Bitcoin is recovering

[Jating]

Bitcoin has made good progress today compared to last three days today Bitcoin almost touched $60k ($59,390) as a result we have seen decent progress in other altcoins as well. Either this is a breakout point wherein bitcoin will proceed towards new ATH or a bull trap but I don't think it would be a bull trap as market just went through correction phase. What's your opinion on bitcoin at the moment?

Maybe you spoke too soon as the price goes down again to it's support of $54k-$55k, so this might be a falls breakout that we are seeing, so probably a bull trap.

And with the way the price is going down, I might be bearish up to the end of the month. I'm just thinking that because we are in Thanksgiving, investors are selling, in any case, another good opportunity to get and buy cheap bitcoin at $54k.

[Coyster]

What's your opinion on bitcoin at the moment?

My opinion about Bitcoin hardly changes, it doesn't matter if it looks like it's a bull or bear run coming, it still remains a good time to buy Bitcoin as long as you're ready to hodl it for a long term, short term investors prolly have to put a lot of things into consideration cause they will most likely be selling in not too long a time, but if you're in the network for the long period, you should not really be worried about a correction/plunge in price, in the long period, the price will definitely go up again. Just as it looks like the price is going down right now, smart Bitcoin investors have started accumulating again, and if you know you'll not panic sell and you'd hodl your coins for a long time, then you should accumulate as well.

[BITCOIN4X]

Maybe you spoke too soon as the price goes down again to it's support of $54k-$55k, so this might be a falls breakout that we are seeing, so probably a bull trap.

And with the way the price is going down, I might be bearish up to the end of the month. I'm just thinking that because we are in Thanksgiving, investors are selling, in any case, another good opportunity to get and buy cheap bitcoin at $54k.

If the price of bitcoin is currently experiencing a correction, then we can still hope that a recovery will also occur after some time. It's almost the end of the year and people will probably try to sell some of their bitcoin and enjoy their year-end holidays so the panic will set in. Now I just think that $50K is still strong enough support to contain the panic so the market recovery can still be expected to happen sooner before November end.

Just as it looks like the price is going down right now, smart Bitcoin investors have started accumulating again, and if you know you'll not panic sell and you'd hodl your coins for a long time, then you should accumulate as well.

Buying in dip is a trend that is currently developing well, but without sufficient capital reserve I think we will have a hard time accumulating more when a correction occurs. Although this method is profitable, but not all of us can do it.

[kryptqnick]

Bitcoin has made good progress today compared to last three days today Bitcoin almost touched $60k ($59,390) as a result we have seen decent progress in other altcoins as well. Either this is a breakout point wherein bitcoin will proceed towards new ATH or a bull trap but I don't think it would be a bull trap as market just went through correction phase. What's your opinion on bitcoin at the moment?

It was too early to say it was recovering, as it managed to decrease by 6.5% over the last 24 hours. I think it might be due to Black Friday, but I'm not sure. It makes sense to me because people spend tons of money on Black Friday, so they might pull out some of their Bitcoin savings on this day and sell for fiat. Plus yesterday's Thanksgiving, of course. Last year, there was a fall from $19k to $17k during the time of Thanksgiving + Black Friday, and while in 2019 the price remained relatively stable at this time, it fell significantly just a few days earlier.
After Bitcoin recovers from these two days, I think we'll see the price at $60k very soon.

[arwin100]

What's your opinion on bitcoin at the moment?

My opinion about Bitcoin hardly changes, it doesn't matter if it looks like it's a bull or bear run coming, it still remains a good time to buy Bitcoin as long as you're ready to hodl it for a long term, short term investors prolly have to put a lot of things into consideration cause they will most likely be selling in not too long a time, but if you're in the network for the long period, you should not really be worried about a correction/plunge in price, in the long period, the price will definitely go up again. Just as it looks like the price is going down right now, smart Bitcoin investors have started accumulating again, and if you know you'll not panic sell and you'd hodl your coins for a long time, then you should accumulate as well.

Yeah knowing bitcoin recovers in certain timelines but this is unknown on when so if you are for long term then its good to hodl what you bought and suddenly dip and the best decision to do is to buy another bitcoins then use it for recover what you hodl or try to earn more on it.

Maybe for we see it on red days so its good to buy while market is having a bad day.

[Lucius]

I think it might be due to Black Friday, but I'm not sure. It makes sense to me because people spend tons of money on Black Friday, so they might pull out some of their Bitcoin savings on this day and sell for fiat. Plus yesterday's Thanksgiving, of course.

If you’re not sure just visit the WO board, there’s always someone there with interesting information. This time the reason is a new strain of covid virus that has emerged in some African countries and has caused panic in all markets, including the cryptocurrency market. Such news is very easy to sell nowadays, although it is very stupid for the market to react in this way.

https://bitcointalk.org/index.php?topic=178336.msg58534921#msg58534921

[cheezcarls]

As of this time, we’re tanking heading off to the weekend. As an opportunist, I think it’s a good buying signal. But maybe I have to wait within the weekend to see where the price is heading off. My friend told me that based on his technical analysis, if it goes down below $50k, bad things will happen on the market. Not sure what would be the floor price after the weekend, but let’s just see then.

[Ararbermas]

Yup its recovering but unfortunately seems bear wants to take over the market, reason bitcoin nowadays is down by how many percent along with some alts. Let's just hope this will not last and market will recover immediately because we all knows what will be next results if bear stay long in the market wherein for sure there's a massive correction afterwards.. Because you know it's very rare to see that bitcoin can achieved 3 ATH in just a year.. So its quite skeptical to be honest on this kind of situation that bearish suddenly wants to take over even we still have one months left.

[Questat]

The recovery was not successful because once again, a major dump is happening, and looks like it's a downtrend.
Per exchange report the 24h low is 53,500.00... that's kinda scary as in just 24 hours, the price has been dumping, hopefully it will not continue to drop as panic will certainly take place.

[tomahawk9]

Per exchange report the 24h low is 53,500.00... that's kinda scary as in just 24 hours, the price has been dumping, hopefully it will not continue to drop as panic will certainly take place.

i'll probaly keep going down. Literally every financial market in the world has red numbers because of the recent coronavirus news and the south africa variant. If we start seeing more countries enforcing lockdowns again, expect this downtrend to continue for a few more days/weeks

[stompix]

How I love those speculation topics in which poeple draw some random lines on a chart and think they will know how the price will be in the next month only to get it completely wrong in less than 24 hours. It's been already 8 years of heavy trading and charts and TA and although being proven wrong on any type of analysts and every indicator getting it wrong 100 times poeple still try to find some magic formula that will predict things.

Who could have seen this coming? 1 in a few thousands maybe could have thought of it, and if he would have said that BTC would drop because of virus news he would have been virtually pitchforked here.  Oh and yeah, let's not forget that BTC's price evolution is never! to be linked with global markets, lol.
Speculation on where the price will go on short intervals based on some random lines is just like gambling on horses based on the age of the last winning jockey. You'll get it right a few times and you'll most likely get it wrong thrice as many.

If you see the way a lot of other Alts have behaved during the cycles in the last few months, it is clear that a lot of them have formed their own communities and have their own different markets that are hardly dependent on Bitcoin anymore.

Have you actually looked at the prices lately?
All the altcoins are doing far worse, ETH, ADA, DOT, SOL, you name it, if bitcoin sneezes they all fall like flies.

[savetheFORUM]

Bitcoin has made good progress today compared to last three days today Bitcoin almost touched $60k ($59,390) as a result we have seen decent progress in other altcoins as well. Either this is a breakout point wherein bitcoin will proceed towards new ATH or a bull trap but I don't think it would be a bull trap as market just went through correction phase. What's your opinion on bitcoin at the moment?

We might as well see it climb the $60,000 ladder again this December. The last time we saw a bull run take place in 2017, the highest price was reached in December, if I’m right. With the way we have been seeing the market moving this year, it’s possible that this December is going to be really great for the market, and I can’t wait for that to happen. There have been a few times that the market has dropped to below $60,000 and after sometime hovering around the $50,000, it will go back up again to $60k. If it should get back up that rate again, I will be looking forward to the price level of $70,000 which will be the next ATH record.

[Slow death]

in my opinion what is happening is the following:

the price tried to break the resistance that is at 66000$ twice and didn't succeed and the two times that it couldn't break the resistance that is at $66000 the price dropped to $54000. if price does not fall below $52000, consolidating in that zone may gain momentum to try again to break the resistance at $66000.

We might as well see it climb the $60,000 ladder again this December.

I still think it will be difficult because people tend to take holidays in December, markets are less volatile

[Boov]

Bitcoin has made good progress today compared to last three days today Bitcoin almost touched $60k ($59,390) as a result we have seen decent progress in other altcoins as well. Either this is a breakout point wherein bitcoin will proceed towards new ATH or a bull trap but I don't think it would be a bull trap as market just went through correction phase. What's your opinion on bitcoin at the moment?

Bitcoin comes back at small price after it went to recovery towards $60k, and as you can see corrections was still uncertain because it might touch down below $50k of it doesn't show good pumps. Many traders and long term investor would probably take their profit as long as they determine an advanced along the way. We just need to take some more patience before we embrace more successful gains.

[Natalim]

Bitcoin has made good progress today compared to last three days today Bitcoin almost touched $60k ($59,390) as a result we have seen decent progress in other altcoins as well. Either this is a breakout point wherein bitcoin will proceed towards new ATH or a bull trap but I don't think it would be a bull trap as market just went through correction phase. What's your opinion on bitcoin at the moment?

Bitcoin comes back at small price after it went to recovery towards $60k, and as you can see corrections was still uncertain because it might touch down below $50k of it doesn't show good pumps. Many traders and long term investor would probably take their profit as long as they determine an advanced along the way. We just need to take some more patience before we embrace more successful gains.

Be more patient in waiting for a dip as it could drop below $50k, and on the other hand, it could also recover easily, so buying at the price now is an opportunity already. In the past few weeks, the price movement of bitcoin is not as bullish as it was compared to the previous month, so this tells a bit that bear run is just around the corner and the hype is over because whales had already taken profit.

[jostorres]

Bitcoin has made good progress today compared to last three days today Bitcoin almost touched $60k ($59,390) as a result we have seen decent progress in other altcoins as well. Either this is a breakout point wherein bitcoin will proceed towards new ATH or a bull trap but I don't think it would be a bull trap as market just went through correction phase. What's your opinion on bitcoin at the moment?

These type of drops happen all the time. It is not suddenly meaning that we are crashing, we had a bad period the other week and then we recovered a bit recently so people wanted to get out before we had another bad week and that's it. It is not really meaning that it has to keep going lower, not saying it won't but it also doesn't mean it will. People reacting like dropping a bit suddenly means that we need to keep going down, not every drop followed by another drop, sometimes drops are followed by recoveries and we do not know which one we are in right now. I hope that we will do better but I am not entirely sure what's going to happen now, any direction could happen.

[livingfree]

Maybe you spoke too soon as the price goes down again to it's support of $54k-$55k, so this might be a falls breakout that we are seeing, so probably a bull trap.

It's okay if he spoke to soon about recovering.

That's where we're heading also so that's totally okay even if there's a massive drop that we're seeing lately. After this, maybe next week, we're going to see it recover once again.

It's just a repetitive cycle most of the time.

[magneto]

Bitcoin has made good progress today compared to last three days today Bitcoin almost touched $60k ($59,390) as a result we have seen decent progress in other altcoins as well. Either this is a breakout point wherein bitcoin will proceed towards new ATH or a bull trap but I don't think it would be a bull trap as market just went through correction phase. What's your opinion on bitcoin at the moment?

I think that it was clear now that it was a bull trap.

The $60k resistance was definitely quite strong and by the looks of it, we won't be breaching that level in the near term future.

Right now we have to look to the SA COVID situation - the risk-asset sell off is occurring everywhere.

[Finestream]

Maybe you spoke too soon as the price goes down again to it's support of $54k-$55k, so this might be a falls breakout that we are seeing, so probably a bull trap.

It's okay if he spoke to soon about recovering.

That's where we're heading also so that's totally okay even if there's a massive drop that we're seeing lately. After this, maybe next week, we're going to see it recover once again.

It's just a repetitive cycle most of the time.

This is really not new to us as the crypto market is very volatile just like how volatile bitcoin is. One day it is dumping, and the next day you'll see bitcoin is already reaching its new ATH. So we should get used to it as bitcoin will still recover in the long run. And the current price correction will even cause a strong support level so we can achieve higher ATH after this. We just have to stick what we believed in. And with bitcoin, it will never settle in a low price but always go for a higher price.

[freedomgo]

Bitcoin has made good progress today compared to last three days today Bitcoin almost touched $60k ($59,390) as a result we have seen decent progress in other altcoins as well. Either this is a breakout point wherein bitcoin will proceed towards new ATH or a bull trap but I don't think it would be a bull trap as market just went through correction phase. What's your opinion on bitcoin at the moment?

I think that it was clear now that it was a bull trap.

The $60k resistance was definitely quite strong and by the looks of it, we won't be breaching that level in the near term future.

Right now we have to look to the SA COVID situation - the risk-asset sell off is occurring everywhere.

We are not yet done with this year so there's always a chance for bitcoin to still recover and settle its price higher than $60k. Although bitcoin is really down today at its current price at $54,394 but for sure this is not going into a bull trap. Because if we really look at its real picture, bitcoin price is indeed higher than all of the other coins and once it will recover, it may even reach its new ATH higher from what we expected. Its just a matter of faith anyway and believing that bitcoin won't left us hanging.