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

[darkangel11]

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.

Reminds me of this:



Especially focus on 2013 and 2017 as these were bull market years and count how many significant drops there were in each of these years!
We were in bull market, about to reach an ATH and we had to go through 4 or 5 corrections to get there.
Now display this current bull market in a 1d chart and you'll see that this is only the third significant correction of this year, the first being in January.
We could easily go back to 40k this time and go back to a new all time high this year and it wouldn't be anything out of the ordinary for bitcoin.

[Stalker22]

This is so surprising to see that bitcoin has gone below the 60k benchmark to 56k within breaking out of this new month,
~

Unexpected - yes, but not really surprising.  Bitcoin has had its ups and downs in the past, and a 27% drop, while significant, is not unheard of for this volatile asset.  As investors it is wise to keep some perspective during times of market turbulence.  No one truly knows what the future holds - the price could continue falling or reverse course at any moment. 

zooming out a bit, it is important to remember Bitcoin's tremendous growth trajectory over the last few years.  Short-term price corrections can feel jarring in the moment, but may cause less distress for those taking a long-term view and avoiding overexposure.  Time will tell whether this is just another bump in the road or part of a larger correction.  Patience and discipline are key.

[_BlackStar]

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?

Why are you surprised - this is normal and prices can fall and rise whenever there is a trigger.
I'm not sure what's next - but if you're already invested in it, then accumulate and be patient. This is simply the best advice I can come up with - but remain optimistic about the future potential considering the impact of the halving is yet to really be seen. Wait at least 15 to 18 months after the halving - then see what happens.

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.

No - this is not surprising. Expectations sometimes don't match reality - so I should have considered it all as a risk of investment.

Will the price touch $38k this months?

Most likely not - there is strong support below and that strongly supports it not falling further. But now - what are you waiting for and what do you want?

[Kemarit]

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.

And it just shows how unpredictable the market is, we thought that we will go to $70,000 as last month was really bad, but at the start of July we went to $63,000 and now suddenly we are way below but the good this is that we were able to bounce back, just check the price and now we area at $58,000 and it looks like this is the support for now and hopefully the trend can continue and hop and break the next resistance at $60,000.

Will the price touch $38k this months?

Anything goes with the market right now, we are bearish, but I do not see that the market going on the price at it is way below. If you are asking because you are going to buy on that level, then I would advise not to wait for it but take the advantage that we are below $60,000 and that is good enough entry level.

[2Pizza410000BTC]

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?

I don't know if bitcoin price will stay at $38k this month but the market signs are not very good. Today, almost everyone feels bad about the way unique coin prices have started dumping, including the Bitcoin market. I expected Bitcoin to stay close to $60000 and gradually move upwards. I'm in a lot of volatility right now because I had a lot of $$ a few days ago but the market is dumping more and is currently taking my portfolio down a lot which is feeling a lot of volatility. However, I stopped watching the market to brace myself during this dumping period. I don't know if the market will grow again but it can be estimated that the market will grow by 2024. To those who have invested I would say hold on to your investment. Control yourself even if you feel restless at the moment. And those who want to invest can get ready to invest because the time to invest has come. But right now I think investing in DCA method is most acceptable.

[Russlenat]

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?

Everything gets possible with bitcoin, no matter how we think that's quite impossible to happen. So I'm now more open seeing bitcoin in the next few days dropping its price more dramatically. But in all honesty, I'm still hopeful that we will see more price increase and recovery in the next few days, which I think is also possible if we will experience current positive news and updates about bitcoin.

[$weetne$$]

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.

Many of us did not expect to see Bitcoin at $56,770 and we were shocked and I think still we should be expecting more dip after the market recovers a little. There has to be a follow up correction as everybody was taken unaware and people need to sell after they have bought this dip. We were all bullish towards Bitcoin breaking a new highest price this month which can still happen because Bitcoin has the potential to recover very fast and continue in an upward trend but all of a sudden Bitcoin has started dipping. Some people are saying this is not going to be the lowest price after the halving and they are calling for $50,000 which is now looking more likely to happen after this last dip has sent the price of Bitcoin below $60,000.

[mirakal]

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?

I guess everyone less expect this to happen, but knowing bitcoin is highly volatile, then we can't take control of its price. And right now, you are predicting that it will drop more and touch $38k later on? I won't dare to reject that idea but I have this feeling that bitcoin price won't drop below $50k this time. And if ever it is, that's just good to say that bitcoin is preparing for another price skyrocket that could reach an amount 2x or even 3x from its current price. Bitcoin is undeniably unpredictable, yet I'm more optimistic to see price recovery and price surging high after this.

[uneng]

Lol, in the first 4 hours of the day Bitcoin has already touched the 56,800$ - 56,900$ zone 6 times! The price hits that support level and then bounces back to 57,000$. I ask myself how long Bitcoin can still secure the position with so much pressure pushing the price downside. There is a fierce battle going on right now with the bears attempting to fell Bitcoin at all costs. Unfortunatelly, I think the price is still going to fall deeper... There aren't any good signals on the horizon for the short term.

I wish I could close my eyes and only open them again once the Mt. Gox redistribution and governments' Bitcoin sales were done!

[Moreno233]

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?

It should not surprise you to see price go below $60k and as low as $56k because the Bitcoin market is not just easy to predict because a lot of factors and interest are at play. Since the news about the Mt.Gox refund broke out, there have been mixed reaction in the market and the confidence of many people in price continuing to rise have actually diminish. In general, people actually anticipated minor dip at least till after the refund is complete but a dip up to $56k was not expected prior to the actual refund date. To be honest, it is very difficult knowing how low Bitcoin will go when the refund is actually done and it is followed by massive sell off which is what will likely happen.  

[Solosanz]

Why would you think it's not possible? I already thought Q3 will be the bottom and Q4 will be bullish. If you hoping to double your money, then you also need to take risk to lose 50% of your money too.

Touching $50K is possible, however I don't understand why you can throw random number like $38K, high unlikely.

Bitcoin might not follow the same pattern like the last two halving seasons, but what I'm sure is Bitcoin will breaking new ATH after 4 years.

Q3 might be the bottom before bullish.

[EarnOnVictor]

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 $60,000 has never been my benchmark with Bitcoin, it's just a psychological level, and as usual, many will just be using the psychological level to believe there is strong support or resistance there, but in practice, they may not be there but the sentiment of some sectional people with this belief may be making the level prove as though they are there. Regardless, Bitcoin has suffered enough defeat since March and I am glad to have warned of this many times. The fresh liquidity inflow is not coming in and I wonder how the huge investors will be committing their money to it at high prices, the risk is high. If it rather falls and tries to regroup higher, fine, it might have a better power to buy above the current ATH then, but on the high levels, as it was, it can't do so much.

However, my reference level remains at $62,120, it is a TrendMagic level which I have been calling since last week. This is a dangerous level if Bitcoin remains below it, it is a weekly chart and Bitcoin itself is overall negative on the chart with the price action and many other analytical confirmations pointing to the same direction. It might hit the $50,000 psychological level soon, it is already around $54,000. A break above the level will determine your $38,000 which seems too low of a target.

[barisbilgili]

Lol, in the first 4 hours of the day Bitcoin has already touched the 56,800$ - 56,900$ zone 6 times! The price hits that support level and then bounces back to 57,000$. I ask myself how long Bitcoin can still secure the position with so much pressure pushing the price downside. There is a fierce battle going on right now with the bears attempting to fell Bitcoin at all costs. Unfortunatelly, I think the price is still going to fall deeper... There aren't any good signals on the horizon for the short term.

I wish I could close my eyes and only open them again once the Mt. Gox redistribution and governments' Bitcoin sales were done!

Even now it is lower than the price of 55,000$ and after seeing its movement in the last 24 hours it looks like we will see a fairly deep and fast correction.
This is surprising because it happened quickly, we have rarely seen price movements like this lately, but don't worry too much, there are still positive things that can be taken from what happened.
I think starting to buy more when the price falls below 50,000$ might be one of my efforts to avoid panic and also think positively for the future.

[Franctoshi]

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?

From the Technical point of view, It wasn't a surprise to me from my analysis. In the Bitcoin market you have to expect anything, our expectation shouldn't be always that the price will go high, because of the law of demand and supply, at some point we will also get a major correction way far below our target and same as when the price goes up and that's normal in the market because you don't control the market, rather the market forces will determine.

Therefore, with the July selling pressure from government MTGox Bitcoin distribution, from the fundamental perspective this already signals we will be getting this decline in price. However, since we are still in a bull market, such corrections is a great opportunity in the market and no panicking, from the handwriting of the clock ,most institutions want to get their hands in Bitcoin and wouldn't want to buy at such a high price 70k, and Technically this correction is in agreement with a possible weekly retracement on the chart.
Bitcoin should be getting a bounce at $50k- 49k if melted further.

[Marvell1]

Lol, in the first 4 hours of the day Bitcoin has already touched the 56,800$ - 56,900$ zone 6 times! The price hits that support level and then bounces back to 57,000$. I ask myself how long Bitcoin can still secure the position with so much pressure pushing the price downside. There is a fierce battle going on right now with the bears attempting to fell Bitcoin at all costs. Unfortunatelly, I think the price is still going to fall deeper... There aren't any good signals on the horizon for the short term.

I wish I could close my eyes and only open them again once the Mt. Gox redistribution and governments' Bitcoin sales were done!

Even now it is lower than the price of 55,000$ and after seeing its movement in the last 24 hours it looks like we will see a fairly deep and fast correction.
This is surprising because it happened quickly, we have rarely seen price movements like this lately, but don't worry too much, there are still positive things that can be taken from what happened.
I think starting to buy more when the price falls below 50,000$ might be one of my efforts to avoid panic and also think positively for the future.

Bitcoin price is trading at $53k and the gap to $50k is not too big. If you still want to buy more bitcoin, why not now and wait for the price below $50k? We have no guarantee that bitcoin will fall below $50k, bitcoin is unpredictable, you know that right?
Many people are panicked and worried by bad news like the governments and Mt.gox taking turns selling bitcoin on the market, and I think those who don't dare to buy at this time will also not buy if the price drops further.
I think it's best to use the DCA strategy instead of waiting for bitcoin to drop to $50k because there are no guarantees.

[buwaytress]

Well, I have been waiting for the serious crasg pre bullrun to happen. Anyone who believes in amy degree of cycle behaviour (I'm one) has been waiting.

This isn't it though. Too small. Not enough panic in the markets. No blood. Yawn.

[aoluain]

$54,000 now!

Dont get me wrong, Its great for us who can pounce on this opportunity to buy low,
but WTF are people thinking who sell at these times?

Are they afraid of the MtGox coins hitting the market will drive the price down?

Can they not see and/or realise it will be a time for buying not selling?

[shinratensei_]

$54,000 now!

Dont get me wrong, Its great for us who can pounce on this opportunity to buy low,
but WTF are people thinking who sell at these times?

Are they afraid of the MtGox coins hitting the market will drive the price down?

Can they not see and/or realise it will be a time for buying not selling?

Buying the dip is like catching falling knives, since people are also afraid of that news you mentioned, it just makes them so hesitant to buy bitcoin from this price point and maybe waiting for further dips, i've read some speculator predicting that it will go as low as sub$50k but honestly i don't believe it will go that low and even if it does that means i'm gonna entry.

i already repositioned all my investment from alts and ready to make entry when bitcoin is at the lowest but determining one is hard.
but so many newsletter keep fudding on the rumour of the dumping of bitcoin that gonna take place in the future amounting to billions, like literally whenever there's big btc movement, account like arkham intelligence keep tweeting it so yeah it created clout.

to be fair, the future dumping of all those bitcoin indeed looks scary granted that institutional investors could just buy it all up.

[Dave1]

$54,000 now!

Surprised, surprised, now we are at $54k.

Dont get me wrong, Its great for us who can pounce on this opportunity to buy low,
but WTF are people thinking who sell at these times?

Perfect opportunity again, but the question is, are there any buyer right now as they are waiting for the price to go down to $50k? Or will be bouncing back to the support of $58k at least?

Are they afraid of the MtGox coins hitting the market will drive the price down?

Can they not see and/or realise it will be a time for buying not selling?

You can't really blame those who sold right now because of the news of repayment to Mt. Gox victims. And if the Mt. Gox victims are selling then again, no worries, is there right as they have been waiting for this opportunity for so long now.

[Strongkored]

This is indeed very surprising, and worse predictions will emerge and it is not as surprising as when prices rise very high.
Will it hit $38,000? Of course, no one will know for sure, everything is just a prediction, but for whales, such a low price is an opportunity to buy more, only retail will probably panic even more, especially if there is no fiat left to buy, they can only be spectators and wait for the price to bounce back.