Bitcoin slides below $59k

[larry_vw_1955]

The price of bitcoin (BTC) fell below the $59,000 threshold on Sunday, hitting a low of $58,080 per unit. Over the past 24 hours, bitcoin’s value has decreased by 3.5% against the U.S. dollar, and it has dropped 13% over the week.

https://news.bitcoin.com/market-mayhem-bitcoin-crashes-below-59k-223m-in-liquidations-as-south-koreas-premium-spikes/

if bitcoin keeps having these type of "corrections" i don't see how it ever is going to reach $1 million. or even $100,000.

[Oshosondy]

I am thinking that it is possible that the $60000 which was the support is the resistance now.

if bitcoin keeps having these type of "corrections" i don't see how it ever is going to reach $1 million. or even $100,000.

Who tells you that bitcoin will get to $1 million? If bitcoin will get to $1 million, it is going to be in decades to come. Even in the next 10 years, I do not think bitcoin can get to that price. But maybe in 50 or more years, something like that could have happened or about to happen.

[larry_vw_1955]

Who tells you that bitcoin will get to $1 million?

i've seen it too many times to count. maybe not $1 million but $500,000, $250,000. those type of predictions are a daily occurence from various pundits.

If bitcoin will get to $1 million, it is going to be in decades to come. Even in the next 10 years, I do not think bitcoin can get to that price. But maybe in 50 or more years, something like that could have happened or about to happen.

that won't get you any attention to have that outlook. but i agree. if it gets to $1 million too soon then something is really wrong. i don't know what but something would have to be.

I am thinking that it is possible that the $60000 which was the support is the resistance now.

bitcoin hodlers wont be happy to hear that.   they thought they would never see sub-60k again in their LIFETIME. bitcoin can be your friend oneday, propping you up financially but then it turns into a lid on a pressure cooker keeping you down.

[ranochigo]

You do realize that the entire market is down right now. Practically every market index that I've seen has slid substantially over the past few days or hours with the bond yield going down as well. You have to consider that the drop isn't localized to crypto, the influence from the financial market is substantial especially when you see how interlinked they are.

[FinneysTrueVision]

Bitcoin is currently in freefall. According to CoinMarketCap, it is down 11% in the past 24 hours. Ethereum is down 21%. We’ve haven’t seen numbers this bad since the FTX collapse. This time it’s traditional finance that is bringing everything down in the global markets. The slowing economy is creating fear around the possibility of a recession. There is also the escalating situation in the Middle East. Israel is dead set on starting World War 3, and the US will continue with its irrational support of their reckless behavior.

[larry_vw_1955]

Bitcoin is currently in freefall. According to CoinMarketCap, it is down 11% in the past 24 hours. Ethereum is down 21%. We’ve haven’t seen numbers this bad since the FTX collapse. This time it’s traditional finance that is bringing everything down in the global markets. The slowing economy is creating fear around the possibility of a recession. There is also the escalating situation in the Middle East. Israel is dead set on starting World War 3, and the US will continue with its irrational support of their reckless behavior.

from what you're saying, it's going to go down even further in the near future. so people should sell their bitcoin and wait to buy it back. that way they can have MORE bitcoin than if they didn't do anything. fiat is the safest place to have their money in these type of situations. $1 is still $1 no matter how much the markets tank.

You do realize that the entire market is down right now.

i don't know. gold doesn't seem to be down at all.

[ChiBitCTy]

Bitcoin is currently in freefall. According to CoinMarketCap, it is down 11% in the past 24 hours. Ethereum is down 21%. We’ve haven’t seen numbers this bad since the FTX collapse. This time it’s traditional finance that is bringing everything down in the global markets. The slowing economy is creating fear around the possibility of a recession. There is also the escalating situation in the Middle East. Israel is dead set on starting World War 3, and the US will continue with its irrational support of their reckless behavior.

from what you're saying, it's going to go down even further in the near future. so people should sell their bitcoin and wait to buy it back. that way they can have MORE bitcoin than if they didn't do anything. fiat is the safest place to have their money in these type of situations. $1 is still $1 no matter how much the markets tank.

Finney is pretty spot on as far as I can see things a present.  The traditional United States stock markets really took a tumble the past couple of days (for all the reasons mentioned above) and I can see them continuing to get hit this coming week.

As for selling your btc and then buying, you’re trying to time the market and well, good luck with that. A lot easier said than done.

[larry_vw_1955]

Finney is pretty spot on as far as I can see things a present.  The traditional United States stock markets really took a tumble the past couple of days (for all the reasons mentioned above) and I can see them continuing to get hit this coming week.

As for selling your btc and then buying, you’re trying to time the market and well, good luck with that. A lot easier said than done.

but how can you lose by selling your bitcoin right now at $59k. if the price doesn't go down but goes up then you just have to wait until it goes back to $59k to buy back in. now i understand that some people have their btc in cold storage so for them it might be inconvenient to have to pull it up out of cold storage and go and sell on coinbase and things like that. but they are risking an extended drawdown...

[The Sceptical Chymist]

if bitcoin keeps having these type of "corrections" i don't see how it ever is going to reach $1 million. or even $100,000.

Well jeez, how long have you been watching the bitcoin market?  I never thought BTC would ever hit $1k, $10k, or even $50k in my lifetime, but that was way back when I was green and didn't realize how strong its user base was.

This is a dip, albeit a big one, that's all.  I'd say the smart money is buying right now and not panic selling along with the rest of the trading noobs and other assorted weak-handed holders.  And c'mon, this is bitcoin we're talking about.  It's always been as volatile an asset as you can find anywhere.  It'll rebound.

The traditional United States stock markets really took a tumble the past couple of days (for all the reasons mentioned above) and I can see them continuing to get hit this coming week.

Not surprising--the stock market has been in one continuous bull run for what, like 15 years now?  There are so many stocks that are overvalued at present that the market as a whole is overdue for a massive correction.  Bitcoin on the other hand is nearly impossible to put a fair value on, which is likely why it's more volatile than stocks.  I'm no expert, though.  The market seemingly has a mind of its own.

[ranochigo]

i don't know. gold doesn't seem to be down at all.

Gold is a precious metal and is seen as an inflation hedge. It is not likely for it to sharply drop or increase in price and it should be rather stable. Most of the countries have a reserve of precious metals in the portfolio or serves. If you ever see precious metal fluctuating wildly in value, then you would have a pretty big problem.

The general index and stocks are currently down at the moment. It is perfectly normal for Bitcoin to be influenced by it, especially when you consider the market cap to be in the trillions. Attributing price movements to the right factor is important to understand what's going on. Else, you're going to be driven by the paranoia and fear.

[Poker Player]

if bitcoin keeps having these type of "corrections" i don't see how it ever is going to reach $1 million. or even $100,000.

The road to $100K will begin when people like you start selling en masse because you think the fall to hell has begun.

You do realize that the entire market is down right now.

Due to U.S. employment data.

The best of the cycle has not yet begun and anyone who gets nervous and sells now is going to miss out on the best.

[ranochigo]

Due to U.S. employment data.

The best of the cycle has not yet begun and anyone who gets nervous and sells now is going to miss out on the best.

Not exactly sure what is the exact reason for that, could be cyclical or structural. Central banks are also shifting their economic policies as well. I'd hold my horses for now, some of the markets are still closed so it would be quite early to put a price to it.

[Apocollapse]

Where are people who keep correlating the dump of Bitcoin price and Mt.Gox? now Bitcoin price dump for 10%, but Mt.Gox didn't send any coins today.

We're still in Q3, while the bull run starts in Q4, so I don't really care with the sudden drop that happened before Q4. But, people can take advantage over this drop to buy at the bottom.

from what you're saying, it's going to go down even further in the near future. so people should sell their bitcoin and wait to buy it back. that way they can have MORE bitcoin than if they didn't do anything. fiat is the safest place to have their money in these type of situations. $1 is still $1 no matter how much the markets tank.

If I have unlimited time, I don't mind to sit in my chair and looking at the monitor the whole day because if I lose I will not stressed out to recover my loss. But since I have limited time, trading isn't a wise decision, I'd rather collect my money by working and DCA-ing Bitcoin.

[Oshosondy]

You do realize that the entire market is down right now. Practically every market index that I've seen has slid substantially over the past few days or hours with the bond yield going down as well. You have to consider that the drop isn't localized to crypto, the influence from the financial market is substantial especially when you see how interlinked they are.

I do not know of any market than gold when it comes to outside cryptocurrencies. The gold market has been good since 11 days ago even when the crypto market was bad until yesterday. He even got to all-time high yesterday. But the gold market has been bad after it got to all-time high. But crypto market was very bad when when gold market was good but recently in less than 2 days, they all went down including gold.

[ranochigo]

I do not know of any market than gold when it comes to outside cryptocurrencies. The gold market has been good since 11 days ago even when the crypto market was bad until yesterday. He even got to all-time high yesterday. But the gold market has been bad after it got to all-time high. But crypto market was very bad when when gold market was good but recently in less than 2 days, they all went down including gold.

Yeah, it's an inflation hedge. People buy precious metals when the market gets worse. It isn't a great investment vehicles if you're chasing returns.

[AlphaBoy]

It's now 50K.
It will dump to 30-20K this week.
Exist now and buy the dip later, not just Bitcoin but ETH and all the Altcoin are dumping, That cunt Kamila...

[_act_]

It's now 50K.
It will dump to 30-20K this week.
Exist now and buy the dip later, not just Bitcoin but ETH and all the Altcoin are dumping, That cunt Kamila...

This is how some of you will not take the opportunity to buy bitcoin now. Even if it gets to $20000, some of you will still be expecting bitcoin to drop more. What I think is that another strong support may begin around $46000. I am not expecting bitcoin to fall more than $45000 for now.

[AlphaBoy]

It's now 50K.
It will dump to 30-20K this week.
Exist now and buy the dip later, not just Bitcoin but ETH and all the Altcoin are dumping, That cunt Kamila...

This is how some of you will not taje the opportunity to buy bitcoin now. Even if it gets to $20000, some if you will still be expecting bitcoin to drop more. What I think is that another strong support may begin around $46000. I am not expecting bitcoin to fall more than $45000fir now.

"10% in 24 hours, see the hourly chart; buyers failed multiple times, and the huge momentum on the daily chart isn't clear either. One hour ago, it hit 49K, and trust me, tomorrow it will dip to 45K unless some whale step in and put 50 million. This isn't the 2020-2021 crash, as the Kamila FUD seems to be already in effect.

[FatFork]

Exist now and buy the dip later ...

And if it doesn't? That sounds exactly like a recipe for becoming a poor no-coiner.

and trust me, tomorrow it will dip to 45K unless some whale step in and put 50 million.

Yeah, right. It will be a beautiful day tomorrow, unless it rains.

[3kpk3]

Calm down people! You gotta have nerves of steel to continue HODLING your stash during these kinds of crazy corrections which usually bears fruit in the future thanks to BTC bouncing back every single freaking time.

I don't give a damn even if BTC fell below $40K soon because I am confident that it will bounce back in a bullish manner sooner than we think.