How far can bitcoin price correction go?

[doomloop]

Looks like your prediction was right, finally Bitcoin returned to above the price of $50k a few days ago. But unfortunately the price of Bitcoin is now back down again below the price of $50k. It's not strong enough for Bitcoin price to rise above $50k. But like you said, we shouldn't worry too much, because Bitcoin is the best coin until now, that's why there is a very high demand for Bitcoin. Then all we have to do is buy more Bitcoin if the price goes down, because usually the price of Bitcoin will immediately rise if it has fallen deep enough.

That is what the volatility causes in the crypto world, we end up with these types of results all the time. I know that it is not really a secret that bitcoin is way too "money", it goes up and down and up and down all the time. We literally reached 64k ATH this year, same year we dropped under 30k, and again on same year reached to 68k+ and now we are under 50k, this all happened in a single year!

If this was some stock then I am 100% sure that SEC would file a suit against them and investigate them for something, they would look for why it is causing the stock price to be moving like that. One direction huge gain is understandable, Tesla made 50% just recently, but to be up and down this much, like even one big up and one big down is ok, but to be up and down multiple times in the north of 50%+ becomes something very unique only to the crypto world.

[STT]

I doubt we go much further lower then this without testing a higher price for confirmation of a ceiling.   Speculators exist in both directions, while the market may be negative sentiment short term some will test the ability of the market to rise from here, it seems higher probability to me as we have exhausted alot of selling already.   Shorts always exist at some level and a rise from here also creates those forced buyers to rejoin the price action also; imo we can go as high as 55k.   Its not a certainty just an idea I keep in mind while looking at the various time frames.

The trigger to look for in this reversal reaction is some kind of higher low pattern, just has to be in the midst of a negative we are slightly higher then the last attempt downwards. 

[Vaskiy]

According to the weekly chart trend line support is around $47750. If the price continue to rise and cross the resistance of $53k, then there is more chance of reaching $55k. If this doesn't happen, then the price could go downwards to $40k which gets set as the bounce point. As the price has crossed $50k it looks like the price will cross $53k and reach $55k within days.

[STT]

Here is the rough range for recent price action, a simple take would be to say if we break upwards out of this range so past 51k or 52k and hold that for a daily bar its bullish.  Vice versa if we do not hold the lows around about the 200 day average at 46k or so then it will prove further negative action will occur.    You can get some advance warning in this way.

[Ngemmeng]

In my opinion, although there is a deep correction in the current bitcoin price, fundamentally Bitcoin has not yet entered a bearish phase. Moreover, in recent weeks bitcoin market cap has not experienced a significant slump. The current selling action that makes the price of bitcoin plummet because it is dominated by new investors, not old investors. However, if you look at the on-chain structure, it seems that bitcoin price recovery is unlikely to happen quickly and will take the next few months.

yes bitcoin has not entered a bearish phase but the price decline that occurred a few days ago could be an early indication that a bearish phase is imminent. bitcoin price fell very deeply in just one day and until now the bitcoin price has not shown any signs of recovering, of course this will make new investors or old investors feel worried.

yes, the recent price decline could be a sign that bitcoin will soon enter a bearish phase, but I think the recent price decline is a reasonable price decline and the price decline is the impact of price increases that have occurred since the beginning of the year. now the bitcoin price is slowly recovering and the bitcoin price is now back above $50k, i hope this condition will continue and there will be no more bull traps.

[stomachgrowls]

In my opinion, although there is a deep correction in the current bitcoin price, fundamentally Bitcoin has not yet entered a bearish phase. Moreover, in recent weeks bitcoin market cap has not experienced a significant slump. The current selling action that makes the price of bitcoin plummet because it is dominated by new investors, not old investors. However, if you look at the on-chain structure, it seems that bitcoin price recovery is unlikely to happen quickly and will take the next few months.

yes bitcoin has not entered a bearish phase but the price decline that occurred a few days ago could be an early indication that a bearish phase is imminent. bitcoin price fell very deeply in just one day and until now the bitcoin price has not shown any signs of recovering, of course this will make new investors or old investors feel worried.

yes, the recent price decline could be a sign that bitcoin will soon enter a bearish phase, but I think the recent price decline is a reasonable price decline and the price decline is the impact of price increases that have occurred since the beginning of the year. now the bitcoin price is slowly recovering and the bitcoin price is now back above $50k, i hope this condition will continue and there will be no more bull traps.

Decline doesnt always mean that we are heading bearish because most of the time it would really serve or act as a correction which is really a very normal

condition for a market to have because we cant really just be having a one way or path to move and this wont be called a market on the first place
if we dont see out these factors or things.

Bull traps Bear traps, deep corrections,bearish and bullish run.Everything could be possibly be seen along the way
thats why you should really prepare yourself on something like this and dont anticipate that the market could
always have that sunny day.

[bct-user]

the recent price decline could be a sign that bitcoin will soon enter a bearish phase,

You cannot simply conclude it like that. The current decline is normal, it is a correction after some pumps previously. What's wrong with the correction? Before Bitcoin to have another pump, there should be some dumps or corrections first. Now, we are experiencing the correction, just be patient to wait for the end of this decline.

i hope this condition will continue and there will be no more bull traps.

Bull trap will be always there, we cannot expect to have no any bull trap anymore. I think it is impossible.

[chikading2016]

Bitcoin can go beyond our expectations, in the begining of year 2021 I only expect bitcoin price at 30 to 45k$ but it reach 60k$ and maybe it can go higher than 100k$ in year 2022. Crypto is full of surprise and if we have patience we can really earn on it. People who have big patience is now is always winner in crypto.

[LogitechMouse]

yes, the recent price decline could be a sign that bitcoin will soon enter a bearish phase, but I think the recent price decline is a reasonable price decline and the price decline is the impact of price increases that have occurred since the beginning of the year. now the bitcoin price is slowly recovering and the bitcoin price is now back above $50k, i hope this condition will continue and there will be no more bull traps.

How much time is "Soon" for you? 1 week? 1 month? 2 months? 1 year? The word soon is very broad term when it comes to Bitcoin and its price movement so at least say a specific time frame.

Well, many are saying that we might enter the bear market phase possible next year. The recent price decline is cause maybe by the investors taking out profit and liquidations that caused the market to go down even further. Unfortunately, Bitcoin is at $48,000 right now which is the 34 Weekly MA right now. The 21 and 34 Weekly MA is a strong support and if Bitcoin goes down below these lines and closes below it then we might see further downside pressure.

[ranaprime]

Bitcoin or cryptocurrency candlesticks will never run in the same way, which is not possible. It is natural that whenever it is upwards it will break and fall downwards. In the current situation, I think it will be in the $44,000 by this year and then the bull run will start again.

[LFC_Bitcoin]

I’m hoping that because we didn’t have a really explosive blow off top like $150,000 or something which was predicted, then it means we don’t have the usual 80% dump bear market.
Maybe we could go sub $30,000 & that’ll be the bottom. I think that COVID stunted what should have been an elic bull run. We will see fireworks in 2025 after the 2024 halving.

[DOH!]

Maybe we could go sub $30,000 & that’ll be the bottom. I think that COVID stunted what should have been an elic bull run. We will see fireworks in 2025 after the 2024 halving.

I might not expect a red flag below $30k, the market is still trying to give the right impulse to separate from the bear market similar to May. Until enough catalyst to trigger the next rally. Too short to the end of the year but January will be easier to run.
I very much hope to see an ATH in the new year.

[lixer]

I know that it is not really a secret that bitcoin is way too "money", it goes up and down and up and down all the time. We literally reached 64k ATH this year, same year we dropped under 30k, and again on same year reached to 68k+ and now we are under 50k, this all happened in a single year!

It hasn't been kind to the market so far, I am hoping that it will do a lot better in the near future. I know that it is not something that would be easy to recover when the price gets established this much, but I also know that when there is a big run to a higher price that ends up being fine for all of us. I know that it will not be easy and it will take some time before it could reach to a better place but I also know that it will not be that bad if we could just all get together.

So, we have a difficult path in front of us, but if we all get together then we can beat this challenge and be higher, but if we fail to get together and rise, then it will stay like this or even get worse.

[XCANA]

Bitcoin correction can go down to like below $34k before the end of first quarter of next year with the look of things though people are saying that we have already seen that least bottom which I don't believe because there is a strong tendency of seeing the least bottom as from January come next year if what in some years back will repeat itself.

[Hypnosis00]

Bitcoin correction can go down to like below $34k before the end of first quarter of next year with the look of things though people are saying that we have already seen that least bottom which I don't believe because there is a strong tendency of seeing the least bottom as from January come next year if what in some years back will repeat itself.

It pumps like being unpredictable and this dump can be nowhere to go as well. But what I think is that this correction will never drop below $40k and we end this year strong. Maybe this come to continue Q1 next year, I hope I was wrong but the trend come up slowly, a month is not enough to make it bullish again.

If were going to see history repeats itself, I wish this could be on bullish side, not bearish. As 2021 gives a very satisfying performance may we like it to happen again by next year, I wish that too.

[carlisle1]

Bitcoin correction can go down to like below $34k before the end of first quarter of next year with the look of things though people are saying that we have already seen that least bottom which I don't believe because there is a strong tendency of seeing the least bottom as from January come next year if what in some years back will repeat itself.

It pumps like being unpredictable and this dump can be nowhere to go as well. But what I think is that this correction will never drop below $40k and we end this year strong. Maybe this come to continue Q1 next year, I hope I was wrong but the trend come up slowly, a month is not enough to make it bullish again.

If were going to see history repeats itself, I wish this could be on bullish side, not bearish. As 2021 gives a very satisfying performance may we like it to happen again by next year, I wish that too.

Yes, I remember this year even the pandemic hits the entire world, Crypto managed to bring us satisfying results.

Hopefully same will be there this upcoming 2022, though we really can't accurately predict how the market will work and what are the possibilities.

All we can do on our part is to keep analyzing the market and anticipate.

Decide according to how you foreseen the incoming run, the benefits always be there if you know how to assess the market.

[Rasa nanas]

Bitcoin correction can go down to like below $34k before the end of first quarter of next year with the look of things though people are saying that we have already seen that least bottom which I don't believe because there is a strong tendency of seeing the least bottom as from January come next year if what in some years back will repeat itself.

no one knows when bitcoin will reach its lowest point, for sure now bitcoin is slowly entering a bearish phase. many people believe that in early 2022 the bitcoin price will recover and the price decline like 2018 will not happen again, but that will not change anything because market conditions are unpredictable. all we have to do now is believe in ourselves and do what we think is right.

[sirminesalot]

Bitcoin correction can go down to like below $34k before the end of first quarter of next year with the look of things though people are saying that we have already seen that least bottom which I don't believe because there is a strong tendency of seeing the least bottom as from January come next year if what in some years back will repeat itself.

no one knows when bitcoin will reach its lowest point, for sure now bitcoin is slowly entering a bearish phase. many people believe that in early 2022 the bitcoin price will recover and the price decline like 2018 will not happen again, but that will not change anything because market conditions are unpredictable. all we have to do now is believe in ourselves and do what we think is right.

Yeah prepare for the worst thing that could happen is the best way of crypto investing because anything could happen, moreover when things seems to good to be true means something is not right happening here.
This year has 2 times all time high, we suppossed to not have any high expectation for next year but anything could happen and just be ready.

[XCANA]

Bitcoin correction can go down to like below $34k before the end of first quarter of next year with the look of things though people are saying that we have already seen that least bottom which I don't believe because there is a strong tendency of seeing the least bottom as from January come next year if what in some years back will repeat itself.

no one knows when bitcoin will reach its lowest point, for sure now bitcoin is slowly entering a bearish phase. many people believe that in early 2022 the bitcoin price will recover and the price decline like 2018 will not happen again, but that will not change anything because market conditions are unpredictable. all we have to do now is believe in ourselves and do what we think is right.

Am not saying Bitcoin price will fall like that of 2018 but one thing you should remember is that first quarter of the year are mostly bearish period and that may still repeat itself again. This Year is already coming to an end and no one should expect any miracle again particularly those who expect Bitcoin price will hit $100k before this year end. $100k is very possible but this year and not even first quarter of next year.

[STT]

First quarter or first couple months is when I find the best signal often, in 2017 we had low prices but the important part was the ascending pattern was so regular right through Feb which was a clear sign not to have butter fingers holding BTC at that time despite the low sentiment.   It even sold harshly in March but yet did not negate those lows, thats a hidden buy signal when the lows refuse to decline substantially.    
   We might continue to appear negative for the whole quarter but Im not sure I will care much if its not going to do any worse then action since July.   A repeat of what we've already done is just a chance for people to pay attention, its a queue on the runway before we can take off.   All this is hypothetical, scenarios based on many other markets in parallel which must also develop most obviously DXY dollar index; but the best opportunities and signals do come on the lows, the highs ironically are frothy, inaccurate and require alot of caution.