Bitcoin price is in a downtrend, will it last long or temporary?

[Johnyz]

There is a ceiling to the price but its not especially harsh, so its about profit taking and consolidation on a yearly basis because we rose so much this seems correct to occur and not a negative in the wider picture long term.



Theres no way to be sure before the fact, we can just estimate where is the easiest place for price to find support.   The first week of 2021 had a price we are not likely to breach near term imo, it was resistance after the initial May fall and proving support now is some bullish sign.

Profit taking was done already I guess as we reach the price of $41k again, we are already in consolidation and sideways trend, this might take long but of course there’s no assurance for this one as everything is possible in Bitcoin. Hopefully next year we see another bull trend, for now we have to stay active monitoring our holdings because it might reach our cut loss level again.

[goinmerry]

The downward trend in Bitcoin prices has continued since a few weeks ago until now where the bitcoin price is still at the level of $42k. Will Bitcoin's downward trend continue or will it return to the $50,000 to $60,000 price level next month?

Impossible to know where it will be headed. The market is still reacting to some recent news like the China ban.

Looking at the bright side, the price is still decent at $41,000-$43,000. It means even China ban is a big issue, it doesn't pull down the price much. No need for the bitcoin price to jump to $50,000 to $60,000 next month. This isn't a rush game.

[TravelMug]

The downward trend in Bitcoin prices has continued since a few weeks ago until now where the bitcoin price is still at the level of $42k. Will Bitcoin's downward trend continue or will it return to the $50,000 to $60,000 price level next month?

Impossible to know where it will be headed. The market is still reacting to some recent news like the China ban.

Looking at the bright side, the price is still decent at $41,000-$43,000. It means even China ban is a big issue, it doesn't pull down the price much. No need for the bitcoin price to jump to $50,000 to $60,000 next month. This isn't a rush game.

Yeah, a price around $41k-$43k is still decent, although we are going to close the month in negative, but still good in my opinion. At least the market didn't react drastically that will cause the price to below $40k. And obviously, the next target will be $50k-$60k next, the best thing to do is remain positive.

We are in the last three months and anything can happen and hopefully, the pattern will still continue to see the price rise in December to at least hit $60k, or even a new all time high.

[Reid]

Evergrande made a lot of fuss but it's not enough to take down Bitcoin at a high percentage.
See how short the bear market is and investors are still coming in. Even alts reacted but it was not that long before their prices came back.
I think it's not all about China anymore. Maybe before a lot of investors are on monitor what their next step will be but now, we can use the market reaction as proof that they are not easily manipulated anymore even with news like that.
Trust in Bitcoin is getting stronger.

[ethereumhunter]

The downward trend in Bitcoin prices has continued since a few weeks ago until now where the bitcoin price is still at the level of $42k. Will Bitcoin's downward trend continue or will it return to the $50,000 to $60,000 price level next month?

Its hard to say because the market is getting worse and I don’t see any strong buying volume so for now we are heading down and it make take us more time before we recover.

Yes, I think the same. The market has become confusing us and makes many people selling their bitcoin instantly without trying to hold their bitcoin for more. Much negative news about bitcoin makes some new people who do not know much about bitcoin worry about their funds in bitcoin. But hopefully, it will be only temporary and I am sure it is just temporary and will end soon. Our waiting time to see a bitcoin price increase will come and at that time, we will be back to make a big profit. Just hold on tight your bitcoin.

[STT]

I dont think we're in a downtrend on a nearterm basis but there is the question overall this year for the highs.   Being a trend over many months will mean we have to take more time to overcome such a problem.
Right now we are challenging the pattern of lower highs, the recent low was 50 day average and for the moment this constitutes positive action I think.
  The real confirmation comes on weekly closing bars I think, Dollar index is sideways mostly so I think it will make some challenge higher at least.

[Kong Hey Pakboy]

It might last long but it will always be temporary, remember that bitcoin is doing just fine and has been that way for a decade already so we don't need to worry too much about it because at the end of the day, bitcoin will continue to appreciate.

[Baofeng]

Evergrande made a lot of fuss but it's not enough to take down Bitcoin at a high percentage.
See how short the bear market is and investors are still coming in. Even alts reacted but it was not that long before their prices came back.

Actually it was a huge dip, from as high as $52k to $42k, but not really enough to be long term. China FUS is over, investors are lining up again to buy bitcoin as at a cheap price, pushing to to almost $50k now. Maybe we can hit it in the next couple of hours or tomorrow at least.

I think it's not all about China anymore. Maybe before a lot of investors are on monitor what their next step will be but now, we can use the market reaction as proof that they are not easily manipulated anymore even with news like that.
Trust in Bitcoin is getting stronger.

Hopefully many investors that China news should not affect us all. We all know Chinese anti bitcoin sentiments starting in 2017, so we shouldn't be surprised by their negative statements about mining and total bitcoin ban moving forward.

[Ararbermas]

 It's always a temporary situation mate when bitcoin suddenly turn into bearish. and you know it depends on the situation as well, if there's a worst news of course the market will fall to the very dip level and all of the coins will struggle to recover for months or two, its possible .. And just like what i said it depends on the situation wherein if there's no bad news and the market suddenly turn into down trend, its either a correction of the price in order to increase more or to make break out. So i suggest just invest time to make research mate so that you know hows the market situation to prevent panicking as well. If you are a trader perhaps you know why they need such information.

[ethereumhunter]

It might last long but it will always be temporary, remember that bitcoin is doing just fine and has been that way for a decade already so we don't need to worry too much about it because at the end of the day, bitcoin will continue to appreciate.

Yes, I agree with you. It is just temporary and if we see the price now, the price seems will increase more and the price already touches $50k for a while but it went down and back to $49k. This sentiment will continue and the price is back to more than $50k. It will only be a matter of time so we need to have more patience. Besides that, if our target price to sell is more than $55k-$60k, we should not worry because the price will be at that price soon.

[Dr.Osh]

The downward trend in Bitcoin prices has continued since a few weeks ago until now where the bitcoin price is still at the level of $42k. Will Bitcoin's downward trend continue or will it return to the $50,000 to $60,000 price level next month?

well, it looks like it's just short. currently bitcoin price is back at $50k at CMC, and just waiting to hit $10k+ to hit its new ATH.
when the price reaches $50k again, then we need to hope that there will be no more new FUD, because sometimes, many people don't want to see bitcoin price above $50k. however, if we hold on to this position, and move up slowly breaking the wall, we could see new ATH again.

[el kaka22]

The recovery looks amazing, I am quite happy about it, unfortunately for me it is just waiting time now and there is nothing to do. I like the drops because then I get to buy some more, I try to find money here and there everywhere and work really hard to get some more money and buy more from the low prices.

However when it is high, all I do is just wait for it to go back down so that I can buy some more. One day the price will go up so high that I will just wait for it to reach even higher to sell and retire and I will not be buying more, I fear that day may come soon in few years. I already started buying some more on other altcoins so that I could keep doing what I am doing. This increase is great, let's hope it can sustain a little longer, it would definitely be great if it can because keeping high usually ends with a good big bull run as well.

[OgNasty]

If you ever think that Bitcoin is in a downtrend and it isn’t 2014, 2018, or 2022, then the problem is that you are looking at the wrong chart. You need to hit the zoom out button. We’ve been in a bull market since $3,500 and it will stay that way until we break six figures in the next couple of months. Enjoy the ride. Don’t question it. You won’t like the answers.

[Twinkledoe]

It might last long but it will always be temporary, remember that bitcoin is doing just fine and has been that way for a decade already so we don't need to worry too much about it because at the end of the day, bitcoin will continue to appreciate.

Yes, I agree with you. It is just temporary and if we see the price now, the price seems will increase more and the price already touches $50k for a while but it went down and back to $49k. This sentiment will continue and the price is back to more than $50k. It will only be a matter of time so we need to have more patience. Besides that, if our target price to sell is more than $55k-$60k, we should not worry because the price will be at that price soon.

Only after about a week the OP posted his thread, and his worries are already answered. We are now at 51k level and it seems it is still rising. The impact of China news was just temporary, and now, the market is going up again. And now, some will regret that they haven't bought btc when it was below 50k. Same old story. The adoption today is different as more countries are recognizing the potential of crypto. We may see the up and down movement but that's the normal behavior of any market.

[Marykeller]

One thing is for sure is that no matter how Bitcoin fluctuates in price below $42k it will still bounce to $50k before the end of the year. No cause for alarm. Let the weak hands sell off their BTC in panic. In the long run, those that were able to hodl their BTC to the end of the year will rejoice in the fullness of joy

[Quidat]

The downward trend in Bitcoin prices has continued since a few weeks ago until now where the bitcoin price is still at the level of $42k. Will Bitcoin's downward trend continue or will it return to the $50,000 to $60,000 price level next month?

Now we are already past on 50k resistance and now on the current price of 51k.We cant still sure if this is already some fake bullish movement but it isnt really bad to make out some selling opportunity for those
who had bought cheap on last yeeks because this is the best time on doing so unless if you would still risk on holding for more possible profits.The trend is somewhat having some shift considering that
we do have some good increase on this week but its not an assurance that we would be seeing some continous behavior.I havent seen any reason or news on why we are reaching this far.

[ethereumhunter]

It might last long but it will always be temporary, remember that bitcoin is doing just fine and has been that way for a decade already so we don't need to worry too much about it because at the end of the day, bitcoin will continue to appreciate.

Yes, I agree with you. It is just temporary and if we see the price now, the price seems will increase more and the price already touches $50k for a while but it went down and back to $49k. This sentiment will continue and the price is back to more than $50k. It will only be a matter of time so we need to have more patience. Besides that, if our target price to sell is more than $55k-$60k, we should not worry because the price will be at that price soon.

Only after about a week the OP posted his thread, and his worries are already answered. We are now at 51k level and it seems it is still rising. The impact of China news was just temporary, and now, the market is going up again. And now, some will regret that they haven't bought btc when it was below 50k. Same old story. The adoption today is different as more countries are recognizing the potential of crypto. We may see the up and down movement but that's the normal behavior of any market.

Reaching $51k is good news because we are now making a profit from the increase, and we should be happy about that. Some already regret not buying bitcoin when the price is still lower because they believe it can touch that price. Maybe the price can touch the price but we do not know if that can happen or not. So while the price now increases and back to $51k, it is better to use that for our benefit and sell some bitcoin if we want.

[ILuckyGuyI]

Half an hour ago, Bitcoin price was still over $51k. But after that, it started slowly going down. It is now trying to consolidate its place at $50k and not to go down below the level again. If the price becomes successful on resisting here, maybe this time we can see the price over $53k. I really want to see a new ATH level in this month. There has been a possibility of a Golden Cross this month. I hope that happens or happened and we can see a great increase in the price.

[Fakhrulenclix]

Half an hour ago, Bitcoin price was still over $51k. But after that, it started slowly going down. It is now trying to consolidate its place at $50k and not to go down below the level again. If the price becomes successful on resisting here, maybe this time we can see the price over $53k. I really want to see a new ATH level in this month. There has been a possibility of a Golden Cross this month. I hope that happens or happened and we can see a great increase in the price.

now i see the price of BTC has increased 10%+ early october which is very good as predicted by many people about the price of bitcoin in october but if you want to see the new ATH of bitcoin this month i think it will be very difficult because the price difference is very far compared to current prices.

[wxa7115]

Half an hour ago, Bitcoin price was still over $51k. But after that, it started slowly going down. It is now trying to consolidate its place at $50k and not to go down below the level again. If the price becomes successful on resisting here, maybe this time we can see the price over $53k. I really want to see a new ATH level in this month. There has been a possibility of a Golden Cross this month. I hope that happens or happened and we can see a great increase in the price.

now i see the price of BTC has increased 10%+ early october which is very good as predicted by many people about the price of bitcoin in october but if you want to see the new ATH of bitcoin this month i think it will be very difficult because the price difference is very far compared to current prices.

While I think we are on the verge of entering a new bull market at the same time we do not need this to begin immediately, I see October as the month that is going to position bitcoin in the right spot to begin attacking the ATH, but I do not think this is the month in which it will happen.

I speculate we will see this on November or December of this year, and when that happens you better prepare yourself because I think there is a very real possibility that the price of bitcoin will go easily above 6 figures during the bull run that is coming.