How far will Bitcoin price correct?

[dragonvslinux]

With fear beginning to creep into the market after closing the day below $57K, the lowest price in over a month, do you think the bottom is now in or that price will go lower?

While most speculators don't appear to think the bull market is over, many still think price may still go lower. But how low do you think Bitcoin will go before reversing?

[1714721209]

1714721209

[1714721209]

1714721209

[1714721209]

1714721209

[1714721209]

1714721209

[1714721209]

1714721209

[Oshosondy]

Using the coinmarketcap price, the price of bitcoin falled to $56000, it has increased a little and now at $58000. There could be a time the price will fall below $50000 but this is not the time. Many people are waiting for the price of bitcoin to fall more and more, but we should know that another ATH will still come, it can take long but it will still come.

I have repeated this often and often, there is nothing bad to invest more as the price is falling, but if the price is increasing, just leave your bitcoin alone and never sell. While not also selling if the price is also falling, do not sell the bitcoin, just earn more money and have investment plane like this

Re: How do you manage Bitcoin price now

[DeathAngel]

It’s difficult to tell, if we mirror 2017 & the dump we had in November there then the bottom could already be in. I’m far from confident in that though, it would be a very mild bull market with no parabolic stage & we could be set to enter a long bear. To summarise, nobody knows.

[Furious 7]

I don't know what the lowest price point is but I will buy when I hit $53k-55k that's my lowest buy option, even if it has reversed then I'm sure the speculators think that the bulls are still not over but in reality it's not, so I'll assume bitcoin will fall even worse.
Basically, I will still trust speculators more considering the positive things and bitcoin can turn in the right direction.

I will wait until this month to see if the buying situation is correct or not.

[Gozie51]

The price dropping in two days has put panic in the market but that won't stop the whale to gather more which will bring back the rally. The price dropped to $55k and went up again for daily correction and that is significant that strong buy is still operating. So I think the price can still go bull if the month ends on bull direction.

[kawetsriyanto]

It is a bit difficult to predict the lowest price since Bitcoin can drop or increase suddenly in a day. However, Bitcoin was decreasing quite big in the last few days and it looks like increasing again gradually. So, I think the lowest price has already been reached and it is time to be back at the bullish trend. If there will be no bad issues regarding Bitcoin and crypto, I am sure we won't see Bitcoin price under $55k. But, it is only my personal prediction without deep analysis. So, there is no guarantee whether it is true or false.

[magneto]

With fear beginning to creep into the market after closing the day below $57K, the lowest price in over a month, do you think the bottom is now in or that price will go lower?

While most speculators don't appear to think the bull market is over, many still think price may still go lower. But how low do you think Bitcoin will go before reversing?

Not much further imho.

Prices are stabilising at this level of $57k, which means that support is likely forming.

I don't see BTC prices going down below $50k as some people seem to be the case. The recent mainstream media coverage have been absolutely huge in catalyzing this support, as there are plenty of dip buyers.

[dothebeats]

$57k might be 'it' short-term, although I refuse to believe that that is the case since a lot may still happen (MtGox funds being returned to the victims being one of them). The possibility of the bull run being over isn't being ruled out, but from the looks of things, it appears that the market can still weather out the storm and hold the selling pressure, as the support is still going strong @ $55k.

As of this moment, I wouldn't really call anything with certainty.

[Oceat]

I can't actually tell how much since I don't think it's a start of a bear market but this looks like a bull trap. All of those weak-hands selling and dumping already will regret if Bitcoin come back to $100k next month or so. I think the correction price might stop at $50k again if the correction and dumping continue without a new high.

Although the price might be stabilizing at $55k or $57 so I can't really tell what is but as long as we see a new high after a drop then that's fine. I am still bullish if that's the bottom price for this correction anyway it's just need to allow new investors to be able to buy before going to $100k.

[Wexnident]

It doesn't seem like it'd honestly go below $50k really, though going back to $50k seems possible. The prices are stabilizing as of the moment in the current range and we've been seeing a pretty steady movement even with the dip a few days ago (buy opportunity ig). Still even with the low chances, going back to $50k wouldn't be that odd though, the stabilizing of the market right now has only lasted for a  month or two so far, after all, dropping back to $50k isn't all that odd.

[adaseb]

Most likely that was the bottom. If BTC fails to make a new ATH from here then I can see it dipping lower. Many people are holding positions this month because they are expecting that S2F model to come true where Bitcoin will hit $98K and something like $150K next month.

Also November/dec in the past were always bullish months so many are trading this seasonality. Kind of like Nov 2018 but instead of going up it went down and everybody was caught off guard.

[el kaka22]

With fear beginning to creep into the market after closing the day below $57K, the lowest price in over a month, do you think the bottom is now in or that price will go lower?

Theoretically any market will correct up to its support level and this time bitcoin found its stronger support around $55k levels and in some exchanges it seemed $55.5k acted like good support and from that we are witnessing upward movement toward $58k levels as of now. It needs to close above higher previous high which means sustaining above $58.5k levels will close doors for bears at least for remaining days of this November.

While most speculators don't appear to think the bull market is over, many still think price may still go lower.

You need to check with news and events for concluding about continuation of bull run. There are lots of positive news are on queue. FOMO yet to arrives. So, we may have bull market in 2022 as well.

[Baofeng]

Most likely that was the bottom. If BTC fails to make a new ATH from here then I can see it dipping lower. Many people are holding positions this month because they are expecting that S2F model to come true where Bitcoin will hit $98K and something like $150K next month.

Yeah the expectation that we should be at least in the $89k at the end of the month might not be realised though the way the price is moving.

Also November/dec in the past were always bullish months so many are trading this seasonality. Kind of like Nov 2018 but instead of going up it went down and everybody was caught off guard.

That's the only thing that we are holding for now, if history repeats itself, Nov/Dec should be very bullish for us.

But as far as lowest for this dip, I think we've reached it already at $55k.

[hugeblack]

There is a fundamental difference between what is happening now and the past, as traders believe that the price of Bitcoin is capable of rising, and therefore there will be no panic that will lead to corrections of 30%, and if this is true, then most likely we will not see levels below 58k for a long time, and therefore prices will be around this number.
Based on this hypothesis, I think that now is a good opportunity to build buy and sell points within 30 days.

[tokeweed]

There’s a somewhat strong support around 40k.  Open a chart and look...  If that gives away, down it goes to 30k where it will prolly hold.  If not, I guess that’s it.  See you guys in the next bull market.

[GreatArkansas]

The end of the month of November is fast approaching. So, the monthly candle close is very important this time. The worst case for me is we will close below $50,000. And there's a possibility again we will be visiting $30,000 - $40,000 until next year. But I am positive this time it won't happen.
We stay above $50,000 until next year is healthy correction for me, even we will not create another new all-time high until end of this year, it's all good.

[Lucius]

There’s a somewhat strong support around 40k.  Open a chart and look...  If that gives away, down it goes to 30k where it will prolly hold.  If not, I guess that’s it.  See you guys in the next bull market.

There is a big difference between someone who is pessimistic and realistic, and I see a lot of pessimists these days just looking for the next bad news to make sure the bull market is over.

I don't have a magic sphere or I'm a TA expert, but I think the current price is the result of market manipulation due to futures expiration, repeated news from China about how miners should stop mining (I just don't know which miners, those who relocated their mining farms a long time ago?), and Mt.Gox rumors about how they will finally pay compensation to their clients. Ah yes, I forgot the famous bill recently signed by the US president (I doubt he even knows what it's about), that any transaction over $10k (in crypto) will have to be subject to verification for tax collection purposes.

Although one thing is stupider than another, the crypto market is so sensitive that it reacts to all kinds of nonsense, so it is enough for one big Chinese or American to sneeze and the market immediately panics

[Raflesia]

The end of the month of November is fast approaching. So, the monthly candle close is very important this time. The worst case for me is we will close below $50,000. And there's a possibility again we will be visiting $30,000 - $40,000 until next year. But I am positive this time it won't happen.
We stay above $50,000 until next year is healthy correction for me, even we will not create another new all-time high until end of this year, it's all good.

I don't want to be dark with the previous month where bitcoin correction reached $30k and then could rise again, but this time I'm also quite sure of a healthy correction and will stay above $50k until the end or at least it can reverse direction to become market green is back.
But I see the correction will continue to occur but it will not be too significant but gradually to start the downward correction, but indeed the candle at the end of this month will be quite unfavorable to see.

[beerlover]

We stay above $50,000 until next year is healthy correction for me, even we will not create another new all-time high until end of this year, it's all good.

I am not seeing any big negative news are coming out but some government are heading up about their neutral stand against cryptocurrencies still we are having bear dominance in bitcoin markets. If this current correction is just because of profit booking then I believe we do not need to worry about closing below $50k levels. I am well aware of the importance of closing price on monthly candle hence hopefully we will get back above $60k price levels before end of this month.

Today market tried and failed to break resistance around $59k levels which might lead to another round of correction up to $57k before we see bulls get back to dominate.

[Ultegra134]

I'm not really frustrated when such corrections occur, however, I wouldn't be surprised if it even dropped to $50.000. After seeing such a rapid increase, with the new all-time high surpassing $68.000 not long ago, it could possibly be subjected to further corrections in the near future. The drop to $58.000 isn't that significant, since it's already recovering towards $60.000.