Is $34k the bottom??

[sayulita]

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.

[bitterguy28]

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.

before your thread there is a similar question on going but it is lower than you are asking as he asked about 30k being the lowest price for bitcoin

https://bitcointalk.org/index.php?topic=5382480.0

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 .

[Tytanowy Janusz]

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.

You should not try to find a bottom of a 2 month long downtrend (that is part of 1 year price formation) based on 5m candles chart. Those are good for daytrading or finding good entry point for longer trades if you already made your decision based on higher timeframes.

Now is 34k a bottom? I can only say what I see on the chart. Rest is pure speculation:

1- RSI is oversold
2- fear/greed index is on the extreme fear for about 1 month
3- We are inside the strongest support range (30-40k), where vpvr shows the biggest volume traded. In fact we are right in the middle
4- we broke falling wedge patter. With price target of 30k$



To sum it up. Its highly likely that price will bounce from 30-35k range back to 40-50k range (we will see whats next based on current performance). But its too risky to call 34k a bottom.

[Tmdz]

We have not hit daily rsi levels this low in a very long time, only a few times in bitcoins history do they go below 20 rsi.
Even then there still is no point in calling the bottom, but we should be close.

If we can build a recovery from this point then things could start to look a bit better.

[romero121]

The price that went around $34500 as the low bottom have recovered today reaching $36000. This is something like a massive price correction. More technical elements show the market to be bearish for some time period. However there is also possible chances of bullish market, but this won't be a immediate one. The selling pressure of Bitcoin have reached its high ever since 2020 March. This will also have its impact over the market.

[TravelMug]

$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.

[btc78]

Reasonable question , 34k is not that low expecting that we are now in green light, the prices is starting to recover as the time i type this so if this is the half of the recent ATH then i think this is the bottom that we are expecting and all the chances to buy must be today.
the train is running now and if you don't wanna lose that chance then best to buy now.
all my funds on hold are now invested to 3 different currencies but majority is for bitcoin and now I am ready to hold again for at least a year or 2, forgetting the market for a while now lol.

[ultrloa]

No one know about how deep we can possibly get since any possibilities are there, we might see bitcoin go lower down on that figure so we should rise up our awareness since market is not looking good at the moment. If people telling you that it will be the last dip for bitcoin to reached then stop listening at them and do your research to find out the real scenario on the market so that you will not get burn by fire.

[Beparanf]

There's a high possibility that we can experience a quick dump near 30K - 32K area before the trend reverse since it will need to fill gap in supports before price usually take off and create another bullish. There's a chance that a bullish trap might happened tomorrow since its opening of the week and usually it always hit support.

[davis196]

34K USD is not the bottom,but that's fine.
Just don't panic and don't sell anything.Stop bothering about the Bitcoin price(and altcoin prices).
The price drop was pretty much expected.Something has triggered panic selling,which triggered multiple automatic stop-loss orders on the crypto markets.I'm sure that the crypto market will recover from this cycle of panic selling and stop-loss orders,but we might be landing in the 20-30K price range,which isn't bad.
3 months ago,everyone was expecting a 70K-100K BTC price in 2022.Everything changed and I guess that everyone will be expecting a 70K Bitcoin price after one or two years.
I assume that having both crypto and stock prices dropping can be actually healthy for both the crypto and the stock market.

[michellee]

I just hope that $34k is the new bottom and has not reached another lower price as the price now is back to $35k. But we can not deny if somehow, the price is going down and back to $34k and only accepting reality. If you already bought bitcoin at that price, you can sell your bitcoin and make a profit while you can wait for another downtrend but we never know if the price will still go down or it will increase for more. The fact is the price can go to any lower or higher price and we can only guess and speculate but we can hope that it will not go down again.

[Russlenat]

It's hard to tell now, the recovery is very slow, so I think let's not make a conclusion for now. IMO, if the market is bearish, then most likely the dip that we saw is not really the lowest price, more dump means more panic, that would possibly happen if we are already in a bearish market.

[Baofeng]

Just some bounce today, maybe it can go to $36k, nevertheless it is a weak bounce in my opinion.

So as for now, I would hit that we might the price still going down in the next couple of days. Support is now weak, volumes are low and sentiments are really very negative right now as everyone is afraid of the bear market.

[The Cryptovator]

The chart doesn't talk really. However, still I am wondering what was the reason behind this dump. Likely Bitcoin wouldn't cross $40K this week and would play around the $30K zone. It's not about to dump below $30K and it shouldn't happen. Otherwise, we might face a big dump that we never expect before. Slow growth is better than a sudden pump, even it takes a week to cross $40K again I am fine with it. Because we are in a bear mode right now. Let's hope whales buy a big amount and announce that, so we can see a quick recovery.

[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.

[Jating]

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.

Yep, the memories of 2018 crash is beginning to repeat itself again. For sure majority of us here still remember that time, wherein we are really in denial after hitting an all time high in December 2017.

But 2018 specially around March was the start of a huge downturn, so for me this is not the absolute bottom, maybe we can see the price into the $30k or even lower. Specially if there will be another FUD that will scare investors.

[TheEconomists]

The bear market is not yet over and we should not because of we want to recover from lost to just make prediction that the bearish period is over. If you check your plot very well you will see that bearish trend is forming gradually and don't you draw that line too so that one can make and informed trading decision after more research.

[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.

Yep, the memories of 2018 crash is beginning to repeat itself again. For sure majority of us here still remember that time, wherein we are really in denial after hitting an all time high in December 2017.

But 2018 specially around March was the start of a huge downturn, so for me this is not the absolute bottom, maybe we can see the price into the $30k or even lower. Specially if there will be another FUD that will scare investors.

This time the problem is not only fud.  The two superpowers are heating up the field in Ukraine and war could break out at any moment.  Inflation rates are at an all-time high, fed is printing more currencies and it is rumored that the central bank will raise interest rates on savings, allowing many to sell bitcoin.  Again, the new variants of Corona are not allowing the economy to rise.  I think this time the problems are worse than in 2018.

We should be prepared for the worse and we could see price of BTC around 20k again.

[palle11]

what is the next support to look out for in case the market bleeds more in the coming days.

I think if the bear continues then we are going to be looking at $30,000 support levels but RSI if it is to be considered, it has been oversold that means reversion is waiting but sometimes looking at RSI being on that mode may take time to start moving up. Therefore , you expecting support at $30k if dip continues.

[wheelz1200]

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.

TA aside history tells us that this isn't the bottom.  Market sentiment is leaning bearish so we can easily dip in the 20s only a bad coue of days.  I think 2022 crypto markets will largely be determined by the overall economic sentiment which is looking bearish as well.  The world economy has been propped up for 2 years during the pandemic but at some point the economic impact will be felt across stocks, housing, commodities and....crypto.  I'm buckling in for a long drought.  Just enjoy the CA of your portfolio knowing it will break and continue to rise eventually.