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Author Topic: Is $65,000 the peak of this bull market?  (Read 1003 times)
decodx (OP)
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May 23, 2021, 11:00:48 AM
Merited by Symmetrick (1)
 #1

BTC still holding the $35,000 level. Although we cannot be certain, the technical indicators and Bitcoin psychological trends support the possibility that we will see a rally soon.
Hopefully, Bitcoin will see new all time highs.

Do you think $65,000 represents the peak of the current bull market?

R


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May 23, 2021, 11:08:42 AM
 #2

No one can know about that. But 1 thing for sure, lot of people will cashed out when bitcoin bounce back or reached $60k- 64k again as bitcoin ATH and the rest still certain bitcoin would be hit $100,000 in the future (no one knows how many years it would be take)
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May 23, 2021, 11:26:44 AM
 #3


Do you think $65,000 represents the peak of the current bull market?

I think no because only the technical analysis indicate that we are near the bear market but fundamentally bitcoin is more strong than ever.
Also the On-Chain data suggests that 65,000$ was not the top. I think this bull market will be like 2012-13 where we have two peaks in the same year.
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May 23, 2021, 11:44:49 AM
 #4

We can't say for certain, too early so say that we have reached the peak already. Although we really didn't expect that the price will really hit a massive downturn this month due to FUD and some negative news floating around by crypto influencer.

I would say give it some time though, bitcoin's fundamental is still the key here. Bitcoin is going global, many institutions and big companies are hedging their balance sheet into it. So there's still some optimism that we can bounce back again and ht another all time high at least at the end of this year.

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May 23, 2021, 12:22:33 PM
Merited by Lucius (1)
 #5

I think no because only the technical analysis indicate that we are near the bear market but fundamentally bitcoin is more strong than ever.
Also the On-Chain data suggests that 65,000$ was not the top. I think this bull market will be like 2012-13 where we have two peaks in the same year.

On-chain data does not show what whales do using futures. It is possible that they hedge their BTC positions at the top and will deposit real BTC to exchange at the bottom making additional fud. BTC futures has couple times bigger volume than spot. There was no futures market during 2013, 2017 bubble. On chain data may not show what wall street whales do with their insider knowledge.

No one can know about that. But 1 thing for sure, lot of people will cashed out when bitcoin bounce back or reached $60k- 64k again as bitcoin ATH and the rest still certain bitcoin would be hit $100,000 in the future (no one knows how many years it would be take)

If we will survive this dump and recover in next few weeks than nothing will stop bitcoin from going even to 200k. But will we bounce back? No one bought the dip. We crashed to 30k ... we are at 35k now. There was no strong recovery. We crashed all bullish indicators. Supports, trend lines, MA200. Every technical trader will short every possible bounce. Every price recovery will be hit by short positions. We will need super strong buy pressure that we do not observe here.

The only thing that makes me think that it was not the top is the environment (we have stronger and stronger fear of inflation and lack of faith in long term strength of US dolar), we set ATH as wyckoff formation (not as short squeez moon shot and bubble burs - like every other bubble - not only BTC but also dotcom and others.

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May 23, 2021, 12:23:25 PM
 #6

Not at all. I am going to quote someone from the WO thread because I think his post summarizes the situation perfectly:

At the risk of being on topic  Tongue some wall observing shows just how few coins are available on the exchanges. A few big buys (or even a lot of smaller buys) and we'll be back over $50k. It wouldn't be surprising to see a rapid rise at any point in the near future. Anyone shorting this or selling coins now is at a real risk of getting rekt or mindrusted.

From Stamp - only 500 coins available under $50k



We are going to at least surpass $100K this year.

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May 23, 2021, 12:30:22 PM
Merited by hatshepsut93 (1)
 #7

Not at all. I am going to quote someone from the WO thread because I think his post summarizes the situation perfectly:

We are going to at least surpass $100K this year.

This chart is useless

1- it does not shows API orders
2- it does not shows stop limit orders
3- it shows current situation in orderbook only
4- it is normal to see the advantage of buy orders on this chart when price is crashing. When you are a middle size whale and price is crashing down with big volume. Would you market buy or create a buy order close to supports? If price is crashing and you want to sell. Would you create a sell order at 40k or 45k?

We have 55 bilion $ volume on BTC. Do you really belive that 17 miilion $ (500 BTC) is enought to push price +50%? Thats less than 1 minute volume candle XD
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May 23, 2021, 12:36:36 PM
 #8

Do you think $65,000 represents the peak of the current bull market?

Most probably. That was it for the first half of this year. The rest would happen in the second half. The current price signifies the bull run is over. $35,000 is way too far from the ATH at $65,000. We cannot simply say we are still at a correction right now. This is already the bear season, which was made to happen by a lot of rumors spreading and some negative comments. But this does not mean that we will not break that ATH within the year. I still believe we will in the second half.
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May 23, 2021, 12:54:02 PM
 #9


It could be the peak but this year hasn't ended yet so if the market bounces back that $65k resistance could be broken. The hope is that BTC had reached mainstream media and people are not trusting banks anymore.

The deeper the price goes down, the more fear has instilled about Bitcoin FUD. This price hasn't bottomed yet so there will be a chance for holders to actually sell, it will be easier to see where the market will go if the price bottomed already.

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May 23, 2021, 01:20:51 PM
 #10

I'd think so yes. I'd rather think that the rest of the year would end up being actually stabilizing the market, since the bull run the past 5 months or so was, well, just that quick. I wouldn't say that the price would go down though, but the price will definitely play around the 40 maybe 50k levels if lucky. I'd reckon it wouldn't go down much, and even if it did, it would be short since it is a buy opportunity for the majority after all. I'd reckon that it'd be quite a quick bounce up if it ever happens.

R


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May 23, 2021, 04:28:32 PM
 #11

BTC still holding the $35,000 level. Although we cannot be certain, the technical indicators and Bitcoin psychological trends support the possibility that we will see a rally soon.
Hopefully, Bitcoin will see new all time highs.

Do you think $65,000 represents the peak of the current bull market?

It’s not holding 35k anymore as the sell down continues.  And how things really are rn, it’s looking like 65k USD was the peak.  Sucks..  it was fun while it lasted tho.  For a while there I thought I was gonna get very rich.  Cheesy

And isn’t it weird that the sell down happened during a Sunday?

R


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hatshepsut93
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May 23, 2021, 05:25:20 PM
 #12

Very high chance that yes. There isn't much hype about Bitcoin, there hasn't been any major positive news for a long time, only FUD. No new big institutions have publicly announced that they bought BTC or plan to adopt it, which was the main drive behind this bull run. Bears are dumping more coins than bulls can buy.

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May 23, 2021, 05:40:12 PM
Merited by The Sceptical Chymist (2)
 #13

BTC still holding the $35,000 level. Although we cannot be certain, the technical indicators and Bitcoin psychological trends support the possibility that we will see a rally soon.
Hopefully, Bitcoin will see new all time highs.

Do you think $65,000 represents the peak of the current bull market?
No 65k was not the top, the reason why I think this is that the market behaved in a weird way when we reached the top, basically the price remained close to the all time high for weeks as if there was no buying pressure.

To me this was the whales not wanting to go all out so soon and they let the retail investors to push the price up, then they took advantage of the FUD created by Musk and crashed the price, now that they are happy with the amount of coins they have then they will begin to push the price up once again, I can easily see bitcoin reaching a price of 150k or even 200k at the end of the year so I do not see the point of selling now.

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May 23, 2021, 05:47:04 PM
 #14

BTC still holding the $35,000 level.
It's at $33k right now, and when I woke up and checked the altcoin market, it looks like a lot of coins are seriously in the red as well. 

Could $65k have been the high?  I don't know.  The only thing I know for sure is that bitcoin is going to have to double in price to get back to a new ATH, and I'm not sure how long it's going to take for that to happen.  I'm confident it will happen, but whether it's going to be in a month or a year....who knows.  It never ceases to amaze me how volatile bitcoin and the altcoin markets can be, and how fast they can drop.

I'm not concerned for myself, as I don't own much crypto at all (certainly not as much as many folks here on the forum).  I'm concerned about the big players who'd bought bitcoin recently and whether they're going to be forced to sell by their investors/shareholders.  If that happens (or if it's already started to happen), bitcoin is in for even more pain.  Hopefully that won't happen, but it certainly could.

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May 23, 2021, 06:11:04 PM
 #15

BTC still holding the $35,000 level. Although we cannot be certain, the technical indicators and Bitcoin psychological trends support the possibility that we will see a rally soon.
Hopefully, Bitcoin will see new all time highs.
The price of BTCitcoin just slid below $32,000 yet again and the technical indicators will not help in identifying the direction of the market, hopefully we will see the market recovering yet again and we might see the market moving on a range for a while before we see the final rally and that is my expectation.

Do you think $65,000 represents the peak of the current bull market?
I hope we might see another rally breaching the present all time high valuation before we see the major correction and that is what i expect but anything can happen in this market because institutional investors have more control over this market.
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May 23, 2021, 11:44:24 PM
 #16

Do you think $65,000 represents the peak of the current bull market?

Yes. Bitcoin will never make another ATH.

Bitcoin Fact: the price of bitcoin will not be greater than $70k for more than 25 consecutive days at any point in the rest of recorded human history.
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May 24, 2021, 12:58:38 AM
 #17

Do you think $65,000 represents the peak of the current bull market?

Yes. Bitcoin will never make another ATH.
Bitcoin will make a new all time high but I'm afraid to see that again this year because $65,000 level is already an over bought level and that's why we are down right now plus the negative news that is circulating around the world. We might see a more sideways trend while we are consolidating and cleaning the market, let's just see the next move of Bitcoin in the last week of May, this can be a big thing.
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May 24, 2021, 02:12:29 AM
 #18

I don't think anyone cashed out, especially bitcoin holders. The people who bought ETH and DOGE and made multiples upon multiples of their investment, they probably cashed out. However bitcoin holders didn't really make much in terms of %'s.

Pretty sure the people who bought at $33K didn't cash out for 2x gains and same with people who bought $19.5K right before the break, they didn't sell for only 3x gains. And there are tons of people who are stuck holding the bag in the $56K region. I think we might get a higher low at like $49K before maybe testing the $30K or $20K support in the near future. Way too much fud at the moment.

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May 24, 2021, 02:20:11 AM
 #19

Do you think $65,000 represents the peak of the current bull market?

Yes. Bitcoin will never make another ATH.
Bitcoin will make a new all time high but I'm afraid to see that again this year because $65,000 level is already an over bought level and that's why we are down right now plus the negative news that is circulating around the world. We might see a more sideways trend while we are consolidating and cleaning the market, let's just see the next move of Bitcoin in the last week of May, this can be a big thing.

Bitcoin will reach a new ATH this year end. This is just a short downtrend before we see the fierce bounce back of Bitcoin in the next months. Those who say BTC never make another ATH don't own any Bitcoin for sure. They will be shut the fu'ck up whenever BTC price increase.
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May 24, 2021, 03:59:38 AM
 #20

If it is then we can safely say that the usual 4 year cycle is successfully broken and from now on we can expect a very different trend unlike the cycle of big rise followed by a bubble followed by a year of bear market. From that point we may see a different market, for example a 100% rise bull market every 3 months with a couple of weeks of bear market only.

Otherwise if bitcoin follows the same trend as it used to and so far in the past 3 years has followed we should see the rise continue and the target at the end of the cycle is a bubble at $500k.

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