Bear Market Reaches $27605 - Will the Downtrend Continue?"

[Hatchy]

in the recent week, Bitcoin and other cryptocurrencies has been experiencing significant price drops after it reach an all time high of $30,000/$29,217.94in April.

As of today 9th of may, the bear market has reached $27605, leaving many investor to wonder if this downtrend will continue or if we should be expecting a recovery any time soon.





  The current bear market is it going to be temporary or a long term? for my fellow investors out there, how are you managing during this downturn? are you still holding onto your assets or buying more?

Bears Reach 27605 - 9 May 2023

[Oshosondy]

The current bear market is it going to be temporary or a long term? for my fellow investors out there, how are you managing during this downturn? are you still holding onto your assets or buying more?

There is bear market again but it is certain that bitcoin will get to all-time-high. It may take a year or two years before this would happen but it would definitely happen.

It is not even a bear market to me yet until I see bitcoin at $23000 to $20000 again in the bear trend. This will make me buy bitcoin again significantly. All-time-high is certain.

[348Judah]

We are not in this flr the first time neither are we going through such for the last time, this is why bitcoin is a volatile cryptocurrency, you can't predict accurately the move or direction of the price because the demand and supply rate set most of this in place, and now tgat wr are close to halving, we should be expecting more of this as it do appears sometimes that bitcoin price drops a little bit in preparation to surge high, you can also DYOR on this.

[BitMaxz]

Actually, no one knows and I don't think it's a bear market if you look at the 3-month chart the price is still at a higher price compared to February and March.

And look at the weekly chart as you can see the price is pretty stable at 27k to 29k I don't think if the price will drop below 27k because that is a resistant level or if it drops to 26k I believe it will pump again soon at 27k. That's just my own prediction because I already made a couple of bucks from ups and down these past few weeks.

[dragonvslinux]

Currently price has been range-bound between $27K and $31K for the past 6 weeks, that's the other way to look at the current -8% correction from recent highs around $30K. I'd otherwise say that $28K is the accumulation/distribution zone based on volume, but price has also flirted with moving above and below without much significant follow through, so for now this remains more of a "magnet zone" for price to return to.

I said the same last month at $27K that if this level doesn't hold then we can see re-tests of previous resistance, like $25K, even $23K previous support zone where there is high volume. But as long as price remains above $27K, I don't think there's much to worry about. As for how long a correction could last, that's anyone's guess. Anywhere between 6 days and 6 months would be mine.

PS - This topic otherwise belongs in speculation board

[Pity Token]

There is a head and shoulders pattern forming, lets just say it doesn't look good!

[JoyMarsha]

How long the bear market would persist is unknown. In the next few days or weeks, it does appear like the price of Bitcoin will begin to trend downward. The best course of action right now is to continue buying more bitcoin as much as you can.

I anticipated that bitcoin will drop to $25k before starting to bounce back up in price. It is likely that Bitcoin will drop below $25k in a few days if the current network congestion that started today persists.

[CryptoHeadlineNews]

With the look of things I feel the price of bitcoin is going to keep falling, because I just checked its price now and noticed it have fallen again to $27,476 which is a huge difference of over $2500 ever since this recent bear market started 3days ago (5th May) at bitcoin $29,500. But whether the down trend had continued, it wouldn't had been my problem if only the transactions fee was still normal as usual, unlike the just recent exorbitant high in bitcoin transaction fee ever since this bear market started, which is preventing a whole lot of persons from transferring bitcoin from one wallet to another.

[serjent05]

As far as I know, we have not yet gotten over the Bear market, we are currently in transition so the market may look bullish and at the same time bearish.  It depends on the market sentiment for now.  Since there had been this network congestion and the tx fee hike, I believe the bearish market sentiment take over and that is the reason we had some price decline right now.  I think if the congestion and tx fee does not return to normal, we might see another price crash ahead.

[Z-tight]

in the recent week, Bitcoin and other cryptocurrencies has been experiencing significant price drops after it reach an all time high of $30,000/$29,217.94in April.

BTC's all time high isn't $30k, BTC's all time high is ~$68k. BTC price has not had any significant drops for weeks now, or did you just check today after a long time, the price has been stable between $26k-$30k.

As of today 9th of may, the bear market has reached $27605, leaving many investor to wonder if this downtrend will continue or if we should be expecting a recovery any time soon.

If we are to go by the recent movements for the past weeks now, then it should recover to around $29k-$30k soon.

The current bear market is it going to be temporary or a long term? for my fellow investors out there, how are you managing during this downturn? are you still holding onto your assets or buying more?

I won't call this a bear market, but the price is good to buy more, so i am doing both: holding what i have already accumulated and adding more BTC's to it.

[usekevin]

Now the price of the most of the coin which includes the bitcoin was red now.The current market also enable the high fee of bitcoin as like the old period.It’s essential one for the traders to hold all their crypto assets for now.The currency bear market will change to bull  by sometime,because it take some time.The people also facing the high transaction fee for the bitcoin transaction.If this one continue,the new technology will be found as like Binance Smart Chain.Now mostly based on the bitcoin used for bitcoin Transaction fees.When the bull market up,the people can earn  good money by which they invested on the bear market.

[Ojima-ojo]

With the look of things I feel the price of bitcoin is going to keep falling, because I just checked its price now and noticed it have fallen again to $27,476 which is a huge difference of over $2500 ever since this recent bear market started 3days ago (5th May) at bitcoin $29,500. But whether the downtrend had continued, it wouldn't have been my problem if only the transactions fee was still normal as usual, unlike the just recent exorbitant high in bitcoin transaction fees ever since this bear market started, which is preventing a whole lot of persons from transferring bitcoin from one wallet to another.

No mate, bitcoin is not in a bear market yet, and for  you to say Bitcoin bear market entered a bear market in the last 3 days is false also, what you should note about fee hikes in recent times  is that this is not the first time Bitcoin memopol will be congested and since Bitcoin network follows a pattern and cycle it now relieving to know that the current situation won't continue for long.

Just like in the 2017 network crisis, we shouldn't take this as bitcoin (DOS).

[carlisle1]

As far as I know, we have not yet gotten over the Bear market, we are currently in transition so the market may look bullish and at the same time bearish.  It depends on the market sentiment for now.  Since there had been this network congestion and the tx fee hike, I believe the bearish market sentiment take over and that is the reason we had some price decline right now.  I think if the congestion and tx fee does not return to normal, we might see another price crash ahead.

We are still in that stage and it's good to see that you pointed the transaction fees, if this congestion will continue, we might see more
collapse to take place, considering that investors and traders are being move any related news regarding to how crypto is moving.

though I can also say that we might see another bounce just like what happened few weeks ago, a dump take place but Bitcoin managed to bounce back.

Maybe it's better to observe and make another good analysis before buying if you are planning to add some inside your wallet.

[thecodebear]

Uh the bear market ended almost two months ago. This is just a dip. Not even a dip really, just ranging. Price has been ranging from $27k to $31k (mostly $27k - $29k) since mid-March after the bear market ended. Just gotta wait until the range breaks and price heads higher.

[Yaunfitda]

This should be in Speculation board.

In any case, we have seen the worst already, so whether we will see another downtrend or going down to the next support of $25k, it's up to us whether to take advantage of the situation by accumulating more or just push the sell button.

Yeah, we all know that the network has been congested due to ordinal inscriptions and BRC-20 Tokens. But I don't think it will be enough to cause massive panic amongst investors. Sooner or later this will settle down and maybe we can see the fees going back to normal.

[wxa7115]

No mate, bitcoin is not in a bear market yet, and for  you to say Bitcoin bear market entered a bear market in the last 3 days is false also, what you should note about fee hikes in recent times  is that this is not the first time Bitcoin memopol will be congested and since Bitcoin network follows a pattern and cycle it now relieving to know that the current situation won't continue for long.

Just like in the 2017 network crisis, we shouldn't take this as bitcoin (DOS).

I cannot really believe that people are panicking over such a small movement, did they forget already the massive drop and all the things that happened during 2022? Compared to that this is nothing, and even if we touched the bottom again this should not be seen as a crisis but as an opportunity.

After all how many people have been complaining during the last months that they missed the bottom? Well, this is the opportunity they have been looking for to at least do some DCA and lower the average price at which they bought their coins, but instead a great deal of those people are panicking over nothing.

[OgNasty]

There are several reasons for the market to decline right now. You have the US government dumping coins like crazy. You have the threat of the mtgox coin distribution hanging over the market. Now you have a flooded mempool and developers talking about censoring transactions from the blockchain. There are good reasons to be bearish at the moment. However, I think all of these threats will be behind us within a year and it will be off to the races.

[Falconer]

There are several reasons for the market to decline right now. You have the US government dumping coins like crazy. You have the threat of the mtgox coin distribution hanging over the market. Now you have a flooded mempool and developers talking about censoring transactions from the blockchain. There are good reasons to be bearish at the moment. However, I think all of these threats will be behind us within a year and it will be off to the races.

I just think of corrections like this as part and parcel of the market that maybe there's no need to panic too much. Being optimistic and calm about the current market situation will only lead us to victory, of course the bitcoin price may tend to fall before the halving but volatility can still benefit traders and investors. Market dynamics are normal, they should be handled wisely and avoid panic as much as possible.

I really hope that there is a lot of budget that I can get during the price correction, of course I will use this to accumulate bitcoins and hold them stronger until after the 2024 halving.

[Lanatsa]

There are several reasons for the market to decline right now. You have the US government dumping coins like crazy. You have the threat of the mtgox coin distribution hanging over the market. Now you have a flooded mempool and developers talking about censoring transactions from the blockchain. There are good reasons to be bearish at the moment. However, I think all of these threats will be behind us within a year and it will be off to the races.

I just think of corrections like this as part and parcel of the market that maybe there's no need to panic too much. Being optimistic and calm about the current market situation will only lead us to victory, of course the bitcoin price may tend to fall before the halving but volatility can still benefit traders and investors. Market dynamics are normal, they should be handled wisely and avoid panic as much as possible.

I really hope that there is a lot of budget that I can get during the price correction, of course I will use this to accumulate bitcoins and hold them stronger until after the 2024 halving.

Why people do always freak out on seeing having that -3-5k market price decline of Bitcoin? Arent they get used to those kind of volatility or something i could really say that it is really just a normal day in crypto.

We do have strong supports specially on 27k and if ever it would be having some breakouts then we might be seeing that $24k price once again and if ever it would pass through then 22k would be the next
and then 20k but i wont really be seeing this possibility considering that the price is really that holding up that strong. Rather than on making yourself having that in panic then it would be nice if you would really be just simply be accumulating or buying on these kind of times on which we know that price could really be having that recovery.

It is really just that people do make out conclusions that bear market isnt over and would become even more worst on upcoming days which we know that no one really knows on whats ahead.
Somewhat if you are really just that wise then you do know on what  you should gonna do on price decline moments.

[flyingcarpet]

There are several reasons for the market to decline right now. You have the US government dumping coins like crazy. You have the threat of the mtgox coin distribution hanging over the market. Now you have a flooded mempool and developers talking about censoring transactions from the blockchain. There are good reasons to be bearish at the moment. However, I think all of these threats will be behind us within a year and it will be off to the races.

I just think of corrections like this as part and parcel of the market that maybe there's no need to panic too much. Being optimistic and calm about the current market situation will only lead us to victory, of course the bitcoin price may tend to fall before the halving but volatility can still benefit traders and investors. Market dynamics are normal, they should be handled wisely and avoid panic as much as possible.

I really hope that there is a lot of budget that I can get during the price correction, of course I will use this to accumulate bitcoins and hold them stronger until after the 2024 halving.

Why people do always freak out on seeing having that -3-5k market price decline of Bitcoin? Arent they get used to those kind of volatility or something i could really say that it is really just a normal day in crypto.

We do have strong supports specially on 27k and if ever it would be having some breakouts then we might be seeing that $24k price once again and if ever it would pass through then 22k would be the next
and then 20k but i wont really be seeing this possibility considering that the price is really that holding up that strong. Rather than on making yourself having that in panic then it would be nice if you would really be just simply be accumulating or buying on these kind of times on which we know that price could really be having that recovery.

It is really just that people do make out conclusions that bear market isnt over and would become even more worst on upcoming days which we know that no one really knows on whats ahead.
Somewhat if you are really just that wise then you do know on what  you should gonna do on price decline moments.

The more such corrections, the faster we can reach a fast rally. Of course, there have been and will be such corrections in every period. The important thing is to organize our investment accordingly. What price do we expect and at what price do we want to buy? Sometimes we can't get the level we want, but according to the estimation of many, when the bull season comes 1 year later, our investment should be ready for the bulls. It goes up and down more these days. You shouldn't be stuck with them. We have to get used to these falls. What matters is how many bitcoins we have.