I didn't expect to see it went below 56k

[Perfectbaby]

This is so surprising to see that bitcoin has gone below the 60k benchmark to 56k within breaking out of this new month, does this show that more dip is possible to come within this period? Was this a shock to you seeing the price this low because I know lot of people were thinking of seeing bitcoin at 80k breaking out this new month. This now occurred to me that historical data still taking its place as it was before because when you look at the market it seems that this year didn't follow it's history and that was were confusion sets between investors and traders.

Will the price touch $38k this months?

[edward500]

Anything is possible with bitcoin, Mt gox coins, Germany and USA dump I believe is the reason why the price is dropping.

Why buy bitcoin at 70K, when you can buy it much lower when all of these coins hit the market.

[BitMaxz]

I don't think we would see more below 56k it's already touching the dip price or breakout under the symmetrical flag it might be just a retest at that area and I believe after the price touches this area around 57k wait for a massive price pump because that is the cheapest price right now and it is still within the symmetrical flag so there's a pump coming soon this is just my own prediction and we will see the pump maybe after a few hours later or tomorrow if not then it would retest the 56k again then it would pump if no more sellers sold their holdings.

[EL MOHA]

I think you haven’t read around the news, there is a massive sell by institutions, US are selling, Germans are selling, miners are also rumored to be selling as there is movement of coins from old abandoned wallets to exchanges this has caused some FUD and possibly increases the supply strength of the bitcoin. Mt.Gotx refund also happening is another caused again. Bitcoin is not a static currency but actually depends on the demand and supply. There is nothing to worry about because just like the ETF approval hype caused the high demand of bitcoin then which resulted in massive price pump so is this institutional sell offs causing the huge price dump too, it’s just a normal correction phase that is happening now.

Yes the bitcoin didn’t directly happen according to past trends because we even had a new ATH right before halving which wasn’t the trend before but still bitcoin isn’t far from the past trends because in previous halving years the bearish trends takes place right when the halving occurs and bulls set in months later.

Will the price touch $38k this months?

No prediction is perfect but I don’t see us hitting $38k anytime soon. My secondary support at the moment should that of $56k fails to hold will be at $52k. Anything below this will only be caused by a strong negative news other than this sale offs

[Troytech]

I don't see any reason for anyone to complain about bitcoin price right now, this is a good opportunity to get more bitcoin if you haven't, you've seen the dip then take most advantage of it, I'm not the type to expect bitcoin to fall any more than this, if you are using the DCA method and you have a good reserves I guess this is a good time to put then to use and get more bitcoin for yourself.

[dunfida]

This is so surprising to see that bitcoin has gone below the 60k benchmark to 56k within breaking out of this new month, does this show that more dip is possible to come within this period? Was this a shock to you seeing the price this low because I know lot of people were thinking of seeing bitcoin at 80k breaking out this new month. This now occurred to me that historical data still taking its place as it was before because when you look at the market it seems that this year didn't follow it's history and that was were confusion sets between investors and traders.

Will the price touch $38k this months?

If you are just that new into this market then its not shocking or surprising but if you have been on this market for a couple of years or something that do able to experience those year cycles
then you would really be telling into yourself that it is really just that a normal phase or movement this market could have. On the moment or time that you do deal up with this space then
you should really be that accepting it on the first place that anything could happen even if it seems that it is really just that already too far off. Expect the unexpected and this is something
that you would really be needing up primarily so that you wont really be ending up on being impulsive.

Get used to these movements and we arent still on a bull run yet. Also, come to think that this market is always that volatile on which there's no way
that we could really be just having that single line of movement. Anytime the price could go down on least expected.

[bittraffic]

I think you haven’t read around the news, there is a massive sell by institutions, US are selling, Germans are selling, miners are also rumored to be selling as there is movement of coins from old abandoned wallets to exchanges this has caused some FUD and possibly increases the supply strength of the bitcoin. Mt.Gotx refund also happening is another caused again. Bitcoin is not a static currency but actually depends on the demand and supply. There is nothing to worry about because just like the ETF approval hype caused the high demand of bitcoin then which resulted in massive price pump so is this institutional sell offs causing the huge price dump too, it’s just a normal correction phase that is happening now.

Yes the bitcoin didn’t directly happen according to past trends because we even had a new ATH right before halving which wasn’t the trend before but still bitcoin isn’t far from the past trends because in previous halving years the bearish trends takes place right when the halving occurs and bulls set in months later.

Will the price touch $38k this months?

No prediction is perfect but I don’t see us hitting $38k anytime soon. My secondary support at the moment should that of $56k fails to hold will be at $52k. Anything below this will only be caused by a strong negative news other than this sale offs

There is also a big support on $40k. The bottom could be there, this dump is too hard to ignore, holders are anxious when there is a threat of price dump due to German and US government dumping while MtGox is also about to be distributed.

Sometimes it's reasonable to just sell and wait til the calm of this panic. But most traders already saw it coming when the price peaks. The hope is just its just months after halving.

[mk4]

The all-time high ($73.7K), down to $56K, is only approximately a 27% drop. And if you take a look at bitcoin's historic drops, let me tell you — 27% is NOTHING lol so there's really nothing to be surprised for here.

Will the price touch $38k this months?

Welp, no one knows, but I won't be surprised if we reach that and I won't be surprised either if we don't reach that. BTC is simply just such an unpredictable asset.

[Oshosondy]

This now occurred to me that historical data still taking its place as it was before because when you look at the market it seems that this year didn't follow it's history and that was were confusion sets between investors and traders.

Bitcoin got to all-time-high before halving which is an indication that history is not repeating itself this time around. But the market can deceive sometimes in a way there would be a bear market but followed by a massive bull market.

Will the price touch $38k this months?

What people have speculated is that bitcoin could fall below $45000. The next very strong support would be $50000 but there would be some strong support even before it got to $50000 if provided that bitcoin will fall to $50000. It would be hard for bitcoin to break $50000 even more than as it broke $60000. As for $38000, I do not think bitcoin will fall that low.

[livingfree]

This is so surprising to see that bitcoin has gone below the 60k benchmark to 56k within breaking out of this new month, does this show that more dip is possible to come within this period?

Please don't be surprised because it's also the same feeling when Bitcoin goes oppositely. And always think of the possibility that the answer to your question is a yes because of it being volatile.

Was this a shock to you seeing the price this low because I know lot of people were thinking of seeing bitcoin at 80k breaking out this new month.

Not shocking and it's not low compared to the past months. And it's true that we're thinking of a higher price but don't be too quick to see them because the time will come soon and we'd hit that $80k mark and even more.

This now occurred to me that historical data still taking its place as it was before because when you look at the market it seems that this year didn't follow it's history and that was were confusion sets between investors and traders.

The year hasn't ended yet and this bull run would take more than a year so let's wait and see up to next year.

Will the price touch $38k this months?

As for this, we might it see it decrease down to $50k but I don't think $38k.

[Spaceman1000$]

This is so surprising to see that bitcoin has gone below the 60k benchmark to 56k within breaking out of this new month, does this show that more dip is possible to come within this period? Was this a shock to you seeing the price this low because I know lot of people were thinking of seeing bitcoin at 80k breaking out this new month. This now occurred to me that historical data still taking its place as it was before because when you look at the market it seems that this year didn't follow it's history and that was were confusion sets between investors and traders.

Will the price touch $38k this months?

The market can be sometimes very unpredictable, that was why I was telling somebody the other time that $80k benchmark just within the  month of July is unrealistic, but I still believe it will bounce back to sixty something. I was even surprised to see the amount go down to 56, I wasn't expecting that especially now that people are looking forward for a new ATH, though the dip too allows for more affordable accumulation if you look at it on the side, but i don't subscribe to seeing it fall down to $38k as you are speculating OP, because I don't see any indices suggesting it will get down to that level.

[348Judah]

This is so surprising to see that bitcoin has gone below the 60k benchmark to 56k within breaking out of this new month, does this show that more dip is possible to come within this period? Was this a shock to you seeing the price this low because I know lot of people were thinking of seeing bitcoin at 80k breaking out this new month. This now occurred to me that historical data still taking its place as it was before because when you look at the market it seems that this year didn't follow it's history and that was were confusion sets between investors and traders.

Will the price touch $38k this months?

As for this month, i think bitcoin will be more volatile than before and we should be preparing for as low as $52,000 dip and also expect for more pump in the other direction to about $72,000 because this month is seen as the type that will be more orchestrated by high market volatility and from the way we have seen it appearing this early, we should expect the opposite before or towards its end, but not as OP had predicted for the market to go dip to $38,000 this season.

[LFC_Bitcoin]

People who want to wait for a supposed dip to $38,000 won’t buy. They’ll convince themselves they’re going to wait until $20,000 then and it won’t come, they’ll remain in fiat and full of regret.

We’re already over 20% down from the ATH, what more do you want. It’s early in the bull run, next year is the main pump. Now is the time to buy, not wait for a price that may not arrive.

[salad daging]

People who want to wait for a supposed dip to $38,000 won’t buy. They’ll convince themselves they’re going to wait until $20,000 then and it won’t come, they’ll remain in fiat and full of regret.

We’re already over 20% down from the ATH, what more do you want. It’s early in the bull run, next year is the main pump. Now is the time to buy, not wait for a price that may not arrive.

People like this only doubt but do not take action to buy when the price is decreasing, as you said when the price, for example, falls to $38K he will wait for it to drop again this is because he wants to get a low price value but doubts the ability to increase bitcoin.

Don't know why he keeps thinking "is this month to $38K?" the fact is no one knows, it's better to buy now and if the price drops to $38K buy again what's hard to do that right?
If I were many who would not think about unclear prices but would think about the current price to buy immediately not to delay.

[uneng]

56,000$ was expected, due to the bearish news for July. Those who were attentive to the recent events predicted this potential scenario with success. And it's possible Bitcoin's price still crashes deeper. I just hope it doesn't reach 49,000$ or below.

I believe once the distribution by Mt. Gox happens, the scenario starts improving for Bitcoin once again. There is a lot of fear and pessimism among investors due to Mt. Gox exchange, US and Germany governments dropping large sums of Bitcoin on the market. So we just have to wait for this to happen for that wave of pessimism fade out.

Anyway, why is 38,000$ being mentioned here? There isn't any reasons to conclude a prediction like that yet, since we are still above the 58,000$ price range. Despite the bearish tendency, Bitcoin is maintaining its price inside a stable price zone. 38,000$ looks an unreasonable prediction based on despair and fear after the recent crash from 63,000$ to 56,000$.

[ginsan]

Anything is possible with bitcoin, Mt gox coins, Germany and USA dump I believe is the reason why the price is dropping.

Why buy bitcoin at 70K, when you can buy it much lower when all of these coins hit the market.

I read the news on X that is associated now more Germany has sold BTC that has been confiscated this may cause the market to crash, do not panic because if this news is over then bitcoin can recover again.
Maybe you thought when you bought at $70,000 bitcoin would go up but when the price fell, you still wonder if it will go down deeper while we don't know where the lowest point is at the current price or will go down again.

[serjent05]

I believe once the distribution by Mt. Gox happens, the scenario starts improving for Bitcoin once again. There is a lot of fear and pessimism among investors due to Mt. Gox exchange, US and Germany governments dropping large sums of Bitcoin on the market. So we just have to wait for this to happen for that wave of pessimism fade out.

The current further drop may be a result of traders taking advantage of the news about the MT. Gox coins disbursement.  The traders are possibly shorting their orders so that they can accumulate when the distribution of the coins to MT. Gox victims started.  The 9B dollar amount of coins to be released on the market is huge of a supply and many think that a fund this huge would greatly affect the supply of the Bitcoin market and a possible dip for the market price. Also this:

I read the news on X that is associated now more Germany has sold BTC that has been confiscated this may cause the market to crash, do not panic because if this news is over then bitcoin can recover again.

This is also a good opportunity for people who want to re-enter the Bitcoin market and for those who love to DCA their way in accumulating Bitcoin.  However, I am not seeing BTC to drop $38k or below since a demand pressure my flock in once Bitcoin dips down below the $50k area.  Aside from that there are also good support above $50k unless these supports are taken off, Bitcoin might recover even before it touches $49k.

[BITCOIN4X]

This is so surprising to see that bitcoin has gone below the 60k benchmark to 56k within breaking out of this new month, does this show that more dip is possible to come within this period? Was this a shock to you seeing the price this low because I know lot of people were thinking of seeing bitcoin at 80k breaking out this new month. This now occurred to me that historical data still taking its place as it was before because when you look at the market it seems that this year didn't follow it's history and that was were confusion sets between investors and traders.

Market sentiment has been somewhat negative of late considering Mtgox's coin distribution plans. Many traders or shareholders may sell their holdings to make a profit, but there is also the possibility of manipulation in the current market by whales. A large movement of bitcoin from wallets to exchanges will cause panic, especially if BTC enters the market in large quantities.

Will the price touch $38k this months?

No, but who knows?

[Asiska02]

I have stopped to imagine what the next price of bitcoin will be or when the price will get to a certain amount when I’m foreseeing it. Bitcoin is a very volatile asset and despite his retraces back to its original trend, it always end up shocking people and not always going as predicted. I love the pattern of indecision it gives to speculators. One thing is just for sure that bitcoin will grow to an unimaginable level after all this retracement and change of pattern it is currently witnessing. Let the holder keep holding, while those apply DCA keep building their portfolio further. These are rare opportunities and they come not quite often.

[Obim34]

People who want to wait for a supposed dip to $38,000 won’t buy. They’ll convince themselves they’re going to wait until $20,000 then and it won’t come, they’ll remain in fiat and full of regret.

We’re already over 20% down from the ATH, what more do you want. It’s early in the bull run, next year is the main pump. Now is the time to buy, not wait for a price that may not arrive.

I hope every investor would understand that seeing the price decline in this way even when all hope is based on seeing the price make new price mark, it shouldn't have to come as a suprise because that's what the market is all about, very volatile and even with facts to back up predictions the market may decide to go side ways.

Since the market can be sometimes misinterpreted, we should endeavour to kick up on how we accumulate Bitcoin, whether in DIP or not but base on the current price we should acknowledge and make good use to accumulate more, it might end up being the DIP we hoped for before the bull run begins.