A 70% Drop May Occur after BTC Hitting Around $68,700

[Silberman]

The specific circumstances will be the institutional investors that were pumping billions in the market and once they book their profit the market will crash and there you got your circumstances  .

Not sure whether we will be having a 70% crash, it all depends upon the market momentum and the global financial situation.

But the question is will it happen soon? We know that every single investor in the market wants to earn money that is not news, however if they really believe they are already holding the best possible asset they can possibly hold then why sell? I could believe this scenario could be approaching if we were seeing an amazing economic recovery and fiscal prudence coming from governments, are we seeing that? No, we are seeing the opposite which is what drove those institutional investors here on the first place.

I do believe that government finally handling economy a lot better would be very good for bitcoin because people who do not have money right now to invest into bitcoin will be capable of investing into bitcoin. A good economy means everyone can have some money to invest and they can have excess money for their savings account, this will increase the price of bitcoin for sure.

I do believe that governments screwing up the economy is great for bitcoin as well, we have seen that, because in the end people see that governments are handling economy horribly so they put their money into bitcoin to basically run away and not be in it when fiat gets screwed. In both cases bitcoin is the way to go, people will always pick bitcoin, it doesn't matter how the fiat economy goes, up or down, because in either direction bitcoin will be the choice of the people.

The problem that I see with this theory is that people as long as there are jobs and they can use their currency to buy stuff that they want they do not really care about anything else, bitcoin is not like stocks or any other asset around the world, bitcoin was created because satoshi thought that the current way in which governments are managing their currencies is wrong, if the economy is doing well there is not really any kind of incentive for people or companies to come to this market, and we know this is true because institutional investors have claimed that the reason they bought bitcoin was because they have lost confidence in the dollar.

[arufox]

Even professional traders hard to predict the Bitcoin price, and you say will drop to 70%. Actually, for me prediction is just words, i don't trust any prediction, my mind is simple HOLD. No matter what happens next just HOLD. Even though I'm a holder, maybe this year i will sell all of my assets

[STT]

May occur, theres always some probability same as anything like a massive earthquake in Japan or whatever natural phenomena that far outranks our perfect view of the world and forthcoming events planned out.
   In a normal view theres no special reason for a fall right now though its fair that a larger pull back occurs it doesnt have to.   We already got the 50 day average as a low recently and that might be all the weakness seen for some time yet.   



 Right this moment i see the price as skipping along a similar price line and equate that to a stone skipping across a still lake, eventually it stops staying just above and sinks.   But till it moves its not yet weakness really.

[pilosopotasyo]

From the above charts, we can notice that before Bitcoin surged to $68,700, there will still be 2/3 of the time that it is trading within the “buy zone”. In the short term, as the uptrend channel converges, the rising pace will accelerate. Then, a massive price correction will follow. However, Bitcoin may break above $100,000 in the relatively long run. If BTC did plummet back to $20,000, then climb to hit $100,000, we will see asymmetry between the peaks.

This is something we have to see, surprising that it will fall to the $10k level again only a pandemic like COVID will make it drop to that level again, we are in a new scenario it's hard to make a comparison on past chart to a new one, your assessment has if's on it, I believe that if Bitcoin will hit the $100k it will stabilize in the $70 to $80k level.