I doubt Bitcoin will dip below 20k again

[kpierce77]

Maybe it's too soon to be able to say something like this. indeed there are many big parties who are now starting to invest in bitcoin, but there are also still many people who disagree with investing in bitcoin. besides that, bitcoin is still not fully accepted by people in certain countries. maybe the correction will be around the price of $10k-15k but i'm not really sure about that, for now let's just enjoy the bulls that are currently happening, if you manage to buy btc at the price of $5k congratulations you have very much profit

[thecodebear]

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.

I don't think there's too many people who still think Bitcoin is going to take over all world currencies. That dream of early bitcoin maximalists has clearly been dead for numerous years. A global reserve currency is it's likely place in the world, but it's not going to be the currency things are priced with anywhere.

Right now it's institutional dollars that are driving the market upwards, it isn't the usual boom bust scenario of your average main street consumer jumping on the bandwagon, though of course there is a little bit of that its just not what is driving the price upwards. The hundreds of millions of dollars of weekly buys that are being taken of the market and put into long term storage by institutional investors is what is mostly driving the price gain this Fall. Still, traders and profit takers on exchanges certainly have the ability to drop the price a considerable amount in the short term, it's just that all those bitcoin dropped bitcoin would get eaten up by $100 million dollar buys from institutions in a manner of weeks.

[Wysi]

Bitcoin is at its peak till date and even I don't think there will be any drop below $20k atleast for couple of weeks but still cannot guarantee as its just my opinion and it's hard to predict anything since Bitcoin and crypto are highly volatile. As the moment bitcoin is receiving so many new investment from institutions and new players who could invest in the past or missed last bullrun. I don't think we will see Bitcoin below $20k anytime sooner.

[wxa7115]

Too many institutions and big money behind it now!!!   Whats everyones opinion explain?BTC

When it comes to predictions like that I like to be very conservative, who actually thought that we will be close to touch the 30k level at the end of this year, not many so while it may seem inconceivable that the market is going to go down to the 20k levels or even below it we must not underestimate how fast the market and the circumstances can change.

Most likely institutional investors came earlier than what we think and the price at which they bought their coins is way lower than what we believe so if at some point they need cash reserves you can be sure they will begin to sell because unlike us they do no have any kind of ideological attachment to bitcoin and if that happens the crash that we may see could be way larger than anything we may expect.

[boltz]

We can never now for sure. A drop right now will Bitcoin look bad after this rally that he started and more likely it won't stop and the drop it won't happen. We can speculate around this question and we can think that at some point, Bitcoin will drop again ( which it will ) but can it really drop so hard to be again under 20k$ ? I personally doubt it. However, on a 2nd plan we can think that Bitcoin could make a BIG correction out of nowhere and go for a flash drop under 20k$ but it won't stay there more than a couple of minutes if this happens.

[dunfida]

Too many institutions and big money behind it now!!!   Whats everyones opinion explain?BTC

Isnt that adoption is all we need and do hope for? We are aiming for that and it cant be avoided that institutional money will flow into this market.
I know on whats up into your mind on why you do worry too much because majority of those big players do own btc that much? Well you do have the
point but they wouldnt really easily release off those coins and make out conversions in a short span of time and as a natural behavior or old investors
came from those traditional businesses and sectors then you would really be assuming that they will stay for a little while and wait up until everything is ripe
before selling out.

[militiariko]

Too many institutions and big money behind it now!!!   Whats everyones opinion explain?BTC

The next bitcoin price correction and dump below 20k would surprise everyone including the big insttituion you have mentioned just as the rise in price has been beating expectations. Whatever goes up will come down *according to physics* lol, but as an investor it is up to you to make the right decisions each time in hodling, buying and taking profits.

[Wulan_maniez]

Sometimes bitcoin can’t be predicted and planned. before bitcoin was at such a high price now, many predicted it would only
break  through $14K until  the  end  of  December,  but bitcoin  could break  through more at $20K,  even today it is already
at $26,405. We never expected this before. So anything can happen, it could correct bitcoin to $20K, but it will recover again.

[exstasie]

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.

I was under the impression that they open offers for private placement whenever there is demand for it. A lockout period ending just means previously issued GBTC shares can be sold on the open market by investors. Why would that stop Grayscale from placing new shares?

The author was probably implying that the lockout period ending means GBTC shares will get dumped on the market. Whoever bought 6 months ago at NAV is sitting on huge profits, not to mention the huge premium on top.

[AmoreJaz]

Too many institutions and big money behind it now!!!   Whats everyones opinion explain?BTC

Isnt that adoption is all we need and do hope for? We are aiming for that and it cant be avoided that institutional money will flow into this market.
I know on whats up into your mind on why you do worry too much because majority of those big players do own btc that much? Well you do have the
point but they wouldnt really easily release off those coins and make out conversions in a short span of time and as a natural behavior or old investors
came from those traditional businesses and sectors then you would really be assuming that they will stay for a little while and wait up until everything is ripe
before selling out.

these investors will monitor the pulse of the market. and if they see that crypto adoption is still increasing, i dont think they will just sell off their share in the market. the probability of going up is still there. and as long as adoption is active, more merchants accepting crypto, and noncrypto users converting themselves to crypto enthusiasts, then the increase in price is always on the horizon. the possibility of going down to 20k again may happen but it will bounce back again. the adoption this time is different.

[Yamifoud]

You can't play such doubt because you are also doubting that Bitcoin price will reach @20k plus. We have to keep in our mind that everything can be possible in crypto. Does anyone is expecting that Bitcoin will have this new ATH despite the pandemic situation? Maybe there is but only a few and that only those merchants believing that it grow because they saw how it becomes vital in this situation.

As the pandemic isn't over yet, we have to expect more market rally than of dumps scenario but couldn't hold as well if we got back to normal and the said $20k below will probably what we saw if people started to use more fiat back again.

[Inkdull]

Too many institutions and big money behind it now!!!   Whats everyones opinion explain?BTC

Bitcoin can still go down below 20k mate, I heard that the covid is back in the UK, even in my country some are fighting for their lives as we speak, some have already named the covid 2.0, now I don't even know what we will face in 2021 again, the demand to stay alive can still force investors to sell their bitcoin

[zeingrind777]

Today bitcoin has reached $ 27K and briefly reached the price of $ 28K +. It is highly unlikely that it will drop to $ 20K this week. In my opinion, the bitcoin price will continue to grow to over $ 30K in early 2021.

[palle11]

It is really not sure that bitcoin will drop back to $20,000. Although that after 2017, bitcoin later started to drop but at that time there are fewer adopters or big traders like institutional buyers. Currently with what price increase we are seeing, we know that big buyers are buying and selling while price touching at $28,000.  However, below 20,000 is a good spot for buy.

[freedomgo]

Even if we do not want to see bitcoin drop to $20k, but if the price really down to that price, we should follow it and never sad because that is our opportunity to buy more bitcoin while the price drops. It will difficult to see the price will drop to that price in the future, especially if the price is fly high to more than $50k. Maybe we will see a flash dump that will come shortly, so it is better to prepare for the worst thing that can happen.

Bitcoin can go down anytime when the hype is over, as if we didn't see the history of bitcoin, we should be realistic here to see what is coming. No way for bitcoin to just continue to rise and amaze us, remember the bigger it rises, the harder it fall. Not believing that bitcoin will not anymore fall below $20,000 is alright, we have our own opinion based on what we see, and we can only find out if things would already happen.

[cabron]

You really can't tell whats going to happen next, crypto is very unpredictable. I would have thought about BTC not dipping below 5k when its prices hit the all time high at 20k. but it did.

Not going below 20k is just what we hope not to happen. In reality, it could. The higher it goes up, the deeper it will dive.

[STT]

Its not the price alone that is the danger its the nature of the elevation and who holds it, speculative froth to put it succinctly.    Froth is not substance at all, we can clear the top of a skyscraper and then return to street level.   I dont know how much of that fast money is in the price but its inevitable when we rise this much that people are just taking a gamble they will reverse on.



So we're risen into the middle of nowhere but usefully the 2 day average is fast enough to keep up and underlines the lows recently.   The correct range or normal for daily trend would be the lower 20k's for price, we've gone far past that moving faster over time.   What I'd expect to happen is we move fastest when closest to the top so the pace puts us off the road eventually.
   The candle or price action for Sunday was bearish, a sell off like that usually has an impact but also a Sunday jolt into Monday open is slightly predictable and perhaps the momentum ignores this fault now.  At some point selling like this will matter again, the price likely over reacts in both directions hence below 20k seems probable to me but I've heard traders say we're done with that now.

as Joe Granville said "what's obvious is obviously wrong"

[Fredomago]

You really can't tell whats going to happen next, crypto is very unpredictable.

Indeed! there's no clear direction as day short term traders can quickly cashout their earnings and dump will surely follow

I would have thought about BTC not dipping below 5k when its prices hit the all time high at 20k. but it did.

We all witness how Bitcoin dropped and experienced huge downfall, though there's big difference from how that last bull take place
from how we are seeing now, there are serious businesses who begin to adopt this system and the rise is not just artificial but
Companies are embracing this chain.

Not going below 20k is just what we hope not to happen. In reality, it could. The higher it goes up, the deeper it will dive.

We just need to prepare ourself, if this value still have the possibilities, adjusting to situation is really need to take place.

[ene1980]

We all witness how Bitcoin dropped and experienced huge downfall, though there's big difference from how that last bull take place
from how we are seeing now, there are serious businesses who begin to adopt this system and the rise is not just artificial but
Companies are embracing this chain.

The current rally in bitcoin is helped by companies who are willing to invest heavily and so is the reason we are seeing a huge rally and usually during holiday season the market usually settles down and the rally would restart after the vacation but this time around it is completely different and the only way we would see a major correction during this phase of the market is when the regulators come up with something that could affect the market which is highly likely.

[SquallLeonhart]

Maybe it won't reach today, but we still don't know what would happen in a crash, we are all considering bitcoin to be going up constantly but we are not going to have that kind of increase forever. I am not saying bitcoin will be low and go down and stay there, I am a bullish person as well and I support that bitcoin will always be higher in the long run, even if we crash from this price, we are going to be above 30k either in a week or in a decade but we will be there, there is no doubt in my mind and that is why I put my money into bitcoin.

However this doesn't change the fact that there are crashes here and there time to time and I believe on the next crash we could still see under 20k, god knows maybe under 10k as well. We just need to make sure that we do not make it drop to under 10k, because under 20k could be saved, somewhere around 17k or so became this price in a month, but going under 10k would hurt a lot more.