Bitcoin's Recent Drop Below $60K Is Not Worrisome, Analyst Says

[Leviathan.007]

There is no need to fret about Bitcoin's recent drop below $60,000, according to Matt Maley, chief market strategist at Miller Tabak.  
The market analyst recently told Yahoo Finance that the largest cryptocurrency could still fall "a lot" without enduring any real damage from a technical standpoint.
He estimates that Bitcoin would have to plunge below $50,000 to cause some serious damage. In such a case, the crypto king would break its trendline that goes back to the July lows:
"It can still come down quite a bit without having really major technical damage."
Last Wednesday, Bitcoin hit a new record high of $69,000, soaring into overbought territory.
Even some long-time bulls of the likes of Morgan Creek's Mark Yusko have been on pullback watch.
While Maley worries that a notable decrease in the supply of liquidity could lead to "some problems" for Bitcoin and Ether, he is still bullish in the long term.
He adds that there are plenty of equities that are "much more vulnerable" than Bitcoin.

Source: https://u.today/bitcoins-recent-drop-below-60k-is-not-worrisome-analyst-says

No worrisome for long-term investors even if the price drops below 50K. If you can be a long-term investor and you believe to see bitcoin price even above 500K, no worries if the price drops from 69K to 50K. Otherwise, even a one percent price fall can make you worry.

[titular]

People need to stop being so dramatic.

We had literally had almost two months of uninterrupted growth. The greed some people show just baffles me.

To be "worried" about this recent correction is laughable.

[BlackHatCoiner]

Bitcoin did a 50% growth and went 7% downwards, oh my God!

I find it unlikely to drop below $50k, but obviously not impossible. This is a very important month and I'm feeling specially optimistic. I've been waiting for the November and December of 2021 long time now. If the market repeats the same behavior it had in 2017 and 2013, we may even touch the $200k.

This is what I call a perfect dip. (And the one at $29k)

[worldofcoins]

I have been saying it since a long time, Even if bitcoin drops below 10k usd it will recover back in a year easily but looking at the market now it's rare if bitcoin drop below 30k.

Bitcoin's popularity is only going to rise and children in schools, universities will know about it and will be curious to pay in bitcoin thus raising the bitcoin's users and market cap, thus higher price.

[batang_bitcoin]

Not to worry at all. I've been holding since $3k and this is still $58k-$59k and recovers to $60k, so what's the point of worry? I get and understand those that have bought at the top as they worry. But if you've been through those tough days and more than bloody as it was before, you need not to worry about this correction. Just as how we got to the peak and new ATH, this could be the other reason why we should expect another ATH before this year ends.

[Vaculin]

I have been saying it since a long time, Even if bitcoin drops below 10k usd it will recover back in a year easily but looking at the market now it's rare if bitcoin drop below 30k.

Bitcoin's popularity is only going to rise and children in schools, universities will know about it and will be curious to pay in bitcoin thus raising the bitcoin's users and market cap, thus higher price.

2021 is very different from its previous years because a lot of big institutions today have already backed bitcoin so we can say that the adoption rate this time is very strong and is not easy to break. Of course, bitcoin is still prone to show price decline whenever price correction enters the market but we can be more confident this time that bitcoin price won't really drop below $30k or even $20k because of the strong support it had.

However, regarding of the recent drop, its a good thing either because it has opened another opportunity for those newly investors who want to buy bitcoin from its lower price. Now, the market is starting to recover again so hopefully, this will be the start for bitcoin and most of the altcoins to start showing huge price increase in the market.

[KingsDen]

Everyone of us know that BTC cannot be surging higher without some dips. It is the nature of the market, but when it happens we will complain much.
Talking about how dip bitcoin will go, it can go as deep as you can imagine and can also go as high as you imagine. It is all in our hands, the news drives our emotions, our emotions drives the market.
But one thing is for sure, no matter how dip it goes, it will surely recover and no matter how high it goes it must surely dip.

[dunfida]

I have been saying it since a long time, Even if bitcoin drops below 10k usd it will recover back in a year easily but looking at the market now it's rare if bitcoin drop below 30k.

Bitcoin's popularity is only going to rise and children in schools, universities will know about it and will be curious to pay in bitcoin thus raising the bitcoin's users and market cap, thus higher price.

We do have strong supports imho and this is something that wont really be that possible on these years considering the level of adoption and recognition
then its really hard to believe on that we would able to have some glimpse back into those digits.

Yes, we had able to dropped down as low as 28k as far as i remember but doesnt mean that we wouldnt really have any recovery.

if thats the case then you should really be seeing this as an opportunity to buyback rather than on making yourself freaking out.

[Finestream]

Everyone of us know that BTC cannot be surging higher without some dips. It is the nature of the market, but when it happens we will complain much.
Talking about how dip bitcoin will go, it can go as deep as you can imagine and can also go as high as you imagine. It is all in our hands, the news drives our emotions, our emotions drives the market.
But one thing is for sure, no matter how dip it goes, it will surely recover and no matter how high it goes it must surely dip.

Its the best thing about bitcoin, it will always recover from any dip prices as long as its own demand never stops from growing. And in fact, a lot of investors are even wishing for bitcoin to drop its price drastically so they can buy more bitcoins and use it for their retirement purposes. Despite of the huge demand for bitcoin now, there are always possibilities that it will drop its price into its dip so always be ready for it. As long you always see opportunities in every dip, then you will not worry even if it always happens. Because at the end of the day, we know for sure that bitcoin price will not settle for anything less, but more on its ATH.

[Yamifoud]

In fact, it was just a small correction, we've been in almost 50% market price deduction before. Those who trust that Bitcoin will be long-term, this can't be worrisome but those doubtful individuals will possibly think negatively and start to put a sell option.
Dumps, market correction...everything will happen in crypto. Volatility hasn't to deal hard because whether we like it or not, it surely comes and we have to adopt such changes or else, this becomes a reason on your losses.

[Vaskiy]

I have been saying it since a long time, Even if bitcoin drops below 10k usd it will recover back in a year easily but looking at the market now it's rare if bitcoin drop below 30k.

Bitcoin's popularity is only going to rise and children in schools, universities will know about it and will be curious to pay in bitcoin thus raising the bitcoin's users and market cap, thus higher price.

The real-time usage of bitcoin in daily life have been increasing with time. We don't know how far this happens with the third world countries, but grown country people are much aware and are getting used to it. As said the future generation will know much about cryptocurrencies and they'll intend to spend. This keeps the market high through regular usage.

[Stedsm]

I have been saying it since a long time, Even if bitcoin drops below 10k usd it will recover back in a year easily but looking at the market now it's rare if bitcoin drop below 30k.

Bitcoin's popularity is only going to rise and children in schools, universities will know about it and will be curious to pay in bitcoin thus raising the bitcoin's users and market cap, thus higher price.

The real-time usage of bitcoin in daily life have been increasing with time. We don't know how far this happens with the third world countries, but grown country people are much aware and are getting used to it. As said the future generation will know much about cryptocurrencies and they'll intend to spend. This keeps the market high through regular usage.

If you see the market like an investor, you'll always take it positively but, with a hawk eye and doing X-Ray kinda brief analysis, you'll see the real picture. I'm very happy with the recent dump because it helped so many investors to jump on BTC without the fear of buying at the top. Though, as there are news about date for MT Gox funds release also getting nearer day by day, fear is taking over. Stay calm till that date and buy everything you can after DYOR so not to leave any opportunity.

[Twinkledoe]

I have been saying it since a long time, Even if bitcoin drops below 10k usd it will recover back in a year easily but looking at the market now it's rare if bitcoin drop below 30k.

Bitcoin's popularity is only going to rise and children in schools, universities will know about it and will be curious to pay in bitcoin thus raising the bitcoin's users and market cap, thus higher price.

The real-time usage of bitcoin in daily life have been increasing with time. We don't know how far this happens with the third world countries, but grown country people are much aware and are getting used to it. As said the future generation will know much about cryptocurrencies and they'll intend to spend. This keeps the market high through regular usage.

You will never expect that third world countries are already into crypto and more open to crypto business than others. So yeah, crypto adoption is growing so if you are a long time investor, there's no need to worry. Some are panicking because some of them have short term targets and if it goes down below their buying price, they feel they are screwed. It may be going down today, but very soon, I believe it will go up again. So for those believers and have funds to spend, it is good time to accumulate more.

[TravelMug]

And instead, why not take this perfect opportunity to buy the dip?

I guess crypto media hasn't found any good subject to write lately, so they make this kind of drop dramatic for everyone and then tell us not to worry, Lol.

Those that worry on this kind of drop are those noobs who buy at the top because they thought that this is a get quick rich scheme. Just another correction, after reaching a new all time high, that's it.

[Ozero]

Bitcoin did a 50% growth and went 7% downwards, oh my God!

I find it unlikely to drop below $50k, but obviously not impossible. This is a very important month and I'm feeling specially optimistic. I've been waiting for the November and December of 2021 long time now. If the market repeats the same behavior it had in 2017 and 2013, we may even touch the $200k.

This is what I call a perfect dip. (And the one at $29k)

At the same time, the periodic drop in the price of bitcoin puts an end to our desire to see a bull market later this year. In fact, we have not yet seen a bull market, with the exception of a few waves of growth. And this is no longer so good that one does not directly pay attention to it. We expected a significant rise in prices over the past six months. But the hope for such growth is dropping.
It is still quite difficult to say what will happen to prices in the near future.

[Darker45]

For a beginner who hasn't seen much of Bitcoin's worse price fluctuations yet, this might look worrisome. Imagine having $69,000 and then after just a few days the price suddenly went down to $58,000. That looks really terrible to the untrained eyes. Bitcoin losing more than $10,000 in just 2-3 days is really traumatic to the newcomers. It might, or perhaps had, even cause some panic selling.

But to someone who has seen Bitcoin's worst, who has already began to enjoy its volatility and rough ride, this is nothing but another ordinary day. 

[michellee]

And instead, why not take this perfect opportunity to buy the dip?

I guess crypto media hasn't found any good subject to write lately, so they make this kind of drop dramatic for everyone and then tell us not to worry, Lol.

Those that worry on this kind of drop are those noobs who buy at the top because they thought that this is a get quick rich scheme. Just another correction, after reaching a new all time high, that's it.

If people use this time to buy the dip, they will be happy later, especially if the price increase more than $70k and hits more than $100k in the future. They will feel that what they buy right now will give something big to them and their bitcoin investment will be worth doing while the market is in the downtrend. The media is smart to blow up the public and say that bitcoin will not survive, but bitcoin will rise again at the right time. People must not worry about this instead of buy more if they have more money.

[enhu]

And instead, why not take this perfect opportunity to buy the dip?

I guess crypto media hasn't found any good subject to write lately, so they make this kind of drop dramatic for everyone and then tell us not to worry, Lol.

Those that worry on this kind of drop are those noobs who buy at the top because they thought that this is a get quick rich scheme. Just another correction, after reaching a new all time high, that's it.

If people use this time to buy the dip, they will be happy later, especially if the price increase more than $70k and hits more than $100k in the future. They will feel that what they buy right now will give something big to them and their bitcoin investment will be worth doing while the market is in the downtrend. The media is smart to blow up the public and say that bitcoin will not survive, but bitcoin will rise again at the right time. People must not worry about this instead of buy more if they have more money.

Or they could wait for the price to dip at $50K, a higher return if they will wait but this is if the dip will drop the price to $50K. I actually think it will just be on $53K since this is where the support level is. It will bounce higher after that and will probably reach up to $75K. 

The media has been that way even before Bitcoin goes more than $5K and they still want to bury Bitcoin as it died a hundred times. The more fud the better the price will be when BTC spikes again.

[Wexnident]

And it isn't that odd. Honestly, I don't even see the reason as to why it should be worrisome, and heck it's actually an opportunity to buy the dip no? Honestly, we've had a pretty solid run ever since the last ath imo, the market has pretty much consolidated itself over the current price and the market honestly oozes optimistic vibes over the end of the year. The market has pretty much consolidated it's current market position, there's still a chance of going below $50k but honestly, the chances are low. And even if it did, I'd expect a quick bounce back.

[yhiaali3]

I don't expect the bitcoin price to drop to 50,000$ There is a strong resistance at 54,000$ If it really happened this would be very concerning because it could be a sign of entry into the bear market, I think one of the reasons for the bitcoin price drop at the moment is the Mtgox issue, The news says that the case has been finalized and that 140k bitcoins will be sold and cash will be paid to those affected by hacking the Mtgox  exchange, and the entry of this huge number of bitcoins will flood the market and may cause a major disruption. This is all news to put pressure on the market and just guesswork and no one knows what exactly could happen.