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

[OgNasty]

I don't think it's worrying either.  What would be worrying is if we went straight up with no corrections.  Then all the gains would be off the back of leverage and the entire thing could crumble at any moment.  I'm sure we'll hit this point, but I'd like to see it happen with a massive bubble, not a little blip.  That's why analysts say we're on firmer footing than we were the first time it hit $60K.  This time those positions have been tested a few times and withstood the leverage calls.  The more we see drops followed by new highs, the better. 

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[dzonikg28]

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.

The drops don't worry me at all. By now there are so many financial interests and players involved with Bitcoin that you can almost be 100% certain this thing isn't going to go for a full nose dive. There is just too much financial interest behind Bitcoin. Taking into account its scarcity and also its level of overall global establishment, I am a firm believer that it will go up further long-term. Sometimes I do ask myself where the limit could be, but I couldn't yet come up with a plausible answer. People are throwing around numbers, but none of those numbers really fundamentally convinced me.

[worle1bm]

We also know the same and it's not the first time that btc is going down falling from the high levels because many times we have seen in the past also that it has shown similar trends and that's what highly volatile market means.We have also seen $29k this year dips but still we are at $59k at which we are panicking so don't need to worry about it as we can easily sail this one also and the next ATH island is waiting for us to join the party.The experts and btc optimist are of same thoughts.

[Juwel12]

Day trader will definitely sell their assets for this It's normal to be dump a little bit.
Actual bitcoin holders Won't sell their btc no matter what.
There will be a day when every singel person will own atleast a penny of bitcoin. Can you imagine if everyone are trying to own btc as a valuable assets like gold. Although btc volume is limited as gold,  we don’t know how much the gold volume will but we know that there's  a limited volume for BTC.

So It can be said that btc Won't drop a larger volume,  if it happens it Won't forever It's  temporary.
Panicked seller always loose😇
Happy Trading😇

[Poker Player]

Well, I also believe that there is no need to worry. In 2017 in mid-November we had a 40% drop just before the price went parabolic. What happens is that there are many people who get nervous at the slightest drop, but if we put things in perspective:

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

Lol.

[davis196]

No experienced Bitcoiner is worrying about the Bitcoin price.
Only the newbies are gonna worry about every 5-10% price drop.
A price correction after a new ATH was pretty much expected.There's no surprise and nothing shocking.
Many traders wanted to sell at ATH and take the profits.Now many traders are looking to buy the dip,so they are going to wait for a lower price to enter the market again.
I guess that the whole purpose of this analyst was to make the newbies feel better.
I kinda feel sorry for the noobs.Freaking out every time the price drops must be really tiresome.

[leea-1334]

I am not worried. This was always due to happen after rising so many weeks and months,,, even this is not as bad as september and see what happened in the following month right?

The only thing that worries me honestly is people and experts saying not to be worried. You know,,, they love saying everything except what they really are doing 

[BuNga_cute]

No experienced Bitcoiner is worrying about the Bitcoin price.
Only the newbies are gonna worry about every 5-10% price drop.
A price correction after a new ATH was pretty much expected.There's no surprise and nothing shocking.
Many traders wanted to sell at ATH and take the profits.Now many traders are looking to buy the dip,so they are going to wait for a lower price to enter the market again.
I guess that the whole purpose of this analyst was to make the newbies feel better.
I kinda feel sorry for the noobs.Freaking out every time the price drops must be really tiresome.

All of us who have been in the crypto world for a long time will not panic about the current Bitcoin price drop. Like you said a 5%-10% price drop is
nothing to worry about, because Bitcoin does often experience corrections before the price goes higher. Only newbies who don't have experience
will panic when they see the current market, therefore for newbies it is advisable to study Bitcoin first before deciding to invest in Bitcoin. In order
to understand how Bitcoin works, so it's not easy to panic if they see Bitcoin prices go down. I believe the Bitcoin price drop will not last long,
because some investors and traders who are already taking profit will start slowly buying Bitcoin again. It is also possible that next week Bitcoin
will start bullish again and could soon return to prices above $63k again.

[Nahl]

for me it just a correction so no worried about that even some of traders in my country predict 4 years phase will happend in december this year which mean if they predict true then we can see new peak for bitcoin so no need to panic and hold your bitcoin because as many people says holders is the winner

[bitzizzix]

I'm not at all worried about what's going on with bitcoin's current movement, because things like that happen a lot and I'm used to it, so just take it easy and don't worry and all I do is hold it in.
because I am a long term holder so if there is a correction and so on I do not feel worried because the bitcoin price will rise again and even exceed the previous high price, although I have to wait a long time but it is real and will happen the most important thing is to be patient.

[geegaw]

I'm not at all worried about what's going on with bitcoin's current movement, because things like that happen a lot and I'm used to it, so just take it easy and don't worry and all I do is hold it in.
because I am a long term holder so if there is a correction and so on I do not feel worried because the bitcoin price will rise again and even exceed the previous high price, although I have to wait a long time but it is real and will happen the most important thing is to be patient.

There are also quite a few components that follow the trend slowly and express optimism about the bad market but like the indicators showing, the fear level of many components is also increasing, even quite suddenly when many new people come in contact and have received such a first stun, they become conflicted and make war in many community groups with negative emotions. With no way to curb the emotions of these disruptors, their influence and fear of selling can further derail them in terms of bitcoin's value, hope that a good news or some kind of signal can save such souls

[Kasabus]

I'm not at all worried about what's going on with bitcoin's current movement, because things like that happen a lot and I'm used to it, so just take it easy and don't worry and all I do is hold it in.
because I am a long term holder so if there is a correction and so on I do not feel worried because the bitcoin price will rise again and even exceed the previous high price, although I have to wait a long time but it is real and will happen the most important thing is to be patient.

That should be the attitude of a long term holder, to remain strong and patient all the time even when you see your investments are falling due to price decline. The fact that bitcoin will always recover from all forms of dumps, then we should not let ourselves be stressful because if that happens, we may resort into panic selling which is a very bad idea and should be avoided. The best thing to do right now is to stay focus on your goal and you can't achieve that if you stop holding your bitcoin and start selling it.

[romero121]

The buying force keeps faltering which shows that the selling pressure has been increasing with time. When the selling pressure increases, it reflects on the price of bitcoin. By the time investors sell their assets to secure profit, and if that isn't possible atleast they'll try to limit the losses. This leads to the formation of temporary bearish trend.

[dothebeats]

I don't know why people are expecting bitcoin to pump continuously and indefinitely. We have months of continuous rise and it's just normal for the price to come down when there aren't any buyers willing to buy at that price, and only the sellers are left in the market. This time, the selling pressure prevailed, hence why the price climbed back down to sub-$60k. Not really worried one bit about the price though, as I believe that whatever price range we are in, it is justified and we're still really in safe territories right now.

[ven7net]

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.

Probably the most correct decision for those who have already bought BTC is not to worry and wait for the right price. The fact is that those people who invest in BTC for a long time do not particularly care about what is happening on the market and the price of BTC, since they know their goal for sure and go to it. Those who invest in the short term certainly always have a hand on the pulse, because they want to earn a lot right now, and such a drop in price forces many of them to sell ahead of time, which ultimately leads to a loss of funds. In any case, you need not to make hasty decisions and always clearly move towards your established goal.

[Falconer]

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.

In my opinion, very few investors are willing to take this risk. Some long term investors have been doing it since the beginning and they haven't even sold their bitcoin in the market until now because there is something they expect in the future from the bitcoin they have accumulated.

I never dare to do it simply because I won't miss an opportunity to sell it at a high price although I will try to buy it again at a lower price to increase the amount of bitcoin I can buy. Logically, if I managed to sell my 1 bitcoin for $65K some time ago, then today I can buy more than 1 bitcoin for $65K. But if one is willing not to sell them regardless of price volatility just because they are a long term investor, then they can truly be said to be a gold hand investor.

[Oceat]

I don't know why people are expecting bitcoin to pump continuously and indefinitely. We have months of continuous rise and it's just normal for the price to come down when there aren't any buyers willing to buy at that price, and only the sellers are left in the market. This time, the selling pressure prevailed, hence why the price climbed back down to sub-$60k. Not really worried one bit about the price though, as I believe that whatever price range we are in, it is justified and we're still really in safe territories right now.

I think they are eager to see Bitcoin touch $100k that they tend to forget there are traders and not just investors who are always buying. It's safe if Bitcoin is like this way when there's no continuous straight line of pump since we know that people who are trading knows how to play this market.

As you can see when Bitcoin suddenly dump from $66k down to $56k it is just slowly recovering up to $60k again. But now, it looks like a bear trap so it's understandable if we see some people starting to dump since they were just weak-handed people who can't manage to hodl for a period of time.

If they want to see the $100k this year they should know how to hodl and not just worried everything if there's a FUD or something since that's just how the market works.

[isaac_clarke22]

~

Well it has been around 60k+ for long and I am expecting it to just sometimes dip, and just do the usual correction. It is nothing to worry about, we have been from 32k-ish dip and this is not anything new for us for sure.
Just keep hodling.
There are just those people that see if Bitcoin went ++ then say "oh okay", but then when it dips a little bit, they go "oh no bitcoin crash, we sell".

[Botnake]

~

Well it has been around 60k+ for long and I am expecting it to just sometimes dip, and just do the usual correction. It is nothing to worry about, we have been from 32k-ish dip and this is not anything new for us for sure.
Just keep hodling.
There are just those people that see if Bitcoin went ++ then say "oh okay", but then when it dips a little bit, they go "oh no bitcoin crash, we sell".

People tend to panic these days and i say its still normal because what if they will really lose their investments. But selling bitcoin this time, not really a good idea. I'd rather stay hodling on my bitcoin and not be carried away by my own emotions because this present bitcoin price drop will not take so long and may end up maybe in the next hours or in the next days. And worrying in times when there's a sudden drop is not really helpful because it can destruct your motivation to succeed in bitcoin. Once we decide to invest and hold our coin, then take the risk professionally, rather than seeing yourself quitting and losing in the end.

[Slow death]

if these analysts say not to worry then people should start to worry because they never get the price forecasts right, besides, if someone buys at 60,000$ and then the price drops to 30,000$ then that person needs to worry unless that person buys back at $30,000 so that when the price goes back to $60,000 he makes a profit, then in this scenario he won't need to worry about falls