Between $24K and $27K

[CaVO32]

1. No one knows on what would happen next.Comparing it on 2018? A sort of but that one is more red. 
2. Im already eyeing into those levels you do mentioned and lastly, i dont believe about economic conditions which will affect crypto market majorly.
3. Scalpers doesnt really care about these market trend or conditions so they are exempted but we know that majority isnt really having that kind of trading.

Market do only have 2 possible movement or path either bears or bull.

Also, it is hard to compare it like in 2018 because the stakeholders in this market already increased. The supply and demand also in the current scenario is also different few years back. When the pandemic happened, that's when more people appreciate the existence of bitcoin and other crypto. And so the demand increased. This market has so many factors to consider and I think, we are in a different stage of adoption that will have an impact to where we are heading in the next coming months.

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[Dave1]

Three things stuck in my mind this week:

1. It might take a few more months before BTC's price finally exits the bear market. That is if we have a similar situation to the 2018 bear market where fear and greed levels plateaued for a whole year.

2. BTC's price free-fall will slow down between $24K and $27K unless more macroeconomic and geopolitical risks emerge.

3. Short-term holders are responsible for most of the capitulation (day trading and scalping don't fall in this category, right?).

But one thing has a high certainty---the bear market is temporary.

The bull is not a matter of if but when.

1. No one knows on what would happen next.Comparing it on 2018? A sort of but that one is more red.  
2. Im already eyeing into those levels you do mentioned and lastly, i dont believe about economic conditions which will affect crypto market majorly.
3. Scalpers doesnt really care about these market trend or conditions so they are exempted but we know that majority isnt really having that kind of trading.

Market do only have 2 possible movement or path either bears or bull.

But I think you will agree to me that we are now in the bear cycle?

Because we have seen how the price went on a downward spiral and this is similar to 2018 meltdown or bear market. So I don't see a path of the bulls this year and most likely it will still get worst before the end of the year. If we don't look at bitcoin's past history in 2018 to understand, then we might be in for a rude surprised this 2022. So somewhat, we need to be ready in case it goes down into the $20k'ish region.

[Marvell1]

2. BTC's price free-fall will slow down between $24K and $27K unless more macroeconomic and geopolitical risks emerge.

This is just the initial stage of the bearish market, we shouldn’t judge the market so quickly.
But sad to see Bitcoin’s price currently.
If I am not wrong then, in the past year this is the all time lowest amount for Bitcoins.
This month might be hard for all the Bitcoin holders, but soon the coin will bounce back.
We can just hope that no more issue should arise, so that Bitcoin’s price will affect again.

Earlier Today Morning, i heard a news that El Salvador Bought 500 Bitcoins when the price was around 30k usd. This might be looked as a positive approach towards the coin and here we can again see the growth in the price of the coin.

Not only Nayib Bukele bought bitcoin at 30k$ but a lot of investors bought it at the same price. On Binance, USDT buying power has skyrocketed showing that many investors think $30k is the bottom to buy. This move has kept bitcoin from falling off the $30k resistance but I don't know how long it will last. We entered a bear market early in the year after bitcoin hit ATH and then there were slow downside corrections and May is considered a bad month to invest.

[Fundamentals Of]

I don't think short-term hodlers are responsible for most of the capitulation. This must be initially and largely caused by a much larger hodler or whale if you prefer. Short-term hodlers definitely don't shake the market this strong. Also short-term hodlers are normally waiting for a big thing or big movement in the market to act big. I think they are mostly reactive. They're the effect more than the cause. So they are only making this situation worse but they're not the initiator.

[rodskee]

Three things stuck in my mind this week:

1. It might take a few more months before BTC's price finally exits the bear market. That is if we have a similar situation to the 2018 bear market where fear and greed levels plateaued for a whole year.

There is no certain in this part ,because remember that we have reached BULL Market last year so maybe there will be a bear market this 2nd-3rd  quarter.

2. BTC's price free-fall will slow down between $24K and $27K unless more macroeconomic and geopolitical risks emerge.

We are still looking for that to happen , so hope that there will be no dumping that low this year.

3. Short-term holders are responsible for most of the capitulation (day trading and scalping don't fall in this category, right?).

But one thing has a high certainty---the bear market is temporary.

The bull is not a matter of if but when.

either Bear or Bull nothing is permanent and expect dumping to happen from here and there .

[maydna]

~snip~

I am not sure that the bear market has stopped as your speculation about the bear market is temporary, although it is temporary but we have seen bad conditions this month with more than $10k decline, but the market needs time to return to bullish and price stability to maintain market conditions not easily broken after the bear market phase.

I'm actually not sure either but it will definitely turn into a bull market one day. That's why I say this bear market is only temporary because the crypto market is bound to change. Yes, the price has dropped too deep and we really don't know when it will stop and it could bounce back up again. Hopefully soon, the price can bounce up and give us another big profit. But if indeed the bear market is going to stay in the market until the end of the year, maybe we can leave the market for a while to study something else.

[Smitty Werben Man Jensen]

I really hope Bitcoin doesn't drop any deeper than $29k, because if $29k is broken,
then the support at $27k and $24k is the last and true support you say,
but I really hope and really believe the price of Bitcoin can reach $50k again in the next few months

[GreatArkansas]

(....)
But one thing has a high certainty---the bear market is temporary.

The bull is not a matter of if but when.

I am thinking that there is some similarity to what happened when COVID 19 started before, it was very a huge crash but after that, the market recovered and a very long run upward for all the markets.
I agree about this is just temporary, I don't believe that we will experience again the very long bear season just like 2017-2018.

[Nrcewker]

I really hope Bitcoin doesn't drop any deeper than $29k, because if $29k is broken,
then the support at $27k and $24k is the last and true support you say,
but I really hope and really believe the price of Bitcoin can reach $50k again in the next few months

It will be really bad for the people if the price falls more.
People really has many expectations from the coin, so if it falls below 24k$ then it will break the support and it will cause huge loss in the market.
Already due to the downfall of Bitcoins, many altcoins have affected and the market is down as hell.
Still I am predicting that Bitcoins will rise.
Bitcoins might reach 50k usd again in the next month, if people don’t panic and sell their coins.
Let’s hope for the best.

[Findingnemo]

Did you check the price today, it is in the mid 27K not far from the range you mentioned but still I don't get the feel that the freefall will stop here, probably it will hit 20K as the safe low for the long term investors to jump and accumulate as much as they can. Another day to look for in the cryptocurrency chart because it started with recovery then suddenly dumped over 8 to 10%.

[Dr.Osh]

other than that, the problem at this time is our determination to hold on to the assets we have. for now the price of bitcoin is in the range of $ 26k. seeing bitcoin price still above $30k yesterday, this is really a bad drop. Bear markets are temporary, but at the moment we don't know how deep a bear market will take us.
however, right now all we need to do is hold on, or add assets. If I didn't have an immediate need, I might have bought some assets to hold on to for the long haul by now. Unfortunately, I've been holding coins for a long time. this is quite a difficult thing for me. however, I expect the $26k price to be the lowest for now, and a recovery to come soon. maybe the starting point we can breathe easy is the price of bitcoin reaches the $ 30k range again. however, another panic will occur when the bitcoin price drops below $25k. hope the bear market ends soon.

[fzkto]

Not to sound conspiracy or paranoid, but the March 2020 collapse happened on Friday the 13th. The thing is, tomorrow is also Friday the 13th. Knowing that MM likes symbolic numbers, it could very well be that tomorrow's big drop could happen again. Of course I say this in jest, but just in case, be prepared for another collapse.

[Ahli38]

27k has been reached and now let's see after the bounce will it go back down and break below 27k? let's watch it together. I keep doing DCA. but if 27k is broken then I think it will drop by more than 24k. but hopefully it doesn't happen. considering the accumulation area is penetrated then the worst possible place is at $20000.

[Semar Mesem]

I'm worried if the bitcoin price can't get back above $30k then we will enter a dark period like 2014 or 2018, many altcoins will die like LUNA which dropped more than 90% a few days and now LUNA's price is only 18 cents even though a week ago still over $100.

[Wong Gendheng]

The sad thing to see the price of Bitcoin a few days continues to correct, I do not know what issues make the market corrected very sharply, and now the price of Bitcoin is around $ 27k, many analysts believe the price will continue to be corrected so I prefer to wait, if the price looks stable in The $ 25K- $ 30k range is certainly a good prospect to buy.

[jaberwock]

But one thing has a high certainty---the bear market is temporary.

After all those many months that we are suffering from the bear and you still call this a temporary? And we don't even know if the bears will stop anytime soon but I think the bear is not yet contented and wants to crash this market more evenly. This bear that we feel this time are so devastating and can be different from the bears that we experience on the past.

The bull is not a matter of if but when.

Bull is what matters for the most of us, not the bear because it was the bull that makes sell our coins for profit. Bull is the one that can make us more happy not the bear but to the question if when, will it happen? We also don't know but obviously bull can take place as soon as the bear passes out.

[StreakW]

I think, given the current drop in bitcoin price, the potential for bitcoin price to drop to the $24k-$27k area is very likely in the next few weeks. Moreover, the decline in prices in the past week was caused by massive selling, and many experienced panic selling due to sluggish world stocks and large interest rate hikes.

[tbct_mt2]

I think, given the current drop in bitcoin price, the potential for bitcoin price to drop to the $24k-$27k area is very likely in the next few weeks. Moreover, the decline in prices in the past week was caused by massive selling, and many experienced panic selling due to sluggish world stocks and large interest rate hikes.

In the time of massive fud, there will be risk to see Bitcoin drop to $24k or even terrible crash to lower than $24k, $20k or lower like what we had with March 2020 crash.

I see crashes are great for a healthier market. Gamblers will be wiped out by crashes. I am sorry for anyone who have loss in crashes but if they gamble, they can not avoid to be killed. Bitcoin and the market need real investors to rise higher, not gamblers.

In addition, gamblers are only traders or so-called investors but also trending miners. They will capitulate when price is too low and stay in low range a long time. When miner capitulation occurs, we will find a bottom from which we will move up.

[uneng]

Three things stuck in my mind this week:

1. It might take a few more months before BTC's price finally exits the bear market. That is if we have a similar situation to the 2018 bear market where fear and greed levels plateaued for a whole year.

It might take a year or two... Be prepared for every possible scenarios.

2. BTC's price free-fall will slow down between $24K and $27K unless more macroeconomic and geopolitical risks emerge.

Hopefully +27,000$ is the bottom. There is a lot of effort to keep bitcoin above 29,000$ at this moment and that is really nice to see. The longer the price is kept on this range the better for raising morale and confidence among investors. On the other hand, macroeconomical effects are inevitable: in few months bitcoin is probably going to face another crash due to US FED hiking interest rates once again.

3. Short-term holders are responsible for most of the capitulation (day trading and scalping don't fall in this category, right?).

I think it's more about whales and institutional investors. Short term holders don't have too much influence on the market volume... They are small fishes.

But one thing has a high certainty---the bear market is temporary.

The bull is not a matter of if but when.

Totally right!

[Vaskiy]

What OP stated at the end is the reality of the market. The bear trend is temporary and we need to follow the flow for some time, rather than selling out of panic. In the OP it is said about market looking similar to the one that happened during the year 2018. We can't make a comparison with the market of 2018, because what we had in usage and the present is completely different. The level of adoption have changed, the panic selling have got stopped. Agreed, there is chances of reaching $24k relative to geopolitical issues.