Can BTC go down to <$5k again now?

[ourkid]

Given 'institutional' investors who are more prone to hold through dips and ignore the paper loss; is it actually possible for BTC to drop to sub $5k ever again now?

There was a really good diagram showing how the composition of BTC holdings has changed over the years, and it shows a marked shift away from big portfolios into lots of smaller wallets; i.e retail investors.

I get that a few bigger whales might hold and support certain prices, but surely the collective holding of retail investors would be enough to move the dial substantially?

March 20 was the last time it was at around that level and it hasn't gone to that since.

What was fundamentally different about that period of time to what it is now that would stop us returning to that price point? I'd appreciate any reliable information sources to back up any comments?

[Wysi]

When the value of Bitcoin surges to over $19k in 2017 we thought Bitcoin would never go back to $5k but it eventually did and now this year bitcoin reached nre ATH which was 100% more than the previous ATH and this clearly indicates anything is possible in cryptos and thus I don't have any doubts about Bitcoin dropping to new low and bouncing back to new ATH. It's unpredictable unless bitcoin can find strong resistance levels.

[Fatunad]

When the value of Bitcoin surges to over $19k in 2017 we thought Bitcoin would never go back to $5k but it eventually did and now this year bitcoin reached nre ATH which was 100% more than the previous ATH and this clearly indicates anything is possible in cryptos and thus I don't have any doubts about Bitcoin dropping to new low and bouncing back to new ATH. It's unpredictable unless bitcoin can find strong resistance levels.

This is true, even some do say that it is impossible to go back into those levels but looking back on what happened in the past then we cant just ignore about the possibilities that could happen.
For those who dont expect nor believe that it can possibly happen then better to change up those kind of mentality because anything could really happen on this market.
We might be seeing 30k plus now and tomorrow we might be seeing 20k and goes lower day by day but of course that will correlate with some very bad or news into the market.
Dumping price without any viable reason is somewhat be tied up with pure manipulation which will really give out bad impressions to the entire community.

[thecodebear]

$5k?? is this a joke? When the 2017 bull run started did BTC ever go back to $300? Nope, it managed to make it to $1900 in its first correction, nowhere near $300 which would be about equivalent to BTC hitting $5k now.

It's unlikely to hit $25k again, let alone $5k. In fact it looks like $30k very well may have been the bottom of this correction (it could go lower but currently strongly bounced up to $34k) in which case sub-$30k price will likely never happen again.

$5k....lol

[KennyR]

$5k?? is this a joke? When the 2017 bull run started did BTC ever go back to $300? Nope, it managed to make it to $1900 in its first correction, nowhere near $300 which would be about equivalent to BTC hitting $5k now.

It's unlikely to hit $25k again, let alone $5k. In fact it looks like $30k very well may have been the bottom of this correction (it could go lower but currently strongly bounced up to $34k) in which case sub-$30k price will likely never happen again.

$5k....lol

There is very low chance of price going low in a short, but we can't conclude on the market move. The changes can happen in any direction as the present. During the bull trend similar form of market move took place. Reaching the ath value the price started to fall. Everyone were with the talk, it is undergoing correction for next level of market push. Finally it was found as the crash. Hope the same won't happen this time.

[newdevices]

If you want to dump under $ 5000 then the institutions that buy bitcoins of course have to throw away the bitcoins they hold, so far they are still holding bitcoins, so the worst possibility for this will not happen, but in crypto currency, we know that high volatility and rekt even miracles can happen.

[jubalix]

Bitcoin can go to any price any time.

If you don't go in with that mindset you're pretty much screwed.

I went into it accepting my BTC could go to zero.

[lalabotax]

Basically, everything can happen, also the price of Bitcoin be <$5k again. However, considering the current price, it seems unlikely to see a very cheap price like that. Unless the governments around the world state the war on Bitcoin, I am sure we won't see again the price <$5k. So, don't be so afraid, bro. You shouldn't think about it too much.

[zanezane]

There will come a time when bitcoin will not be able to go back to some prices, remember when it was still around 1$ apiece, it was a long time ago and it did not happen again unless a sudden increase in selling volume happens and the supply becomes higher than the demand. I think as the prices go up, there will be some points where the market can't go back.

[GreatArkansas]

It will always possible!
Even how bullish Bitcoin is these days, we should always expect the unexpected, remember the peak of 2017, when we reached around $20,000 before? The correction before reach below $5,000 which is as far as I remember, around $3,000+ then after that, we created another all-time-high around $40,000.
So $5,000+ for me is always possible. But if that will happen, I am positive that it will just a huge candle red wicks, like seconds/minutes that Bitcoin will visit that area.

[LogitechMouse]

I'm not removing the fact that this might possible since we already saw how Bitcoin dropped last 2017.
Many believe that anything is possible in the crypto market and with this very volatile market, this might be possible.

However on my part, all these things can be measured by its chance of happening and with this case the chance of this to happen is close to zero. Not impossible right but it is like it will never happen for some reasons. I will advice to you OP that if you are hoping that this will happen then you might store some cash then so that you can buy more if this scenario will happen .

[Luthier]

$5k?? is this a joke? When the 2017 bull run started did BTC ever go back to $300? Nope, it managed to make it to $1900 in its first correction, nowhere near $300 which would be about equivalent to BTC hitting $5k now.

It's unlikely to hit $25k again, let alone $5k. In fact it looks like $30k very well may have been the bottom of this correction (it could go lower but currently strongly bounced up to $34k) in which case sub-$30k price will likely never happen again.

$5k....lol

It's almost like people don't know there was a halving...

[Kong Hey Pakboy]

Anything is possible in bitcoin today because it already made many unexpected outcomes to its price in the last year of 2020 and this year, 2021. I hope that bitcoin would not go down below $5K again because it will take a long time to get back all of our losses, but if bitcoin goes down, I hope it will not be worse than the last year, 2017.

[acener]

No I don't think that it would happen but there is a chance just like for Bitcoin to reach $100K+ .
But I really think that it would be hard to get there because of the companies and millionaire that holds Bitcoin,
It could happen if all of those great personalities and company would also dump their shares and say it to the public to create FUD.

[exstasie]

Given 'institutional' investors who are more prone to hold through dips and ignore the paper loss; is it actually possible for BTC to drop to sub $5k ever again now?

No. Unless this bull run massively diverges from all past cycles, the maximum downside is ~$24K and I wouldn't call that likely. It's the extreme.

There was an incredible amount of volume exchanged on the wick to $30K, so it's possible the low is already in too.

It's fun to dream about levels we could have bought at, but $5K is long gone. Forever. So is $10K. $20K is out of reach too I'm pretty sure. Give up your pipe dreams and buy the dip.

What was fundamentally different about that period of time to what it is now that would stop us returning to that price point? I'd appreciate any reliable information sources to back up any comments?

Look at 2013 and 2017 for an idea of what happens when BTC breaks a previous ATH.

[rodskee]

An account that Sleeping for more than 2 years now awaken just to Post thread Like this and Yeah In Bullish market .
_________________

Wondering what triggers to this account  to come Online and the first Post is this thread .

Anything is possible in bitcoin today because it already made many unexpected outcomes to its price in the last year of 2020 and this year, 2021. I hope that bitcoin would not go down below $5K again because it will take a long time to get back all of our losses, but if bitcoin goes down, I hope it will not be worse than the last year, 2017.

The Price of Bitcoin happens to Fell down to 4k Last year is Because of the Pandemic , we already seeing the Bright effect of Halving those days when suddenly the Virus comes and really shaken the whole world.

But unless there will be something like that of even worst ?i don't see this level will be bringing again.

[YuginKadoya]

It's highly possible that the recent low was just an assumption that bitcoin is just getting momentum to return back up, just like everybody said anything now is possible for bitcoin is might go lower than the previous lows but it is always getting back up to a, even more, higher All-time high, $5K would be possible if another pandemic would hit (although I don't want it to happen again) but that is the time when Bitcoin goes bubble down instantly,

I think an event or major things should happen first to trigger this kind of low, and a trigger to return back up to a newer all-time high.

[ourkid]

An account that Sleeping for more than 2 years now awaken just to Post thread Like this and Yeah In Bullish market .
_________________

Wondering what triggers to this account  to come Online and the first Post is this thread .

Anything is possible in bitcoin today because it already made many unexpected outcomes to its price in the last year of 2020 and this year, 2021. I hope that bitcoin would not go down below $5K again because it will take a long time to get back all of our losses, but if bitcoin goes down, I hope it will not be worse than the last year, 2017.

The Price of Bitcoin happens to Fell down to 4k Last year is Because of the Pandemic , we already seeing the Bright effect of Halving those days when suddenly the Virus comes and really shaken the whole world.

But unless there will be something like that of even worst ?i don't see this level will be bringing again.

If this is aimed at me - well yes I bought some BTC back in 2018 then went back to my day job, family, and was always looking to buy more but missed the bull run. It happens when you're working hard in the job to get promoted, rise higher in the company and make more money. Not everyone sits on BTC as the only method of making money. Sadly it has been to volatile.

I hope that I am able to re-buy around $5k mark, and I would buy in around 3-4 BTC. I believe in the BTC project, but at current prices I worry I cannot afford much. It is selfish I know, and I see other threads where 'nocoiners' perhaps like myself who don't hold a lot (to be honest I wasted all my hoping on a few altcoin revolutions) are hoping to FUD the price down - not my intention - I just want to understand WHY people say it cannot drop below $30k. What do they know that is not apparent, or is this just anti-FUD in order to avoid a price drop?

Also, I am interested in understanding the market. What is fundamentally different this time from an economic stand point. I see everyone say 'structurally it is different' because we now have institutional investors, but is this just 'hope' or actual numbers/facts based? Do those institutional investors collectively hold enough of the market to avoid a dip such as before?

I understand everyone wants higher value; so do I - selfishly I would hope for a correction to buy in, but also all the hodlers will not suffer because they hodl.

Also, whilst I have been 'sleeping' actually I was in the background reading on occasion.

 

[ethereumhunter]

Although that is hard to believe, that could happen, especially if there is a panic selling from people who own a large amount of bitcoin. But I think that will not happen because people now think that bitcoin is worth them and they want to hold bitcoin and only sell at a high price. If that happens, I am sure that many people will not miss that chance to buy as many bitcoin as possible because they will get bitcoin at a big discount.

[buwaytress]

$5k?? is this a joke? When the 2017 bull run started did BTC ever go back to $300? Nope, it managed to make it to $1900 in its first correction, nowhere near $300 which would be about equivalent to BTC hitting $5k now.

It's unlikely to hit $25k again, let alone $5k. In fact it looks like $30k very well may have been the bottom of this correction (it could go lower but currently strongly bounced up to $34k) in which case sub-$30k price will likely never happen again.

$5k....lol

Well, we always got to entertain dreamers and wackos on both sides of the spectrum. If we got people calling for a million dollars, there will be others calling for 5k. Not that am denying either is an impossibility... Can't say that in crypto...  But we're standing on much firmer ground than ever before.

$5k though? Man would love to load up.