Is $34k the bottom??

[bekti3]

$34k is like 50% of the last all-time-high, it's already a huge drop, however, if we compare it to the prevent bull runs and the subsequent downfall, it is about 80%.

So I will say that this is not the absolute bottom yet, maybe we can see another massive drop in the next coming months. But don't take things negatively, just continue to buy at this dip and accumulate BTC and then just HODL for long term.

yep, I agree with what you're saying maybe it hasn't reached that point yet and there's still a pretty high chance of looking to that point although I don't know when but I'm pretty sure the low point will be more than this.
on the other hand talking about hodl actually this is the current obligation.
other than that don't forget that bitcoin is an asset for the long term not for a week or two because it's not very effective.

[Slow death]

The price was going nuts and now seems to have stopped falling for now and also slowly rising up for a little while as well. What are your thoughts, is it going to fall more or would it start to rise again and recover all the money that was lost.

this price drop is normal, there will always be big drops and big price increases and we cannot forget that the price has increased a lot because there was a high expectation of a physical bitcoin FTF approval, something that did not happen

And what if this rise in price is just temporary and the price would again reach $34k and breach that support as well, what would happen then, what is the next support to look out for in case the market bleeds more in the coming days.

$32000

$30.000

$28000

[Shasha80]

$34k is like 50% of the last all-time-high, it's already a huge drop, however, if we compare it to the prevent bull runs and the subsequent downfall, it is about 80%.

So I will say that this is not the absolute bottom yet, maybe we can see another massive drop in the next coming months. But don't take things negatively, just continue to buy at this dip and accumulate BTC and then just HODL for long term.

yep, I agree with what you're saying maybe it hasn't reached that point yet and there's still a pretty high chance of looking to that point although I don't know when but I'm pretty sure the low point will be more than this.
on the other hand talking about hodl actually this is the current obligation.
other than that don't forget that bitcoin is an asset for the long term not for a week or two because it's not very effective.

Although there is still a possibility that the Bitcoin price will drop even lower, but we don't need to worry, because as we all know Bitcoin is
the best asset. So don't hesitate to buy Bitcoin if we have money, because of how deep the price of Bitcoin fell, Bitcoin proved several times
it could always go up again. So for me, who has been in the crypto world for a long time, I am getting used to the current bearish trend.
I don't care how far the Bitcoin price will drop, the most important thing is that I will try to collect as much Bitcoin as possible. Because when
the price of Bitcoin goes up in price, I can enjoy quite a large profit. I agree with you, that Bitcoin is more effective for long term investment,
so it does require patience to be able to generate profits from Bitcoin.

[STT]

The 2 day and 12 hr averages converged and we got a recovery above both.   So it could at least be the start of a process which shows that was the bottom price for this month.   It has to build on that, there isnt any great signal a low will hold in that moment.  Usually there is a peak in volume of some kind, but I think the double top or that idea it doesnt happen singularly is probably my best confidence for a turn around.

[GreatArkansas]

I rather zoom out to the chart and use higher time frames to really check the bottom.
Basing previous prices is good to spot the bottom, using other levels as support.

So for me,  very high chance that we will test the $30,000. As it is acting psycholigical support for everyone. Very high possibility that that could be the bottom or huge candle wick on $28,000 - $29,000.

[adaseb]

I don’t think it was the bottom. The stock market futures opened and went up 1% and so did Bitcoin however the stock futures are trading nears highs but Bitcoin is starting to correct itself and retrace the entire move, it’s pretty bearish.

Some low liquidity traders basically took advantage of the stock futures opened and quickly brought it up, but now that volume is returning seems like the bears are in control.

If stock market during NY opens negative then I can see us breaking lower than $34K.

[ancafe]

I don’t think it was the bottom. The stock market futures opened and went up 1% and so did Bitcoin however the stock futures are trading nears highs but Bitcoin is starting to correct itself and retrace the entire move, it’s pretty bearish.

Some low liquidity traders basically took advantage of the stock futures opened and quickly brought it up, but now that volume is returning seems like the bears are in control.

If stock market during NY opens negative then I can see us breaking lower than $34K.

we have to prepare for the worst for this. currently the potential for bitcoin is still very vulnerable to fall beyond the price of $ 34k or even $ 30k. besides, it would even be great if the bitcoin price stayed at its current price.
however, in the crypto world anything can happen. I just hope that the price increase will happen soon, but prepare for the bottom.

[Mamun74]

Today bitcoin price around $35k+.I think it was not bottom.Decentralization will be never stable. Bitcoin price movement and dump and pump so It's normal. When bitcoin pricie dumping then i think bitcoin price will be more increase again and i hope bitcoin price will be recover soon.I think bitcoin price will be reach $70k+ in 2022.

[Jating]

Today bitcoin price around $35k+.I think it was not bottom.Decentralization will be never stable. Bitcoin price movement and dump and pump so It's normal. When bitcoin pricie dumping then i think bitcoin price will be more increase again and i hope bitcoin price will be recover soon.I think bitcoin price will be reach $70k+ in 2022.

The price has nothing to do with decentralization, it's based on supply and demand and how the market is doing by buying and selling bitcoin.

But I do believed that this is not the bottom yet. and soon we are going to retest $30k. And it maybe hard for the majority but it is a retest and we will see how the market will react to that price.

$70k this 2022 might not likely to happen though, we are already in a bear market so there will be no all time high at this cycle.

[bitterguy28]

but 34k to be the bottom? I don't think so mate because the way market is telling us now ? there are even lower price to come for this situation and i hate to see this coming .

I have also seen this same scenario in 2018. When the market crashed many youtube said now this is the bottom you will never going to get this price to buy bitcoin again. They keep saying it every time bitcoin takes a dip. Maybe this time the same thing going to happen again. If we failed to create support above 30k then I do not know where this bleeding will end.

But i know one thing and that is in crypto opportunity will come again and again so the only patience soul will have the honey at the end.

That's why we must not be Blinded of the Idea that the bottom are already here because this is very tricky , we have seen many same cases happened in the past that manipulators are just trying to lure more investors by faking that the market is already recovering but the truth is the dump is continuously and they are just seeking for more riders before they finally dumped this market.
hope that this will not happen to many of us and we will learn from the mistakes we committed in the past.
just buy what you can afford to hold long .

[TopT3ns]

Not sure will bitcoin reach above higher price because 8 days later have Chinse new year and actually almost each Chinese new year bitcoin crash, we know how many investor from China and they try to sell assets to celebrate their new year. I think after one week or middle week on February will have light for Bitcoin and altcoin price pump, not really hope trough two week later will bitcoin raise higher price because Chinese new year never give chance for bitcoin and altcoin back to higher price, stuck above $36,000 is higher price for bitcoin and hope not drop under $30,000.

[bakasabo]

Not sure will bitcoin reach above higher price because 8 days later have Chinse new year and actually almost each Chinese new year bitcoin crash, we know how many investor from China and they try to sell assets to celebrate their new year. I think after one week or middle week on February will have light for Bitcoin and altcoin price pump, not really hope trough two week later will bitcoin raise higher price because Chinese new year never give chance for bitcoin and altcoin back to higher price, stuck above $36,000 is higher price for bitcoin and hope not drop under $30,000.

Do you think Chinese New Year will really influence on Bitcoin price? Why would China influence on Bitcoin, since they have banned it? If the price starts to drop, that it is obvious speculation and holders should not worry about it much. Everything about China and cryptocurrency I dont take serious anymore. Check out Bitcoin prices last year during Chinese New Year. It rose from $33k to $48k. So it last year Chinese New Year helped Bitcoin.

[kotajikikox]

The price was going nuts and now seems to have stopped falling for now and also slowly rising up for a little while as well. What are your thoughts, is it going to fall more or would it start to rise again and recover all the money that was lost.
And what if this rise in price is just temporary and the price would again reach $34k and breach that support as well, what would happen then, what is the next support to look out for in case the market bleeds more in the coming days.

This day marked the Lowest is 33k , meaning it dropped more from your question here as the price is currently going down to 32k

https://coinmarketcap.com/currencies/bitcoin/

this is a bad indication about the incoming bear , maybe we will be seeing a 20k level in the next coming weeks? or in this 1st quarter as we witnessed this fall so there are more to come , be ready and be strong HODLERS this is our  time to shine now, Buy more .

[btc_angela]

^^ Yes, I just checked the price today and it seems to be just above $33k now, indicating that the price is continuing to go down as we speak.

So OP's question has been answered in just matter of days, and chances are the price might go down again to lows $30k and that is a big scary because it is a huge drop from the last all time high of $69k.  But we cannot stop it but just accept the fact that we are in the bear market already.

[laredo7mm]

but 34k to be the bottom? I don't think so mate because the way market is telling us now ? there are even lower price to come for this situation and i hate to see this coming .

I have also seen this same scenario in 2018. When the market crashed many youtube said now this is the bottom you will never going to get this price to buy bitcoin again. They keep saying it every time bitcoin takes a dip. Maybe this time the same thing going to happen again. If we failed to create support above 30k then I do not know where this bleeding will end.

But i know one thing and that is in crypto opportunity will come again and again so the only patience soul will have the honey at the end.

That's why we must not be Blinded of the Idea that the bottom are already here because this is very tricky , we have seen many same cases happened in the past that manipulators are just trying to lure more investors by faking that the market is already recovering but the truth is the dump is continuously and they are just seeking for more riders before they finally dumped this market.
hope that this will not happen to many of us and we will learn from the mistakes we committed in the past.
just buy what you can afford to hold long .

In the 2018 dump, the market went down 60% from ATH.  If something like this happens again, we can go back to the range of 20k.  At present, it is better not to trade Bitcoin in the market, Alt Coin is not at all. 

Most of the time we have no education from previous experience.  Whenever the market goes up a bit, our demand goes up a lot.  Many have warned of a possible bitcoin dump, but most portfolios are already down 50% to 60%.  I don't know what will happen to the portfolio of those altcoin holders if bitcoin really touches the 20k mark.

[STT]

5m bars on a chart is like throwing dice against a wall.   You can be right one minute and wrong the next, its a hard game to play because its so fast.   BTC does move on much slower movements and its always surprising when we know its so fast in appearance.   4hr bars is the lowest possible confident time frame I refer to, if we print a price on 4hr then its more likely to stick.
   Below 4hr bars is trading movements where we speculate and typically a trade would close out profits here not expect it to be a trend especially.



We are failing the 35k area it seems like and its failed that last attempt above 2 day moving average,  volume is favoring the downside for now.   Weds is FED news and we'll see if it can alter, maybe this point is a pivotal place to watch in that back and forth.   US open in a couple hours 33.8k now

[Amph]

27k is, most likely like the last dump after we reached 50k

[Pamadar]

^^ Yes, I just checked the price today and it seems to be just above $33k now, indicating that the price is continuing to go down as we speak.

So OP's question has been answered in just matter of days, and chances are the price might go down again to lows $30k and that is a big scary because it is a huge drop from the last all time high of $69k.  But we cannot stop it but just accept the fact that we are in the bear market already.

Tough call now for those holders who trust the market, the sentiment right now will shake a lot of investors.

Yes, the answer was clear, the bottom still unsure of the chance of seeing much lesser value is possible to take place, you
have to prepare yourself planning what adjustment to be done.

Keep in mind that swaying market may bounce up or fall for more..

[leea-1334]

I rather zoom out to the chart and use higher time frames to really check the bottom.
Basing previous prices is good to spot the bottom, using other levels as support.

So for me,  very high chance that we will test the $30,000. As it is acting psycholigical support for everyone. Very high possibility that that could be the bottom or huge candle wick on $28,000 - $29,000.

Yes,,, pulling even to weekly and monthly seems to suggest we are for sure going to go to 30k and test it a few more times, before again asking ourselves if we go further down or recover to 40k.

But I wonder if instead of 30k test we just break directly to your bottom of 28k,,, since this is almost to me what happened this week without 40k test it just left from 43 to 38 in one big crash.

[bekti3]

$34k is like 50% of the last all-time-high, it's already a huge drop, however, if we compare it to the prevent bull runs and the subsequent downfall, it is about 80%.

So I will say that this is not the absolute bottom yet, maybe we can see another massive drop in the next coming months. But don't take things negatively, just continue to buy at this dip and accumulate BTC and then just HODL for long term.

yep, I agree with what you're saying maybe it hasn't reached that point yet and there's still a pretty high chance of looking to that point although I don't know when but I'm pretty sure the low point will be more than this.
on the other hand talking about hodl actually this is the current obligation.
other than that don't forget that bitcoin is an asset for the long term not for a week or two because it's not very effective.

Although there is still a possibility that the Bitcoin price will drop even lower, but we don't need to worry, because as we all know Bitcoin is
the best asset. So don't hesitate to buy Bitcoin if we have money, because of how deep the price of Bitcoin fell, Bitcoin proved several times
it could always go up again. So for me, who has been in the crypto world for a long time, I am getting used to the current bearish trend.
I don't care how far the Bitcoin price will drop, the most important thing is that I will try to collect as much Bitcoin as possible. Because when
the price of Bitcoin goes up in price, I can enjoy quite a large profit. I agree with you, that Bitcoin is more effective for long term investment,
so it does require patience to be able to generate profits from Bitcoin.

When people who have tended to be in things like this for a long time actually I don't think there is even the slightest doubt they are there, but this is different from beginners and those who are still joining the Fomo. maybe they're feeling cramped right now
Even last year we were able to get through something like this with 2 times New ATH, why should we always worry about corrections like this.
the crypto cycle is like this, so like it or not, we have to get used to it when we are fully prepared to want to invest here