What happens if BTC's price falls to $8,000?

[mich]

I understand the fear that BTC will have another correction to 8k but I see that as a huge buying opportunity. Personally, I’m of the opinion that bitcoin Is here to stay and have faith in the technology being relevant in the foreseeable future.

As more and more corporations invest, governments adopt it as legal currency and innovators find new uses for the blockchain; the value will inevitably increase to new highs. At bottom, I’m a long hold on bitcoin and see any dips as opportunities for others to get in.

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[xSkylarx]

People would definitely sold many of their physical assets just to buy bitcoin at that price because they will think it will give them huge gains once it goes up again. Bitcoin is above $20k for more than a year now so it's easy to say many people bought above that price. No one would be stupid enough to sell their bitcoin just because of the fear in market sentiment. It would take many hodlers and whales to sell to bring the price of bitcoin that low.

[molsewid]

People would definitely sold many of their physical assets just to buy bitcoin at that price because they will think it will give them huge gains once it goes up again. Bitcoin is above $20k for more than a year now so it's easy to say many people bought above that price. No one would be stupid enough to sell their bitcoin just because of the fear in market sentiment. It would take many hodlers and whales to sell to bring the price of bitcoin that low.

Indeed, but same to other people who has bitcoin. Many people will panic sell of course, those who are new to crypto will have a larger potential to do this thing, many people will still buy bitcoin but most of them will be surely large entities and big companies, whales will be happier if this thing happen, they will manipulate the market so they can gain more bitcoin and accumulate more.

[lixer]

"Temporary." That's accurate.
If ever it goes down to $8000 there will always be buyers waiting. Bitcoin ain't like Luna or other altcoins that was forgotten after being dumped hard.
It created a strong trust that even at it's lowest there will always be high amount of demand.
Remember, it will not be the first. Last know dump was from $20k to $3k and look at where it is now. They call it correction but I call it the strength of Bitcoin and it's nature of volatility.

Luna and other altcoins that dumped hard are not forgotten but they are already part of the crypto history and on some time, people will always talk about them and compare them to the best cryptos. For the luna coin, there are still some hope left and people don't give up buying the coin. They expect that the team will pumped it to at least a dollar. Indeed the dump that happened in bitcoin is not the first but it will also not be the last.

I guess that's the reason why some people are confident to wait even if the price have already dumped. They are not afraid to miss the chance because there's always next time. Right, corrections isn't only just a correction but it has a double meaning to some of us.

[TimeTeller]

"Temporary." That's accurate.
If ever it goes down to $8000 there will always be buyers waiting. Bitcoin ain't like Luna or other altcoins that was forgotten after being dumped hard.
It created a strong trust that even at it's lowest there will always be high amount of demand.
Remember, it will not be the first. Last know dump was from $20k to $3k and look at where it is now. They call it correction but I call it the strength of Bitcoin and it's nature of volatility.

Luna and other altcoins that dumped hard are not forgotten but they are already part of the crypto history and on some time, people will always talk about them and compare them to the best cryptos. For the luna coin, there are still some hope left and people don't give up buying the coin. They expect that the team will pumped it to at least a dollar. Indeed the dump that happened in bitcoin is not the first but it will also not be the last.

I guess that's the reason why some people are confident to wait even if the price have already dumped. They are not afraid to miss the chance because there's always next time. Right, corrections isn't only just a correction but it has a double meaning to some of us.

I am just hoping that those who will trust LUNA 2.0 again know what they are getting into.
This LUNA team may be are just looking for a diversion and trying to find a "solution" to get away from heavy backlash from the community.
If the team behind this is anonymous, do you think they will try reviving the project? I don't think so.
So for everyone who will get involved in their new luna version, better get out if you are already in profit once they make it in the exchanges.

And I do agree that bitcoin is not the same in most failed projects.
Even if we have so many ups and downs, it remains the top cryptocurrency.
And when other projects have no chance of revival, bitcoin market always bounces back.

[Botnake]

The crypto market isn't essentially or intrinsically affected by the situations of other financial markets. The reason it is being dragged along is that many investors trade on multiple markets (together with many other factors). They usually move assets here and there but sometimes, they scrape off multiple assets into their pockets all at once. Some of them treat their crypto assets as a lifejacket, which keeps them afloat when the rest of their assets are sinking. Dependence on crypto usually entails increased sell-offs.

Just when we thought things are starting to quiet down and getting ready to swing back, the Federal Reserve announces that they will raise interest rates and tighten their monetary policy to combat inflation, landing another strong blow on the already beaten financial market. And we're likely to see more interest rate increases in the future until they bring inflation under control. One expert says that if economies don't hold up amid these hikes, Bitcoin's price might plunge further to about 70% of its current price, which is around $8000.

But of course, the Fed is careful not to trigger a full-scale recession that will take years to reverse so they'll jack up rates slowly to allow economies to grow simultaneously. Aggressive hikes are out of the question. Raising interest rates helps slow down the economy. When the economy reaches a point tolerable for both consumers and providers, it will start increasing its pace again. This will hopefully prevent any unwanted trends in the crypto market.

But like every bear market we've faced in the past, this situation is temporary. No matter how low Bitcoin's price goes from here, it will recover. That's because the only significant issue big investors have with Bitcoin and crypto, in general, is that they are, in the words of ECB chief Christine Lagarde, "worth nothing." And this can be solved by creating an ecosystem where people get used to using cryptocurrencies for transactions and are confident they will hold their value, which can be achieved with additional technological advances.

If there's one thing humans are good at, it's creating technological advances. And if there's one thing that won't slow down or stop from advancing anytime soon, it's technology. So we are heading that way no matter what.

That is too far to happen but i think everything is possible with bitcoin. And if ever it will reach that point, i would be very glad to buy a lot of bitcoin and fill in my portfolio with most of them. Its very rare that bitcoin becomes too affordable so buying the most of it is certainly the best thing to do. The current btc price is $30,789 and since the market is still in bearish, i guess bitcoin will drop its price more in the next few days.

[coolcoinz]

I understand the fear that BTC will have another correction to 8k but I see that as a huge buying opportunity. Personally, I’m of the opinion that bitcoin Is here to stay and have faith in the technology being relevant in the foreseeable future.

As more and more corporations invest, governments adopt it as legal currency and innovators find new uses for the blockchain; the value will inevitably increase to new highs. At bottom, I’m a long hold on bitcoin and see any dips as opportunities for others to get in.

And I don't understand a fear of 8k because 8k is complete bullshit if you ask me. There's no technicals or fundamentals that would point to an 8k correction.

I'm not a fan of drawing lines in the sand and hoping something will happen, but if you're into TA, regression bands, market theories and all that, you should know a few things, like:

Bitcoin had 80-85% corrections a few times in its life and that correction would mean 13-16k USD bitcoin at the bottom of a bear cycle.
Bitcoin has always stayed above the previous bull market top after reaching a new ATH. If we were to keep that up the bottom would be above 20k USD
Every time Bitcoin had a deep correction like 80% it was after a huge run up of over 10x from the previous high like 100 to 1100 in 2013 and 1000 to 20000 in 2018. This time there was no such overbought top and no big panic like in the previous bull markets that would correct -50% in a few days.
Mining profitability is above 20k
Bitcoin in its 12 years of trading always held the 200 week moving average and this is at 22k USD. It held it in 2012 bear market, 2015, 2019 and even in the 2020 covid crash.
A number of analysts including JP Morgan published their view of the current market state and saw bitcoin as oversold. According to them if not for LUNA manipulation we'd be somewhere between 35 and 40k USD. Luna dump destroyed all leveraged long positions at 35k and pulled us lower. This wasn't a natural market selloff but rather a rare unexpected event.

People who are coming out with 8k simply want to capitalize on panic and make people freak out even more and you can look up the guy who said it. Last year he was telling people that bitcoin would reach 400k USD. That's how good he is at predicting the price.

[24Kt]

I understand the fear that BTC will have another correction to 8k but I see that as a huge buying opportunity. Personally, I’m of the opinion that bitcoin Is here to stay and have faith in the technology being relevant in the foreseeable future.

As more and more corporations invest, governments adopt it as legal currency and innovators find new uses for the blockchain; the value will inevitably increase to new highs. At bottom, I’m a long hold on bitcoin and see any dips as opportunities for others to get in.

Well, we are now back again to the $30k level. I don't think we will go down to 8k again. But yes, if in case there will be market crash, I believe a lot of whales are just waiting for that scenario to happen. But going back to where we are now. $30k level is still a very good price to accumulate. Because if you are a believer, you know it is only a matter of time before we see it moving up again. And when that happens, you are already regretting that you haven't bought your stash.

[Finestream]

The crypto market isn't essentially or intrinsically affected by the situations of other financial markets. The reason it is being dragged along is that many investors trade on multiple markets (together with many other factors). They usually move assets here and there but sometimes, they scrape off multiple assets into their pockets all at once. Some of them treat their crypto assets as a lifejacket, which keeps them afloat when the rest of their assets are sinking. Dependence on crypto usually entails increased sell-offs.

Just when we thought things are starting to quiet down and getting ready to swing back, the Federal Reserve announces that they will raise interest rates and tighten their monetary policy to combat inflation, landing another strong blow on the already beaten financial market. And we're likely to see more interest rate increases in the future until they bring inflation under control. One expert says that if economies don't hold up amid these hikes, Bitcoin's price might plunge further to about 70% of its current price, which is around $8000.

But of course, the Fed is careful not to trigger a full-scale recession that will take years to reverse so they'll jack up rates slowly to allow economies to grow simultaneously. Aggressive hikes are out of the question. Raising interest rates helps slow down the economy. When the economy reaches a point tolerable for both consumers and providers, it will start increasing its pace again. This will hopefully prevent any unwanted trends in the crypto market.

But like every bear market we've faced in the past, this situation is temporary. No matter how low Bitcoin's price goes from here, it will recover. That's because the only significant issue big investors have with Bitcoin and crypto, in general, is that they are, in the words of ECB chief Christine Lagarde, "worth nothing." And this can be solved by creating an ecosystem where people get used to using cryptocurrencies for transactions and are confident they will hold their value, which can be achieved with additional technological advances.

If there's one thing humans are good at, it's creating technological advances. And if there's one thing that won't slow down or stop from advancing anytime soon, it's technology. So we are heading that way no matter what.

If bitcoin gets to be the cheapest this time, having $8k as its price, i think that will give big opportunity to everyone to buy and hodl. Even myself i would grab the chance and buy good amount of bitcoin because i know that would bring a lot of fortune and huge profits after years of hodling. I just hope the newbies will also do the same as they always prefer to invest in shitcoins rather than spending their money with bitcoin.

[Spontaneous]

   If that will happen maybe I buy that coins so that In the future the price of BTC will increase an I can earn profit easily.

[Deborah Christine]

In 2018 bitcoin once touched 8000$, but in my opinion it is impossible to return to the 2018 price. even if it drops by 20,000$ at most. Because since 2016 I know bitcoin has never returned to the price of the previous 4 years.

[blockman]

In 2018 bitcoin once touched 8000$, but in my opinion it is impossible to return to the 2018 price.

The lowest by that year was $3k. Well, I don't want to say it but everything on the market is possible, with positive and negative price predictions.

even if it drops by 20,000$ at most. Because since 2016 I know bitcoin has never returned to the price of the previous 4 years.

It's because of the halving that happened by that year. We know that every halving, there's a significant effect and impact on the price of bitcoin and as we approach the next one, a lot of possibilities can happen. But don't be confident so that it won't hurt you as you expect.

[Pamadar]

People would definitely sold many of their physical assets just to buy bitcoin at that price because they will think it will give them huge gains once it goes up again. Bitcoin is above $20k for more than a year now so it's easy to say many people bought above that price. No one would be stupid enough to sell their bitcoin just because of the fear in market sentiment. It would take many hodlers and whales to sell to bring the price of bitcoin that low.

Indeed, but same to other people who has bitcoin. Many people will panic sell of course, those who are new to crypto will have a larger potential to do this thing, many people will still buy bitcoin but most of them will be surely large entities and big companies, whales will be happier if this thing happen, they will manipulate the market so they can gain more bitcoin and accumulate more.

Strong hands always manifest huge benefits, whales and large bitcoin holders are people who understand the

business the right way, they will keep on collecting those cheap assets if in case a massive dump takes place to the point that the
price goes back to that level.

They will just be repeating over and over till the market bounces back and makes a big rally. The nature of this investment is more
on good knowledge and the right sets of patience, the more you can ignore the dump, the better for your investment.

[monineklutak]

In 2018 bitcoin once touched 8000$, but in my opinion it is impossible to return to the 2018 price. even if it drops by 20,000$ at most. Because since 2016 I know bitcoin has never returned to the price of the previous 4 years.

Some time ago when the market continued to experience a downward trend of course there were many people who were worried that this would happen,
things like that are normal but indeed I also believe the price of Bitcoin will not go down to the price in 2018,
apart from that for now it is necessary to look forward and hopefully the price of Bitcoin will rise again

[Myleschetty]

In long run bitcoin is bound to have a bright future. So even if bitcoin falls to low levels I will hodl the bitcoin as much as possible

I believe the reason why we see people asking this type of question when the market is in downtrend season is that some people still don't understand is that the bearish "only exposes the weak coin we have in the market" and it opens another opportunity to buy the strong coin at low price.
If BTC's price fall to $8000 a lot of investors will accumulate more of it.

[19Nov16]

For those who know Bitcoin for at least 4 years, I am sure I have experienced bad things, in 2017 the price of Bitcoin reached almost $ 20k and then dropped up to below $ 4000, and I also sold all the bitcoin that I had when the price was around $ 7600, now a lot of fear that the price Bitcoin will drop under $ 8000, but for those who want to be big profits, this is a good opportunity to buy because I'm sure I will skyrocket again even though I have to wait patiently.

[Botnake]

In long run bitcoin is bound to have a bright future. So even if bitcoin falls to low levels I will hodl the bitcoin as much as possible

Exactly. Bitcoin has been engineered and created to help people to invest while making their funds safe, aside from that reason, every bearish season is a season of benefit for those who truly understand and look at the market positively. But for those weak investors, I won't be shocked if they start to sell their assets or they start to ask questions like "will bitcoin dip even more?" or "will bitcoin recover?". If you're a long-term investor, seasons like bearish are nothing as they cannot affect your goal. Patience is a must to bear more fruits.

[caffinated]

what happens? ill feel sad bout my current btc im holding, then ill buy some cheap corn and go back to sleep