soetikno
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December 27, 2020, 08:04:40 AM |
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the possibility of BTC returning to $20K again is a bit unlikely, the whale is currently pushing bitcoin prices to the top to break the new ATH
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klava1983
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December 27, 2020, 08:17:26 AM |
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No one knows how Bitcoin price will behave. Just call to mind some Bitcoin predictions. How many of them came true? In 2017 people were sure Bitcoin would never be bellow $15 or $10K.
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Fortify
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December 27, 2020, 09:47:16 AM |
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$20k is just an arbitrary figure, just like $15k or $10k, and it doesn't mean much unless you have a bit more of a reason than "institutions have it". You do have to wonder if all the super rich are now investing more heavily in it because funds are buying it on an industrial scale and they are much less likely to ever need to spend it in future - this reduces circulation. Is reduced circulation a good thing for a currency in the long term, as it might limit the practical uses for it in daily economic transactions.
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Oasisman
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December 27, 2020, 10:02:57 AM |
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the possibility of BTC returning to $20K again is a bit unlikely, the whale is currently pushing bitcoin prices to the top to break the new ATH
Nah, $20k is still in the range of a sharp dip. We're still not far from that figure. Bitcoin could have more than 50% sharp correction from it's last highs. Though judging from the current movements, it seems that the possibility for Btc to go beyond the $30k mark is within the reach. Btc is bound to reach the 6 digit figure, but before reaching such figure, a lot of corrections will happen. Remember, there are a lot of investors who easily panic when Btc starts declining.
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exstasie
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December 27, 2020, 10:11:18 AM |
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I agree that due to the reason that there's significant money from institutional investors, that a drop in price would most likely be less dramatic as what we had in 2017-2018 simply due to them being less likely to be affected by FUD and panic(compared to most of retail investors). It's retail investors (including early adopter whales) who would be providing the supply for a steep correction, not institutions, so the FUD and panic angle may still be relevant. Long term holders tend to sell at this stage in the cycle, and they are selling to institutions: Long-Term Holders Are Selling BTC: Why This Is A Bullish SignalThe way I see it, institutions aren't buying in just so they can sell into the first dip, especially huge investors like Microstrategy and Ruffer. In fact, Grayscale investors are subject to a 6-month lockup period where they can't sell at all. That's why institutions aren't selling. When institutional demand is too large for the OTC market, it spills onto exchanges, with brokers like Coinbase executing algorithmic orders across lots of exchanges to fill client positions. So the question is, if/when tens and tens of thousands of retail BTC hits spot exchanges, how robust will those buy algorithms be? Will they keep price from dipping more than a couple thousand dollars, or can we get a classic 30-40% correction? It all comes down to liquidity when the dump happens.
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zanezane
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December 27, 2020, 10:28:45 AM |
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No one knows how Bitcoin price will behave. Just call to mind some Bitcoin predictions. How many of them came true? In 2017 people were sure Bitcoin would never be bellow $15 or $10K.
Well, bitcoin is still a volatile market as it is in 2017, we will never know. But the influx of institutional investors will be different, maybe the prices will stabilize but I believe that it will still dip below than the given number. We have to be cautious, greed blinds people and in turn you might not see a trap in front of you. Always look at the history, it can repeat if we haven't learned a thing about it.
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mirakal
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December 27, 2020, 01:42:33 PM |
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Okay, so here's what we are hearing now, the words "institutional investment", I hope you guys are correct that bitcoin will not dip again like what we've witnessed in 2018, for me, I am not so convinced yet because most of the time we are wrong when predicting the movement of bitcoin after it hit an ATH.
I thought before it will not dump $10,000, lots of experts were saying but it did happen and I witness a worst market as not only bitcoin dump but more on the altcoins market which made me lose some of my investments.
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STT
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December 27, 2020, 02:02:33 PM |
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I think you might curse it saying such things, the peak to trough last time was 16% so maybe speculate on that. If equal we'd see 4600 as the low in similar low sentiments which is always possible as people can withdraw money especially an economy not growing which is a different consideration to inflation imo. The main deal is I dont think we are seeing the end of volatility just because price rises regularly like this, its done in a short period of time as others have noted which means despite the appreciation of price it can also be unstable negatively too afaik.
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Becky666
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December 27, 2020, 02:06:02 PM |
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Too many institutions and big money behind it now!!! Whats everyones opinion explain?BTC
There's likely to be a possibility from where we are down to $20k becasue as you said institutional investors has taken into Bitcoin to make their investment which also mean that, those institutions won't make their investment on short-term but long-term. Well, this dip would have be earlier before now but the reason the price continues the reasons we might see some drop bellow 30% IMO.
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error08
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December 27, 2020, 02:11:15 PM |
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at the current price of $27,4k if a major correction occurs, say 30%-35%, then the price will fall below $20k. Bitcoin still on the bull run, but when the time comes, there should be a correction at some point, we don't know for sure if some bitcoin whales will dump bitcoin when it reaches $30k which cause a panic sell for retail investors dan traders, and miners are one of the whales out there. What if some of the institutional investors planning to take profits as well? Although we don't know precisely what their plans are, we just need to be prepared for anything that might happen.
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inanilujimi
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December 27, 2020, 02:24:58 PM |
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I agree with you but not forever, maybe in the future there will be a correction, for now it might be difficult because the trend looks to continue to grow until the end of the year. the market will look healthier if there is a correction at the end of the year and move on to the next altseason.
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ololajulo
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December 27, 2020, 02:28:25 PM |
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As people thought the pump is getting weak the retail investors thought they need to push more higher. I think they consider the extent of price the coin might drop from there and thats the reason for the little push to stay close to $20k, either below or above when the correction comes. It is totally different from previous because on the high size of fund, institutions involved and the crazy scarcity created.
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dimonstration
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December 27, 2020, 02:32:53 PM |
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I agree with you but not forever, maybe in the future there will be a correction, for now it might be difficult because the trend looks to continue to grow until the end of the year. the market will look healthier if there is a correction at the end of the year and move on to the next altseason.
There will be a correction for sure, just like what happen in 2017 ATH, correction will be there hopefully it will not fall less than 20k but chances is that it's still fall that price in some time and will recover again since there are still many adoption that can happen in crypto and to be able to implement it more BTC is needed to try by many.
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JimboToronto
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December 27, 2020, 03:21:58 PM |
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After today's little $2k mini-correction, the likelihood of a major correction before $30k is diminishing... and thus the chance of ever going below $20k is getting less and less.
That combined with institutional adoption points to sub-$20k prices as being extremely unlikely. Institutional investors don't panic-sell or "take profits" willy-nilly like retail speculators.
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lixer
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December 27, 2020, 03:27:07 PM |
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It definitely can reach to those levels, I am not saying it WILL reach to those levels but 20k is not really that far away from us right now so I could say it could drop under 20k with one big bear run and that would be the end of it. Obviously we can talk about 10k nowadays, when bitcoin crashed a lot, it actually went under 10k and it became like 4k and under, it happened just this year as well, in 2020, we have reached a bottom of yearly low at 3.8k or so, which means it was easy for bitcoin to reach to those levels, and we have seen those prices a lot more frequently as well.
I hope that we are not going to go down to under 10k ever again, that Is my hope, and I really want to see bitcoin always stay above 15k+ price, that would be a lot better for us in the future, when we have a huge crash it reverses all the gains we have made in crypto.
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Sebas.tian
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December 27, 2020, 04:03:35 PM |
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I don't know about this, but it looks like bitcoin prices are really flying at an incredible speed. however, if there is a decline, the range will probably be at $ 15k or higher, but I'm pretty sure the decline won't be more than that.
The Bitcoin price has be surprising to all and this will definitely bring about some correction along the line but for this trend(price of Bitcoin) to continue like this could bring no dip bellow $20k (even at the 30% dip). The $15k dip in my opinion cannot be said to happen becasue we now have institutional investors flowing into Bitcoin investment and their staying will be on a long-term.
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Ridwan Fauzi
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December 27, 2020, 04:17:58 PM |
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Too many institutions and big money behind it now!!! Whats everyones opinion explain?BTC
I heard some instutional/companies are trying to invest their money into bitcoin now, more than that there will be many people who will not see bitcoin negatively anymore since its ability to show a good movement in the crisis which happening in almost all country. Those things will not make bitcoin dump as the previously bull run exactly at 2017 ago, it is really different now. Even, after the crisis is over bitcoin will show a good movement, it is cosidered as gold I guess.
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Nazmul012
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December 27, 2020, 05:43:19 PM |
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I believe so. many institutions & big whales are behind it as they see btc as oppourtunity.that's the reason bitcoin still increasing when it should go below after hit $20k/$22k but acceptance of big company helps bitcoin to raise more.i also doubt btc could dump anytime cause now its like a game & anything can be happened.but institutions can't start panic sell like others, they will have taken decision wisely.so i think btc wouldn't dump more than $20k level
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thecodebear
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December 27, 2020, 06:44:57 PM |
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I'm expecting a correction in January...but then again I've been expecting a correction since it hit high $15,000s haha.
But seriously, probable short term correction is inbound. I wanna say Grayscale won't be buying during January, though I'm a little confused about their buying schedule. I believe they stop buying for a few weeks every 6 months when their lock-out period ends for investors who bought during those 6 months. But I read they had already stopped buying bitcoin like 7-10 ago but then a few days later saw that they had just bought like 12k bitcoin in the previous day, so I think maybe the first report was perhaps referring to them getting ready to stop buying soon (like in january). I also read some article yesterday that said the writer expects Bitcoin to correct between like Dec 29 and Feb 3 or something like that because that is the period between when Grayscale's lock-out period ends and the next one begins, presumably meaning they won't be taking on any more investments during that time. If that is true then that'll be the one chance Bitcoin has to have some time for a correction to under $20k, since like a couple hundred million dollars of buys would disappear from the market for a few weeks.
In less than two weeks it has gone from $19k to $28k, and in the two months before that it went from $10k to $19k. I could see Bitcoin head back down to low $20k's in January, maybe even a quick drop down to like $18k for lucky people to pick up some over-sold BTC and then a spike back up to low $20k's. Don't think it will take that long to recover though, considering the inflows from institutional investors. If BTC doesn't hit $30k before a correction, I think it'll still be back up and surpass $30k probably in March.
But for sure I don't think Bitcoin will ever again spend any reasonable amount of time below $20k. At most I could see a quick dip under $20k for like one day or something, and if it is going to happen it will probably need to happen in the next month.
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STT
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December 27, 2020, 07:23:00 PM Last edit: June 12, 2023, 02:02:52 AM by STT |
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After today's little $2k mini-correction, the likelihood of a major correction before $30k is diminishing... and thus the chance of ever going below $20k is getting less and less.
That combined with institutional adoption points to sub-$20k prices as being extremely unlikely. Institutional investors don't panic-sell or "take profits" willy-nilly like retail speculators.
We're out of hours now and the price moved a giant amount, can we say its institutional investors that are attributable to the price action being so bullish. I think its the usual boom bust scenario of people jumping on a band wagon to hold an asset they dont want to use especially (now) but want to gain from. Iam always going to believe our actual correct pricing revolves more around the ongoing usage case for Bitcoin, I really dislike the dream floated of Bitcoin being the only currency in the world or even taking over from the dollar. I think thats delusional and makes me think we just reverse price gains if people dont accept lesser ambitions. So as you said yourself miniature correction, on a small time scale I agree its quickly resolving upwards. The true bulk of BTC is working from weekly bars not the lesser time frames we try to observe a good time to enter and profit from trades. So I think it takes more then just a high price to remove the possibility of profit taking, Im making a hard case for myself here as we are so positive I just dont like people kidding themselves we are always going to be trending up as its not been that way previous. Its always a set of cycles on varying time frames and each wider bar is more powerful then the quicker movements below, so daily and weekly are the smallest important areas we must prove strength by; also monthly and quarterly moves are relevant imo. ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Ftalkimg.com%2Fimages%2F2023%2F06%2F12%2FA152g.png&t=665&c=nqbLOBS7lvifPg) So a graph is better then words and maybe, looking at 26879 as a good rung to hold us in positive price action as the best guide I find myself with as I cant easily guess where we go only to best notice when we are about to stop
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░░░░░░░░░░██▄ ▄▄▄▄▄▄▄▄▄▄▄███▄ ▀▀▀▀▀▀▀▀▀▀▀███▀ ░░░░░░░░░░██▀ ░░░▄▄ ▄██▀ ███████████████ ▀██▄ ░░░▀▀ | | | | +250 COINS | | ..Crypto Exchange.. | │ | ▄▄▄▄ ▄▄▄███▀▀███▄▄▄ ▄█████▀▀░▄▄▄▄░▀▀█████▄ ██▀░▄▄▄████████▄▄▄░▀██ ██░████████████████░██ ██░████████████████░██ ██░▀██████████████▀░██ ██░▀████████████▀░██ ▀██░▀██████████▀░██▀ ▀██▄░▀██████▀░▄██▀ ▀██▄▄░▀▀░▄▄██▀ ▀▀██▄▄██▀▀ ▀▀▀▀ | | | │ | |
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