Correction from $30K: Reason to worry?

[yudi09]

Well, as far as I am concerned Bitcoin will probably hit $35k in 2-3 weeks. Hopefully this correction will not lead the market to significant decrease  and end as soon as possible. In addition to that, it is better to take advantage of this opportunity and purchase BTC as much as you can. The more you waste time, the riskier due to this correction is temporary, it might end in a couple of days or maybe less, after that we will possibly see a bull run, so we have to be fully prepared and except the unexpected. Plus, the more you have plans, the safer you are, no matter what happens in the market.

In this relatively short time span, it seems difficult to be able to reach the price you say. This is not my pessimistic attitude towards Bitcoin because anything is still possible to happen but the current market situation in my opinion is still far from getting to that level.

The closing price of $30K only lasted for 1 week since April 11th, even though it had reached a price of $31K as the open price which occurred on April 14th as the highest price this month even though it lasted for a moment.
The current support price has changed which has led many speculators to predict the bears will return.

[dragonvslinux]

If $35K is traded higher Then I will take partials or take full profit.

I hope the same think is need waiting for few week so done the price $35k after correction, For those who have been waiting for a while, there is no doubt that good times are about to come. My opinion is that if someone thinks he can wait a long time and has a long term plan, then it can be a good decision.

Well, as far as I am concerned Bitcoin will probably hit $35k in 2-3 weeks. Hopefully this correction will not lead the market to significant decrease  and end as soon as possible. In addition to that, it is better to take advantage of this opportunity and purchase BTC as much as you can. The more you waste time, the riskier due to this correction is temporary, it might end in a couple of days or maybe less, after that we will possibly see a bull run, so we have to be fully prepared and except the unexpected. Plus, the more you have plans, the safer you are, no matter what happens in the market.

Wow, that is a huge jump though, I mean we are in $27k, so it will be like $8k increased in then next 2-3 weeks? That will be huge. Not saying that I don't trust your prediction, but let's say it's better to put a numbers that is doable though, maybe $31k could be far stretch, but we have reach that price already but it just didn't hold that strong. So let's see, the month is going to end and this might be the first time this year that we might be in red candle as the first 3 months end up very good to us.

I think $35K is possible in 2-3 weeks, but with the recent pull-back remains unlikely. Although $28K broke as support level bears have failed to followed through in the past few days so now price has effectively been in a range between $27K and $31K for around 5 weeks now. It's a bullish structure still imo, but may lead to further consolidation at similar levels for the coming weeks, or a correction, rather than immediate upside.

I'm otherwise not particularly concerned about the month currently being the first red candle since December last year, as a close above $28.5K would turn it into a green consolidation candle. Overall given the quick +50% rise from $20K to $30K within about a month, consolidation near the highs remains bullish for Bitcoin if price can hold recent lows around $27K, and also shouldn't be all that surprising right now.

[aryana42]

If $35K is traded higher Then I will take partials or take full profit.

I hope the same think is need waiting for few week so done the price $35k after correction, For those who have been waiting for a while, there is no doubt that good times are about to come. My opinion is that if someone thinks he can wait a long time and has a long term plan, then it can be a good decision.

Well, as far as I am concerned Bitcoin will probably hit $35k in 2-3 weeks. Hopefully this correction will not lead the market to significant decrease  and end as soon as possible. In addition to that, it is better to take advantage of this opportunity and purchase BTC as much as you can. The more you waste time, the riskier due to this correction is temporary, it might end in a couple of days or maybe less, after that we will possibly see a bull run, so we have to be fully prepared and except the unexpected. Plus, the more you have plans, the safer you are, no matter what happens in the market.

Do you have any analysis or data to prove that what you say is possible, or are you just sharing your thoughts and that's what you want to happen? I don't see any signs that bitcoin will end its correction any time soon and the price will rise to $35k in 2-3 weeks. Bitcoin is still unpredictable, and what we can do is hope.

[Yatsan]

Thing is normal and is anticipated by many people in this industry especially those who's been here for years. The market price of it won't continuously increase in a consistent manner. Chart is the key here; there is a massive overbought above $30k and if it would continue then there could be a collapse between demand and market price. The market price continuously increased from $15k up to Thirty, within three moneths which is not something to hope as sustainable. Correction which happened may be as low as $24k, less, or more; no one knows. So for now, waiting is more advisable. Also, to view this scenario whether positive or negative, depends on you 'coz to most of the investors, this is a good opportunity for them to invest and wait for the bullrun.

[justdimin]

Do you have any special reason to believe in a price jump of even 30% in less than one month? I'm not saying that there is no possibility of this happening, but I see only bad news on the horizon, whether it's about the US or the EU, not to mention that the war in the east of Europe will soon enter a very critical phase because a massive offensive is being prepared by the Ukrainians.

Anyway, this year should be in a positive sign when it comes to economic recovery at the global level. I do not believe that the price of Bitcoin will deviate too much from these trends, and the additional tailwind can only be a few more banks that will experience a collapse - because maybe that is the reason why we have witnessed an increase in the price of BTC of almost 100% in a relatively short period of time.

You may, I do not. First of all the price could always jump when something bad happens, because something bad in the world would usually mean either inflation or simply just terrible economy and when that happens it does help the world of crypto as well. Look at pandemic, we reached 68k price, why and how? Because economy was doing terrible and inflation was at all time high levels and that caused bitcoin price to soar as well.

This is what believe is in the future if you think there will be bad things. However, I also do not think that all of that will happen, wars will be eventually over, finances fixed, elections over, everything will be much better in the future, we will not have what we are afraid of today, it will all come to pass and we will go back to our regular life.

[Oasisman]

Do you have any special reason to believe in a price jump of even 30% in less than one month? I'm not saying that there is no possibility of this happening, but I see only bad news on the horizon, whether it's about the US or the EU, not to mention that the war in the east of Europe will soon enter a very critical phase because a massive offensive is being prepared by the Ukrainians.

Anyway, this year should be in a positive sign when it comes to economic recovery at the global level. I do not believe that the price of Bitcoin will deviate too much from these trends, and the additional tailwind can only be a few more banks that will experience a collapse - because maybe that is the reason why we have witnessed an increase in the price of BTC of almost 100% in a relatively short period of time.

You may, I do not. First of all the price could always jump when something bad happens, because something bad in the world would usually mean either inflation or simply just terrible economy and when that happens it does help the world of crypto as well. Look at pandemic, we reached 68k price, why and how? Because economy was doing terrible and inflation was at all time high levels and that caused bitcoin price to soar as well.

This is similar to what Robert Kiyosaki have to said about Bitcoin in the middle of high inflations. I'm not quite sure if his recent statement can have a positive in Bitcoin, but I really hope that people would realize that as early as now. Robert is not wrong about his statement that "Cash is trash" when Feds were printing a lot of money without anything to back it up. These were all the product of the pandemic anyway.
So, if people would start to realize how to secure their money, their savings, they will also learn that Bitcoin is one of the top option to do it.
I don't worry much about what will happen next after the $30k, it may crash a bit, but I think it would recover for up to $35k in the coming weeks.  I have seen several positive prediction and analysis lately, so I expect something about a recovery after Bitcoin made a short pull back.

[dragonvslinux]

As a sort of update to this thread, price is currently finding some support from 50 Day MA for the second consecutive day which looks like a promising sign, despite all expectations:



Personally I think reclaiming $28K will be the current challenge in order to continue upside momentum. As can be seen by volume traded, it's a significant trading zone after $23K. I also admittedly didn't expect much support from this moving average, due to it's lack of significance last month in supporting the price, but arguably last month the rejection from $25K may have spooked traders a lot more than that of $30K.

As I mentioned before, despite $28K failing to act as support, price remains in a range between $27K and $31K for the past 5 weeks which remains far from bearish.

[lixer]

Do you have any analysis or data to prove that what you say is possible, or are you just sharing your thoughts and that's what you want to happen? I don't see any signs that bitcoin will end its correction any time soon and the price will rise to $35k in 2-3 weeks. Bitcoin is still unpredictable, and what we can do is hope.

I'll probably back you up on that, the unpredictability of the market doesn't show any signs that the price will grow significantly within a couple of weeks since we can see that we are still in the correction phase, though the price is quite stable at around $27k, that doesn't mean that the correction is done and the price will go up from here.

I'm expecting a lower price from the correction honestly and that is the reason why I don't think that we are done yet. It will probably go below $25k at least, though I want it to go lower so that there is a better buying window.

[dragonvslinux]

As a sort of update to this thread, price is currently finding some support from 50 Day MA for the second consecutive day which looks like a promising sign, despite all expectations:

As a relevant update, this moving average seems to have projected price back to the upside, despite my scepticism that it would act as meaningful support:



With price now back at $30K it may soon to be time to lock this poll & thread, but will wait to see if price can reclaim this level or whether there will be further rejection. At least on short-term time-frames like 1hr and 4hr price is now overbought and facing resistance around the $30K short-term distribution level. By comparison the Daily RSI is only just re-testing bullish levels and therefore far from oversold.

The coming days and weeks could become very interesting for Bitcoin's price if it can leave the $27K to $31K trading range it has remained within for the past 5 weeks.

[ivankoh]

The 30k correction has certain worries but if you compare the anxiety with the macro trend structure bitcoin is creating.  I think it won't matter, bitcoin is restructuring full price recovery base, my prediction is bitcoin could end April candle at $30k, move sideways a bit early in the month  5 and back to a super rally near $35k.  Compared to the x2 gain from $15k at the end of 2022, profit-taking pressure is for short-term players but it's not an option as the bitcoin trend is becoming solid for the long-term.

[South Park]

Do you have any analysis or data to prove that what you say is possible, or are you just sharing your thoughts and that's what you want to happen? I don't see any signs that bitcoin will end its correction any time soon and the price will rise to $35k in 2-3 weeks. Bitcoin is still unpredictable, and what we can do is hope.

I'll probably back you up on that, the unpredictability of the market doesn't show any signs that the price will grow significantly within a couple of weeks since we can see that we are still in the correction phase, though the price is quite stable at around $27k, that doesn't mean that the correction is done and the price will go up from here.

I'm expecting a lower price from the correction honestly and that is the reason why I don't think that we are done yet. It will probably go below $25k at least, though I want it to go lower so that there is a better buying window.

The price is showing signs of great instability, after reaching 27k the price recovered and for a short period of time we were above 30k, but then in the span of one hour the price went below 28k, to me these are conditions in which it is not advisable to trade at all as the market is too unstable, and someone using leverage could probably be destroyed as the changes are so fast that if you did not used a stop loss you could lose everything if you got distracted during a few minutes.

[Natalim]

With price dropping today from $30K to around $29K, are you worried there will be a deeper correction, or return to bear market, or is this just the short-term correction before re-testing $30K?

Many speculators anticipated rejection from $30K level, as this was previously support for 18 months in from 2021 to mid 2022 and could become strong resistance. Although so far (as of writing) we have only seen a -5% correction to $29K. Ultimately I think it's too early to tell if price will correct further to $25K, $23K or break the recent higher low of $20K. But nonetheless people have started to get concerned, hence this thread.

If we all had felt worries about every price drop, it only means that we don't have faith and trust in Bitcoin. And most of all, it was an indication that we still don't clearly understand the volatility of the market and it works. In fact, you can never think that it is all an increasing price trend but correction is normal in the crypto market. Therefore, we never have to expect that dumps are impossible because even if the price of Bitcoin will reach $30k, there is a chance that it drops back to $20k. But if we have faith, why we should be bothered with such a movement as it eventually rises back again?

[Sorryfor]

The 30k correction has certain worries but if you compare the anxiety with the macro trend structure bitcoin is creating.  I think it won't matter, bitcoin is restructuring full price recovery base, my prediction is bitcoin could end April candle at $30k, move sideways a bit early in the month  5 and back to a super rally near $35k.  Compared to the x2 gain from $15k at the end of 2022, profit-taking pressure is for short-term players but it's not an option as the bitcoin trend is becoming solid for the long-term.

The Bitcoin market has been fluctuating to a certain extent since the beginning of April. If we notice, this month the Bitcoin market touched $31,000. I think there is a possibility of another change in the Bitcoin market come May next month. $35,000 dollars is a normal possibility, but the market is likely to be a bit dumping at the moment. However, there will not be as much market dumping in 2023 as in 2022. Certainly since the beginning of this month, the Bitcoin market has seen a slight upward trend.

[dragonvslinux]

Worth noting that despite price bouncing from the 50 Day MA last week, price is now struggling to hold onto this moving average as support as price breaks down below $28K:



Still not convinced this is a time to worry. On Weekly time-frame the 200 WMA is currently around $26K and previous resistance is at $25K that could be turned into new support. But failing that, as I've mentioned before, most of the trading/accumulation volume begins at around $23K (down to $19K). The red box is otherwise highlighting the current resistance zone that price has been struggling to stay within.

One thing worth mentioning is the volume gap between around $28K and $25K, as can be seen by the volume profile, hence I don't see much support between this level volume wise.

[dansus021]

Worth noting that despite price bouncing from the 50 Day MA last week, price is now struggling to hold onto this moving average as support as price breaks down below $28K:

Still not convinced this is a time to worry. On Weekly time-frame the 200 WMA is currently around $26K and previous resistance is at $25K that could be turned into new support. But failing that, as I've mentioned before, most of the trading/accumulation volume begins at around $23K (down to $19K). The red box is otherwise highlighting the current resistance zone that price has been struggling to stay within.

One thing worth mentioning is the volume gap between around $28K and $25K, as can be seen by the volume profile, hence I don't see much support between this level volume wise.

dragonvslinux my fav user on speculation board

By using your chart as a Data In my opinion the price would pretty much side away from 27K level to 30K level and even tho is a down turn like you said the 25K level would be a major support.

the volume is pretty much low maybe exhaust for bull and can be great to accumulate more put orderbook at 25K level would be nice. hehehe

[BobK71]

Do you have any analysis or data to prove that what you say is possible, or are you just sharing your thoughts and that's what you want to happen? I don't see any signs that bitcoin will end its correction any time soon and the price will rise to $35k in 2-3 weeks. Bitcoin is still unpredictable, and what we can do is hope.

I'll probably back you up on that, the unpredictability of the market doesn't show any signs that the price will grow significantly within a couple of weeks since we can see that we are still in the correction phase, though the price is quite stable at around $27k, that doesn't mean that the correction is done and the price will go up from here.

I'm expecting a lower price from the correction honestly and that is the reason why I don't think that we are done yet. It will probably go below $25k at least, though I want it to go lower so that there is a better buying window.

The price is showing signs of great instability, after reaching 27k the price recovered and for a short period of time we were above 30k, but then in the span of one hour the price went below 28k, to me these are conditions in which it is not advisable to trade at all as the market is too unstable, and someone using leverage could probably be destroyed as the changes are so fast that if you did not used a stop loss you could lose everything if you got distracted during a few minutes.

Over the past 7 days, Bitcoin price has fallen by about 4.9 percent and continuing since the beginning of May. We found downtrend in the last 24 hours as well. If this trend continues then $25K could be a major support zone. The month of May has just started and we will be able to predict where the market will go depending on the movement of Bitcoin in the second week. But I wouldn't worry with a little correction. This price may be recovered again with in this month.

[Negotiation]

Bitcoin went down $30K in a few days but there is no reason to worry, the price of bitcoin always goes up and down. Prices are expected to rise and long-term investments will yield good returns. Bitcoin sentiment This type of analysis helps determine the future price of bitcoin based on market sentiment. Here, various surveys and metrics are analyzed the sentiment is based on the statement that the market goes against the main trend. This is what we have now 75% of analysts expect BTC to rise.

[CapGelatik]

no, a correction of $30k is not a reason to be a serious problem,
because a correction will make the Bitcoin price really healthy in the transition to a bull market,
if historically the Bitcoin price is bullish again ahead of the Halving, of course there is a possibility that this is the time for a Bitcoin turn to Bullish,
if $ 30k is passed again then I'm sure it will be bullish again.

[19Nov16]

When the price continues to fall of course we are worried because many say that the price will continue to decline, but today the market is moving positively and back again to $ 28k, I am optimistic that this week the price will reach $ 30k again, let's keep buying and don't panic if there is a correction because the price will be easy and fast to recover.

[$crypto$]

Bitcoin went down $30K in a few days but there is no reason to worry, the price of bitcoin always goes up and down. Prices are expected to rise and long-term investments will yield good returns. Bitcoin sentiment This type of analysis helps determine the future price of bitcoin based on market sentiment. Here, various surveys and metrics are analyzed the sentiment is based on the statement that the market goes against the main trend. This is what we have now 75% of analysts expect BTC to rise.

Now bitcoin is showing signs of recovery again after a few days of decline, but after I noticed that in terms of the correction, it immediately returned to its original point, only sometimes to reach $30k, it still takes some time after it has succeeded in the opposite direction, so the breakout can be more than what was expected maybe $35K is a good benchmark for further resistance.

The long-term expectation is no doubt we started for a long time but market sentiment always affects some investors who panic, while they can still hold and continue to do best buy analysis over a period of time then that's good.