downwards, before moving higher.

[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.

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.

Yes true, as people differ in opinion and plans but we need to learn from the past and be extra cautious especially during these situations wherein anything might happen anytime and now things will become even more complicated since the altcoins have started to pump wherein it was the only bitcoin all these while. Now I feel we are entering the phase which we entered at the end of 2017 this might go on for 2 more months at least from my point of view. I would advise people to think multiple times before making any investment as it would be too risky.

[Saisher]

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.

We'll have to see if investors have matured after all this time, after we reached another all time high but if you asked me the scenario is very much different we have aggressive investors who just came in to invest and they are going to support the market continuously, the old investors will not let the the same thing, because if that happens, we will all suffer it's like going back to zero.

[KennyR]

Soon we can expect price correction with bitcoin. Right now the market of bitcoin isn't pumping high whereas there is growth with altcoins. From my view I find this to be the start for price correction. Once after the price correction we can expect the price of bitcoin grow high and reach a new ath value.

Last time people weren't prepared for the price correction. Once there happened a drop in the price, people got into panic and the same initiated more people sell their holdings. This led to market dumping and resulted in price crash.

This time there is less chance of panic selling, as people have learned better about the market from the previous bull market of 2017.

[pixie85]

I feel like we'll never be ready enough to watch it all from a perspective and smile and that's because Bitcoin always does the unexpected.

In 2017 people were expecting a bull run but something like 6, maybe 10 thousand USD and Bitcoin went to 20. People were so euphoric that they missed the top and when it corrected sharply they were surprised.

I was also surprised even though I expected a correction but what I thought would happen was 8, maybe 6 thousand as the bottom, not 3. Then again people became so bearish that they were selling at 3, expecting 1 thousand.

This time you think it's going to be fine, expecting 50 thousand, but it's probably either going to be something like 200 or 300 because almost nobody believes in that level, or it's going to end at 20 and never reach a new high.

[redsun114]

Soon we can expect price correction with bitcoin. Right now the market of bitcoin isn't pumping high whereas there is growth with altcoins. From my view I find this to be the start for price correction. Once after the price correction we can expect the price of bitcoin grow high and reach a new ath value.

Last time people weren't prepared for the price correction. Once there happened a drop in the price, people got into panic and the same initiated more people sell their holdings. This led to market dumping and resulted in price crash.

This time there is less chance of panic selling, as people have learned better about the market from the previous bull market of 2017.

This is what makes bitcoin not go even higher than what it is today. If you believe that we increased a lot more than we should and if you believe that we are in FOMO right now and the price may crash at any time and the correction period will start, that means you are not going to hold any coins and sell them in order to avoid a crash or you may influence others that would get out in order to avoid crash.

All of this would cause bitcoin to actually crash because only thing required to go down in price is people start selling and if enough people believe that there is a crash coming in, they will all sell and when they all sell the crash will be a reality. However if we keep pushing the idea that bitcoin will keep going up and up until there is no money left to buy bitcoin and only crypto, we could go up without ever stopping.

[STT]

Current price action has the 2 day average as its highs and is challenging some of the price channel trend in place for most of this month.  Its a very reasonable test and I think fair to say we remain positive so long as BTC stays above a weekly average and roughly within this channel.   To put it simply, we rose so fast and aggressively that a pullback is quite fair and still leaves us bullish even after some of this selling.   17500 is where I'm looking for it to hold mostly but theres a variety of places to take profits and hold or center the case for further rises.

[Furious 7]

The correction will come, it is something natural for the market, at that time the Alts season can start in green, and we will see the markets in green, for me there is still a long way to go for the uptrend like the previous one. In 2017, at the moment there are very good vibrations due to the fact that we are approaching December and therefore the demand begins to grow, this causes the price to fall, many trade with Bitcoin and do not change them to USD, which will continue increasing the price probably.

I hope we will see the same scenario, 2017 was just different as ICO was so popular and people trade altcoins when bitcoin falls, it's vice versa, now, we have not seen altcoins having the same run, everything is just too dependent with bitcoin and any significant movement of bitcoin especially the fall down affects altcoins a lot but a little effect to altcoins if bitcoin is bullish, at least for now.

In this scenario it is very different for me, well if compared to 2017 in this increase it is definitely the same to move to 20k at the end of this year, but now DeFi is increasingly sticking out where people are so confident in it ICO has sunk for a long time and will never live again but still in the rise of bitcoin, there are several factors that might be mentioned in the media, so I think that when bitcoin will soar, altcoins will stand a little and it won't take long, sometimes they fall often because investors don't trust some of them anymore.

[traderethereum]

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.

We'll have to see if investors have matured after all this time, after we reached another all time high but if you asked me the scenario is very much different we have aggressive investors who just came in to invest and they are going to support the market continuously, the old investors will not let the the same thing, because if that happens, we will all suffer it's like going back to zero.

No need to worry because bitcoin will make another ATH soon.
This time is only another correction from bitcoin.
After this, I am sure that the price will be back to the high price, and I think the price will break another highest price, and who knows, the price can break $19k-$19,500 in a short time before this month-end.
The investor still buys back Bitcoin at a price now while the trend is now at the downtrend, so you need to prepare too.
If this week's bitcoin price can increase again to up to $19k, then that will be a good sign for bitcoin to still rise for another second-highest price.
We will soon see the bitcoin price will reach the last ATH a few years ago, and the bitcoin price will make a new ATH at the highest price.

[Viscore]

I stop assuming it was of the same scenario but seeing more than that of 2017. I gain such optimism because I believe that Bitcoin is more than that and the adoption seems to get stronger even pushing the demand going high and the price as well.

And in regards to the correction period, that is something to show up surprisingly just like what it did before. The only we need is preparation and calmly make an exit, not panic selling that normally happens in the previous hypes.

[mirakal]

The correction will come, it is something natural for the market, at that time the Alts season can start in green, and we will see the markets in green, for me there is still a long way to go for the uptrend like the previous one. In 2017, at the moment there are very good vibrations due to the fact that we are approaching December and therefore the demand begins to grow, this causes the price to fall, many trade with Bitcoin and do not change them to USD, which will continue increasing the price probably.

I hope we will see the same scenario, 2017 was just different as ICO was so popular and people trade altcoins when bitcoin falls, it's vice versa, now, we have not seen altcoins having the same run, everything is just too dependent with bitcoin and any significant movement of bitcoin especially the fall down affects altcoins a lot but a little effect to altcoins if bitcoin is bullish, at least for now.

In this scenario it is very different for me, well if compared to 2017 in this increase it is definitely the same to move to 20k at the end of this year, but now DeFi is increasingly sticking out where people are so confident in it ICO has sunk for a long time and will never live again but still in the rise of bitcoin, there are several factors that might be mentioned in the media, so I think that when bitcoin will soar, altcoins will stand a little and it won't take long, sometimes they fall often because investors don't trust some of them anymore.

Bitcoin deserves all the trust but this market would not go bigger if altcoins will not grow.

I would just hope that the growth is slow but consistent for altcoins and even bitcoin as we don't want to see a huge dump again which is always likely to happen after a bull run, well, I might be wrong this time but based on the last bull run, after a bull run, a long bear period happened.

[coin-investor]

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.

We have something to look back on what went wrong, so we know what's going to get wrong, I don't expect Bitcoin to dip or crash, we are better now, the situation is very different, the world is now looking on the development of Bitcoin and majority of the holders are now thinking long term, not unlike in the past everybody just want to take profit.

[FanEagle]

Correction already happened, it happened twice. Now we are in the bull part of the discussion and I am not sure how high we can go. This time around I believe we are not going to stop at $20k but I also have no idea how high it can go neither, it looks like we are going to be doing fine but I am not sure if we are going to be $30k, or $40k? Maybe more or maybe stay at $22k and drop after that, who knows?

This is why I think it is going to be something very risky and even though we will be breaking all time high price which suppose to be something great for many people since we are as high as we have ever been, it would also be very dangerous because a lot of people will lose money, there will be a ton of people who buy at the top and lose after the price crashes eventually.

[Botnake]

Correction already happened, it happened twice. Now we are in the bull part of the discussion and I am not sure how high we can go. This time around I believe we are not going to stop at $20k but I also have no idea how high it can go neither, it looks like we are going to be doing fine but I am not sure if we are going to be $30k, or $40k? Maybe more or maybe stay at $22k and drop after that, who knows?

This is why I think it is going to be something very risky and even though we will be breaking all time high price which suppose to be something great for many people since we are as high as we have ever been, it would also be very dangerous because a lot of people will lose money, there will be a ton of people who buy at the top and lose after the price crashes eventually.

I would rather stop thinking for any higher price now, higher than $20k, until bitcoin breaks the current ATH.

Though the market is bullish, but it's a tough situation that bitcoin still fail to break that barriers until now, I know nothing is impossible with bitcoin as it could always surprise us but I believe if not this time, we have to wait for a bit of time and eventually it will again soar.