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

[Asiska02]

  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

I never expected the bear market to take this long since it started experiencing a decline in price after hitting the $30,000 price. Being temporary or long now can’t be predictable by anyone but I never expected it to take this long before we experience a breakthrough in price to get between $31,000 - $33,000 in the first half of May.

This is not the first downturn in the market, so the experience is still okay as a big decline that could cause potential loss didn’t take place. I was expecting correction but it has taken much longer time than anticipated. For that reason, it’s still good time to buy more and not panic into selling out the already existed asset.

[adaseb]

Tomorrow we will know whether we will break down or break up higher since it’s when the CPI is released. I they are expecting CPI to remain at 5% which is like 0.4% monthly gain.

Whether this beats or goes under is important since we still got those banks on the edge. If we get a low print like 0.2% then Bitcoin should rally. However if we get something like 0.6% then all stocks and crypto will come tumbling down.

[reagansimms]

After the news that one of the largest crypto exchanges (Binance) stopped withdrawing Bitcoin funds, the price of Bitcoin was seen moving down which broke the number $27,707, previously the same incident had affected the price of Bitcoin when the FTX crash, the majority of crypto assets fell dramatically by more than 50% in just a few days. Bitcoin has faced various challenges since its emergence in 2009, the corrections that have occurred have made Bitcoin grow and more and more global adoption has made Bitcoin able to pass all challenges with impressive uptime.
This dip should be taken positively, Bitcoin's history of always being able to weather challenges has signaled investors to hold or buy more during the Bearish period.

[Joshapat]

Unfortunately until now the price has not yet headed for recovery, when it was March and the price touched $ 30k of course it was a great hope that the market would recover soon, unfortunately something unexpected happened because many were profit taking, those who bought when the price was below $ 20k could sell and get profit more than 30%.

[CageMabok]

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.

I still hope for a recovery in the near future although I don't wonder why Bitcoin has fallen in price this month. Because in terms of numbers, the decline from the highest price last month to the lowest price this month is still not too far away. So I still take this downward trend as a very normal thing and don't think about the things that affect it although I still hope for a further bigger recovery in Bitcoin this month.

[hatshepsut93]

Halvening is still 1 year away, until then it will most likely be the sideways market, judging by the past markets. Now is a good time to buy if you can 100% afford to wait 2+ years. The short term remains highly unpredictable as always, so it's highly risky to do any short-term trades, because Bitcoin can go up or down by a lot very easily and very quickly.

[Yaunfitda]

Halvening is still 1 year away, until then it will most likely be the sideways market, judging by the past markets. Now is a good time to buy if you can 100% afford to wait 2+ years. The short term remains highly unpredictable as always, so it's highly risky to do any short-term trades, because Bitcoin can go up or down by a lot very easily and very quickly.

I agree, it's just better to just buy at this point, no need to speculate if we are going to be $30k this month of May or remain at $27k and be sideways. And doesn't make sense to sell as well for short term profit, of course no one can stop someone from selling and make some profit margin.

But if you look at it, after halving a bull run will have to happen eventually. So it's better to just accumulate at this point, practice DCA and just be mentally tough not to sell and keep stacking sats till next year.

[Davian144]

Unfortunately until now the price has not yet headed for recovery, when it was March and the price touched $ 30k of course it was a great hope that the market would recover soon, unfortunately something unexpected happened because many were profit taking, those who bought when the price was below $ 20k could sell and get profit more than 30%.

If you think about it, this is also a very reasonable thing because those who bought in the past certainly expected more profits so that when the time came they sold to take profits. But what you also need to know besides that is that right now the price of Bitcoin is still at a very reasonable price because it is not too far from the high price in March. And the possibility of reaching more than March is still very possible if there is a further increase that is better than March this month in Bitcoin.

[ginsan]

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

I think this drop was just a small correction that happened after btc hit $30k. Don't worry friends because we are always waiting for entries to come in at low prices and this is the right time to do it. Indeed in the past two days we have seen btc have experienced a correction and I think this was triggered by the high increase in tx fees which caused the price of Btc to experience a correction. From the chart you shared i don't think the pattern will pressure us to worry about this correction i don't think Btc will correct to lower prices. Apart from that I hope you take advantage of this downward moment to buy.

In this context we would like to continue buying during the correction as some of the important options are long term buy and hold. I think the bear market will recover soon in the coming months and it is quite something we are looking forward to seeing price move higher this year.

[maydna]

Halvening is still 1 year away, until then it will most likely be the sideways market, judging by the past markets. Now is a good time to buy if you can 100% afford to wait 2+ years. The short term remains highly unpredictable as always, so it's highly risky to do any short-term trades, because Bitcoin can go up or down by a lot very easily and very quickly.

I agree, it's just better to just buy at this point, no need to speculate if we are going to be $30k this month of May or remain at $27k and be sideways. And doesn't make sense to sell as well for short term profit, of course no one can stop someone from selling and make some profit margin.

But if you look at it, after halving a bull run will have to happen eventually. So it's better to just accumulate at this point, practice DCA and just be mentally tough not to sell and keep stacking sats till next year.

At least we can get ready for the arrival of the halving next year by having more bitcoins that we buy from now on. It also allows us to make big profits when the bull run returns in the market. The current price has decreased by $200 and is now at $27,400, and it looks like it will stay like this for a while.

Though the short term is not recommended, those who want quick profit can sell it when the price is back to $28k. But those who want to get big profits can hold it until next year or two.

[AbuBhakar]

In this context we would like to continue buying during the correction as some of the important options are long term buy and hold. I think the bear market will recover soon in the coming months and it is quite something we are looking forward to seeing price move higher this year.

Imho, I don't see any news that will push Bitcoin to break this current bear market. A real bullrun needs a catalyst to give confidence to everyone to buy more. At the same time, there is no bad news either that will dump the price again at below 20K. Only the increasing pressure on transaction dur to the ordinals is the only bad new on Bitcoin but it's not enough to create major panic in the price since this Ordinal user is spending a lot of fees that isnvery good for the Bitcoin miner.

There are times that Bitcoin halving doesn't give a major pump like what everyone expecting. It surely gives a price rally before halving but it correct fast once halving is over. The good news that follows the halving is important to continue the rally.

[DanWalker]

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

I think this drop was just a small correction that happened after btc hit $30k. Don't worry friends because we are always waiting for entries to come in at low prices and this is the right time to do it. Indeed in the past two days we have seen btc have experienced a correction and I think this was triggered by the high increase in tx fees which caused the price of Btc to experience a correction. From the chart you shared i don't think the pattern will pressure us to worry about this correction i don't think Btc will correct to lower prices. Apart from that I hope you take advantage of this downward moment to buy.

In this context we would like to continue buying during the correction as some of the important options are long term buy and hold. I think the bear market will recover soon in the coming months and it is quite something we are looking forward to seeing price move higher this year.

Don't forget that we're not out of the bear season yet, even if bitcoin crosses $30,000, so it shouldn't be surprising to see a correction or a major decline. Let's not be too subjective and believe that bitcoin will never plummet again, the bear season is not over yet, plus the economic situation is still tough, anything can happen.
If you already know the price drop is an opportunity to accumulate and buy more, then you should expect bitcoin to fall again and fall more, rather than expect what is happening is fake and bitcoin will rise again soon.

[taufik123]

Don't forget that we're not out of the bear season yet, even if bitcoin crosses $30,000, so it shouldn't be surprising to see a correction or a major decline. Let's not be too subjective and believe that bitcoin will never plummet again, the bear season is not over yet, plus the economic situation is still tough, anything can happen.
If you already know the price drop is an opportunity to accumulate and buy more, then you should expect bitcoin to fall again and fall more, rather than expect what is happening is fake and bitcoin will rise again soon.

Bearish indeed continues and this time the price of bitcoin entered the $26,900 area.
This correction occurred because a lot of bad news or FUD approached Bitcoin so market prices were greatly affected.

As in the case of the SilkRoad Bitcoin seizure held by the US government and after all this time the US government finally decided to sell 41,500 BTC and this resulted in a market panic.



Price drops like this must certainly be dealt with calmly, and make sure you have spare money to buy gradually when the price drops deep enough.

[Kemarit]

^^, Yeah the price has dropped a bit again, from $27,500+ to now below that level. there are a lot of things going on right now, we have the attack on the Bitcoin with the ordinals and BRC-20 tokens causing the mempool to be congested and then the so called civil war between the core developers, miners and other entities.

And there are some individual that I suspected that might orchestrated this attack to cause fear and panic, and so far they've succeeded because the market is going down. Nevertheless, I do believed that it will just take one good news to turn the market around again. And this month is still plenty of days to go, so hopefully we can bounce back again to $30,000 levels at the end of May.

[Captain Corporate]

There seems to be no end in sight so far, there is no recovery going on at least. I guess it could start to recover soon because it has already gone down enough and people will focus on getting it back higher, but that doesn't mean that it will happen quickly, it may take a while for sure. I think it is important to remember that in bitcoin world the price of bitcoin could go down sometimes but it always recovers, however long it takes, days, weeks, months, even over a year, it will always recover. I know that it has been a while since we saw the ATH price and anywhere near it, and this October it will be 2 years, but I think it is important to stay hopeful and just keep on getting more bitcoins to hold.

[yhiaali3]

The $25,000 support is the most important support point, and Bitcoin is still above this price so far, but if it falls below this point, we will witness a downward trend.

On the other hand, if Bitcoin managed to close above 30k weekly, this means a positive sign and the continuation of the rise to new areas.
In any case, the long-term investor does not care about all these numbers, but the speculator must be careful.

[Oasisman]

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.

You're calling it a bear market? I mean Bitcoin's price are still high if you may look at how Bitcoin opened the year it was below $20k, almost $15k at some point in January. As of this writing Bitcoin is trading at $26k a piece, but still I don't consider it bearish until it go below $20k again. After the attack in Bitcoin network, we might be expecting a pull back and I guess we are already starting to see it. Downtrend may continue but it may not be that sharp as investors are now gradually accumulating for the much anticipated bull run prior or after the Bitcoin halving.

[Poker Player]

You're calling it a bear market?

Well, that's what I thought. For me the bear market, or the worst of it, is over, but maybe it's a matter of semantics. Calling bear market now is not entirely incorrect.

I mean Bitcoin's price are still high if you may look at how Bitcoin opened the year it was below $20k, almost $15k at some point in January. As of this writing Bitcoin is trading at $26k a piece, but still I don't consider it bearish until it go below $20k again.

Correct. The current prices represent a 70% return. There is no major asset that has such a great return this year, as is often the case with Bitcoin.

After the attack in Bitcoin network, we might be expecting a pull back and I guess we are already starting to see it. Downtrend may continue but it may not be that sharp as investors are now gradually accumulating for the much anticipated bull run prior or after the Bitcoin halving.

The good news is that it seems that the attack is fading, and the fees are reasonable again. Let's hope that this will help the price to grow steadily.

[adaseb]

We are currently on daily support. We will see if it holds. Very strange to see crypto dump this much to be honest. And there was more issues earlier with regional banks but crypto didn’t rally this time.

Hopefully this area holds and we make our way back into the $30K. I still think $40k is possible in the next few weeks or months. There is just too many issues at the moment like the debt ceiling.

[Ultegra134]

Don't forget that we're not out of the bear season yet, even if bitcoin crosses $30,000, so it shouldn't be surprising to see a correction or a major decline. Let's not be too subjective and believe that bitcoin will never plummet again, the bear season is not over yet, plus the economic situation is still tough, anything can happen.
If you already know the price drop is an opportunity to accumulate and buy more, then you should expect bitcoin to fall again and fall more, rather than expect what is happening is fake and bitcoin will rise again soon.

Bearish indeed continues and this time the price of bitcoin entered the $26,900 area.
This correction occurred because a lot of bad news or FUD approached Bitcoin so market prices were greatly affected.

As in the case of the SilkRoad Bitcoin seizure held by the US government and after all this time the US government finally decided to sell 41,500 BTC and this resulted in a market panic.



Price drops like this must certainly be dealt with calmly, and make sure you have spare money to buy gradually when the price drops deep enough.

I've been keeping track of the market for the past few days. At first, I wasn't bothered by the fall; it's normal to experience such fluctuations. However, there's a massive difference between a small correction and a $4,000 fall in just a few days. Something has to justify it; it doesn't happen without a specific reason. The combination of the excessive number of transactions, which resulted in extravagant fees, and what you mentioned—almost $300 million worth of BTC was sold, provided that it was accurate information—has led to this market crash.

Personally, I don't really mind since I'm not actively trading or planning to sell Bitcoin anytime soon; on the contrary, I'm going to receive more BTC now. I was just a little frustrated. Moreover, I've been wanting to acquire some BNB for quite a while, and this seems like the perfect opportunity to do so.