Bitcoin a deep pullback @40K?

[The Sceptical Chymist]

I just had to un-ignore the Speculation section seeing as how bitcoin is going through the roof and I'm interested in hearing what people have to say about it.

There is a saying that whatever goes up most come down.

A lot of people would argue that it's not just a saying but a law of both physics and finance--and I don't think I'd be able to argue against that successfully.  Bitcoin has shot up really far, really fast, and usually that means it's going to experience some kind of correction sooner or later. 

The thing that appears to be different between 2021 and 2017 is that the price is seemingly being buoyed by institutional investors with very deep pockets and not thousands of speculators who would tend to sell once they've made a decent profit.  I think companies like MicroStrategy and Grascale are in bitcoin for the long term and thus shouldn't be dumping large amounts of it onto the market and thereby initiating a correction or crash. 

We'll see though.  Most of my predictions about bitcoin have been wrong, so I'm not even going to try to make one here.  I'm just keeping my fingers crossed that the market can sustain it at around $34k or so for a while.

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[thecodebear]

I just had to un-ignore the Speculation section seeing as how bitcoin is going through the roof and I'm interested in hearing what people have to say about it.

There is a saying that whatever goes up most come down.

A lot of people would argue that it's not just a saying but a law of both physics and finance--and I don't think I'd be able to argue against that successfully.  Bitcoin has shot up really far, really fast, and usually that means it's going to experience some kind of correction sooner or later. 

The thing that appears to be different between 2021 and 2017 is that the price is seemingly being buoyed by institutional investors with very deep pockets and not thousands of speculators who would tend to sell once they've made a decent profit.  I think companies like MicroStrategy and Grascale are in bitcoin for the long term and thus shouldn't be dumping large amounts of it onto the market and thereby initiating a correction or crash. 

We'll see though.  Most of my predictions about bitcoin have been wrong, so I'm not even going to try to make one here.  I'm just keeping my fingers crossed that the market can sustain it at around $34k or so for a while.

Yup that's the key. Instead of emotional FOMOing retail investors who just heard about bitcoin and bought it to get rich quick (and dump it as soon as they see their first correction) it's long term holding institutions that are eating up all the supply. Apparently east asian whales have been selling a lot of their bitcoin, which means whale supply is moving into long term institutional holds. And that trend will continue. Pretty soon there is going to be such an absurd supply shortage things are going to get real interesting. There will be corrections, but they won't last that long, cuz institutions aren't gonna leave the market for years like retail investors do, they're just gonna buy more at a discount when they get the chance, leaving fewer and fewer liquid coins on the market for the rest of the world. I have a feeling the next few years are going to blow every one away. John McAfee was just a few years too early in his prediction.

[BuNga_cute]

Too much speculation regarding which direction the Bitcoin price will move, everyone was quite shocked by the rise in Bitcoin price after crossing
the resistance price of $ 20,000. Nobody even thought Bitcoin could reach the price of $ 37,000 today. Therefore after the Bitcoin price has managed
to go up this far, many predict that Bitcoin will dump as soon as it reaches $ 40,000. Even though I don't believe it myself, in my opinion no one can
predict the price of Bitcoin.

So why not play safe by selling our Bitcoin if it's already profitable, but many people find it difficult to do this. Since most people have inner self, so
a lot of people are delaying taking profit nowadays. And preferring HODL Bitcoin today, there's nothing wrong with that. But because Bitcoin's price is volatile, the price can dump suddenly. Please  be careful.

[thecodebear]

Too much speculation regarding which direction the Bitcoin price will move, everyone was quite shocked by the rise in Bitcoin price after crossing
the resistance price of $ 20,000. Nobody even thought Bitcoin could reach the price of $ 37,000 today. Therefore after the Bitcoin price has managed
to go up this far, many predict that Bitcoin will dump as soon as it reaches $ 40,000. Even though I don't believe it myself, in my opinion no one can
predict the price of Bitcoin.

So why not play safe by selling our Bitcoin if it's already profitable, but many people find it difficult to do this. Since most people have inner self, so
a lot of people are delaying taking profit nowadays. And preferring HODL Bitcoin today, there's nothing wrong with that. But because Bitcoin's price is volatile, the price can dump suddenly. Please  be careful.

Honestly, unless you need the money, the safe thing to do is keep what you have and buy more. Bitcoin will be worth more in the future. Selling is riskier than holding or buying.

[maydna]

So why not play safe by selling our Bitcoin if it's already profitable, but many people find it difficult to do this. Since most people have inner self, so
a lot of people are delaying taking profit nowadays. And preferring HODL Bitcoin today, there's nothing wrong with that. But because Bitcoin's price is volatile, the price can dump suddenly. Please  be careful.

People feel difficult because they become greedy when they see their profit grows, and they want another bigger profit by still holding their bitcoin. They forget about their target price to sell, and when the correction comes, and it drops too deep, they become panic, and instead of still holding their bitcoin, they sell the bitcoin fast. They don't remember that the correction is not staying at the market for a long time because, after the correction, the price will pull up to the higher price. It is okay if you want to hold your bitcoin, but you should remember your target sell price, so you don't regret lately to sell your bitcoin and make a profit.

[STT]

Honestly, unless you need the money, the safe thing to do is keep what you have and buy more. Bitcoin will be worth more in the future. Selling is riskier than holding or buying.

Theres always speculators but that is a fair comment, problem is too many people 'invest' money they actually need in a few months time.    If they get caught out by a decline for the rest of year which is nothing impossible then they were wrong to speculate, that gamble has to have its own set of rules hence we can never really tell people what they should do as few present exactly the nature of the capital they have involved with crypto.
   After this massive run its inevitable some of the value now showing is hot money and it will be relying on the Dollar never recovering previous values even as recently as say July when Dollar declined.    A deep pullback without a rise elsewhere is not that likely and most commonly that would be the Dollar which is the largest source of financing on the planet pretty much.   Yen is another, QE for decades and Yen will always rise if you see a market with bearish action as the money returns home and neutralizes whatever loan was taken there.

[Oshosondy]

Something we should all keep in mind is that, at some point; the market will have some corrections. There are people in so much profit for buying/longing - we should think about what's going to happen when the decide to take profits.

Just like when bitcoin price first got to $34000, there was a correction and decrease to $30000 or a price that is slightly it, but after a day or two, the bullrun continues. At this present price of $35000, nobody can truly yet predict what could happen after bitcoin will get to $40000, but mostly like the bullrun will continue after correction (short time and mild bull back).

[nelson4lov]

~Snipped

Just like when bitcoin price first got to $34000, there was a correction and decrease to $30000 or a price that is slightly it, but after a day or two, the bullrun continues. At this present price of $35000, nobody can truly yet predict what could happen after bitcoin will get to $40000, but mostly like the bullrun will continue after correction (short time and mild bull back).

As expected, Bitcoin finally reached $40,000 milestone price and a new all time high and just moments after it touched that price level, there was a sharp drop to $37K. This drop took a lot of alts with it and there's been over $1.2B in longs liquidated so far. Like I said a day before, $40K price level was very much untested and there would be some resistance at that zone. I hope someone did profit from the drop (sell the top and join back to continue the ride). By the way, Congrats to everyone that held their BTC!

[thecodebear]

~Snipped

Just like when bitcoin price first got to $34000, there was a correction and decrease to $30000 or a price that is slightly it, but after a day or two, the bullrun continues. At this present price of $35000, nobody can truly yet predict what could happen after bitcoin will get to $40000, but mostly like the bullrun will continue after correction (short time and mild bull back).

As expected, Bitcoin finally reached $40,000 milestone price and a new all time high and just moments after it touched that price level, there was a sharp drop to $37K. This drop took a lot of alts with it and there's been over $1.2B in longs liquidated so far. Like I said a day before, $40K price level was very much untested and there would be some resistance at that zone. I hope someone did profit from the drop (sell the top and join back to continue the ride). By the way, Congrats to everyone that held their BTC!

I got some profit overnight at $1262 and $38400, put buy orders at $1175 and $36400 and the dip hit both of them, sold the BTC again a few minutes after the buy was hit at $38800. Planned on taking some profit before $40k, the dip was just a pleasant surprise to add to those profits. Now I've got the cash from the BTC sell to buy back in lower at $33k/$35k if this turns into an actual correction, or if its just yet another quick bear trap that's cool I took the profits I had planned on with some extra on top!

[CryptoLordguru]

It is hard to speculate though. Many fell for the bear trap but the way Bitcoin is moving isn't showing any sign for it.

[RealMalatesta]

Something we should all keep in mind is that, at some point; the market will have some corrections. There are people in so much profit for buying/longing - we should think about what's going to happen when the decide to take profits.

Just like when bitcoin price first got to $34000, there was a correction and decrease to $30000 or a price that is slightly it, but after a day or two, the bullrun continues. At this present price of $35000, nobody can truly yet predict what could happen after bitcoin will get to $40000, but mostly like the bullrun will continue after correction (short time and mild bull back).

We have peaked above 40k for the first time ever, but at this point it is not really looking like we are "breaking all time high price" , that was like when we broke over 19k, right now what is going on can't be called breaking over ATH each time, because we broke over ATH and we are simply just going up right now, and when we stop and not go any higher, that will be the new ATH.

There are waaaaaay too many people who get scared each time price goes down, and there is nothing you or I can do about them. I remember very clearly when price went from 34k to 27-28k levels, there were soooooo many people that got scared and panic sold their coins, we are now at 38.5k... So obviously bitcoin will not be something that will be going down like that each time we see a drop, maybe it will be a small one, or a bit bigger, but it really won't be a crash each time it goes down, it could very well be a correction.

[tygeade]

There wasn't really a "deep" one, there was 40k and a small drop, then went back above 40k once again.

I have to say there is really no crash coming anytime soon, people have been waiting for a crash since 20k price and we haven't had that, why do people keep calling for a crash? Why do you want it to crash?

I get that some people missed the chance to buy early, but it has been going up for the past 6 months, isn't it a bit your fault that you kept calling for a crash instead of getting in and still missed out?

Instead of saying "I will buy after the crash", you could have just bought and you could have doubled after the all time high. Can you imagine how high we are right now? Not only we broke over the all time high, if you bought at all time high price you would have doubled your profit which is like under 4 months now if you look at it, it is like 2.5 months or so.

[Sled]

There is a saying that whatever goes up most come down. Some traders predicted a pullback @30K but got smashed. Can we see a pullback @40k?
Let have you thought on this...

Well, we have to accept it but for now, we have to enjoy the market flow and let us prepare for the dump possible. Besides, we have several times been in the deep after a bullish trend. After 2017 Bullrun we suffered a long bearish season and I think, this time it was a big pull-up and those holders had been paid off.
Anyway, I was thinking the same a huge pull back when it reaches $30k, but as the resistance keep stronger, institutional investors keep buying, this helps a lot to make the market keep going high. But then, dumps can still be possible.

[AmoreJaz]

There is a saying that whatever goes up most come down. Some traders predicted a pullback @30K but got smashed. Can we see a pullback @40k?
Let have you thought on this...

Well, we have to accept it but for now, we have to enjoy the market flow and let us prepare for the dump possible. Besides, we have several times been in the deep after a bullish trend. After 2017 Bullrun we suffered a long bearish season and I think, this time it was a big pull-up and those holders had been paid off.
Anyway, I was thinking the same a huge pull back when it reaches $30k, but as the resistance keep stronger, institutional investors keep buying, this helps a lot to make the market keep going high. But then, dumps can still be possible.

going down is inevitable. we cant always have an upward trend, along the way, we will experience the downward trend again. but no one can accurately tell such time period. what you can have are contingency plans on this market. you have to be smart about what's going on with your portfolio and the market.
i dont have idea what price will it go down, but definitely there will be pullback.

[Hippocrypto]

I don't know yet, because it is still sidways, but there is a possibility that the price of Bitcoin will be corrected,
because the dominance of bitcoin has decreased, then Bitcoin can also decline, yup the key is at the price of $ 35k.

After price declines, let's observe the current and recent market changes if it would initiate another bounce. More pumps after corrections is expected to happen, but we must not be too confident once demand also decrease. Sometimes it made us frustrated when we don't see our asset gains faster, so we need more patience as corrections continue because that will put everything in good shape.

[CryptopreneurBrainboss]

There is a saying that whatever goes up most come down. Some traders predicted a pullback @30K but got smashed. Can we see a pullback @40k?
Let have you thought on this...

Most likely, I think the fomo is beginning to to die off as now everyone is most concerned about the corrections that's to come. Prior before now what was on everyone lips was how high the price of bitcoin was to go but as of recently what's trending is the likely corrections or dumps that's to happen and when to expect such market reaction. And from how the market is also reacting, we can see it's taking quite long for the market to break out the early price range of $40k.

If this is to continue for another week then most likely altcoins market are to pick up some momentum which funds are to be gotten form taking profit in bitcoin to fuel the altcoins season. This though is just my opinion and no financial advice therefore I don't encourage anyone to based their investment choices on what I have just said.