Abolute bottom of Bitcoin?

[lepbagong]

All what we can do right now is to wait, things are extremely difficult, the market is moving in a weird way and it is unlikely things can remain this way for long, so sooner or later we will be given a signal by the market about the direction that it will take during the next weeks, if the price goes above the 40k level then this will be a clear signal that bitcoin will resume its upward movement but if it goes below 30k once again then there is the possibility the bear market has actually arrived.

optimism must always be awakened, although of course we must also be realistic in accepting the current reality, where the market is moving beyond expectations so far. who expect that there will be a sharp increase by the end of this year. but these past few weeks were surprised by a very deep correction and of course this is clear if seen not the behavior that has actually occurred it can be ascertained that there are external elements that make the market finally act negatively.

yes, agree with your opinion there is still a chance and we will see in the next few days whether there will be a decline below $30K or will it increase again to move past $40K. because this is the crucial price that will determine the next move.

but I'm still optimistic it's not over yet and there is still a long time until the end of the year still waiting for a movement to occur until the renewable price occurs.

[1715371225]

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[Obito]

Looks like we did just get the big bottom of the market! $30,000 it was. 54% drop from high seems reasonable for the big bottom considering there was no blow-off top and their won't be a crypto winter but just a lull for a few months before the price we're pushing to new ATHs again.

I figured $40k would be the bottom, turned out it was $30k but it's finally in. The panic can stop now they we've hit bottom prices and fiercely bounced off as the bottom is rejected.

For now that would be the absolute bottom of the market this year but a lot of things can happen in the next coming 7 months and we don't know if we will see another bottom or otherwise. I do hope that you are right that the prices really did bounced back for the better.

[South Park]

All what we can do right now is to wait, things are extremely difficult, the market is moving in a weird way and it is unlikely things can remain this way for long, so sooner or later we will be given a signal by the market about the direction that it will take during the next weeks, if the price goes above the 40k level then this will be a clear signal that bitcoin will resume its upward movement but if it goes below 30k once again then there is the possibility the bear market has actually arrived.

optimism must always be awakened, although of course we must also be realistic in accepting the current reality, where the market is moving beyond expectations so far. who expect that there will be a sharp increase by the end of this year. but these past few weeks were surprised by a very deep correction and of course this is clear if seen not the behavior that has actually occurred it can be ascertained that there are external elements that make the market finally act negatively.

yes, agree with your opinion there is still a chance and we will see in the next few days whether there will be a decline below $30K or will it increase again to move past $40K. because this is the crucial price that will determine the next move.

but I'm still optimistic it's not over yet and there is still a long time until the end of the year still waiting for a movement to occur until the renewable price occurs.

I am an optimistic at heart as well however we cannot deny that bitcoin can do anything and we will just have to accept it, the price is now at 37k and it is getting closer to 40k so I am confident that if we see bitcoin breaking that level during the next weeks then any chances for a bear market will drop down dramatically and we will see bitcoin once again going up in value, it is just that it is not going to be as easy as the bears still have everyone scared about the possibility of a second crash which is making the recovery even more difficult.

[magneto]

What do you think, what is the absolute bottom of Bitcoin?
How deep could Bitcoin ever go, again in the next 5 years?

My bet ist 30.000 $. If we would fall way
lower then Bitcoin has probably failed for ever.

What makes you think that if BTC dips below a certain level, it will be done for forever?

That makes absolutely no sense to me. A lot of people said the same thing about BTC earlier - when it dipped below 5k during March 2020, there were a bunch of naysayers who touted the idea that BTC is not a store of value, is never going to return back to $20k, is never going to see widespread institutional adoption, etc. etc.

Yet, look what happened? Growth has been exponential and adoption has been insane. I think that it is entirely possible BTC will dip below $30k, or even $20k - but that has no bearing on its fundamentals whatsoever.

[LUCKMCFLY]

The analysis of BTC for many of the recognized magazines and pages give BTC as bearish, this really is what a large majority believe the market is and that it is likely that it will continue to fall in price, however, by supporting me in this article, they show the visions or possible scenarios of BTC, but experience has taught me that in the market the opposite of what the mass thinks can happen:

If the bulls push and sustain the price above the resistance line of the triangle, the pair could start a move to the 50% Fibonacci retracement level at $44,750 and then to the 50-day simple moving average ($50,161). Such a move will suggest that the downtrend could be over.

and:

The bears could then pull the price down to $30,000 and if this level cracks, the selling may intensify and the pair could drop to $28,000 and then $20,000.

Source: https://cointelegraph.com/news/price-analysis-5-31-btc-eth-bnb-ada-xrp-doge-dot-uni-icp-bch

Even so I think that the bottom of BTC has already been touched at $ 30k and I do not think that it will fall further from there, I think that the next movement of BTC may be bullish.

[Fredomago]

The analysis of BTC for many of the recognized magazines and pages give BTC as bearish, this really is what a large majority believe the market is and that it is likely that it will continue to fall in price, however, by supporting me in this article, they show the visions or possible scenarios of BTC, but experience has taught me that in the market the opposite of what the mass thinks can happen:

If the bulls push and sustain the price above the resistance line of the triangle, the pair could start a move to the 50% Fibonacci retracement level at $44,750 and then to the 50-day simple moving average ($50,161). Such a move will suggest that the downtrend could be over.

and:

The bears could then pull the price down to $30,000 and if this level cracks, the selling may intensify and the pair could drop to $28,000 and then $20,000.

Source: https://cointelegraph.com/news/price-analysis-5-31-btc-eth-bnb-ada-xrp-doge-dot-uni-icp-bch

Even so I think that the bottom of BTC has already been touched at $ 30k and I do not think that it will fall further from there, I think that the next movement of BTC may be bullish.

Most of the time Bitcoin move to a different directions, It's against from how the indicators showed up, more on people's reactions and how they managed to handle all the risk that they are taking.

Personally, I'm hoping that $30K is the bottom and what we expect afterwards is another bullish momentum that will bring those investors in the table.

With slow bounce, a little step upwards is very crucial to attract more investors to bring investment to this market.

[CryptopreneurBrainboss]

My bet ist 30.000 $. If we would fall way
lower then Bitcoin has probably failed for ever.

Before making a bold statement such as this, you have to consider the facts leading to the dump in price to that level. You can't expect a scenario when there are fud all over from banning of Bitcoin related activities to punishment been given to offenders caught and still expect Bitcoin to be performing well.

Obviously in situations like that the price of bitcoin will decline just for the time been and usually it bounces back bigger. You concluding that Bitcoin has failed at the moment it was trading below your estimated value would be wrong. Top assets falls but it's the potential of them raising back is what makes them perfect investment vehicle.

[South Park]

What do you think, what is the absolute bottom of Bitcoin?
How deep could Bitcoin ever go, again in the next 5 years?

My bet ist 30.000 $. If we would fall way
lower then Bitcoin has probably failed for ever.

What makes you think that if BTC dips below a certain level, it will be done for forever?

That makes absolutely no sense to me. A lot of people said the same thing about BTC earlier - when it dipped below 5k during March 2020, there were a bunch of naysayers who touted the idea that BTC is not a store of value, is never going to return back to $20k, is never going to see widespread institutional adoption, etc. etc.

Yet, look what happened? Growth has been exponential and adoption has been insane. I think that it is entirely possible BTC will dip below $30k, or even $20k - but that has no bearing on its fundamentals whatsoever.

He is obviously wrong and we do not have to make too much of an effort to prove this, however this give us insight about his state of mind, it is likely the user you quote above is actually saying that if bitcoin went down below 30k then he will be done with bitcoin forever which means that from that point on it will not matter to him what bitcoin did as he will not come back to the market, when you read his comment in that way it makes more sense even if we do not agree with it.

[fancy2973]

What do you think, what is the absolute bottom of Bitcoin?
How deep could Bitcoin ever go, again in the next 5 years?

My bet ist 30.000 $. If we would fall way
lower then Bitcoin has probably failed for ever.

What makes you think that if BTC dips below a certain level, it will be done for forever?

That makes absolutely no sense to me. A lot of people said the same thing about BTC earlier - when it dipped below 5k during March 2020, there were a bunch of naysayers who touted the idea that BTC is not a store of value, is never going to return back to $20k, is never going to see widespread institutional adoption, etc. etc.

Yet, look what happened? Growth has been exponential and adoption has been insane. I think that it is entirely possible BTC will dip below $30k, or even $20k - but that has no bearing on its fundamentals whatsoever.

He is obviously wrong and we do not have to make too much of an effort to prove this, however this give us insight about his state of mind, it is likely the user you quote above is actually saying that if bitcoin went down below 30k then he will be done with bitcoin forever which means that from that point on it will not matter to him what bitcoin did as he will not come back to the market, when you read his comment in that way it makes more sense even if we do not agree with it.

If he plays the downwards movement smart he just tries to buy with a limited budget in predefined steps all the way down. I wouldn't think Bitcoin goes under $20k because there is just too much buzz around it and too much at stake with all the institutional investors that are now on board, but I can see Bitcoin hitting the 20s.
Would it harm Bitcoin in the long run? I would say no. Gold hasn't died either when it dropped dramatically and gold had ver volatile times.

[OcTradism]

He is obviously wrong and we do not have to make too much of an effort to prove this, however this give us insight about his state of mind, it is likely the user you quote above is actually saying that if bitcoin went down below 30k then he will be done with bitcoin forever which means that from that point on it will not matter to him what bitcoin did as he will not come back to the market, when you read his comment in that way it makes more sense even if we do not agree with it.

Bitcoin goes down below $30k but at what price it will find the bottom?

I am tired when people raise their calling in bull run and change their minds with lower lows in bull market.

If he plays the downwards movement smart he just tries to buy with a limited budget in predefined steps all the way down. I wouldn't think Bitcoin goes under $20k because there is just too much buzz around it and too much at stake with all the institutional investors that are now on board, but I can see Bitcoin hitting the 20s.
Would it harm Bitcoin in the long run? I would say no. Gold hasn't died either when it dropped dramatically and gold had ver volatile times.

I believe the worst scenario is when Bitcoin falls to $20k to $21k but if I don't have money to buy that dip when it happens, I am fine and don't panic or regret. I will hold my Bitcoin and wait for the bounce to $50k. I don't want to lose my Bitcoin with the bet at $20k to $21k.

It is very possible bottom if Bitcoin crashes again.

[DarkIT]

Bitcoin won't reduce below the value of 30k,because bitcoin had huge amount of investors.If you compare this among the other coins in the cryptocurrency market.Being a experience traders,I request you to inverse in bitcoin as compare to other coin.The percentage of profit in bitcoin will be huge as compared to other coin.

[LogitechMouse]

What do you think, what is the absolute bottom of Bitcoin?
How deep could Bitcoin ever go, again in the next 5 years?

If only somebody knows it 100% then he might be rich by now because he can predict the market with 100% accuracy.
I can say $30,000 is the current strong support by now and going below that price will start the bear market .

My bet ist 30.000 $. If we would fall way
lower then Bitcoin has probably failed for ever.

If Bitcoin will go $30,000 then it might be the start of the bear market but it doesn't mean that Bitcoin will be failed forever. You are like one of those newbies saying that Bitcoin is dead or just saying negative things about it. There are many times that Bitcoin has been declared dead, Bitcoin has been thru ups and downs for the past 12 years but it isn't considered failed. Maybe as a currency it failed since it isn't been used for transactions that often because of the speed.

[Qoheleth]

If I had to pick the lowest possible bottom, no matter how unlikely... I'd probably put it at $200/BTC.

Now, do I actually think it'll go that low? No, of course not. $200/BTC is a ridiculous number. Bitcoin prices have never dropped that steeply before. The worst bear market we've ever had was a 90% drop. More generally, the nadir of a bear market in BTC strongly resists crossing below the peak of the previous cycle's bull market; that would imply that $15k-$20k/BTC is a more "reasonable" floor.

But if we go beyond "reasonable" and into "possible at all"... consider the sentiment that followed the 2013 bubble. This was the first time a Bitcoin bull market made it into the local newspaper. This was the first time people were sounding the alarm in a serious way about the carbon footprint of PoW. The biggest Bitcoin exchange had just closed its doors after being "hacked" (and then revealed to have been a bucket shop). And then we had a year and a half of bear market before stabilizing at $250 - a downward trend longer than the project had ever seen before.

The argument against a $15k/BTC pricepoint is mostly based on technicals - it requires us to assume that numbers on a chart will move the way they moved before.

But the argument against a $150/BTC pricepoint is based on sentiment and fundamentals - it only fails if there's some type of news worse for Bitcoin than the news was in 2014-15, and I can't think of any news that would meet that standard without destroying the ability to transfer a bitcoin at all (in which case price would be meaningless).

So if you want the "absolute bottom" - the "lowest possible price", even if it's only barely plausible - then that's where I'd point.

[KennyR]

Absolute bottom price for the year is to happen in the coming months. Possibly this time the price will go low to $20k. This can be of price manipulation from whales, or can be the gradual fall in the price. Everything happens over the cyclic pattern, and for the growth it has attained over the previous months there'll be a bear market.

[philipma1957]

What do you think, what is the absolute bottom of Bitcoin?
How deep could Bitcoin ever go, again in the next 5 years?

My bet ist 30.000 $. If we would fall way
lower then Bitcoin has probably failed for ever.

We could do

20000/3900= 64000/12480

same ratios of peak in 2017 to min in 2020

gives us 12480


so under 12480 = WTF not 30000

[OcTradism]

We could do

20000/3900= 64000/12480

same ratios of peak in 2017 to min in 2020

gives us 12480


so under 12480 = WTF not 30000

It is a simply calculation and many things are changing. Things in 2017 to 2020 will be different than in 2021 to 2024.

Combine your simple math with chart, I think price from $13,000 to $21,000 are safe to buy dips. I know $13,000 and $21,000 are very different in price but that range is a safe zone to accumulate Bitcoin if for whatever reasons, Bitcoin dives like that.

$20,000 is a very strong support but I know it can be broken.

[Cryptoindia92]

It seems 20k has a strong support and it will never go below that, as there are lot of institutional investment I even think 20k is lot to fall.

[Saisher]

Bitcoin won't reduce below the value of 30k,because bitcoin had huge amount of investors.If you compare this among the other coins in the cryptocurrency market.Being a experience traders,I request you to inverse in bitcoin as compare to other coin.The percentage of profit in bitcoin will be huge as compared to other coin.

We can't tell it will not fall below that level, we must understand that part of the volatility of Bitcoin is it's movement that that sometimes disrupted by even a piece of small bad news, the market is doing great until a piece of bad news becomes viral and we are sometimes in our sleeping time while it happens and we just woke the market direction has changed.

[Oasisman]

It seems 20k has a strong support and it will never go below that, as there are lot of institutional investment I even think 20k is lot to fall.

$20,000 is way too sharp for a dip at this current market condition. $30,000 is the strong support, and Bitcoin might be consolidating for another bull market, or it could dive below $30,000.
Whichever way Bitcoin goes, the current price is good for accumulation. For those people who's looking for further dip to buy might start accumulating today. You might not see Bitcoin below $30,000 again.

[FanEagle]

It seems 20k has a strong support and it will never go below that, as there are lot of institutional investment I even think 20k is lot to fall.

$20,000 is way too sharp for a dip at this current market condition. $30,000 is the strong support, and Bitcoin might be consolidating for another bull market, or it could dive below $30,000.
Whichever way Bitcoin goes, the current price is good for accumulation. For those people who's looking for further dip to buy might start accumulating today. You might not see Bitcoin below $30,000 again.

I believe 30k is strong support as well but if a support is broken it is hard to go back above that level that quickly. Which means if we can manage to get the price under 30k there is a good chance that we will not see above 30k for a while, and in that case reaching as low as 20k will become possible.

This is why I am keeping my finger in the trigger, if I see it go down 1 dollar under 30k I will be selling all my coins and I will rebuy them at around 20k to 24k range, I still do not think that there is any chance we go under 20k, but the 30k price is way too close for comfort right now so I am not going to act as if that is not a possible situation, it is very well possible but it is just not expected there is a difference, I wouldn't say there is a high chance of it going under 30k, but there is a chance, even if small.