Was 17600$ was the bottom ?

[suzanne5223]

Yesterday the bitcoin price dumped to 17,600$. A lot of people are saying that the bottom would be 12,000$ or 15,000$. Some even think that 6000$ is on the cards. However, we have seen some recovery in the price and it is now above 19500$.

Maybe 17600$ was the bottom or do you think there is more dump in the coming days/weeks?

You have almost the same thread created just an Hour after another thread was created in speculation section here

https://bitcointalk.org/index.php?topic=5403237.msg60400853#msg60400853

though there is 500$ difference from the said thread , now we are looking for more lowering price and yet ?

Maybe it is the bottom? or this is the next lowering in the following days.

If Bitcoin continues its 4years cycle legacy, yes we should be looking for a lower price but this may not happen this Q2 and it should be expected in December.
Therefore, $17600 is not the bottom price and I expect the last bottom price to be at least $13,757. This is my prediction based on the historical price of the Bitcoin market and the prediction may not be accurate but $17,600 is definitely not the last bottom price.

[KaliLinux]

Yesterday the bitcoin price dumped to 17,600$. A lot of people are saying that the bottom would be 12,000$ or 15,000$. Some even think that 6000$ is on the cards. However, we have seen some recovery in the price and it is now above 19500$.

Maybe 17600$ was the bottom or do you think there is more dump in the coming days/weeks?

Just a couple weeks ago people were asking if 30k was the bottom and many thought so.
In the thread I made many people thought that we wouldn't fall lower and some who did think that we'd go to 23k or 20k. For me going below 20k was also a huge surprise because we rarely touched any levels below 200 WMA. You can see that in the well-known stock to flow model that we stopped following last year for the first time in many years.

Just as @darkangel11 has stated above, I feel this is something we should be concerned about, that is the 200WMA

The last time the market fell majorly below it was back in Nov. 2018 and the market didn't get out of it for approximately three months, I am not saying this might repeat but who knows but we do understand that that is a major resistance the market now needs to close above to continue the momentum upwards.

[ChrisPop]

I'd say that the ~$12k level would definitely act as a good base for Bitcoin to bottom out. However there is always the black swan event. The instability in international politic relations is not doing any good to the economy and we all feel that. As far as I am concerned I'm not convinced that Russia won't release a military war on NATO in the next few months. Historically after economic and politic conflicts, military ones come.

But nevertheless I see the area around $12k to be a very strong support level that could act as a springboard for Bitcoin. The "big players" are surely watching that level as well so prepare to see serious volatility if we reach that target.

[sklopan]

Frankly, I have my doubts. I've seen forecasts from various traders who talk about a day at around 12,000. Well, for now, the only thing left to do is wait.

[Adbitco]

We have seen $30k many were saying that was the end speculating it wouldn't go below $27k but yesterday it was down to +17k and now have recovered and gain momentum another still speculating again saying that could be the end of the bull. My question is; How many Bitcoin are holding to determined the market?
i guess those have thousands can say and shake the market. why getting worried over what you don't have instead acquire it when it low.

[Minecache]

Nobody really knows…btc may go to $10k if the fed keeps raising the interest rates. But on the other hand, the markets may have priced in the rate hikes already. If that’s the case then yes, $17600 should be the bottom. We will see what’s going to happen soon You should have a plan for every market condition.

Since inflation does not seem to be slowing down, the Fed will continue to raise interest rates until the end of 2022. As interest rates rise, bitcoin and other risk assets will drop.

As of today, bitcoin is up and above $20k, but we cannot determine whether $17.6k is the final bottom of this bear cycle. The only thing we can do is prepare for the worst that can happen, even if it has never happened before.

[Jawhead999]

12,000$

Unlikely

15,000$

Possible

6000$

Highly unlikely

I don't think Bitcoin will break the previous crash percentage from it's ATH on 2017/2018 year, it's around 85% dump. Now we're around 70% from the previous ATH, so it should goes lower to $15K if many people still want to make Bitcoin price decrease. As soon as whales saw the Bitcoin price is touched $15K, they will start bought the dip, like when Bitcoin touch $17K.

[dragonvslinux]

I don't see much more of a dump in the coming days or weeks now that $20K has been reclaimed. Getting back above the 200WMA @ $22.4K would likely cement that theory further. But I wouldn't rule out a dump to $12K in the coming months if price get's rejected from $30K (previous support) and fails to hold the 200WMA as support thereafter.

For now, price remains too oversold on the Weekly time-frame for lower prices imo, at least now we've seen a reasonable bounce from previous volume support level of $17.5K to $20K.

[LFC_Bitcoin]

Possibly not, we usually bottom in December or early year (before the halving, which is in 2024). So in essence late 2022 or early 2023 SHOULD be the bottom if we are reflecting previous cycle bottoms. Obviously past performance doesn’t always repeat. I think possibly we go lower though, I hope not but it is what it is. Governments will probably announce a great recession later this year which would ignite another sell off. Also MtGox trustee might unload those coins back onto the market plus companies like BlockFi might blow up as we saw with Celsius & other lately.

I hope the bottom is already in but I doubt it.

[dragonvslinux]

Possibly not, we usually bottom in December or early year (before the halving, which is in 2024). So in essence late 2022 or early 2023 SHOULD be the bottom if we are reflecting previous cycle bottoms. Obviously past performance doesn’t always repeat. I think possibly we go lower though, I hope not but it is what it is.

Maybe you are right that the end of the bear market will be at the end of the year, November/December time. In fact I also think that price will bottom out then as well (1 year after ATH). But you do really think Bitcoin will need to go lower than it's current low (or near future low) in order to confirm the end of the bear market? This is the part that I'm not so convinced about, as the momentum for the bull market ended in May 2021, so I wouldn't be surprised to see bear market momentum ending a year later either, with instead a "traditional" re-test of the 200 WMA around $25K or something similar at the end of the year.

I'm just trying to factor in the differences between the 2021 bull market and how it could effect the 2022 bear market, while respecting the theory of the 4 year cycle rule. For example it hasn't taken 12 months to reach the 200WMA after the ATH, but only 6 months. Coincidently, it has taken 12 months since bullish momentum ended. Maybe this will be re-tested in 6 months @ $25K, or even much later in 12 months around $30K.

[stompix]

Grab some popcorn and go over these topics
They have all the same reasoning for the bottom at the price mentioned just like this one

Bitcoin's Recent Drop Below $60K Is Not Worrisome, Analyst Says
Will $50,000 be the resistant price?
₿ not going below 40.000 (probably)
Is $34k the bottom??
is $30k the bottom for this dip?
Was $25K the bottom?

But just like a broken clock, if we make a topic at every 1k increment, at least once we're going to get it right!

[SpenserReed]

Maybe 17600$ was the bottom or do you think there is more dump in the coming days/weeks?

Yeah, I really think this was a real bottom

[smartaction]

Yesterday the bitcoin price dumped to 17,600$. A lot of people are saying that the bottom would be 12,000$ or 15,000$. Some even think that 6000$ is on the cards. However, we have seen some recovery in the price and it is now above 19500$.

Maybe 17600$ was the bottom or do you think there is more dump in the coming days/weeks?

Actually I don't know if this is true. But if it broke the support of $20K, it was likely to go to $13K. However, it started reasing again from 17 and rose to 21. However, it cannot be said yet that Was 17600$ was the bottom. It may decrease again.

[cabron]

Yesterday the bitcoin price dumped to 17,600$. A lot of people are saying that the bottom would be 12,000$ or 15,000$. Some even think that 6000$ is on the cards. However, we have seen some recovery in the price and it is now above 19500$.

Maybe 17600$ was the bottom or do you think there is more dump in the coming days/weeks?

Actually I don't know if this is true. But if it broke the support of $20K, it was likely to go to $13K. However, it started reasing again from 17 and rose to 21. However, it cannot be said yet that Was 17600$ was the bottom. It may decrease again.

There is no telling where the bottom really because every time frame has its bottom. The weekly chart shows the bottom @17k which is where we are right now. This bounce can still be considered a dead cat bounce.

Looking at the monthly chart, we have yet not touched the bottom. So it could dump going that low to 13k or could also go straight up.

[masulum]

According to some analysis, the bottom of BTC should be in the 12-15K area, if at this price it breaks, then there is a possibility that bitcoin will return to 10K. However, going back to market sentiment, if in the end the market sees 17K is the deepest, then BTC could slowly reverse from this price. Everything is just a prediction, it could be wrong predictions.

[darkangel11]

Yesterday the bitcoin price dumped to 17,600$. A lot of people are saying that the bottom would be 12,000$ or 15,000$. Some even think that 6000$ is on the cards. However, we have seen some recovery in the price and it is now above 19500$.

Maybe 17600$ was the bottom or do you think there is more dump in the coming days/weeks?

Few days back, people were saying 20k will be the lowest. Now we have seen something else.
See mate Cryptos are now a days very much unpredictable.
Many factors are affecting for which the price is so down.
Maybe Bitcoins might fall more, but it won’t drop less than 15k usd.
The reason for Bitcoins sudden increase in price from 17k to 19k is due to the traders who started buying the Bitcoins, seeing the low price.
Hope soon the bear market ends, and the cryptos turn green.

20k made a lot of sense if you think about it. It was the prior high which should be a strong support. It also was below 200 week moving average that serves as strong support in every bear market.
The panic was just too much for these levels to hold and it was all bought by whales. Just check some of the richest addresses and you'll see they were accumulating below 20k 1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ, one of the biggest whales, bought over 1,5k BTC and started buying on 14.6 which was the day we first touched 20k.

[Fatunad]

According to some analysis, the bottom of BTC should be in the 12-15K area, if at this price it breaks, then there is a possibility that bitcoin will return to 10K. However, going back to market sentiment, if in the end the market sees 17K is the deepest, then BTC could slowly reverse from this price. Everything is just a prediction, it could be wrong predictions.

Basing on technicals then 12k or even 10k could really be that possible but there are no assurance for it to be hit and speaking with the current price as of this moment on which it's starting to cling or climb up but doesn't give out any sureness that it couldn't drop even further or simply shows some dead cat bounce if we do sepak about technicals but we know that this market is really that unpredictable or something that can't really be predicted on what's gonna happen next.Always presume about the possibilities about price crash and correction which is something normal or usual on this market.

[Fortify]

Yesterday the bitcoin price dumped to 17,600$. A lot of people are saying that the bottom would be 12,000$ or 15,000$. Some even think that 6000$ is on the cards. However, we have seen some recovery in the price and it is now above 19500$.

Maybe 17600$ was the bottom or do you think there is more dump in the coming days/weeks?

We should be very careful at assuming that number is the bottom, we are seeking all sorts of problems in the world economy and it feels like they are just beginning right now. Stock markets took a mini tumble but we are barely breaking the surface of bad news to come with the inflation rate in many countries still widely out of control, people had a lot of savings from Covid and the jobless rate is low - but one day soon that flip will start to switch. Highly risky assets are among the first to be dropped and they have been taking a rather steady decline lately, it's possible if the stock markets drop quick in a crisis then Bitcoin will drop right alongside them. Now is the time to diversify a little if Bitcoin is all you have, I'd rather have 50% of something than 10% because I left it too late to get out.

[GeorgeJohn]

Yesterday the bitcoin price dumped to 17,600$. A lot of people are saying that the bottom would be 12,000$ or 15,000$. Some even think that 6000$ is on the cards. However, we have seen some recovery in the price and it is now above 19500$.

Maybe 17600$ was the bottom or do you think there is more dump in the coming days/weeks?

what i really want us to know about bitcoin regulatory system of increment and decrement is that know one knows the proportion Bitcoin or measure Bitcoin will take in next. Because bitcoin price can be stablize or decreases more, it's the determination of market cap to know the strong bond of bitcoin market regulations or not. Discussing something under assumptions or making a point of speculation in price is not suppose to be dependable. That's while i followed what the give to me.

[Poker Player]

This is the million dollar question and in order to predict it exactly we would have to know what events are going to happen and what influence they are going to have on the price, which is impossible.

If we are going to analyze, it doesn't seem far-fetched to me that we will still go lower than that price in the future dip, but I don't see us going much lower than that because prices under $20k are a bargain for those who have a long term vision and trigger buy orders.