How far can bitcoin price correction go?

[Joshua Jackson]

We can all notice the ongoing price correction of Bitcoin and the fact that price does not continue in a straight line. What do you think Bitcoin's Price could be corrected to? I mean, what do you think would be the minimum price Bitcoin gets to, before going back to $52k price again?

[hd49728]

$41k to $42k as the tweet of The rational root and Ecoinometrics. I think $42k and $43k will be retested in next 14 days.

I am bitcoin bull so my thought is positive and bullish for bitcoin. I think its bull run does not top and it is another correction. I also believe in the Stock to Flow model and on chain analysis. People keep buying Bitcoin in yesterday dip. It is a very different dip than 2020 crash and May crash.

Discoveries of Willy Woo and Coinbase Institutional

[LFC_Bitcoin]

September is historically a really bad month for bitcoin, I don’t really know why but there has been a significant correction in September for multiple, consecutive years.

@CryptooAdy
September seems to be naughty month for BTC every year..


https://twitter.com/cryptooady/status/1435578766755975172?s=21

PlanB actually says for S2F to stay alive $43,000 must be the floor for month close.

[Ararbermas]

It's unpredictable for me in my opinion, because you know holders were keep dumping due to the situation of the market nowadays.. But don't expect it will go very dip as it keeps making ups despite of some fluctuation, indeed more analyst telling this will not go too far so we need to believe on them since they're the only one who knows the real situation of the growth rate of bitcoin. Let's just wait for more results instead..

[Baofeng]

As per TA, if we maintain $43k (which is the average), then we are still in good levels.

But who knows, September could be a very volatile month, but hopefully, we can still bounce back and not hit below $43k and continue with this bullish sentiments. Yes, we did hit $43k, but then we have a good bounce in the last 24 hours at $46k, so maybe this is a good indication as the selling pressure has somewhat settled down.

[kidbounty]

$41k to $42k as the tweet of The rational root and Ecoinometrics. I think $42k and $43k will be retested in next 14 days.

I agree with you, $40k-43k is the closest support point for now. so I will wait until it reaches that and i'll buy back. I think the correction this time will not last long, and the price of bitcoin will rise again in the next few weeks. after touching the nearest support point, bitcoin will rise and started running again.

[Rahman11]

An asset, index, or market may fall into a correction either briefly or for sustained periods—days, weeks, months, or even longer. However, the average market correction is short-lived and lasts anywhere between three and four months.

[KennyR]

We can't get a conclusion on the market correction, because it can move bullish in no time. Earlier this has happened with bitcoin, because of the positive news around the market. Right now it is quite evident to see more positive things happening associated with bitcoin. In recent days more countries have planned on adopting bitcoin as a legal tender. So, these could push the price in any time.

[OgNasty]

The liquidation of leveraged longs cause a near immediate capitulation moment. Looking at the volume, it appears that was the low. We may see a retest, but the support looked strong. I’d consider any retest of that low to be a buying opportunity if it happens.

[electronicash]

i think it already dropped to $40k. it may range that market price from $43-$48k before rising up again by the next few more weeks or so. its almost like a bargain for those who have sold when the price peaks at $52 a week ago. it was probably unexpected for some traders but for the experienced traders, they saw it coming already. the market really acts the same way over and over.

[Spack17]

Maybe it can go on until reaching $40k in the worst case. But for now, it seems like the price managed to hold onto $46k. But the price needs to break the resistance level as soon as possible. If it struggles for a long time, it may start going down again. It seems like many people were afraid of the big drop and sold many coins after seeing this. I'm really tired of seeing this panic sellers. They make things much worse not only for themselves but for the rest of the investors also.

[STT]

I doubt it would descend all at once but its likely we do need to release some weak hands before accumulating momentum again.   I reckon BTC could rise right now, its going to test this possibility many times but if we can reach a 2 day average that would help the bullish idea of an immediate recovery.
  Ultimately I do think we go back to something 39k as a backstop to price action and then we proper repeat this last bullish phase and once again we will challenge the highest tier of prices for 2021.   I did always think it wouldnt be quite so simple as sequential weekly green bars like we had, a pullback is normal occurrence and healthy even.

[hd49728]

September is historically a really bad month for bitcoin, I don’t really know why but there has been a significant correction in September for multiple, consecutive years.

Because after September, October and November are very good months for Bitcoin. Bitcoin can not rise and make new higher highs if weak hands don't shake their hands. They are barriers for growth so they need to be killed by crash in September.

PlanB actually says for S2F to stay alive $43,000 must be the floor for month close.

Even price falls lower than $43,000, it won't be the end of 2021 bull run and I believe in the S2F model and the four year cycle of Bitcoin.

[davis196]

Why are you asking?
If you want to HODL,then just HODL and don't bother about the price.
If you want to sell then just sell.If the price keeps going down,then you've made a profit and you could buy BTC at a lower cost.If the price goes up after you sold,then you've made a loss,but losing money is a part of trading.I don't believe that the price will go up.This 52K price pump was probably just a price bubble,caused by some crypto whales or the hype around El Salvador.

[Wind_FURY]

Many opinions and analysis believes it will be a “retest” back to $43,000. I believe when everyone expects a retest, placing their bids in the said retest area, then sellers might not want to sell low in that area, but sell HIGHER. The Market has given enough opportunities, it wants FOMO.

[Lucius]

I mean, what do you think would be the minimum price Bitcoin gets to, before going back to $52k price again?

This is no longer a question for serious analysis, but for some psychics who claim to see the future

Who would have thought that on September 7, 2021, Bitcoin would lose 15% in value, and one country officially introduced it into its system as a legal tender on that very day? Therefore, no price should surprise us, although I think that the absolute bottom is the one that has been tested many times and is about $29 000.

Personally, I do not believe that the price will go so low, but there is always that possible unknown factor that can have a big impact on the crypto market.

[GreatArkansas]

I am still short-term bearish with Bitcoin now, $50,000 is the short-term resistance, I am pretty sure this will be tested in the coming days multiple times.
And $35,000 - $40,000 is pretty good support. With a pretty nice run until $50,000 last month, it clearly shows the $30,000 is now having strong support for the long term.

Price correction may reach for me around $40,000 -> $38,000.

[ethereumhunter]

I worry about this situation because bitcoin can go to any lower price without knowing, although we can predict how the lower bitcoin price will go. We need to anticipate the losses and be ready for the worst scenario in the market so we do not have to get a big loss. And if necessary, we can leave the market temporarily until the situation can be back normal. If you still want to try your luck, you need to analyze deeper to find when to enter the market.

[sujonali1819]

The situation is very hard to guess. Anytime anything can happen. If bitcoin make a good rise in 4 hours candle I think the trend could be change to bulish. But it does not happen and it going side ways. But seems bearish to me. And I think from this position any further correction can happen to near 40k even little below of it. Right now 45k is play a good role as support but somehow if it breakdown we can see BTC at 40k soon.

[Pulsar77]

Bitcoin price is trying hard to hold onto the $46k level. It actually got past $47k resistance today but it didn't last long. If the price manages to stay at this level for some time, I believe that we won't even see a bigger drop than this and the price will start recovering. $50k resistance will be critical again. If Bitcoin makes it there and goes over it, then it will be back in the game and we will be able to hope a bull market also.