How far will Bitcoin price correct?

[lienfaye]

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?

I think its not the bottom yet before we can see a consistent recovery. It might go down further since there's no news that can affect the price to bounce back. So this will continue, but I believe we wont go deeper below $40k, based on previous correction.

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?

We cant accurately predict how long and at what price this correction will be but as I have said it will not go down further to $40k. Its over a month the year is about to end, we know the last quarter is often the surprising season for Bitcoin and alts for moving upward unexpectedly. The history might repeat itself so lets see.

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[btc78]

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?

Yes for me the bottom had already at 55k and we will not be seeing another low before 75 barricade broken , look how strong market is holding at 56k for couple of days now and climbing back to 57k more often .

Seeing bitcoin price movements since April and having dropped below $30k made many people pessimistic at the time, but after the market skyrocketed again, new ATH in early November reached $68500, as usual when ATH occurs the market is corrected but I'm optimistic for the month november to december prices will never drop below $50k.

We’re on the level of $55k already and a critical price for Bitcoin because if we go lower than this, then hitting the price below $50k are possible and that could be the start of another panicking and another bear market. Hopefully Bitcoin can sustain its price above $50k because if not, we might see a more dip price with Bitcoin.

we cannot call that as critical mate , we have just dropped to below 30k recently but look how high Bitcoin climbed back.

[leea-1334]

I thought hodling and waiting and selling as needed would be difficult but I passed personally to my own standard of flying colors 

I also passed my own standard in terms of having strong hands. I've gone through the 2017 bull cycle and the 2018 bear cycle. If I stood firm during those times, I could easily stand firm these days when the new $4,000 is $60,000. I am also a graduate of this hodling course with flying colors. But I honestly don't think $100,000 will come that late.

Indeed,,, I think it is nice to go through all of that and come through bravely. I mean, we saw 20k and we also saw 3+k after 2.5 years and we still stood strong. For me also personally, I saw ETH below $90 (but it sort of does not count as I entered it even later AFTER 2017 when price was more than 50% down).

Try not to celebrate too much as more tests coming 

Well-equipped with experience, nice statement I guess we are all is. However, not everyone is willing wait and hodl till the next 3 years. Even with much experience in a roller coaster ride of Bitcoin's price, some people are still skeptical thinking Bitcoin has peaked.
2022 is a highly anticipated year for Bitcoin to hit $100k. Don't underestimate the power of speculations, in 2025 Bitcoin may pass way beyond $100k, so I guess you're still in good hand If you plan to hodl till 2025.

If a person is not able to hodl even 3 years then I am not sure if you can actually call them a hodler?

I never underestimate anything. This is Bitcoin

[XCANA]

If at all there will be any serious upward trend before the end of this year one cannot tell but to say whether we are at the bottom now or we will see further down trend any moment from now before any serious upward direction is a yes from me.

[kotajikikox]

at least 35-40k the lowest before finally break that 70k barricade and continuously grow to 80k in the end of the year.

I'm not confident about the target price of 100k but if happens then thanks God.

If at all there will be any serious upward trend before the end of this year one cannot tell but to say whether we are at the bottom now or we will see further down trend any moment from now before any serious upward direction is a yes from me.

There are a POLL in the OP , i think your answer is far from the literal question so please read the OP first .

[Ararbermas]

Bitcoin still respecting some EMA such 100 and still above 200 ema on the daily time frame, so we can say bitcoin still have a chance to make a good improvement before this year end.  And base on the 4H time frame there's actually a strong support around 55783, because bitcoin really respecting it 2x since nov19 until now, but there's a strong resistance as well where bitcoin price can’t break out reason there's always a retest from the particular price.. Let's just hope it didn't go through below because if that times happen.. Our only choice is the 200 ema if it will gonna respect it or not, and we all knows what will gonna happen if its negative..

[Wawa2013]

If this situation continues, I am afraid that the bear market will still appear and the price can get down for another deep. We do not know how far the bitcoin price will go down and bounce up again because there is no sign that we can use to predict accurately. Hence, our prediction can only give us a warning sign to prepare for any worst situation that can happen later.

While the price now seems stable for a moment can give us more time to analyze and find more clues. If we can use this moment to hit and run trading, maybe we can still profit, but be careful doing that. Maybe we should stay calm for a while and not do anything related to the market to see how the market will move.

Everyone is afraid of the same thing, we are afraid that the bear market may come, however if you have some fiat saved aside then you should be pretty happy about the bear market coming as well.

People are looking at this in a wrong way, we should not see this as up equals profit down equals loss type of way, that is not how it works. We should be looking at it in a sense that maybe we are going to profit even more if the price goes down? I mean it is totally possible for you to buy some more if the price falls to 30k levels, and then when it is 75k one day you will have 2.5x profit instead, right? That sounds even more marvellous if you ask me.

If people think like you, I am sure they will be happy to see the bear market coming because they have already prepared some funds to buy huge amounts of many coins. They are not ready to see the bear market while they do not sell their coins at a high profit. People tend to hold their profit while the coin price can soar two times or even ten times from the price they bought so they miss selling at the highest price.

That makes them afraid to see the bear coming after that because they are not yet selling their coins and making a profit. Maybe we need to change our trading so whenever the price can increase several times than before, we can take profit and stay calm waiting for the price to be down.

Most people don't like it when a bear market comes, because their assets are depreciating in value. Then because most people also have limited capital,
so when it's too late to sell the coins they have when the price is high. Then they can only hold the coins they have, until the price goes up again,
because they don't have money anymore if they want to buy more coins at low prices. If this is the problem, there are only two solutions to deal with it,
the first as you have described, sell the coins that we have when it is profitable. Then the second solution, we can just keep holding the coins we have
until the price recovers, and we can keep ourselves busy with other positive activities, so that we don't get too stressed about the bear market.  Please
choose the solution that we think is comfortable to follow, because not everyone has to have the same strategy when investing in crypto.

[STT]

We can actually rise from this current price but wait till it breaks the negative trend if you want a safer trend.   Even if it does break the trend of lower highs etc then it can still resume downwards, its never for certain but at least the odds improve at this point.  Also to be above the weekly average helps alot in momentum usually.


The future fight now will be that 50 day average in blue, that was the minimum during the spring for positive pricing and now we find market is not in that meta

[XCANA]

at least 35-40k the lowest before finally break that 70k barricade and continuously grow to 80k in the end of the year.

I'm not confident about the target price of 100k but if happens then thanks God.

If at all there will be any serious upward trend before the end of this year one cannot tell but to say whether we are at the bottom now or we will see further down trend any moment from now before any serious upward direction is a yes from me.

There are a POLL in the OP , i think your answer is far from the literal question so please read the OP first .

If you take your time to read my submission well with a positive mind you wouldn't have said what you point out here but that you are reading it with a negative mind and that was why you replied me this way. The bottom line of the OP question is will there be further decrease in the price of Bitcoin or we are at the bottom correction already.

[michellee]

If this situation continues, I am afraid that the bear market will still appear and the price can get down for another deep. We do not know how far the bitcoin price will go down and bounce up again because there is no sign that we can use to predict accurately. Hence, our prediction can only give us a warning sign to prepare for any worst situation that can happen later.

While the price now seems stable for a moment can give us more time to analyze and find more clues. If we can use this moment to hit and run trading, maybe we can still profit, but be careful doing that. Maybe we should stay calm for a while and not do anything related to the market to see how the market will move.

Everyone is afraid of the same thing, we are afraid that the bear market may come, however if you have some fiat saved aside then you should be pretty happy about the bear market coming as well.

People are looking at this in a wrong way, we should not see this as up equals profit down equals loss type of way, that is not how it works. We should be looking at it in a sense that maybe we are going to profit even more if the price goes down? I mean it is totally possible for you to buy some more if the price falls to 30k levels, and then when it is 75k one day you will have 2.5x profit instead, right? That sounds even more marvellous if you ask me.

If people think like you, I am sure they will be happy to see the bear market coming because they have already prepared some funds to buy huge amounts of many coins. They are not ready to see the bear market while they do not sell their coins at a high profit. People tend to hold their profit while the coin price can soar two times or even ten times from the price they bought so they miss selling at the highest price.

That makes them afraid to see the bear coming after that because they are not yet selling their coins and making a profit. Maybe we need to change our trading so whenever the price can increase several times than before, we can take profit and stay calm waiting for the price to be down.

Most people don't like it when a bear market comes, because their assets are depreciating in value. Then because most people also have limited capital,
so when it's too late to sell the coins they have when the price is high. Then they can only hold the coins they have, until the price goes up again,
because they don't have money anymore if they want to buy more coins at low prices. If this is the problem, there are only two solutions to deal with it,
the first as you have described, sell the coins that we have when it is profitable. Then the second solution, we can just keep holding the coins we have
until the price recovers, and we can keep ourselves busy with other positive activities, so that we don't get too stressed about the bear market.  Please
choose the solution that we think is comfortable to follow, because not everyone has to have the same strategy when investing in crypto.

Imagine if they are not too late to sell the coins, they will not have a problem with the bear market instead will wait with happiness because that means they can buy many coins at a low price. If they can make a profit at the right time, they will get more funds in their wallet that they can use for many things. But yes, most people are greedy and delay selling their coins so that makes them regret it. As long as we know what we should do, we will have a chance to use any moment in the market. Hopefully, we can still survive in any conditions and situation.

[stadus]

There are plenty of reasons why we expect a drop in price this month to next month.

Some of the reasons are, investors are taking profit for the year-end, and too high selling pressure that would result to dump. The hype is probably over as although we hit an ATH this month IIRC, the price still resulted in going down opposite to our expectation that it could go as high as $100k by the end of the year. It's very unpredictable now, but regardless, I think we should be happy because we can still call this year a bullish year even if bitcoin will drop to $40k.

Let us always be realistic, we must be open for a possible dump or huge correction to come.

[gabbie2010]

Bitcoin still respecting some EMA such 100 and still above 200 ema on the daily time frame, so we can say bitcoin still have a chance to make a good improvement before this year end.  And base on the 4H time frame there's actually a strong support around 55783, because bitcoin really respecting it 2x since nov19 until now, but there's a strong resistance as well where bitcoin price can’t break out reason there's always a retest from the particular price.. Let's just hope it didn't go through below because if that times happen.. Our only choice is the 200 ema if it will gonna respect it or not, and we all knows what will gonna happen if its negative..

I agreed with you that $55700+ is a strong support, it also serve as resistance on 10th October where it held the price before the breakout of the price with reference to BTC/USD daily timeframe, though the price is below 200 EMA on 4 hour frame which is flat, an indication that the bearish trend is not strong and slow momentum and volatility, thus the strong support at $55K+ should hold the price after the correction, however if price breaks that support then it might correct to $48K+ though this not feasible at this point in time.

[ShowOff]

I still believe that 2017 history will repeat itself simply because some big investor came out and enjoyed the profit of their bitcoin investment over the years. Although many of these pessimistic attitude are not supported by in-depth analysis, I believe the bull will not be able to run forever. This investment make us on the verge of uncertainty where it is difficult to say anything with certainty other than we can only speculate and also predict where the price will go. So it would be easy to say that nobody knows if we can enjoy ATH above $69K again at the end of the year and I think it's hard to see it hit $100K in just 1 month.

I agreed with you that $55700+ is a strong support, it also serve as resistance on 10th October where it held the price before the breakout of the price with reference to BTC/USD daily timeframe, though the price is below 200 EMA on 4 hour frame which is flat, an indication that the bearish trend is not strong and slow momentum and volatility, thus the strong support at $55K+ should hold the price after the correction, however if price breaks that support then it might correct to $48K+ though this not feasible at this point in time.

This is a good analytical result for short-term trading, but something different might emerge if you analyze for a timeframe of 1 to 2 month. We expect ATH $69K to be breached again later this year, but it seem hard to see if support can hold it firmly. We are currently only $13K away from the previous ATH, this will be the resistance we hope to break during the end of the year.

[Jating]

Bitcoin still respecting some EMA such 100 and still above 200 ema on the daily time frame, so we can say bitcoin still have a chance to make a good improvement before this year end.  And base on the 4H time frame there's actually a strong support around 55783, because bitcoin really respecting it 2x since nov19 until now, but there's a strong resistance as well where bitcoin price can’t break out reason there's always a retest from the particular price.. Let's just hope it didn't go through below because if that times happen.. Our only choice is the 200 ema if it will gonna respect it or not, and we all knows what will gonna happen if its negative..

I agreed with you that $55700+ is a strong support, it also serve as resistance on 10th October where it held the price before the breakout of the price with reference to BTC/USD daily timeframe, though the price is below 200 EMA on 4 hour frame which is flat, an indication that the bearish trend is not strong and slow momentum and volatility, thus the strong support at $55K+ should hold the price after the correction, however if price breaks that support then it might correct to $48K+ though this not feasible at this point in time.

Correct, we've been holding that support ever since since drop from the last all time high. And so far the market is strong at supporting at least the $55k and then we are just bouncing around but not going below that price. But in any case it crumbles, we are looking at the $48k first at the next level of support.

So no sub ~$50k for now and it's just less than a week before the month finishes. And as we enter December, I hope that the bullish sentiments will surface again and push the price at the end of the year.

[jaberwock]

There are plenty of reasons why we expect a drop in price this month to next month.

Some of the reasons are, investors are taking profit for the year-end, and too high selling pressure that would result to dump. The hype is probably over as although we hit an ATH this month IIRC, the price still resulted in going down opposite to our expectation that it could go as high as $100k by the end of the year. It's very unpredictable now, but regardless, I think we should be happy because we can still call this year a bullish year even if bitcoin will drop to $40k.

Let us always be realistic, we must be open for a possible dump or huge correction to come.

I would add leverages as well, there is a Christmas and new years and basically all around a lot more profit taking right now and that is one of the main reasons why it would drop but I would add when that price drops, there will be a lot of people with long futures and they will end up getting liquidated as well, it would really be a horrible situation for them but it would also take bitcoin out of the market to buy USDT to cover that difference. There is really a million different things to care about but I do not think that there is a good reason to care for things like this when you could simply hold and wait and watch it recover eventually.

[Fredomago]

Bitcoin still respecting some EMA such 100 and still above 200 ema on the daily time frame, so we can say bitcoin still have a chance to make a good improvement before this year end.  And base on the 4H time frame there's actually a strong support around 55783, because bitcoin really respecting it 2x since nov19 until now, but there's a strong resistance as well where bitcoin price can’t break out reason there's always a retest from the particular price.. Let's just hope it didn't go through below because if that times happen.. Our only choice is the 200 ema if it will gonna respect it or not, and we all knows what will gonna happen if its negative..

I agreed with you that $55700+ is a strong support, it also serve as resistance on 10th October where it held the price before the breakout of the price with reference to BTC/USD daily timeframe, though the price is below 200 EMA on 4 hour frame which is flat, an indication that the bearish trend is not strong and slow momentum and volatility, thus the strong support at $55K+ should hold the price after the correction, however if price breaks that support then it might correct to $48K+ though this not feasible at this point in time.

Correct, we've been holding that support ever since since drop from the last all time high. And so far the market is strong at supporting at least the $55k and then we are just bouncing around but not going below that price. But in any case it crumbles, we are looking at the $48k first at the next level of support.

So no sub ~$50k for now and it's just less than a week before the month finishes. And as we enter December, I hope that the bullish sentiments will surface again and push the price at the end of the year.

Still optimistic that since bitcoin still holding and trying to bounce that $100K is still possible or maybe it won't be that high, but achieving back the last time high is also fair to call the year and start making another move next year. 

It's tough to say that we needed to keep holding while we are witnessing the market is crashing. Strong and positive views will allow you to continue keeping your assets.

While for some, this crash may have another wave and push the price to fall even more.

[tokeweed]

Just putting this right here...  And don’t take it the wrong way.  Lol.  I’m just talking about it as I see it.



Anyway...  Just like I said, there’s strong support around 40k and even stronger support around 28k - 30k which goes back to the start of the year.  I’m not saying it’s going back down to 30k, I’m just saying it’s a support level worth looking at.

And I’m also not trying to claim I’m good at this but this is not rocket science either.  I mean look at it.  30k is obv solid.

[$crypto$]

Still optimistic that since bitcoin still holding and trying to bounce that $100K is still possible or maybe it won't be that high, but achieving back the last time high is also fair to call the year and start making another move next year. 

It's tough to say that we needed to keep holding while we are witnessing the market is crashing. Strong and positive views will allow you to continue keeping your assets.

While for some, this crash may have another wave and push the price to fall even more.

After experiencing a correction, many analyze with the right support to buy but at the end of this month bitcoin support area is 50k or after 30k maybe we will see it soon, I don't know if this is the effect of Christmas or the holiday season, this correction is clear a lot of noise with support in the lower area.
If this holds up it means bitcoin is pretty strong, but still I wouldn't take it for granted with some of the analysis and I'd like to see how it turns out at the end of the year.

[dragonvslinux]

Just putting this right here...  And don’t take it the wrong way.  Lol.  I’m just talking about it as I see it.

Don't worry I'm not 

I'm actually liking the way the 2nd pattern invalidated it's topping out structure by going higher, while the developing third pattern invalidated the 1st topping pattern.
To me it looks like stepping stones with $50Ks old support likely to act as new support, as has happened with previous horizontal supports of $30K & $40K.
If price finds support from the $50Ks and makes new ATH, people will be kicking themselves over how simplistic and obvious the recovery was...
If you bought $30K support, followed by averaging in further at $40K support, then you should be buying $50K support as well. Simple stuff.

[el kaka22]

After experiencing a correction, many analyze with the right support to buy but at the end of this month bitcoin support area is 50k or after 30k maybe we will see it soon, I don't know if this is the effect of Christmas or the holiday season, this correction is clear a lot of noise with support in the lower area.
If this holds up it means bitcoin is pretty strong, but still I wouldn't take it for granted with some of the analysis and I'd like to see how it turns out at the end of the year.

I would say that Christmas is part of it for sure, I mean every time we get closer to December we end up getting a bit lower. I am not saying that it is a must, we had 2017 where in December it went up a lot, so it is clear that we have other days we end up with bad results as well as good results. This means that as long as we are talking about December increases and decreases, Christmas is only a part of the deal and not the whole thing.

So, if you ask me right now we are living both the bad part of Christmas, following a big fall already doesn't help, and we already increased a lot so it is not even a full drop since we are so much higher compared to last year hence making it harder to keep going. All this and then some gets included whenever we are talking about something like a fall or increase, it is always a lot of reasons and not just one single reason.