How low could Bitcoin go this time? after all good news is out

[rc4739]

any idea?

[Upgrade00]

As low as majority of holders are willing to sell at. Market sentiment determines the price of any currency and during a price drop panic usually sets in, making holders sell at a much lower price to cut their losses.
Currently there a new crop of Bitcoin holders, after different bull and bear cycles, people are now more aware of the value of a coin and willing to hold despite drops in prices. This should indicate that we should not have a huge dump as has been the case at the end of other bull runs.

I predict ~$30,000 to be the bear support.

[The Sceptical Chymist]

OP, this thread should probably be moved to the Speculation section, as it doesn't seem appropriate for Economics.

As to how low bitcoin could go....who knows.  Sentiment seems to still be extremely bullish and there hasn't been any bad news that I know of, so my guess is that this is just a dip.  It's a pretty damn big dip, but a dip nonetheless.  In fact, I'm so sure of that that if I had any money to spend on bitcoin I'd be buying right now--but as usual in cases like this, I'm flat broke.  Story of my life.

I don't anticipate bitcoin going much lower than where it is now ($55,410 as I write this), nor do I think it's going to stay that low for an extended period of time.  A lot of speculators are probably also seeing this as a buying opportunity and will put their money where their mouths are, which will push the price back up toward $60k.  I'd say within a week, but that's just a guess.

[Poker Player]

What amazes me is how some people get demoralized by a little bump in the road. I mean, Bitcoin is having incredible returns and because it goes down a little bit people are already thinking that the world is going to end. I guess that's how weak hands think and end up doing the opposite of what they should: buy high and sell low. Let's not lose perspective, please:

[Baofeng]

any idea?

No one has the crystal ball and see what the future brings. I guess this is just another dip in this bull cycle. FUD, negative news might affect the price short term, but with the way institutions and retail investors are pouring their money on bitcoin right now. I doubt that this correction will last long. We still have the $50k support, very big support. So most likely it will hold and at the start of the week, we might see some positive movement. So no need to panic and push that sell button.

[wxxyrqa]

Of course, no one can predict with a 100% guarantee the future development of the cryptocurrency market and bitcoin rates. Considering what is happening today, it is possible to draw quite optimistic conclusions. I always take into account institutional capital investments in bitcoin, as well as large companies that did not buy Bitcoin in order to immediately sell it when reaching a maximum. This is done by speculators, but by no means such investors, and only Proceeding from this, I cannot admit the thought that Bitcoin will fall below 45K - 50K dollars.

[suzanne5223]

The good news is not enough to save the market from dumping in price cause if the crypto market wants fully practice its volatile in nature dump can happen anytime. However, if the Bitcoin mining difficulty decreases the price is likely to experience a price decrease but no one knows when this dump in price will hopefully there won't be alot panic sell in the market cause I read that people see gold as the choice to keep their crypto profit intact cause the bullish is expected to end any time soon.

[BIT-BENDER]

A popular local dealer is buying bitcoin at the rate of $1 is to 490 naira which in bank a $1 is 380 naira, (naira is my local currency) so with offers like this people are selling off, not just to him to other smart bulk buyers, I am not as financially strong as he is, but if I had the money I would do same.

The separation is on, fake Bitcoiner would be selling off right now, those that came only because of the repeated, hammering of the ATH -all time high-, am not sure how low bitcoin would go this time, but this is no time for panicking.

[RealMalatesta]

Of course, no one can predict with a 100% guarantee the future development of the cryptocurrency market and bitcoin rates. Considering what is happening today, it is possible to draw quite optimistic conclusions. I always take into account institutional capital investments in bitcoin, as well as large companies that did not buy Bitcoin in order to immediately sell it when reaching a maximum. This is done by speculators, but by no means such investors, and only Proceeding from this, I cannot admit the thought that Bitcoin will fall below 45K - 50K dollars.

Remember this was due to a lot of lending being liquidated in the binance, which means there is a hope for the future that will make things better. There were a lot of people who took out USDT lending and that meant they were buying bitcoin and increasing the price of bitcoin and that is a good thing but when there was a little crash, that caused people to being forced to pay their USDT debt, which is why their positions were cashed out and used to buy USDT automatically, this caused bitcoin to drop even more and used to purchase USDT some more and this kept happening until Bitcoin dropped significantly.

However there are no problems and risks like that right now, that is the good part about this process, you liquidate the problem and now you are free of those bubble risks and you can go up even more and even healthier, which is why I believe it is alright.

[Hughes_Ryan]

any idea?

Subject sounds sarcastic!  But what, if you mean after today.  It is a crash with anonymous aircraft, the market is correcting again.  The turmoil for today couldn't have been worse!  some big losses for me today.  hope the value will be adjusted back to $ 6xk.

[GreatArkansas]

The reason/s of the recent is still unknown, some say because of the floods or coal explosions in China which resulted in the dump too in bitcoin hash rate, still not confirmed.

I found an interesting thread on Twitter by Sam Trabucco (trader of Alameda Research)
It says that his happened is almost similar on the day of thanksgiving last year, we saw a huge drop too.
There are a lot of possible reasons why and there are some disadvantages and advantages.

Try to read here: https://twitter.com/AlamedaTrabucco/status/1383813221815967746

[blockman]

Don't panic. Zoom out the charts and you'll realize that it's in good shape that you're missing out. If there's blood, you should be getting more bitcoins if it happens.
Don't miss the train and think there is no more good news. We need them but we need more to see the market as a whole and check the pattern that upon zooming out.

[tippytoes]

Don't panic. Zoom out the charts and you'll realize that it's in good shape that you're missing out. If there's blood, you should be getting more bitcoins if it happens.
Don't miss the train and think there is no more good news. We need them but we need more to see the market as a whole and check the pattern that upon zooming out.

That's right, if we look at bitcoin chart for 1 year and all from coindesk. We are still doing great actually. What more can we ask from this? People are really not contented for what bitcoin has achieved so far. It is hard to predict how low will bitcoin go. But in my opinion, it will not go down below 40k. A lot of good things (financial institutions buying large amount of btc, integration of crypto payment in paypal and tesla, and many other things) already happened to bitcoin this year, and I believe, that will make the bitcoin market more solid and hard to have massive crash.


1 year


all

[JimboToronto]

How low could Bitcoin go this time?

All the way down under $52k.

The reason/s of the recent is still unknown, some say because of the floods or coal explosions in China which resulted in the dump too in bitcoin hash rate, still not confirmed.

I thought it was well established that it was caused by idiot traders being taught a lesson about leveraged trading.

https://www.theblockcrypto.com/linked/102007/bitcoin-plunge-7-billion-liquidation?utm_source=cryptopanic&utm_medium=rss

https://www.bybt.com/LiquidationData

[Ridwan Fauzi]

Weekly candle has given a bad signal for bitcoin price movement although we have seen a big bounce from $50.000 but I don't think it will make bitcoin price movement still in the bull market.

Also, if you see using high time frame like weekly time frame bitcoin has been moving a sideaway market since 9 weeks ago. But, its price always failed to go out from the $60,000 zone, although the area has been passed but it just need a few time to fall again.

I have a prediction that bitcoin will try to reach $42.000 as a strong support. If this support is being passed then we will see a huge dump to $30.000. But, when $42.000 is not broken then we will see a huge increase to $100.000 in a short pariode of time.

[Questat]

I'd rather keep myself calm and easy. This correction will soon have an end just the same how the bullish season. We can't stop traders, investors, and holders to take the opportunity of selling their Bitcoin high price. Of course, I will do the same. Holding is not forever, we sometimes do selling.

I wasn't too negative that Bitcoin will fall badly this time. The adoption of big companies helps the market to keep the market strong and this is considered the strength of Bitcoin. It probably dumps today but we also expect recovery by tomorrow. This is just a market play, we have to stay on the game and enjoy.

[JimboToronto]

We can't stop traders, investors, and holders to take the opportunity of selling their Bitcoin high price. Of course, I will do the same. Holding is not forever, we sometimes do selling.

This wasn't about profit taking.

This was leveraged longs being liquidated... fools losing their money.

[milewilda]

I'd rather keep myself calm and easy. This correction will soon have an end just the same how the bullish season. We can't stop traders, investors, and holders to take the opportunity of selling their Bitcoin high price. Of course, I will do the same. Holding is not forever, we sometimes do selling.

I wasn't too negative that Bitcoin will fall badly this time. The adoption of big companies helps the market to keep the market strong and this is considered the strength of Bitcoin. It probably dumps today but we also expect recovery by tomorrow. This is just a market play, we have to stay on the game and enjoy.

Is this something a bit new for most people? Market cant just have that continuous price rise and there's always be a sell off on some point but it seems people cant really just accept the fact
or the reality on how a healthy market moves and not just believing that this is some sort of place where you do just simply put your money and see it continously grow.
Common scenario on where people do saw the price is fastly declining and we do see lots of presumptions and speculations that this is the start of a bearish run
and look at on what happened? The price had stood strong with above 50k level support which does simply indicate that this wont really crash that easily.

[Kong Hey Pakboy]

As long as the institutional investors do not dump all of their coins baack into the market, I am pretty sure that we ars going to see bitcoin grow exponentially overtime. To be hinrst, I can't see any way that bitcoin is going to go down anytime soon because of these institutional investors that are still flocking in the market.

[adaseb]

As long as the institutional investors do not dump all of their coins baack into the market, I am pretty sure that we ars going to see bitcoin grow exponentially overtime. To be hinrst, I can't see any way that bitcoin is going to go down anytime soon because of these institutional investors that are still flocking in the market.

Institutional investors might not dump their coins but it doesn't mean we are going to go up. There are tons of events that can happen. Look what happened yesterday over $10B in over leverage longs. We touched $51K however look at how many people are holding profits in the $30-51K range, if we keep dipping we can quickly take out more people, even the low leverage and spot traders. If there is fear the markets might have a fast down trend.

There are also other issues such as what will happen when MtGox coins are released. There is going to be massive supply hitting the market because people are going to want to at least take partial profits since they were hodling since $1000 or so. This is another event that might start the bear market.