Correction has started?

[magneto]

Nothing out of the ordinary.

You're going to see a few waves of corrections occurring, there is no doubt about that. There was no way that this sort of price action where you see gains in the high 'teens every single day was going to sustain for more than a couple of weeks.

As I've mentioned before, with the current FOMO people are levered all the way up which means that if there were any market corrections it would occur in dramatic fashion as we see right now. Overall though, the trend is still bullish. And given the once per 4-year cycle, I'm very confident that the rallies will continue after the market takes a breather - whether that's rational or not.

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[thecodebear]

Yeah, periods of correction, or just bear traps to slow things down, and consolidation periods will happen. It's not like Bitcoin is going straight to $100k in the next 2-3 months. Like we had a month long consolidation under $20k, we should expect periods of relief from relentless gains.

If I had to guess I'd say last night was a quick bear trap that will now lead to consolidating in the low-$30,000s range (and ~$1000 for ETH) for perhaps a couple weeks before it starts moving up again. Such a thing is very healthy for the market and provides the market with some stability and support to keep going higher.

[Hypnosis00]

Should we have to sell it now? Coz I also feel the huge correction to follow and might investors now are hyping altcoins these days making them the price hike. I saw that some of my altcoins are gaining price back slowly, this gonna be showing something altcoins season to follow next to Bitcoin strike.
I make myself to get prepare for the incoming and anticipate the possible full back of Bitcoin.

[sayaya17]

The rising price of bitcoin gained traction, and briefly hit a new high of $34,799 on Sunday, after soaring over 300% in 2020. But indeed
the Seller after that lowered the price of bitcoin  to $28K which  pushed  the trend  down, but  when they  re-entered,  bitcoin  was back
under control to $31K. But we don’t  know if  there  will be a  further push to  lower levels and further  down,  this will  indeed  challenge
the commitment for those predicting a sustained upward trend.

[sheenshane]

That is dumping fast, that's only a small correction.  Every time Bitcoin experience a huge pump, it will be expected that there is a correction soon and now, that has happened that there's a correction.  But yet, we are still in a healthy market, and look at the coinmarketcap, it's been resisted quickly and turn back to $31K  which is very quickly.

I don't see a reason Bitcoin will dump too much and it will not fall down beyond $20k for sure.  Probably one of the most reason whales now are playing on Bitcoin price but the fact, they won't survive.  In fact, I can now connect the dot of whales move, yesterday a lot of post on Twitter regarding Bitcoin FUD or Bitcoin haters.

[aurel57]

BTC and ETH are taking back off up

[btc_angela]

But the price has recovered to $32,500 now. That's how quick the recovery is, some minor pullback but then again, institutions are quickly scooping it from those weak hands that are selling at $33k++. And it seems that every dip will be minor and very shallow and could bounce back just like that.

So let's see if the buying will continue and we are going to be back around $33k again and then hit $35k this week. Unlikely, but we don't know what the institutions are going to do and maybe push it again.

[Reatim]

Bitcoin dumping so fast, it's very red now.

From $33k today, bitcoin has dump to $28k..

What's next for this, and what's the dip?  Love to hear your thoughts on what is happening now.

Then I'll Edit the Topic " "Correction Has Ended"   


after Seeing the Red Run last night , Now i believe it's finally over because Bitcoin is now Stable at 32,000 and ethereum at 1,000.


i Greatly appreciated the correction last night as i have re enter the Bitcoin Holding after selling at 34,000 recently .


now I'm ready for another Risk but thrilling 2021 run.

[bryant.coleman]

But the price has recovered to $32,500 now. That's how quick the recovery is, some minor pullback but then again, institutions are quickly scooping it from those weak hands that are selling at $33k++. And it seems that every dip will be minor and very shallow and could bounce back just like that.

So let's see if the buying will continue and we are going to be back around $33k again and then hit $35k this week. Unlikely, but we don't know what the institutions are going to do and maybe push it again.

Institutions are purchasing coins at every available opportunity and this means that the current bull rally may continue for a few more months, or at least until the exchange rates reach $50,000 per coin. When the news first came out of the PayPal adoption, the exchange rates were around $12,000 per coin. Those who invested back then have already got close to 200% returns. I don't expect the institutions to liquidate their holdings anytime soon. They are in this for the long term.

[maxreish]

That's a rapid dumped. It bounce back to $31k as of now. And I believe they liquidated the high percentage of long positions. Definitely a huge pullback from $33k down to $28k. If $30k above will be maintain then another bullish trend will gonna br expected to happen soon again.

Well, probably many sell of their bitcoin yesterday causing the quick dump but the comeback is also rapid causing to go back at $31k today.

[Timelord2067]

Do you look out the window, see a single could on the horizon and declare it's going to rain in five minute? Just because the price fluctuates  up or down doesn't mean it's the end of the world.

If the price fell by 25% to 50% ( or more ) then you might be persuaded to say it's a "correction". Time and again the price goes down 10% then bounces back. No big deal.

[Psynthax]

Maybe, but I really doubt its gonna go down below $25K it's now backing up once again to $30K point and that correction should be expected when we hits $34K so fast.
I believe in my opinion right now is the time to cash out tho for those who are bag holding since ancient times but thats just my 2 cents considering that much more mass adoption gonna comes up maybe it can still go beyond.

[cryptomaniac_xxx]

Maybe, but I really doubt its gonna go down below $25K it's now backing up once again to $30K point and that correction should be expected when we hits $34K so fast.
I believe in my opinion right now is the time to cash out tho for those who are bag holding since ancient times but thats just my 2 cents considering that much more mass adoption gonna comes up maybe it can still go beyond.

It's because $30k is now the support level, so unless it if broken down then we might see a $25k. But so far with institutional companies buying back bitcoin and getting them like hot pancakes, we might not see a dramatic flash crash yet. Definitely $35k should be the next target eventhough we have seen some corrections today. We are still in the bullish phase so we are going to see a lot of attempts to break $35k and then $40k this month alone.

[thecodebear]

I think that was just the latest bear trap. We had them at $15.9k, a couple at $19k, one or two at $24k, one at $28k, now one at $34k. I see ranging in the low $30,000s now for a bit before pushing up to or past $40k. Probably another bear trap around $40k-$45k in February.

[coinbiz]

If $30k doesn't hold, this run is over.  That's not to say there won't be bounces.  

But I've been watching transactions and seeing a lot of money moving from cold wallets to exchanges over the past few days.  There's also been articles about this.  People taking profits.  

I predict we'll settle in the mid-$20k range, then up again, then down again.  There's also regulations coming in the next few weeks.  UK buying ban in effect tomorrow, etc.

And the problem with institutional investors is - while buying is wonderful, selling is not.  MicroStrategy bought their $1.6B worth of coins at an average of $21k/bitcoin.  If the price drops below that, I'd imagine their investors would be clamoring for answers, and may force a large sale to cut losses.  That sort of event could be what sets of a bear market for sure.

[Bitcoins101]

If $30k doesn't hold, this run is over.  That's not to say there won't be bounces. 

But I've been watching transactions and seeing a lot of money moving from cold wallets to exchanges over the past few days.  There's also been articles about this.  People taking profits. 

I predict we'll settle in the mid-$20k range, then up again, then down again.  There's also regulations coming in the next few weeks.  UK buying ban in effect tomorrow, etc.

And the problem with institutional investors is - while buying is wonderful, selling is not.  MicroStrategy bought their $1.6B worth of coins at an average of $21k/bitcoin.  If the price drops below that, I'd imagine their investors would be clamoring for answers, and may force a large sale to cut losses.  That sort of event could be what sets of a bear market for sure.

Source on that price? I thought it was more like $10K.

And yeah, I don't like the way it looks right now. Running out of steam and unlike the past few days people actually have a reason to sell.

[thecodebear]

If $30k doesn't hold, this run is over.  That's not to say there won't be bounces.  

But I've been watching transactions and seeing a lot of money moving from cold wallets to exchanges over the past few days.  There's also been articles about this.  People taking profits.  

I predict we'll settle in the mid-$20k range, then up again, then down again.  There's also regulations coming in the next few weeks.  UK buying ban in effect tomorrow, etc.

And the problem with institutional investors is - while buying is wonderful, selling is not.  MicroStrategy bought their $1.6B worth of coins at an average of $21k/bitcoin.  If the price drops below that, I'd imagine their investors would be clamoring for answers, and may force a large sale to cut losses.  That sort of event could be what sets of a bear market for sure.

This really isn't a worry at all. I'm not sure how you are reading the market like this, but your reading of things doesn't really make sense.

This bull run is just getting started. No risk of it suddenly ending. Institutional investors are not getting tired of buying, they are clamoring to get into Bitcoin.

Microstrategy CEO has already said BTC is his company's reserve now, as in, he is not ever selling - the only sell event would be to spend the money - it is simply how they hold their money now instead of in cash. Also they averaged $16,000-something per BTC, not $21k, and bought about $1.12B worth of coins, just to correct you there.

As far as the UK buying ban...I hadn't heard about it. But I just looked it up and it's got nothing to do with buying cryptos. It's a buying ban on crypto derivatives for retail investors. So anyone can still buy Bitcoin (or any crypto), but only rich people can buy stuff like futures contracts and ETNs and options and all that stuff that doesn't actually involve buying Bitcoin haha. So this is a non-event.

The near future for the price of BTC is HEAVILY weighted toward the upside. We might get ranging or even more correction this month, but in February $30,000 will likely seem very cheap. Basically, this is the last chance to get ~$30k Bitcoin before it goes higher. The institutional buying supply shock on the market continues and the price can only be held down at $30k for so long before it bursts upwards again. By end of January we will very likely leave this level forever. Also Grayscale should start buying again late January i believe, so that's a few hundred million dollars in weekly Bitcoin buys that will be hitting the market again, at which point any possible correction or consolidation will quickly be overcome.

That drop last night looks like it was just one more in a series of bear traps that have been happening every few thousand dollars since the mid-teens in November. Market looks very bullish right now, after it gets some healthy consolidation at $30k out of the way to build up support for the next rise upwards.

[STT]

Its pulling back to within a more reasonable range and that can continue for a while, it roughly could equate to sideways more then an outright bearish progression.   Its possible speculators sell into this and so it develops further down shorter term before recovering sideways again.



Last low is higher then yesterdays low but it touches a similar place which is the seven day average and similarly marks the 2 day as the high.

[thecodebear]

Its pulling back to within a more reasonable range and that can continue for a while, it roughly could equate to sideways more then an outright bearish progression.   Its possible speculators sell into this and so it develops further down shorter term before recovering sideways again.



Last low is higher then yesterdays low but it touches a similar place which is the seven day average and similarly marks the 2 day as the high.

Yeah I would not at all be surprised to see ranging for part of this month in the low $30,000s before buy pressure is just too much and it starts exploding upwards again. I think there will be a good amount of people selling this month who are just going to have to buy back in higher next month, but for the time being that may keep it ranging for a little while. But thats healthy and good for the market. You don't want it to go up so fast that it gets into bubble territory.

[JimboToronto]

What I see is a healthy correction after too steep a rise (about $5k in a day), the establishment of new support at the old level of resistance ($30k) and consolidation in the low $3xxxx range.

The only real question is how long this consolidation lasts before continuing the bull run.