How low will BTC go before the next leg up to 45-50k??

[ourkid]

I'm looking for a good re-entry point and thought I'd canvass the group to see where you think the bottom is before she starts her climb back up through 42K and beyond?

I am thinking around 20K.

Any guesses? If so, why (sentiment, support levels, etc)?

Thank you.

Happy 2021 and good luck to you all!

There is bearish sentiment on the current level. I can see a  lower 24k to 23k level. If this is hit price will be retest again and if break out again down to 20k and maybe start again another round of bull wick.

I'm not so sure of course just basing on my personal TA but mostly believe it will not so easy go down to 20k level at this is the institutional price where majority got enter bitcoin.

Personally I think I agree with you but I probably in reality don't know enough. It touched $41k+ for not long, and previously it took 4 months to drop to 25% of its high.

I personally don't agree as to why it couldn't drop below institutional entry price; there is enough BTC outside their holdings to move the price if it is going to be moved? These institutions may not sell in panic, but they may just hold through the dip; which means they will be inactive and therefore un-involved in price movements.

 

[cryptoaddictchie]

I personally don't agree as to why it couldn't drop below institutional entry price; there is enough BTC outside their holdings to move the price if it is going to be moved? These institutions may not sell in panic, but they may just hold through the dip; which means they will be inactive and therefore un-involved in price movements.

Im sure when it's say institutional, their holdings are technically bulk coins of bitcoin. If market is consist of traders and whales they can be considered too as huge holder, and probably some of them have locked their asset through some firms. That's my personal opinion. We can't simply turn down bitcoin to 3k cause we wanted it to dump. It will take longer to do that, and many will be surely buying it again. But that is not gonna happened for a while now.

[ourkid]

I personally don't agree as to why it couldn't drop below institutional entry price; there is enough BTC outside their holdings to move the price if it is going to be moved? These institutions may not sell in panic, but they may just hold through the dip; which means they will be inactive and therefore un-involved in price movements.

Im sure when it's say institutional, their holdings are technically bulk coins of bitcoin. If market is consist of traders and whales they can be considered too as huge holder, and probably some of them have locked their asset through some firms. That's my personal opinion. We can't simply turn down bitcoin to 3k cause we wanted it to dump. It will take longer to do that, and many will be surely buying it again. But that is not gonna happened for a while now.

Sure,

What I'm suggesting is not that it'll drop in 1 week, but if we look at trend of 2018, we saw a huge jump % wise, before a slower retracement that took 4 months to reach 25% of the then ATH.

What is structurally different about the market now, is that "institutional investors" are now bought into BTC, but as a proportion are they collectively able to game the price to stop it dropping if all other retail investors sell?

Is there not an incentive for the same institutional investors who maybe bought @ $30k then sold at $40k and now want the price to drop in order to buy back in?

In essence, there are no facts nor figures about how influential or not the institutional investors are at this stage, and actually if we compare to threads back in Jan 2018, similar things were being said but about a different number. Then it was "I can't see it dropping below $7k - the support is there, we're on our way to $10k" and beyond (which yes did eventually happen), but there was a retracement before this happened.

[kryptqnick]

I don't think that Bitcoin is ready for $50k, and the drop will probably happen prior to this. I believe Bitcoin can easily go back to $15k at some point (and IMO it would be pretty good if that's the lowest point) or even to $10k (which is still very good after years of $6k-$7k stagnation). I've seen predictions that we have till spring, but nobody can know for sure, of course, and even making reasonable predictions in such unreasonable volatile times is very hard. A year ago, I thought it was very unlikely for Bitcoin to reach $40k, and yet I was wrong.

[XZERO1]

TA wise Bitcoin could go down to $24k-$25k for a correction and still be bullish and maybe go for 50k for a new ATH next, but looking at the history Bitcoin doesn't follow technical analysis that much and anything could happen whether it's 50% correction or 50% more upward movement from here.

As of now $30k has a pretty good amount of support and it might be the lowest price for Bitcoin now and I really wouldn't be surprised if Bitcoin stays at $30k-$36k level for a week or two and then starts another move to higher levels toward 50k without any more correction.

I personally believe that you should always follow the trend and avoid trading against it at all times, even if at that moment 20-30% correction is imminent it would be highly risky as it can just continue to go even higher easily for another 30-40% and you would be at a huge loss and stuck with a position with not so good entry price.

[AniviaBtc]

It is unknown. IMHO, we probably won't be seeing $20k again and the support has already been done on $30k. If you want to get an entry, this could be the right time.
It sits on $33k.

So do you think that this is the sign where it is safe to buy more bitcoin?

Bitcoin can might have a rest this month or this week but maybe it will strive higher again.

If not, then maybe it will really sit in a price of $25k to $30k this year so as much as possible, buy bitcoin if you're not in a trend. Some investors are regretting that they didn't buy bitcoin when it's price is only in a $19k because they think that it will not exceed $20k last December which happened much better than we expected.

[bitterguy28]

I'm looking for a good re-entry point and thought I'd canvass the group to see where you think the bottom is before she starts her climb back up through 42K and beyond?

You should re enter couple days ago when the price went down to 30,000

I am thinking around 20K.

Then it may take you forever if 20,000 is your entry price.

Any guesses? If so, why (sentiment, support levels, etc)?

Thank you.

Happy 2021 and good luck to you all!

If having a chance again and the price fell down to 30k , never have a second thought and Buy , because the next target would be 50,000$

[Spone7]

As the trading is a mixture of strategy and psychology. And the market moves as big firms enters or exits. Every asset has it's own fair value. If the asset is overvalued it will fall and if it is undervalued it will rise. Right now probably the btc is at its overvalued zone. Some days ago btc was suffering to break 20k at that point it was undervalued. But it breaches and went to 40k. But currently traders find it overvalued. As we see the chart according to fib level btc is finding support around 33-35k level which is 38% retracement. So probability is it will fly high from this level. Or if not it will again find support at 30k which is 50% retracement. So let's hope for the best and the mainstream industries to join crypto market.

[error08]

I'm looking for a good re-entry point and thought I'd canvass the group to see where you think the bottom is before she starts her climb back up through 42K and beyond?

I am thinking around 20K.

$30k is a good entry point' and if you can't get it, then below $33k is considered good enough. Don't wait for $20k, it will take forever for Bitcoin drop to that level, at least until bitcoin reaches $100k, because 80% drop = $20k
Some popular predictions when Bitcoin at $40k are 30% and 40% drop, which mean $24k-$28k but the last correction bitcoin fell just  27% and bitcoin persist above $30k, we can expect Bitcoin to climb up again from this point.

[sallybein987]

I'm looking for a good re-entry point and thought I'd canvass the group to see where you think the bottom is before she starts her climb back up through 42K and beyond?

I am thinking around 20K.

Any guesses? If so, why (sentiment, support levels, etc)?

Thank you.

Happy 2021 and good luck to you all!

On my mind price will never gonna down to 20k. We saw correction 30% after 42k. Now only growing so this is good moment to invest right now.

[pecson134]

From the cycle surge or downfall of price with the current price of 34k USD it can reach those values around 2-3 months if we were following the statistics hypothetically unless other factors like crash of bitcoin suddenly takes place deviating the supposed to be usual trend.

[tabas]

It is unknown. IMHO, we probably won't be seeing $20k again and the support has already been done on $30k. If you want to get an entry, this could be the right time.
It sits on $33k.

Yeah right? 33k just might be the level of support we'll see before we go up again. We may have seen the pull back everyone has been talking about already (down to 30k a few days ago). I missed that one.

Now waiting to see if:

a.) we retest that low (around 30k)

or

b.) we break to new lows  .. ie. 20K or there abouts

or

c.) we simply don't see those lows again and it's up from here??!!

Hmmmm..

It has gone up again to $36k. That's expected although for the lower prices, we will never know and won't be accurate how much would be it going soon.
But if this continues again, we'll get into another breakout on $40k+. I prefer to say the choice of C.

[LittleBitFunny]

It is somewhat unpredictable. Currently, the first support of Bitcoin is 30k, price is bounced from this area, so it can be said that 30k is a very strong support and hopefully this support will not break very easily. For some reason if this support will break, then we may move to the 20k zone. I think since we have bounced back from 30k and RSI is still low so maybe soon the price  will reach 45k or 50k.

[Kelvinid]

It is somewhat unpredictable. Currently, the first support of Bitcoin is 30k, price is bounced from this area, so it can be said that 30k is a very strong support and hopefully this support will not break very easily. For some reason if this support will break, then we may move to the 20k zone. I think since we have bounced back from 30k and RSI is still low so maybe soon the price  will reach 45k or 50k.

I put this challenge for institutional investors to keep buying. Their support makes the market resistance more persistent to grow than seeing it dumps because for now, they are the ones holding it and if they loosen their hand and stop buying, we gonna expect a huge correction.

We are still at a strong $30k plus trend, we're stuck there but I don't expect that it keeps on that place until next quarter either be jumping into $40k or get back to $20k. The price got crazy, but this could be changed if these holders start selling their Bitcoin as it is expected to happen.

[marcbitcoins]

We can't really tell it at this point of what will be the cheapest price after the latest fall because the price of Bitcoin is it looks like rising back again therefore your wish bottom line is it looks like impossible too so i suggest that you buy now because there are many speculations that Bitcoin will hold on to $40k and $50k.

[24Kt]

We can't really tell it at this point of what will be the cheapest price after the latest fall because the price of Bitcoin is it looks like rising back again therefore your wish bottom line is it looks like impossible too so i suggest that you buy now because there are many speculations that Bitcoin will hold on to $40k and $50k.

Seems that 30k is bottom in the past week. Since it is going up again, we don't know if it will go down again. Hard to speculate these days as bitcoin seems going stronger everyday. Maybe what you can do is just use the scalping strategy. Just to take advantage of the market.

[jademaxsuy]

If you wanted to predict then I think BTC can go bottom @ 10K$ and when that happen it could bounce back 60K$. Well, as what other had told btc market is very unpredictable but the only key to success as what I had learn is to just hold in it and sell when you think is the right time to sell. Do not mind what others had say instead focus on your instinct. Just always trust in bitcoin and definitely you can earn depend on your goals.

[Prince Malik]

Im also curious to know but things are so unclear in crypto world...the only thing that i expect is that bitcoin will not drop under 6000$ again and i also believe that the new limite of bitcoin price is not 40k like 20k was for 3 years...i mean we will se bitcoin in 50k in max a year

[MCobian]

It seems that the opening post's wish to buy Bitcoin at $ 20,000 failed to achieve, because now Bitcoin is recovering and has risen to a price of
$ 37,000. A good re-entry point should be when Bitcoin drops to a price of $ 31,000. But buying Bitcoin at the current price isn't too bad either.
Because in the near future I believe Bitcoin will create a new all time high, maybe Bitcoin will go to a price of $ 45,000- $ 50,000.

[magicstix]

I'm looking for a good re-entry point and thought I'd canvass the group to see where you think the bottom is before she starts her climb back up through 42K and beyond?

I am thinking around 20K.

Any guesses? If so, why (sentiment, support levels, etc)?

Thank you.

Happy 2021 and good luck to you all!

20k is history.  I don't think we will ever see anywhere near 29k again.  My hopes would be $500k by the end of 2029.

(Side note I love how I am a newbie with how old my account is lol)