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

[JimboToronto]

Of course anything can happen (back swan event) but the chance of it ever going below $30k again is extremely unlikely IMO.

We had our big correction. It may bounce around in the $35k-$40k range before going up to new highs, but eventually it will go up... way up.

I hope you didn't miss your chance to re-enter below $35k.

[aioc]

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 already good as a new entry-level, but the market is very volatile on what's happening around the world if there's no bad news as bad as the pandemic then $20k is the lowest that it can go down, and a good entry-level, it's still hard to predict, the market is still doing good we have not yet the all-time high before the correction, the momentum is still there.

[thecodebear]

Of course anything can happen (back swan event) but the chance of it ever going below $30k again is extremely unlikely IMO.

We had our big correction. It may bounce around in the $35k-$40k range before going up to new highs, but eventually it will go up... way up.

I hope you didn't miss your chance to re-enter below $35k.

Yup agree with this. $30k extremely unlikely after strongly bouncing off this week. I could see ranging between 35k and 40k for the next few days or next week, carving out support at this level, before rising up to prepare to push to $42k and beyond.

Buying opportunity is right now. In two weeks people will be wishing they bought now.

[exstasie]

Lower highs and higher lows which is what is happening now, suggest downtrend to me to be honest.

Lower highs, lower lows = a downtrend.

Higher highs, higher lows = an uptrend.

Lower highs, higher lows = sideways consolidation.

When a bullish trend is followed by sideways consolidation, it usually implies the bullish trend will continue after breakout. Symmetrical triangles (which might be what this $30-42K range is morphing into) are one example:

Symmetrical triangles, on the other hand, are thought of as continuation patterns developed in markets that are, for the most part, aimless in direction. The market seems listless in its direction. The supply and demand, therefore, seem to be one and the same.

During this period of indecision, the highs and the lows seem to come together in the point of the triangle with virtually no significant volume. Investors just don't know what position to take.

However, when the investors do figure out which way to take the issue, it heads north or south with big volume in comparison to that of the indecisive days and/or weeks leading up to the breakout. The breakout generally occurs in the direction of the existing trend.

https://www.investopedia.com/articles/technical/03/091003.asp

[Wulan_maniez]

I could say that bitcoin is still in a bullish phase  and the lowest  point we got this  week was  $33k. Maybe it  will fly again to a  higher price.
So for this bullish phase it looks like the low range of $20k will not happen. Maybe it will happen during the bearish phase. But at the moment
we cannot say its bearish phase. seems to reach the lowest price at $20k still for a long time. But will it come true, let’s wait, mate!

[Sithara007]

The longer it remains at sub-40,000 level, that much greater will be the chances of another correction. At least some of the investors who purchased their coins at around $10,000 per coin will be tempted to book their profits. And this profit booking can trigger the next correction, and there is a good chance that the prices can fall to $25,000-$30,000 in the short term (before the next rally takes it to above $50K).

[Fredomago]

The longer it remains at sub-40,000 level, that much greater will be the chances of another correction. At least some of the investors who purchased their coins at around $10,000 per coin will be tempted to book their profits. And this profit booking can trigger the next correction, and there is a good chance that the prices can fall to $25,000-$30,000 in the short term (before the next rally takes it to above $50K).

Indeed. As there are now early holders who managed to hold from that certain point,
they are now enjoying the luxuries to take 3 to 4 flips of their first investment.

With the amount of people who take this move, the chance that we will see downfall. Tough to call the end zone but anticipating
further deep is very possible.

Though  chances of breaking this target from OP is still very possible this year, as there are more and more
new investors that keeps entering this venue of investment, new institutional investors who are capable of taking
long-term and holding to what they've seen the potential big growth to take place.

[fullhdpixel]

The correction is over now. It bottomed at $30k. News of a company getting a US charter for digital currencies today plus Grayscale starting to buy again on Tuesday quickly ended the consolidation period of the correction after the drop to $30k. Bitcoin will never go below $30k now.

Never again? So sure already? We're only at $38K.

This is right smack in the middle of the OTE short zone (the 0.618-0.786 Fib retracement). In June 2017, a BTC bull trap reversed in this zone before the market completed a second leg down, crashing 40-41% total from top to bottom.

We'll only know the bottom is in in hindsight. In my opinion, not enough time or price action has passed. I'd say there is still a decent chance of sub-$30K.

I would agree that "never again under 30k" is a big talk, think about grayscale ending up selling ALL their coins, we are talking about over half a million bitcoins, not half a million dollars by the way, half a million of BITCOIN, that would make bitcoin go under 1 thousand dollars probably, there isn't enough money in the market to cover that, even though it wouldn't be anything fundamental changed in bitcoin so I would end up buying, it would still crash until we cover it.

I am not saying that will happen, but never remove the possibility of rich people doing rich things, that is why I would never say "it will never go under 30k dollars again". Best I can do right now is "there is a high chance it will never go under 10k again" because that seems quite possible, we had 3k as number we never went under, and now it could be 10k by now due to the increase, but that is highest I can go to.

[kentrolla]

The longer it remains at sub-40,000 level, that much greater will be the chances of another correction. At least some of the investors who purchased their coins at around $10,000 per coin will be tempted to book their profits. And this profit booking can trigger the next correction, and there is a good chance that the prices can fall to $25,000-$30,000 in the short term (before the next rally takes it to above $50K).

Exactly else we wouldn't have saw such a big drop which happened last week it went down to 30k which was a really big deal then again it made a strong come back and now it is rallying at 36+

I know BTC is a unpredictable king in crypto but I never thought it will make a massive comeback after that drop however it's getting ready for a big hit which could be nearly 50k in my opinion and that's what I am expecting too.