Drop from $60k to $30k was part of bull run cycle?

[jakdanyel]

Everyone says different things about this. Some people were claiming that we were still in the bear market when the price was around $30k. And some people (like me) claimed that it was the bear market we were in. And now it looks like we're out of it. But maybe I'm wrong and the price will come down to $30k again soon.

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[carlfebz2]

This chart looks really accurate, as the Twitter user said, it is a bitcoin cycle indicator. It shows the different phases of the cycle for Bitcoin since the beginning.
Another thing that I am surprised about here and amaze because of using a Fibonacci retracement and extension which will help to identify a pullback of a certain asset or best idea for price level for taking profits.

Currently, if we will base on the chart, we are in the Mania Phase, which is expecting to happen to start this month until the month of September.

What are your thoughts?

https://twitter.com/misconfig_exe/status/1408544229173858305/photo/1

Its neither both because we have seen lots of instances where pullbacks specially deep ones is a solid indication that it might really be having some potential bull run after that or something trying to

readying up itself on a good run but we know that it isnt a sure thing because pullbacks could neither mean taking profit time or typical sells or manipulative act etc.

We should be mindful on taking profits while we can because we wont know on how long the market would be staying up into these lines.

[Marvelman]

Currently, if we will base on the chart, we are in the Mania Phase, which is expecting to happen to start this month until the month of September.

What are your thoughts?

The current Bitcoin bull run could be entering a period of much lower growth, where the supply of Bitcoin is constrained. When the Bitcoin price is falling, it's sometimes seen as a good time to buy. But this could also be an opportunity to sell, as the price is heading for a cliff. In any case, Bitcoin prices are still a lot higher than they were when the latest bull run began.

[goaldigger]

Everyone says different things about this. Some people were claiming that we were still in the bear market when the price was around $30k. And some people (like me) claimed that it was the bear market we were in. And now it looks like we're out of it. But maybe I'm wrong and the price will come down to $30k again soon.

We all have standards on analyzing the market, and it’s good that you have your own analysis. We are seeing the market differently but its good that we actually surpass the level of $30k again, and its good that we bounce back from that price because if not, we might seeing a worst bear market now. That correction is part of the trend and that’s the normal scenario after the up trend, the down trend is all we need to buy cheaper coins/tokens again.

[ultrloa]

Everyone says different things about this. Some people were claiming that we were still in the bear market when the price was around $30k. And some people (like me) claimed that it was the bear market we were in. And now it looks like we're out of it. But maybe I'm wrong and the price will come down to $30k again soon.

We all have standards on analyzing the market, and it’s good that you have your own analysis. We are seeing the market differently but its good that we actually surpass the level of $30k again, and its good that we bounce back from that price because if not, we might seeing a worst bear market now. That correction is part of the trend and that’s the normal scenario after the up trend, the down trend is all we need to buy cheaper coins/tokens again.

Compare to the last 2018 bear we can say that its really better that we came to this point that bitcoin ewsily recovers from heavy dump and that $30k is totally good to see since this give people a huge moral boost that bitcoin is so strong. And for reaching $40k last couple of days it gives us possibilities that $60k or higher is reachable again so I think once bitcoin climb back at $50k for sure we will see the hype surge.

[traderethereum]

Currently, if we will base on the chart, we are in the Mania Phase, which is expecting to happen to start this month until the month of September.

What are your thoughts?

The current Bitcoin bull run could be entering a period of much lower growth, where the supply of Bitcoin is constrained. When the Bitcoin price is falling, it's sometimes seen as a good time to buy. But this could also be an opportunity to sell, as the price is heading for a cliff. In any case, Bitcoin prices are still a lot higher than they were when the latest bull run began.

This time, bitcoin is not moving anywhere but stays at the current price.
It looks like this moment is hard to predict as the price is not up or down significantly so many things can happen this week.
Hopefully, the price will not go deeper because it can trigger people to panic and sell their bitcoin.
But if the price still goes down, we can only use that moment to buy more because that will be a good time to accumulate more bitcoin.
But I believe that the bitcoin price will get a new ATH soon and hopefully, that can happen before the end of this year.

[Marvelman]

This time, bitcoin is not moving anywhere but stays at the current price.
It looks like this moment is hard to predict as the price is not up or down significantly so many things can happen this week.
Hopefully, the price will not go deeper because it can trigger people to panic and sell their bitcoin.
But if the price still goes down, we can only use that moment to buy more because that will be a good time to accumulate more bitcoin.
But I believe that the bitcoin price will get a new ATH soon and hopefully, that can happen before the end of this year.

Yes. Even if it drops even further, I believe we will never go below $ 30,000 again. That position proved to be a very strong support and it is an excellent sign for the bull run to continue.

[traderethereum]

This time, bitcoin is not moving anywhere but stays at the current price.
It looks like this moment is hard to predict as the price is not up or down significantly so many things can happen this week.
Hopefully, the price will not go deeper because it can trigger people to panic and sell their bitcoin.
But if the price still goes down, we can only use that moment to buy more because that will be a good time to accumulate more bitcoin.
But I believe that the bitcoin price will get a new ATH soon and hopefully, that can happen before the end of this year.

Yes. Even if it drops even further, I believe we will never go below $ 30,000 again. That position proved to be a very strong support and it is an excellent sign for the bull run to continue.

Hopefully, the price will not go down below $30,000, although I am not sure about that because we already see that when bitcoin price stays at $32,000-$34,000, suddenly the price is down and reached $28,000, although not takes too long for the price to increase back.
There is no guarantee that the price will not go down as many possibilities can happen in the crypto market but we can prepare for the worst thing that can happen later.
And only by doing that, we can still survive in any situation, even if the price really drops to below $30,000.
But I see the supports still come to the market and if that can get more support, the price will slowly increase and we might see the price can back to up to $40,000 soon.

[LogitechMouse]

The recent rise of Bitcoin during the last month was a little bit of a hype because of what happened on that period.
Well, in every rise there is always a fall that is why we've experienced a near 50% decline.

Was it expected?? Yes because we know already that there will be at some point a price where holders will take profit therefore the sellers will prevail and will sell their Bitcoin causing the price to go down. Now is that scenario part of the bull run cycle. That I don't know but we saw what happened in 2017-2018 where Bitcoin went down very hard. Right now the 21 Weekly MA is rejected. There is a time that it went above it but it ended the week at almost the same spot where the 21 weekly MA is. Right now we are below that price and if the 21 Weekly MA is rejected, chances of us going to the bear market is higher although the main basis if we will enter the bear market or not is the 2 current supports right now which is the $30,000 and the $28,000. Rejecting the 21 Weekly MA and not staying above it for a week or 2 is another sign of a bear market too or I should say that increases the chances.

[rahmatrf331]

Everyone says different things about this. Some people were claiming that we were still in the bear market when the price was around $30k. And some people (like me) claimed that it was the bear market we were in. And now it looks like we're out of it. But maybe I'm wrong and the price will come down to $30k again soon.

the price of bitcoin is still in a warming state, of course it takes enough stamina to heat it up. everyone hopes that bitcoin on a bullrun status but in reality it remains in a bearish condition.
need to know, bitcoin is still in the stage of price correction it may take a lot of time. So as an investor, you have to be patient waiting for the second stage to take place.

[roosbit]

From a technical analysis of charts it's correct to say that these  markets are at a stage of accumulating momentum to go onto the upside, and with how charts are presented in the OP, the fibonacchi levels have played out well reaching the 88 and 76 levels to continue the uptrend. That $30k level has also been a strong support area which keeps pushing price up and should we break $43k, $45k then I have no doubt that we could be looking at a new higher high than previously recorded.

[el kaka22]

I guess when you look at the bigger picture, without a drop there is no increase, did we reached 20k as ATH back in 2017? Yes we did, then did we dropped to as low as 3k? Yes we did. Then did we reached 64k after that? Yes we did. Which all shows you that bitcoin could increase and decrease in cycles but in the end it is always going higher and higher, which I believe it will do once again.

I do not really criticize the falls because it allows us to buy cheaper, and I do not get excited for the increases neither because it just means it is good for that moment but as I am a long term investor I am not planning on selling the coins I am holding so it could be 64k or 100k but it wouldn't matter to me at all since I am not selling. Just stay calm and eventually bitcoin will be so much higher, it will have huge drops during that same period as well but ignore them and keep holding.

[Semar Mesem]

From a technical analysis of charts it's correct to say that these  markets are at a stage of accumulating momentum to go onto the upside, and with how charts are presented in the OP, the fibonacchi levels have played out well reaching the 88 and 76 levels to continue the uptrend. That $30k level has also been a strong support area which keeps pushing price up and should we break $43k, $45k then I have no doubt that we could be looking at a new higher high than previously recorded.

Today bitcoin price rose more than 6%, transaction volume also continued to rise, this shows that the market will continue to move positively, I'm sure if the price can reach $45k it will continue to rise and maybe the end of the year can make a new ATH.

[Furious 7]

I do not really criticize the falls because it allows us to buy cheaper, and I do not get excited for the increases neither because it just means it is good for that moment but as I am a long term investor I am not planning on selling the coins I am holding so it could be 64k or 100k but it wouldn't matter to me at all since I am not selling. Just stay calm and eventually bitcoin will be so much higher, it will have huge drops during that same period as well but ignore them and keep holding.

I'm not worried of course because the downturn is part of the usual market cycle, with a drop to $29k as low as I think it's the best buy and not listening to bitcoin going to a bottom of $20k but for sure I will stick with the bitcoin handle at the moment, even i'm a little bit believer in some speculations about bitcoin in the end later i think it will be a big surprise whether we will be profitable big or not.
At least waiting for ATH before his $64k is the first goal.

[fullhdpixel]

I'm not worried of course because the downturn is part of the usual market cycle, with a drop to $29k as low as I think it's the best buy and not listening to bitcoin going to a bottom of $20k but for sure I will stick with the bitcoin handle at the moment, even i'm a little bit believer in some speculations about bitcoin in the end later i think it will be a big surprise whether we will be profitable big or not.
At least waiting for ATH before his $64k is the first goal.

Same here. I never worry about the potential of bitcoin to be reaching big values in near future hence even I am just watching the markets were correcting from ATH to as low as $28k levels, I remained confident about bouncing back of bitcoin markets at any time soon. And right now we are witnessing bitcoin market is appreciating slowly which might get intensified in coming weeks and in that way we might be having a new ATH in coming months.

Some people might have got panic when they are watching market is correcting up to 50% from its all-time high because they might not have seen such a big fall in any other markets but they might not aware of the fact that this kind of corrections are most commonly happening in bitcoin markets.

[Hippocrypto]

~snip~

This chart looks really accurate, as the Twitter user said, it is a bitcoin cycle indicator. It shows the different phases of the cycle for Bitcoin since the beginning.
Another thing that I am surprised about here and amaze because of using a Fibonacci retracement and extension which will help to identify a pullback of a certain asset or best idea for price level for taking profits.

Currently, if we will base on the chart, we are in the Mania Phase, which is expecting to happen to start this month until the month of September.

What are your thoughts?

https://twitter.com/misconfig_exe/status/1408544229173858305/photo/1

If this trend goes straight way up high, there's no way for the bear market to create a strong holds for its resistance.
Another possible halving will soon happens, and with an unexpected time we will able to witness several pumps. However, day traders and short term holders will still possible causes slight dumps but we shouldn't be afraid on that because we already foreseen the market capabilities.

[Johnyz]

From a technical analysis of charts it's correct to say that these  markets are at a stage of accumulating momentum to go onto the upside, and with how charts are presented in the OP, the fibonacchi levels have played out well reaching the 88 and 76 levels to continue the uptrend. That $30k level has also been a strong support area which keeps pushing price up and should we break $43k, $45k then I have no doubt that we could be looking at a new higher high than previously recorded.

Today bitcoin price rose more than 6%, transaction volume also continued to rise, this shows that the market will continue to move positively, I'm sure if the price can reach $45k it will continue to rise and maybe the end of the year can make a new ATH.

We’re on the rising cycle again and I also believe that the dumped price was part of the market correction and now its time for recovery. We can always expect the price to go down, because we can’t take a better future without experiencing it and the dump balances the whole market. Bitcoin is aiming for new all time high, it slowly getting to that price position.

[Kyraishi]

It's easy to attribute something to a pattern after the fact.

I think that a lot of people, institutional or otherwise, already wrote of the remainder of the current bull run ages ago, and they used similar timing arguments as to this "looked like a dead cat's bounce".

Obviously, it does seem like that the bullish sentiment is still significant, and with so much liquidity in the world economy today this is really not surprising. Sometimes, one does need to look at longer term trends and market fundamentals rather than dwell on short term indicators.

[Ozero]

Everyone says different things about this. Some people were claiming that we were still in the bear market when the price was around $30k. And some people (like me) claimed that it was the bear market we were in. And now it looks like we're out of it. But maybe I'm wrong and the price will come down to $30k again soon.

In my opinion, there is no longer any difference what to call this current state of the cryptocurrency market. The main thing is that the prices for cryptocurrency have now been constantly growing at a fast pace for several days. I have not yet found a real reason why this could be caused. It is also surprising that only the first half of August, at this time, the cryptocurrency market has probably never soared before. This usually happens in the fall, and then somewhere from October. What will happen to prices in the fall, if we are already witnessing such an increase? However, it could just be a short-term bullish impulse. Let's see what will happen next.

[pooya87]

There is always manipulation (like what we had in the past couple of months) during big bull runs and the bigger the manipulation the stronger the signal for the next big leg up. It is also a way to get the market ready for the bigger rise. Imagine if price reached $150k in April right after it reached $60k, that would have been a bubble. But now that the correction and manipulation and the reverse bubble occurred the market is ready to reach $150k in August and $300k by December and $500k by first quarter next year.