Recent Bitcoin Correction

[adaseb]

There are 2 articles regarding that indicator that tracks whale deposits into exchanges, if you look at the other graph they posted, it doesn't really seem that reliable. Basically only time it was useful was during the March 2020 covid19 crash, where it you entered you could of been able to short it down to $3K from like $5K or so.

The latter spikes of where bitcoin deposits by whales wasn't really reliable. There was usually a spike on some and a few hours/days later price went back to where it was. And there was some spikes which did nothing at all pretty much.

I think the reason why the spikes are high is because people were expecting $20K to break, it didnt and now they rather sell at $17K than watch it go back down to $10K or even lower.

[lukikato]

After a $19K value of bitcoin this month of November 2020 it suddenly down and now it played at the value of $16K in the market. Why it's so fast for downtrend of bitcoin?

so in my opinion the trend will go down and wait for the right moment to go up again, you can buy it when it goes down immediately take action. before the uptrend

[maydna]

If it was true that there are more bitcoin correction to come, then I think, it is a good time to buy more again before the another bitcoin ATH will come.

It is the right time to buy, the big pump in the $19000 is an indication that the strong buying motivation is coming and there are sectors that will pump Bitcoin, people will always sell their coin for profit, it's just happen that there are many people selling for profit, and the buyers are still gaining ground it's only a matter of time before we will have a big pump until we reach the next all time high.

Yes, it is the right time to buy bitcoin while the price now is at $16k because we may not see that price again in the future, especially if the price starts the rally. The pump for bitcoin will come, which is a matter of time, so we need to have more bitcoin to be ready to sell at the next high price. We are getting the advantage of this downtrend because we can buy bitcoin at a lower price, and I think many people, especially people who have a large amount of money that will purchase bitcoin at a price now. The correction will end soon, and the next high price will come, which means we will have a chance to profit again.

[jostorres]

I have always said it, there are people who think that going down is something very bad but in reality we are talking about something very good good because dropping means there are people who get out and when they get out, there are only buyers left. The more people who are willing to sell get out of our way, that means the more we will have buyers who are willing to buy and holders who are willing to hold.

This is why I kind of enjoy these corrections, now don't get me wrong bear markets are horrible and when we start to crash we start to crash but the reality is that we are not crashing right now and only in a correction market which is not really that important, in fact it is good. As long as we do not learn the difference between bear market and a correction, we are doomed to lose money whenever it goes down.

[n0ne]

I have always said it, there are people who think that going down is something very bad but in reality we are talking about something very good good because dropping means there are people who get out and when they get out, there are only buyers left. The more people who are willing to sell get out of our way, that means the more we will have buyers who are willing to buy and holders who are willing to hold.

This is why I kind of enjoy these corrections, now don't get me wrong bear markets are horrible and when we start to crash we start to crash but the reality is that we are not crashing right now and only in a correction market which is not really that important, in fact it is good. As long as we do not learn the difference between bear market and a correction, we are doomed to lose money whenever it goes down.

Just because the market keeps recovering you state it is good an the market has undergone a price correction. If the market has continued to drop, then we could've said the market has turned bearish. Whenever there is drop, people getting into fear is common. Maybe exceptions/experts will have hope over the unpredictable market.

People know the difference between the price correction and the bearish market, but how one can identify a drop is price correction and not a bearish trend. It isn't possible and can't be studied.

[2tang]

currently bitcoin has decreased after previously surpassing the price of $ 19,400. Bitcoin's price decline occurred due to a strong correction resulting in a decline in price below $ 17,500 before experiencing a slight increase again, but if you look at the current Bitcoin chart in the market it seems likely that the price decline will occur again, especially if Bitcoin does not gain momentum and a strong boost in the market currently.
The main cause of the correction of Bitcoin was the result of a large whale selling Bitcoin when it started to rise by around $ 19,000, and of course this resulted in a surge in price volatility and a decline in price that triggered liquidation.

[adaseb]

Basically we might get another attempt at $19.5K sometime this week and ATH later in the week. Reason why is the Guggenheim fund which wants to purchase $500 million worth of BTC on the GBTC market. As soon as the CME opened up we gapped up and been trading higher and higher ever since.

Most likely when the stock market opens tomorrow there is going to be more rushing into GBTC at the open and we should propel higher. This fund obviously is going to get other funds to rush into BTC because nobody wants to be left out before $20K. Was sceptical a few days ago when we hit $16K but its looking very strong right now. Should be an interesting week. Would maybe sell, hedge but not short this market.

[sayaya17]

If it was true that there are more bitcoin correction to come, then I think, it is a good time to buy more again before the another bitcoin ATH will come.

That's right if you've already bought bitcoin for $16K. Because look today bitcoin has gone up again in price. Now the price is $18,493
according to the coin market cap in the past 24 hours. If you've bought it, you're in luck, because bitcoin will keep going up.
It bases on the growing demand for bitcoin. If there are still people waiting for the price of bitcoin below 16K, this is very unlucky,
because the price continues to increase. Maybe you can buy it cheaply, but don't know when it is. Sorry if there are still people who do not
have the slightest bitcoin, then you will not feel the benefits when ATH.

[lunnatic]

Bitcoin correction is over, and it's time to go to the moon,
whales have accumulated Bitcoin at $ 16k, yup $ 2k down is a deep dump,
indeed we have to come together to get the price of BTC at $ 20k! keep HOLD.

[slaman29]

There are 2 articles regarding that indicator that tracks whale deposits into exchanges, if you look at the other graph they posted, it doesn't really seem that reliable. Basically only time it was useful was during the March 2020 covid19 crash, where it you entered you could of been able to short it down to $3K from like $5K or so.

The latter spikes of where bitcoin deposits by whales wasn't really reliable. There was usually a spike on some and a few hours/days later price went back to where it was. And there was some spikes which did nothing at all pretty much.

I think the reason why the spikes are high is because people were expecting $20K to break, it didnt and now they rather sell at $17K than watch it go back down to $10K or even lower.

I thought whales nowadays just "move" Bitcoin off chain anyway, as in they already probably have OTC representatives who already store crypto on exchanges, or earning interest on those big guys like crypto.com, so when they move, they're just transferring credit from account to account and not even using actual BTC transactions?

[Sebas.tian]

The weakness of Bitcoin is only 1, that is price/value which can be easily manipulated by whale groups who have millions or even billions of dollars in Bitcoin.  the key to profit in Bitcoin is only to buy at a low price then sell at a high price.  a market correction is the best moment to buy Bitcoin.  currently, the market is bearish (market correction) so don't waste this opportunity to buy more..

Actually the price of bitcoin is a positive one.You should choose the time and buy the valuable bitcoin at low price.You should considered it as a opportunity and don't think in a negative manner.The key should be used wisely to get a profit from it. Instead of saying it as a negative one.

What i saw with some investor few days ago was a big lesson for those who doesn't trust this technology called Bitcoin. Most investors thought about the crashed of Bitcoin as that which would last forever, but little did they know that it price will bounced back to normal. Those who sold at $18k are now regretting becasue the price of Bitcoin has risen above the lowest it had during the last bear market. Corrections are needed for Bitcoin price to move forward IMO.

[FanEagle]

I always loved this period of bitcoin, when bitcoin goes down that is the best time for me, I love it when I see people being afraid of bitcoin price like suddenly it is nothing. This is exactly where you should buy bitcoin, because when it is down, it is really not that much down and it means it will go back up.

Do you ever see a future where bitcoin will NEVER go over $20k? I do not see it, maybe it took 3 years to get close, maybe it will take another 3 years go over, but it will happen for sure. This is why buying right now is perfect, if you buy now and it goes back up, you profit, if it continues to go down you can keep buying lower and lower and drop your average as well. It is always awesome for whenever bitcoin goes down to see people panic about it.

[robifuni]

now the price has returned to $ 19k and is likely to start rising until the end of December, it looks like it went down to $ 16k just to accommodate the bounce price! looks like it will touch $ 20k

[coin-investor]

now the price has returned to $ 19k and is likely to start rising until the end of December, it looks like it went down to $ 16k just to accommodate the bounce price! looks like it will touch $ 20k

The volatility of the market involves buying and selling at the time the investors wants to make profit or the time that they want to buy for future profit, because investors are constantly buying and the market is moving every second, so expect the price to always move and up pump and get correction as long as no bad news coming and the whole community of investors are motivated to buy, we are good to go.

[KnightElite]

I always loved this period of bitcoin, when bitcoin goes down that is the best time for me, I love it when I see people being afraid of bitcoin price like suddenly it is nothing. This is exactly where you should buy bitcoin, because when it is down, it is really not that much down and it means it will go back up.

Do you ever see a future where bitcoin will NEVER go over $20k? I do not see it, maybe it took 3 years to get close, maybe it will take another 3 years go over, but it will happen for sure. This is why buying right now is perfect, if you buy now and it goes back up, you profit, if it continues to go down you can keep buying lower and lower and drop your average as well. It is always awesome for whenever bitcoin goes down to see people panic about it.

If you do not have enough past studies, there is a high probability that you will get afraid whenever there is a correction that happen, a lot of people mistakenly see correction as bad or as a sign of weakness but for me it is good because the price of the bitcoin should be stable first before it finally gain another momentum to break its current ath. There are a lot of people who regretted their decision because they let go their position where they thought that the trend already snap, that is why we should have patience and confidence to ourselves in order for us to not make bad decision. If you keep panicking it only means that your knowledge is still not enough where you should focus on learning about trading and focus on gaining a lot of experiences.

[LUCKMCFLY]

I always loved this period of bitcoin, when bitcoin goes down that is the best time for me, I love it when I see people being afraid of bitcoin price like suddenly it is nothing. This is exactly where you should buy bitcoin, because when it is down, it is really not that much down and it means it will go back up.

Do you ever see a future where bitcoin will NEVER go over $20k? I do not see it, maybe it took 3 years to get close, maybe it will take another 3 years go over, but it will happen for sure. This is why buying right now is perfect, if you buy now and it goes back up, you profit, if it continues to go down you can keep buying lower and lower and drop your average as well. It is always awesome for whenever bitcoin goes down to see people panic about it.

If you do not have enough past studies, there is a high probability that you will get afraid whenever there is a correction that happen, a lot of people mistakenly see correction as bad or as a sign of weakness but for me it is good because the price of the bitcoin should be stable first before it finally gain another momentum to break its current ath. There are a lot of people who regretted their decision because they let go their position where they thought that the trend already snap, that is why we should have patience and confidence to ourselves in order for us to not make bad decision. If you keep panicking it only means that your knowledge is still not enough where you should focus on learning about trading and focus on gaining a lot of experiences.

You are right, the correction is necessary, especially to know in which direction the market will go, although the correction may trigger some panic, in others they take advantage of it to invest in some alts, this is something that can be done when you have bullish trend confirmation, meanwhile there are no trend confirmations, then it is wise to wait to make trading decisions.

[posi]

I always loved this period of bitcoin, when bitcoin goes down that is the best time for me, I love it when I see people being afraid of bitcoin price like suddenly it is nothing. This is exactly where you should buy bitcoin, because when it is down, it is really not that much down and it means it will go back up.

Do you ever see a future where bitcoin will NEVER go over $20k? I do not see it, maybe it took 3 years to get close, maybe it will take another 3 years go over, but it will happen for sure. This is why buying right now is perfect, if you buy now and it goes back up, you profit, if it continues to go down you can keep buying lower and lower and drop your average as well. It is always awesome for whenever bitcoin goes down to see people panic about it.

If you do not have enough past studies, there is a high probability that you will get afraid whenever there is a correction that happen, a lot of people mistakenly see correction as bad or as a sign of weakness but for me it is good because the price of the bitcoin should be stable first before it finally gain another momentum to break its current ath. There are a lot of people who regretted their decision because they let go their position where they thought that the trend already snap, that is why we should have patience and confidence to ourselves in order for us to not make bad decision. If you keep panicking it only means that your knowledge is still not enough where you should focus on learning about trading and focus on gaining a lot of experiences.

You are right, the correction is necessary, especially to know in which direction the market will go, although the correction may trigger some panic, in others they take advantage of it to invest in some alts, this is something that can be done when you have bullish trend confirmation, meanwhile there are no trend confirmations, then it is wise to wait to make trading decisions.

The market correction is necessary but it was not for knowing the direction the market will go as you said and if it was most traders/investors that panic won't have and the last time i checked market correction only strengthen and prepare the market for whatever will happen but it mostly exits weak hands (which are the panic seller) out of the market.

[BuNga_cute]

I'm sure people who bought Bitcoin when it was corrected were lucky, because the price of Bitcoin is now go up again. So we can
take profit again, this is why Bitcoin is in great demand by many investors, because its volatile price can provide quite a large profit.
And what we should know is that the correction that occurred in Bitcoin is indeed a sure thing to happen, every time Bitcoin will increase
in price, there will definitely be a price correction first. So there is no need to panic if Bitcoin is corrected.

[STT]

Any corrections recently have been quite minor and that appears to be the case once again with any negative action just now.   Its unproven to the downside which I presume means we continue upwards, just this weekend its creeping back within the boundaries of a bullish channel.    Thats my own personal conclusion but the part anyone can agree on is BTC put in its recent low at the weekly average and we are above that measure of momentum.  We remain quite positive and when BTC keeps this level of buying it tends to repeat its gains upwards on any hesitation.   Buy the dips sell the rips tends to fit the recent nature to BTC and its unprofitable to think otherwise.

[MusaMohamed]

Any corrections recently have been quite minor and that appears to be the case once again with any negative action just now.   Its unproven to the downside which I presume means we continue upwards, just this weekend its creeping back within the boundaries of a bullish channel.    Thats my own personal conclusion but the part anyone can agree on is BTC put in its recent low at the weekly average and we are above that measure of momentum.  We remain quite positive and when BTC keeps this level of buying it tends to repeat its gains upwards on any hesitation.   Buy the dips sell the rips tends to fit the recent nature to BTC and its unprofitable to think otherwise.

Big correction will come to celebrate the Christmas and the New year. A few times bitcoin tried to break $20,000 and it was fallen back but the buy force is great. Many people wait for dip, minor or major to buy up and the force, the greed help bitcoin to stay above $19,000. It is good to see the capital momentum and people have not lost their faith that bitcoin can break the cap at $20,000.

It is what happened last 3 weeks but bitcoin is moving to the end of the triangle pattern and there will be only two opposite moves for bitcoin: break $20,000 and climb up more; pulls back and if it falls back I see it might bottom up (in bull run) at $17,200 or even a little deeper.