Is $30k the bottom for this dip?

[Wiwo]

The entire cryptocurrency market is on a blood bath level most cryptocurrency witness a higher percentage of price drop which have turned so many analysts to speculate the next stop price before the bull run, if you have been flowing up with recent price actions it show Bitcoin losing almost 7% of it price falling back to 38k and have been struggling to maintain that price level up till now.
Will the 30k price benchmark be the next bottom line before the rise?

[tokeweed]

^  You mean ‘dip’?  30k should hold strong but there are no guarantees.  Let’s hope it holds cos there isn’t really any more strong support from 30k down to 10k if we look at the weeklies.  In the daily chart, it’s kinda iffy too.  It could find some support and bounce from 16k - 17k but dunno...  When it’s that far down, it could just continue going down.

[mk4]

Maybe, maybe not.

But since we're in the Speculation section — my rough guess is that if we do hit $30k, I'm guessing that it's prooobably the bottom, or at least somewhat close to it(27k/28k?). I probably need to check Reddit for suicide hotlines to get a good grasp of market sentiment lol.

[Tytanowy Janusz]

I probably need to check Reddit for suicide hotlines to get a good grasp of market sentiment lol.

Its good indicator, but there can always be more pain.

"So, Tuesday was a bad day for Bitcoin. Within hours, the original cryptocurrency plunged in price from roughly $13,000 USD per 1.0 BTC to just over $10,000—and that’s down from an all-time high of $19,000 in mid-December."
Article is called:
"A Suicide Prevention Hotline Was the Top Post on the Cryptocurrency Subreddit Yesterday"
https://www.vice.com/en/article/wjpkgn/bitcoin-price-dip-suicide-hotline-reddit

It was way above the real bottom of 3300$.

Speaking of market sentiment:
According to fear/greed index we are in extreme fear / fear since 27th of November. There is really not much more to go down. Price is very oversold. Not as much as during may-july 2021 dump but we are close to that.

Despite the fact that we broke major support at 40k we still hold inside this falling wedge:



Which is a bullish patter with price target of 69k.

The only thing that I'm afraid of is global market situation and possible big (>30%) correction of the biggest stock index. This will trigger panic sell that wont be stopped even by 30k support.

[Tmdz]

The 200 weekly is 19k so that should be the true bottom, as even in sustained bear markets for years has not broken it in the past.

28-30k is a fair value for a local bitcoin bottom , last time that is where volume stepped in last time for a trend shift in the market to bullish.
In reality there is no way to know until volume steps in to set a reversal in motion and until then nothing but guessing.

[batang_bitcoin]

The entire cryptocurrency market is on a blood bath level most cryptocurrency witness a higher percentage of price drop which have turned so many analysts to speculate the next stop price before the bull run, if you have been flowing up with recent price actions it show Bitcoin losing almost 7% of it price falling back to 38k and have been struggling to maintain that price level up till now.

It's not struggling to get back to the price above $40k. Let's just give it time until it can, that normally happens, and apparently, it has caused many to panic again.

Will the 30k price benchmark be the next bottom line before the rise?

Well, you've said it so let's assume that it would be the next support if the dip continues. But if not, then we have to wait to see if the price would recover eventually after it has hit $38k.

[STT]

I expect weakness to continue right upto April or so.   Might be superstitious to think so but I relate it to the end of the tax year and how people will take profits to maximise their yearly allowance of capital gains and similar legislation in every country.    Of course thats not it alone, just the sheep or lemmings effect however you view it of how crowds negatively follow each other in a trend and that might take months to stop.
  If you didnt sell near a top it does become quite quickly fairly pointless to sell imo, you will regret when it rises but in the moment people only feel negative so they keep pushing that sell button until its worn out.   Ask yourself is selling completely exhausted in this way, probably not is the view I would guess on tbh.

[Falconer]

The entire cryptocurrency market is on a blood bath level most cryptocurrency witness a higher percentage of price drop which have turned so many analysts to speculate the next stop price before the bull run, if you have been flowing up with recent price actions it show Bitcoin losing almost 7% of it price falling back to 38k and have been struggling to maintain that price level up till now.
Will the 30k price benchmark be the next bottom line before the rise?

I don't expect the drop to reach $30K any time soon, although it's possible but market recovery can be expected after the current correction. Bitcoin will soon return above $40K once the FUD in Russia is gone, but if this sentiment is followed by a stock market decline then I believe bitcoin will dump its price again.

What I hope now is that $35K won't fall any time soon, it will be good support as long as the FUD doesn't go away. But stay alert and anticipate further declines as bitcoin has also lost more in price than it has now in the past.

[perfect999]

The entire cryptocurrency market is on a blood bath level most cryptocurrency witness a higher percentage of price drop which have turned so many analysts to speculate the next stop price before the bull run, if you have been flowing up with recent price actions it show Bitcoin losing almost 7% of it price falling back to 38k and have been struggling to maintain that price level up till now.
Will the 30k price benchmark be the next bottom line before the rise?

All this speculations are becoming alarming and are generating fear. Whether it will hit $30k is possible it may happen and it is also possible it will not happen. But, I want to believe the whales will not let that happen they have got a lot to lose so they will manipulate the market so that it doesn't go below $30k. I guess the current market situation is looking like to take a turn back at any time. So, buying right now and even if any bottom happens then buying again also will not disappoint any long term investor.

[Maslate]

It could be lower, who knows.

As the market is in a bear mode, it's on the opposite scenario of the bull market that the price is going up without a ceiling, here, it's dumping and we don't know what price it will floor.

Good luck people and always think positive, buy, and don't worry about the dump.

[mk4]

Its good indicator, but there can always be more pain.

It definitely was! Like it didn't literally marked exact bottoms, but it's a good indicator that people are definitely scared, and that the masses already sold or at least very close to selling at a loss.

So far Reddit r/cc still has hope. While that doesn't automatically mean that we're going to drop more, it definitely give me a bit of uneasiness.

[rodskee]

The entire cryptocurrency market is on a blood bath level most cryptocurrency witness a higher percentage of price drop which have turned so many analysts to speculate the next stop price before the bull run, if you have been flowing up with recent price actions it show Bitcoin losing almost 7% of it price falling back to 38k and have been struggling to maintain that price level up till now.
Will the 30k price benchmark be the next bottom line before the rise?

Looking at the movement and the behavior of Market now ? i think my dream will come true and it is to drop the price of Bitcoin to 20k level once again and i will buy more of this lol.
how i love seeing the price falling down and down before going hyping again.

sorry to those who had been trapped but that is what i see in this trend and this will take long before recovering again.

Bitcoin will fall like 2018 , and will climb back in 3-4 years after.

[rhomelmabini]

The entire cryptocurrency market is on a blood bath level most cryptocurrency witness a higher percentage of price drop which have turned so many analysts to speculate the next stop price before the bull run, if you have been flowing up with recent price actions it show Bitcoin losing almost 7% of it price falling back to 38k and have been struggling to maintain that price level up till now.
Will the 30k price benchmark be the next bottom line before the rise?

We've already seen bloodbath and this isn't new in the market but I don't think that we will see like the 2018 scenario. The market is lengthening and with huge institutions and investors coming at play I'm just confident that we may strong region on either the 30k or if not then make that last 2017 ATH be the strongest support. Anyhow, I wouldn't call this a struggle but likely an opportunity since crypto market always comes up strong whenever we see these kind of moves. WAGMI.

[Wexnident]

Maybe, maybe not. The dip was a good indicator of buy-in for investors though. It's really hard to tell since even a few months earlier, most of the news were about Bitcoin reaching $100k, which was quickly denied a few weeks before the new year started. Now we're at a huge dip from back then, but it doesn't necessarily mean that this would be the bottom. There was also a short squeeze sometime ago so it isn't actually impossible. I'm more of the hope that it wouldn't go there. Though if it did, I'd just buy more.

[UnDerDoG81]

Ok, many experts here, some stating 10k. I guess most of you sold? Or sell now? You can buy back three times more at 10k

[palle11]

Ok, many experts here, some stating 10k. I guess most of you sold? Or sell now? You can buy back three times more at 10k

Funny though as it can look this is not like something like that has not happened in the past. If you compare when btc got to  $20k and later dropped to $3,500 was unbelievable by that time too. Now if it drops down to $10k it will break some people's heart but what is certain is that the rise will at some point start again. At the fall is the time to buy and I'm sure at $10k, many more buyers will hodl btc.

[pooya87]

It is impossible to say because as I've said before the price shouldn't have dropped in first place. Anything below $50k was unreasonable, let alone reaching a crash level drop.
If we look at the percentage of this crash we can see that it is so far a huge 50% drop (from $69k to $34k). Considering that we weren't in any bubble or anything like that and also the fact that price had crashed a couple of times before going back up to $69k there is no logical explanation for this crash we are having right now.

[Stalker22]

A few days ago we saw Bitcoin price rallying strongly but had dipped back to the 38K range and has now dipped below that level and looks like it may soon touch the 30k mark. The last few hours are still operating with negative price direction and as of now the fate of Bitcoin price is clearly in the hands of U.S. investors.

People who say that we have already reached the peak of pain obviously don't understand how awful a bear market can be. In the short term it might feel awful, but Bitcoin price needs to reach lower than the 35K range to give a chance to buyers to bargain. At this point it looks like most of the trend is down and its only a matter of time before it starts heading lower and the bulls lose.

Ok, many experts here, some stating 10k. I guess most of you sold? Or sell now? You can buy back three times more at 10k

I do not think that will ever happen.

[Beparanf]

I probably need to check Reddit for suicide hotlines to get a good grasp of market sentiment lol.

Its good indicator, but there can always be more pain.

"So, Tuesday was a bad day for Bitcoin. Within hours, the original cryptocurrency plunged in price from roughly $13,000 USD per 1.0 BTC to just over $10,000—and that’s down from an all-time high of $19,000 in mid-December."
Article is called:
"A Suicide Prevention Hotline Was the Top Post on the Cryptocurrency Subreddit Yesterday"
https://www.vice.com/en/article/wjpkgn/bitcoin-price-dip-suicide-hotline-reddit

It was way above the real bottom of 3300$.

Speaking of market sentiment:
According to fear/greed index we are in extreme fear / fear since 27th of November. There is really not much more to go down. Price is very oversold. Not as much as during may-july 2021 dump but we are close to that.

Despite the fact that we broke major support at 40k we still hold inside this falling wedge:



Which is a bullish patter with price target of 69k.

The only thing that I'm afraid of is global market situation and possible big (>30%) correction of the biggest stock index. This will trigger panic sell that wont be stopped even by 30k support.

I saw this falling pattern too but as you said on your final note. It might be break since most of the people is already in panic mode due to this heavy sell pressure happening right now. This kind of dump is very scary since the price movement is very fast for a short period of time. This only means that people already losing trust to crypto that's why most of them are already taking profit or loss without having consideration on the price.

This is sucks but a perfect buy opportunity again to our favorite crypto that already overbought for a long period of time.

[Oasisman]

The entire cryptocurrency market is on a blood bath level most cryptocurrency witness a higher percentage of price drop which have turned so many analysts to speculate the next stop price before the bull run, if you have been flowing up with recent price actions it show Bitcoin losing almost 7% of it price falling back to 38k and have been struggling to maintain that price level up till now.
Will the 30k price benchmark be the next bottom line before the rise?

If we're heading for worse bearmarket like in 2018, then I can say it's better If Bitcoin falls below $30k. Why? So everyone will have their chance to fix their regrets before for not buying at a the cheapest price possible. Now, I guess If Bitcoin falls under the $20k level, that's a good way to make profit for hodling long term as Bitcoin will most likely to be hitting the 6 digit figure in the next bull season.

As of the moment, Btc is at $35k and I'm not gonna be surprised If it falls down to $30k in a day or two.