Could this correction lead to a bear market for Bitcoin?

[Wawa2013]

This is what makes investing in Bitcoin attractive, because its movements are difficult to predict. But if we look at the cause of the initial increase of
Bitcoin is because many institutions invested in Bitcoin, looks like Bitcoin won't be correcting too deeply. A few hours ago Bitcoin dropped to a price of
$ 29k, but it wasn't long before it was up again.

Even now it's back to the price of $ 31k, seeing this Bitcoin movement pattern indicates the price of Bitcoin support is quite strong at $ 29k- $ 30k.
And it is impossible for an institution to invest in Bitcoin for the short term, so according to my prediction the Bitcoin price will likely be bullish  and
back to $ 40k again.

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[SaveOurSea]

correction is not for the bear market. but bitcoin price correction to make the market healthier,
it hurts to see the correction occur up to 10% more decline,
but that is what makes this crypto market interesting, many people are caught in the trap,
many people are making profit from it, the bull period is still happening, don't worry because correction will make bullish continue.

[BITCOIN4X]

This is what makes investing in Bitcoin attractive, because its movements are difficult to predict. But if we look at the cause of the initial increase of
Bitcoin is because many institutions invested in Bitcoin, looks like Bitcoin won't be correcting too deeply. A few hours ago Bitcoin dropped to a price of
$ 29k, but it wasn't long before it was up again.

Even now it's back to the price of $ 31k, seeing this Bitcoin movement pattern indicates the price of Bitcoin support is quite strong at $ 29k- $ 30k.
And it is impossible for an institution to invest in Bitcoin for the short term, so according to my prediction the Bitcoin price will likely be bullish  and
back to $ 40k again.

It would be nice if the price could down to a lower level in the hope that more investors would buy more bitcoin to store in the long term. I might consider buying some bitcoin if the price drops back to the $25K level. But maybe it won't happen anytime soon as the support is still quite good at $30K. Currently bitcoin price is trading at $ 32K+, up a few percent since yesterday's decline.

[Maslate]

correction is not for the bear market. but bitcoin price correction to make the market healthier,
it hurts to see the correction occur up to 10% more decline,
but that is what makes this crypto market interesting, many people are caught in the trap,
many people are making profit from it, the bull period is still happening, don't worry because correction will make bullish continue.

Bear market is the opposite of bull market, with bear market, we will see that bitcoin will struggle and the price will decline, the perfect example is what happened in 2018 after bitcoin and altcoins reach their new ATH. We might see it or not, but we should be ready of that as that is very much possible.

[RealMalatesta]

This is what makes investing in Bitcoin attractive, because its movements are difficult to predict. But if we look at the cause of the initial increase of Bitcoin is because many institutions invested in Bitcoin, looks like Bitcoin won't be correcting too deeply. A few hours ago Bitcoin dropped to a price of $ 29k, but it wasn't long before it was up again.

Even now it's back to the price of $ 31k, seeing this Bitcoin movement pattern indicates the price of Bitcoin support is quite strong at $ 29k- $ 30k. And it is impossible for an institution to invest in Bitcoin for the short term, so according to my prediction the Bitcoin price will likely be bullish  and back to $ 40k again.

That support is usually caused by two things and I believe price will stay high as well just like you because of these two reasons.

One of them is there are huge corporations keep buying thousands of bitcoins and holding them nowadays, that is a great thing because we are talking about thousands of bitcoins removed from the market and that is a very important task, if we do not have those coins being sold on the market anymore, that means there are more buyers versus less sellers.

Secondly people have seen that bitcoin price could be so high, and when you see that you do not care about how much it falls, when it goes down you end up buying instead of selling, which helps it recover higher instead of go down lower, why do people do that? Because they know that buying would allow them to get richer when the price goes back up to what it used to be.

[Silberman]

The correction was necessary because the market was growing simply too fast, I understand that people get scared when the price goes down so quickly but it seems that the market is back to normal and I think we are going to see another attempt by the bulls to try to breach the 40k level once and for all and remain above it, however there is something that worries me, the bitcoin dominance has been going down, and while some may see this is a good thing because it may be an indication of an altcoin season I do not like this at all.

Your worried because it may cause the dump? Well don't be worried about those situation since if you see the bitcoin dominance go down it means the wealth of the traders has been shared to various altcoin and we can see now that the altcoin market is much good since many of them are pumping so good which many people tells that it's start of altcoin season. I believe this events cannot effect bitcoins so expect after this thing or even this season come up we can still see bitcoin climb back to $40k.

In a way that is why I'm worried, in 2017 we saw bitcoin skyrocketing but at the same time altcoins were going up even faster than bitcoin and this was mostly the product of speculation, in recent months we have seen bitcoin growing at a speed faster than altcoins but that growth was completely justified because of the policies that governments are taking during this pandemic, the fact that we are seeing the dominance of bitcoin going down tells me that speculation is once again taking hold in this market and that never ends well.

[pixie85]

I will not feal bearish until we break below 20 thousand. There are many levels from now to the bear market and this is a healthy correction as long as some of those levels are held.

27 thousand is probably the first milestone and if we break below that there's going to be 22 thousand and then 19 thousand. If we can't hold support at that area around 19500 we'll probably go through a bear market gate into a long consolidation.

At this point I give it about 90% that we won't fall below 22 thousand before reaching a new high.

[lixer]

Bear market is the opposite of bull market, with bear market, we will see that bitcoin will struggle and the price will decline, the perfect example is what happened in 2018 after bitcoin and altcoins reach their new ATH. We might see it or not, but we should be ready of that as that is very much possible.

Why do you feel so pessimistic about bitcoin fall? I mean I never understood it so I am asking seriously without any joke. If you are feeling so pessimistic about bitcoin shouldn't you just sell all your coins and get out and never deal with bitcoin ever again? Why so down? I feel bitcoin may go down (or maybe not) but that would be correction and accumulation and price will go back up again. That is the case in most situations because we are talking about something a lot more valuable here, a long term benefit of having crypto over fiat.

People know that benefit and they do not get out too much, they just simply sell in order to rebuy at a better price but that's it, because they know they can't go to full fiat life since that is making them poorer and poorer, there is no way we could allow that to be fine. Long story short we are going to have a great future, do not be so pessimistic about it and hopefully you will see the benefits of crypto.

[Silberman]

I will not feal bearish until we break below 20 thousand. There are many levels from now to the bear market and this is a healthy correction as long as some of those levels are held.

27 thousand is probably the first milestone and if we break below that there's going to be 22 thousand and then 19 thousand. If we can't hold support at that area around 19500 we'll probably go through a bear market gate into a long consolidation.

At this point I give it about 90% that we won't fall below 22 thousand before reaching a new high.

I even doubt that we are going to see a price as low as that, however the dominance of bitcoin is going down once again which means that there is some money going out of bitcoin and finding its way to altcoins and this is never a good thing, not because I hate altcoins but because sooner or later this means that speculation is taking over the market and while this may make the price of all assets on the market to go up at the same time a significant crash will most likely follow.

[serjent05]

It looks like the Bitcoin market is already recover after its dip to $30k.  Sitting at the current price of $33k, I think we can see another sideways movement of the market before it started surging again until the next series of ATH breaking trends this year.

I will not feal bearish until we break below 20 thousand. There are many levels from now to the bear market and this is a healthy correction as long as some of those levels are held.

It has a slim chance for the Bitcoin market to fall below $20k this year since the Bitcoin market hype is still strong and there is yet a strong FUD that will turn the market upside down.

[pooya87]

It has a slim chance for the Bitcoin market to fall below $20k this year since the Bitcoin market hype is still strong and there is yet a strong FUD that will turn the market upside down.

FUD during bull markets can only slow down the rise and deepen the correction size (for example 30% instead of just 10% correction that we had recently). What they can never do is reverse the trend and turn it "upside down". The buyers may stop buying during the panic sell but they don't go away, they start buying more the lower price goes and eventually the effects of the FUD wears off and the price starts going back up again.

That's the main reason why silly prices like $20k (like $1k when we were in $3k) is impossible even though many were blowing their birthday candles wishing for it.

[lixer]

I even doubt that we are going to see a price as low as that, however the dominance of bitcoin is going down once again which means that there is some money going out of bitcoin and finding its way to altcoins and this is never a good thing, not because I hate altcoins but because sooner or later this means that speculation is taking over the market and while this may make the price of all assets on the market to go up at the same time a significant crash will most likely follow.

I believe the reason why there is money going from bitcoin to altcoins is that there are too many people who think bitcoin did increased as much as it can, maybe it could be 40k or even 50k but that is not going to be too much whereas with the same amount of money used for some altcoin we could have 2x or even 3x increases which is the point of trading.

I am not saying this is a good idea but I know a lot of people and communities that believes this and that is why they do it. If they could put 10 billion dollars collectively into bitcoin, they could maybe make it go 2x, if they put that into ethereum they could 4x and if they do it on doge they could easily 20x and that is why people are moving towards altcoins. Look at what doge did after few tweets, you think that is sustainable? It is not but it shows the world that it is that simple to increase the price.

[KTChampions]

FUD during bull markets can only slow down the rise and deepen the correction size (for example 30% instead of just 10% correction that we had recently). What they can never do is reverse the trend and turn it "upside down". The buyers may stop buying during the panic sell but they don't go away, they start buying more the lower price goes and eventually the effects of the FUD wears off and the price starts going back up again.

That's the main reason why silly prices like $20k (like $1k when we were in $3k) is impossible even though many were blowing their birthday candles wishing for it.

What can you say about those buyers who used margin trading or bought bitcoin with borrowed funds? If their share is large, then your reasoning will not work because in a falling market (if this process is long) they will have to sell their bitcoins to cover their debts. Therefore, the price of 20k is theoretically quite probable, there is no fundamental reason not to consider such a development of events.

[worle1bm]

I don't want to get overly dramatic about what's happened today, especially considering that the $32k level that we're at now was a new ATH just a week ago but when Bitcoin has dipped this much in previous years it has led to a prolonged bear market.

Do we think that this could happen now or should we just ride it out and expect a quick return to business as usual?

It's a correction period so do not compared them with the bearish trend of the market because we are still trading at $35k above so which means bears have manipulated the market at this price levels?We have already left the bearish market trend in the past year when they were struggling to rise above the $15-$17k and they have gained enough in that time but now it's time for bull run and from now on we will see price surge in the market and $45000 soon will hit the graphs so don't be drastic about its growth and let bearish market to manipulate the emotional feelings of individuals.

[virasog]

I don't want to get overly dramatic about what's happened today, especially considering that the $32k level that we're at now was a new ATH just a week ago but when Bitcoin has dipped this much in previous years it has led to a prolonged bear market.

Do we think that this could happen now or should we just ride it out and expect a quick return to business as usual?

As long as we are above 30,000$, we remain in bull market. If we broke the support of 30K, we probably will head towards 20 K and it might be a sign of  bear market being starting. However i am hopeful that bitcoin will not break the support and  will continue to move upwards towards ATH in February.

[eaLiTy]

What can you say about those buyers who used margin trading or bought bitcoin with borrowed funds? If their share is large, then your reasoning will not work because in a falling market (if this process is long) they will have to sell their bitcoins to cover their debts. Therefore, the price of 20k is theoretically quite probable, there is no fundamental reason not to consider such a development of events.

During the last rally there were new investors who were trying to ride the market and investing using their credit cards and some of the banks started blocking the purchase of BTCitcoin with credit cards and it was evident that many burned their money when the correction started. People should learn the lesson about riding the market using borrowed funds as it might not end well.

[hatshepsut93]

If 30k will be broken, you could be almost certain that the market turned bearish and that 42k was the top,  the chart already looks a lot like the bubble that has popped. I always though that with time bubbles will get smaller and smaller, because more investors learn about Bitcoin, halvenings become smaller, and there are expectations for this bubble behavior. I don't want to be right with this prediction, because I'd still love to see the higher price, but the downside possibility seems to be very likely.

[KTChampions]

What can you say about those buyers who used margin trading or bought bitcoin with borrowed funds? If their share is large, then your reasoning will not work because in a falling market (if this process is long) they will have to sell their bitcoins to cover their debts. Therefore, the price of 20k is theoretically quite probable, there is no fundamental reason not to consider such a development of events.

During the last rally there were new investors who were trying to ride the market and investing using their credit cards and some of the banks started blocking the purchase of BTCitcoin with credit cards and it was evident that many burned their money when the correction started. People should learn the lesson about riding the market using borrowed funds as it might not end well.

Any seasoned investor knows this, there is no point in dispute. I am only stressing that the reality is that the "old" reasoning may not work and therefore, in fact, we can see any "stupid" price in a bear market. Bitcoin has become a part of the global economy, sometimes it is absurd.

[Becky666]

I don't want to get overly dramatic about what's happened today, especially considering that the $32k level that we're at now was a new ATH just a week ago but when Bitcoin has dipped this much in previous years it has led to a prolonged bear market.

Do we think that this could happen now or should we just ride it out and expect a quick return to business as usual?

As long as we are above 30,000$, we remain in bull market. If we broke the support of 30K, we probably will head towards 20 K and it might be a sign of  bear market being starting. However i am hopeful that bitcoin will not break the support and  will continue to move upwards towards ATH in February.

Sincerely, we are just about to start bull run base on the recent happenings in the world of cryptocurrencies, the $30k seem to us as a very strong support as bitcoin price hitted that and bounced back to normalcy severaly. Let be clear now, there might be something drastic that will ever made bitcoin to hit $20k again and not even the enemies of my enemies.

[Silberman]

I even doubt that we are going to see a price as low as that, however the dominance of bitcoin is going down once again which means that there is some money going out of bitcoin and finding its way to altcoins and this is never a good thing, not because I hate altcoins but because sooner or later this means that speculation is taking over the market and while this may make the price of all assets on the market to go up at the same time a significant crash will most likely follow.

I believe the reason why there is money going from bitcoin to altcoins is that there are too many people who think bitcoin did increased as much as it can, maybe it could be 40k or even 50k but that is not going to be too much whereas with the same amount of money used for some altcoin we could have 2x or even 3x increases which is the point of trading.

I am not saying this is a good idea but I know a lot of people and communities that believes this and that is why they do it. If they could put 10 billion dollars collectively into bitcoin, they could maybe make it go 2x, if they put that into ethereum they could 4x and if they do it on doge they could easily 20x and that is why people are moving towards altcoins. Look at what doge did after few tweets, you think that is sustainable? It is not but it shows the world that it is that simple to increase the price.

I know that economically it make sense however the reason this worries me is that when the price of bitcoin is going up and its dominance is going up as well this is most of the time a sign the growth is robust and that it is fundamentally based but when we see altcoins going up faster than bitcoin that is a sign that speculation has taken over the market and while the price of most coins will go up at that point at an even faster phase this just means that sooner or later a crash will come.