Is $34k the bottom??

[bekti3]

Most likely $33,000 - $34,000 is not the bottom. We will probably dump into the $20,000’s in the next 12 months. I don’t think we will go to lower than $20,000 though. The bull run is definitely over though, no ATH until after the next halving in 2024. That’s how it should work any way theoretically.

I cannot disagree with this although in long term I'm bullish. I've been here for years and I saw the trend in the past, so I wouldn't be surprised if we will see another panic like bitcoin going down $30k because it's always been a normal scenario.

What I do and we should do is just to "HODL".

I have been bullish since April 2021 and up till now am very optimistic that the market is on a stable mode right now as bitcoin hit around 38k somewhere around yesterday for correcting back to its present price, let's remain optimistic that the coming day's bitcoin will recover back to my 46k price and thereafter rising to the expected price before the end of the 1st quarter of this year.

but if you look the other way and the worst is of course $20k can still happen because indeed if you look at the last few years especially 2018 they fell quite a lot and this could happen to such a decline. Even though we have to be optimistic that they will return, we still have to pay close attention to the worst possibility too

[crzy]

my mistake waiting for 30k so yeah i did not got that advantage to buy in that level 

I wait for this price as well unfortunately the price started to pump and make $30k more impossible to reach. Well, let’s see if this is not a bull trap because if it drops again, $30k is the next target. No regret for not buying for now, the price is still unstable and too risky, just keep on watching and you might see another price to enter.

[dunfida]

my mistake waiting for 30k so yeah i did not got that advantage to buy in that level 

I wait for this price as well unfortunately the price started to pump and make $30k more impossible to reach. Well, let’s see if this is not a bull trap because if it drops again, $30k is the next target. No regret for not buying for now, the price is still unstable and too risky, just keep on watching and you might see another price to enter.

If the price would able to break that 40k resistance then it is unlikely that we wont be seeing $30k price soon thats why its better not to anticipate so that you wouldnt get frustrated.

This is the hardest part on which you do always speculate for possible bottom point and when theres some sign of slight increase in price then you would really be  having
those boost of emotions that this might be already the u-turn of events.

Doesnt matter though as long you do make profits no matter what direction then thats the most important.

[STT]

We're in the process of forming a bottom, the problem is its only obvious in retrospect exactly when or where that process has completed.   I would say efforts to defeat downward momentum continue to occur but its not yet obvious and I dont think that will happen this month even.

We're about to once again challenge the 2 day and also weekly averages which are converging.  More important would be larger factors such as the actual negative trend from ATH and the 50 day average at about 45k but its descending every day.   People should stay positive overall in terms of a yearly perspective as factors such as the 200 day average reflect positive accumulation long term still.
  If we can tick off each objective on a list then I grow more optimistic, beat the recent high, beat 38k, beat 40k and confirm above the 50 day average.  We do all that and we've likely finished making new lows in this quarter.   Its always a case of variable probabilities, large events can push price off the road of where it was otherwise most likely to be.

[peter0425]

my mistake waiting for 30k so yeah i did not got that advantage to buy in that level 

I wait for this price as well unfortunately the price started to pump and make $30k more impossible to reach. Well, let’s see if this is not a bull trap because if it drops again, $30k is the next target. No regret for not buying for now, the price is still unstable and too risky, just keep on watching and you might see another price to enter.

But with the incoming commotion in Ukraine and Russia? do you think that it is worth to keep holding now? or is there a chance that we will experience a really bad drop in the following months?

I know that we must not panic on that matter but there is a possibilities right?

so best to be ready on both yeeah? be ready to buy or be reay to sell lol.

[logfiles]

but if you look the other way and the worst is of course $20k can still happen because indeed if you look at the last few years especially 2018 they fell quite a lot and this could happen to such a decline. Even though we have to be optimistic that they will return, we still have to pay close attention to the worst possibility too

$20k is even very achievable and normal. Based on what I have experience in the past history of Bitcoin price, I am expecting it to even drop to $10K-$8K level at some point in this bear market.

[ancafe]

$20k is even very achievable and normal. Based on what I have experience in the past history of Bitcoin price, I am expecting it to even drop to $10K-$8K level at some point in this bear market.

well, i didn't expect that, and wished otherwise. other than that, it looks like the current bitcoin price has stabilized quite a bit after its decline. in fact, I feel that the recovery could be quicker than we think.
however, hoping the bitcoin price is under $20k is possible. however, I really didn't expect that.

[bitgolden]

but if you look the other way and the worst is of course $20k can still happen because indeed if you look at the last few years especially 2018 they fell quite a lot and this could happen to such a decline. Even though we have to be optimistic that they will return, we still have to pay close attention to the worst possibility too

Even during that period the drop wasn't that steep right away. The real drop in 2018 happened during early period, from December to before summer, price dropped from 20k to around 6-7k prices, and that was it.

When we reached under 4k was during October or November of 2018 if I am not wrong and that happened because BCH and BSV had a fight, Craig Wright wanted to take over BCH and that is why he sold thousands of bitcoins all at once to buy for miners and he still lost but that dropped the price. Now we do not have anything like that, which means that we are not doing that badly, the initial 20k to 6-7k type of drop already happened, and I am not expecting it to go to all the way down to 20k.

[jamkesmas]

my mistake waiting for 30k so yeah i did not got that advantage to buy in that level 

I wait for this price as well unfortunately the price started to pump and make $30k more impossible to reach. Well, let’s see if this is not a bull trap because if it drops again, $30k is the next target. No regret for not buying for now, the price is still unstable and too risky, just keep on watching and you might see another price to enter.

Yes, I also follow the strategy you implemented, I'm still waiting for BTC to 30k and below, hoping to get a little profit on this investment.

[Pamadar]

$20k is even very achievable and normal. Based on what I have experience in the past history of Bitcoin price, I am expecting it to even drop to $10K-$8K level at some point in this bear market.

well, i didn't expect that, and wished otherwise. other than that, it looks like the current bitcoin price has stabilized quite a bit after its decline. in fact, I feel that the recovery could be quicker than we think.
however, hoping the bitcoin price is under $20k is possible. however, I really didn't expect that.

We never know until it happens, so far after hitting the low of $33K now it's recovering and trying to stay high.

Hopefully, we won't see another big crashed to the point that it will go down to that level ($20k) with institutional investors
and people who understand the market, support may take place.

Let see how the market will react in the next coming week. Everything is still possible, going down or recovering to start the
pump again..

[Tellek Garing]

You have a strong support zone on your chat and a reversal candle got formed after retesting the same zone twice but could that be a strong confirmation that the market wouldn't fall further. The answer is to wait to see where the next candle will point towards still bear in mind we are in the bear season and so even if the candle could go up it would only consolidate and if the selling pressure gets high enough it would fall further

At this point Bitcoin is relying on the 37k benchmark which happens to be the present resistance level for the market, at the moment is going to take a strong pull up to break the price into the next bull level which will be somewhere around 42k and above.
Am sure in the coming day Bitcoin is going to make a drastic change in its price.

[FanEagle]

but if you look the other way and the worst is of course $20k can still happen because indeed if you look at the last few years especially 2018 they fell quite a lot and this could happen to such a decline. Even though we have to be optimistic that they will return, we still have to pay close attention to the worst possibility too

Even during that period the drop wasn't that steep right away. The real drop in 2018 happened during early period, from December to before summer, price dropped from 20k to around 6-7k prices, and that was it.

When we reached under 4k was during October or November of 2018 if I am not wrong and that happened because BCH and BSV had a fight, Craig Wright wanted to take over BCH and that is why he sold thousands of bitcoins all at once to buy for miners and he still lost but that dropped the price. Now we do not have anything like that, which means that we are not doing that badly, the initial 20k to 6-7k type of drop already happened, and I am not expecting it to go to all the way down to 20k.

This is something people do not even care about anymore. If people could have realized that the drop was because of a feud between few bitcoin rich people, then they would know that they would not see something like that again (probably). Because at the end of the day, we are talking about something that is dangerously rare and yet people act accordingly.

Everyone calculates the drop from 20k to 3k but the reality is that the drop was from 20k to 6-7k level like you said, and it even looked like it was about to go parabolic because all the charts showed it and yet because of one idiot rich person it dropped down even more and it took us a year or so before it recovered.

[ShowOff]

This is something people do not even care about anymore. If people could have realized that the drop was because of a feud between few bitcoin rich people, then they would know that they would not see something like that again (probably). Because at the end of the day, we are talking about something that is dangerously rare and yet people act accordingly.

Everyone calculates the drop from 20k to 3k but the reality is that the drop was from 20k to 6-7k level like you said, and it even looked like it was about to go parabolic because all the charts showed it and yet because of one idiot rich person it dropped down even more and it took us a year or so before it recovered.

The situation may never be the same as 2018, but there is always another reason why bitcoin could lose more than 50% of its ATH price. See how Chinese FUD could affect the market last year and see how Russian FUD could affect the market this year. It's always good to remain optimistic that bitcoin won't reach support levels lower than $30K this year, but we must have an exit strategy at the right time when the market is not profitable.

In the future we don't really know what the trigger factors are to see the market going bullish again. If previously Elon Musk made market hype increase and at the same time institutional investors also came in to invest then what will affect the market to be bullish this year?

[Johnyz]

You have a strong support zone on your chat and a reversal candle got formed after retesting the same zone twice but could that be a strong confirmation that the market wouldn't fall further. The answer is to wait to see where the next candle will point towards still bear in mind we are in the bear season and so even if the candle could go up it would only consolidate and if the selling pressure gets high enough it would fall further

At this point Bitcoin is relying on the 37k benchmark which happens to be the present resistance level for the market, at the moment is going to take a strong pull up to break the price into the next bull level which will be somewhere around 42k and above.
Am sure in the coming day Bitcoin is going to make a drastic change in its price.

Its been days now since Bitcoin price starts to recover and it looks like a strong recovery, we might already hit the bottom price and its a good thing that it happen early this year. Hopefully you’re right, let’s see the best price of Bitcoin this year and it will slowly back to the top, $37k can be break for sure and the trend will continue.

[suzanne5223]

$34K or not. It's hard to tell the bottom price of the Bitcoin market because we are in the season where the chart prediction are mostly not valid though $34K is the current bottom price now but that doesn't mean it will still be the bottom price when it Q4 of this year.
I expect the last bottom price to be around $20K.

[logfiles]

well, i didn't expect that, and wished otherwise. other than that, it looks like the current bitcoin price has stabilized quite a bit after its decline. in fact, I feel that the recovery could be quicker than we think.
however, hoping the bitcoin price is under $20k is possible. however, I really didn't expect that.

You have to be ready for It. Bear Markets don't last that short like Bull runs. Bear markets according to the Bitcoin price cycle can even go for 3 years and each time there is a drop or price rise, Bitcoin ends up in a new level.

Personally, I think this time round, the 8K level will be a very strong support level we will ever have since the 3K level in the previous bear market. If the price drops to that level, I will look at it as an opportunity of gathering more sats.

[Ryker1]

$34K or not. It's hard to tell the bottom price of the Bitcoin market because we are in the season where the chart prediction are mostly not valid though $34K is the current bottom price now but that doesn't mean it will still be the bottom price when it Q4 of this year.
I expect the last bottom price to be around $20K.

Well said, --it is hard to tell because the price is unpredictable.
I appreciate people who were looking forward to a bitcoin price that will pump up, I never doubt bitcoin that goes beyond $30k and as I think, --that is a normal correction which is I know bitcoin will always experience like that, it will always fluctuate.

[AmoreJaz]

$34K or not. It's hard to tell the bottom price of the Bitcoin market because we are in the season where the chart prediction are mostly not valid though $34K is the current bottom price now but that doesn't mean it will still be the bottom price when it Q4 of this year.
I expect the last bottom price to be around $20K.

Well said, --it is hard to tell because the price is unpredictable.
I appreciate people who were looking forward to a bitcoin price that will pump up, I never doubt bitcoin that goes beyond $30k and as I think, --that is a normal correction which is I know bitcoin will always experience like that, it will always fluctuate.

the OP should ask the timeframe because asking this question is quite vague. we are just starting this year, so we have no clue what may happen in the next coming months. but if he asked - is $34k the bottom for this month (Jan), then, i guess we can easily answer such question.
also, i don't see any valuable reason asking this question. what would be the OP's intention why is he asking this? because anyone can give their own answer here and for what?

[Luqman]

$34K or not. It's hard to tell the bottom price of the Bitcoin market because we are in the season where the chart prediction are mostly not valid though

Exactly. It is very difficult to determine the bottom price of Bitcoin. I am also not sure what the price to be the bottom, it can be $34k or even lower than $34k. The drop in Bitcoin price seems not over, I think there will be another drop to come in the near future. So, because the price of Bitcoin still has a possibility to drop below $34k, we cannot claim it is the bottom price for now.

[eaLiTy]

~
Everyone calculates the drop from 20k to 3k but the reality is that the drop was from 20k to 6-7k level like you said, and it even looked like it was about to go parabolic because all the charts showed it and yet because of one idiot rich person it dropped down even more and it took us a year or so before it recovered.

Any difference this time around ? It will be the same scenario, everyone were celebrating when institutional investors were pumping money in the market and those investors can sell off the coins anytime and might drag the market down. So even in this instance anything is possible and the amount of money pumped by a few institutional investment firms is more than enough to drag the market down.