Bitcoin slides below $59k

[franky1]

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.

"correction" is the term after an ATH when it reaches premium and then corrects back down to value
based on some metrics the ~$50k area is roughly the value line so yes id call it a test of the bottom for the period
and these tests can be a good thing

the stuff happening this month of % changes are not the largest we seen but simply "dips" (to $58k)
however larger corrections of the year from a $75k new ATH to then test the new value bottom test of ~$50k would be

you need to learn that the market naturally swings up and down. it wiggles  in both directions

there are rises and dips /\
there are spikes and drops ^|_|

there are different terms for different events dependant on how small or big the change is and how sudden or lengthy the change occurs for

if you are emotional over a 3.5% - 13% change then you will always get triggered.

heres a trick.. if the price dips, treat that as a opportunity to decide on if you want to buy more at discount compared to the price a week ago
if you were thinking a week ago 'i wish it were cheaper so i could grab more before the 2025 ATH' and now it is cheaper.. grab more

[Kakmakr]

These huge price fluctuations are going to be the new norm in the future, because institutional investors entered the market.

They are not used to Bitcoin's volatility and wild price fluctuations will cause trigger happy investors to dump at the smallest change in the market.  

They also have huge amounts of Fiat invested, so when they panic sell.. huge price drops will be the result. (Causing a ripple affect and triggering more people to sell)

[Don Pedro Dinero]

It seems that the week is off to a turbulent start in the markets, with last week's US employment data, the Nikkei with the second biggest drop in its history and the rest of the markets affected: bitcoin plummeting and the European stock markets falling.

In the specific case of bitcoin, it has momentarily dipped below $50,000 and has already bounced back to almost 53 but whoever gets nervous now is the one who is going to lose money.

[legendbtc]

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.

Bitcoin has dropped more than 11% in just the last 24 hours but that doesn't mean it's certain to fall more so the idea of ​​selling bitcoin now and waiting to buy it back isn't exactly a wise idea. This strategy is too risky and I think it's not worth the risk.

$1 is still $1 no matter how much the markets tank.

Times like this remind me, I remember someone saying they don't want to keep money in the bank, their savings are also bitcoin. I wonder if their savings (BTC) lose more than 10% of their value in one day, how will they handle it if they need to use it in an emergency?
Inflation causes fiat to lose value but will not be worse than bitcoin being dumped in the short term, those who save with BTC will understand that fiat will also be important in some cases in the short term.

[Akbarkoe]

It seems that the week is off to a turbulent start in the markets, with last week's US employment data, the Nikkei with the second biggest drop in its history and the rest of the markets affected: bitcoin plummeting and the European stock markets falling.

In the specific case of bitcoin, it has momentarily dipped below $50,000 and has already bounced back to almost 53 but whoever gets nervous now is the one who is going to lose money.

This is big news and we haven't seen anything like this in a long time in the financial markets everything is quite messy, the issue on the US recession and war is the highlight of the conversation today because it has a bad impact on the financial markets both stocks and Bitcoin.

Bitcoin has indeed touched below the price of $50k and it is likely that if the decline will occur again then we will try to break the price level of $44k and $40k-$39k to try the strongest support, we do not know how long this storm will end but keep standing with bitcoin and bring home more bitcoin.

I myself am quite sad to see my portfolio today. LOL

[Iranus]

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.

Making predictions that bitcoin will drop to 45k-40k at this time is similar to many people predicting bitcoin will reach 80k-90k when bitcoin has surpassed $70k. No one will know what will happen in the future, your prediction or someone else's just because you are feeling scared about what is happening in the market, nothing more and nothing less.

Fear is flooding the market, so it is understandable that there are many pessimistic predictions, but I bet you if tonight the US market opens and bitcoin rises to 60k. The prediction of bitcoin falling to $45k will disappear immediately and people will start to be optimistic about higher prices.

That's the way the market is, manipulating investor psychology very well.

[Text]

Trying to time the market by selling and hoping to buy back lower is a tempting strategy, but it's incredibly difficult to pull off consistently. Nobody knows for sure if the price will go down further or start climbing again soon. It's a gamble.

I prefer to hold through market fluctuations, believing in Bitcoin’s long-term potential. I consider the potential for unexpected price rebounds and the overall trajectory of Bitcoin over the years, which has shown substantial growth despite periods of decline. It’s practical to focus on long-term trends and the underlying technology's potential, rather than getting caught up in short-term fluctuations.

[AlphaBoy]

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.

The line is 60, 5-10% is a good dip to buy.

Just see the hourly chart and how many times buyer tried to stop the down and failed.

Making predictions that bitcoin will drop to 45k-40k at this time is similar to many people predicting bitcoin will reach 80k-90k when bitcoin has surpassed $70k. No one will know what will happen in the future, your prediction or someone else's just because you are feeling scared about what is happening in the market, nothing more and nothing less.

Fear is flooding the market, so it is understandable that there are many pessimistic predictions, but I bet you if tonight the US market opens and bitcoin rises to 60k. The prediction of bitcoin falling to $45k will disappear immediately and people will start to be optimistic about higher prices.

That's the way the market is, manipulating investor psychology very well.

Nope, not this time. People stepped out after Kamala passed Trump in the election as Trump wanted to buy Bitcoins as a government investment. For a brief second, Bitcoin hit the 49K line. The buyers pushed this, but not for long. Unless some whales step in, the price tomorrow will be 45K, and I bet you 5 bucks it will

[tranthidung]

They are not used to Bitcoin's volatility and wild price fluctuations will cause trigger happy investors to dump at the smallest change in the market.

15% is not a fluctuation of price and it is big enough to be fearful by newbies in Bitcoin market. Especially when they see many bad news released on time to magnify fear, uncertain, doubt effects, it is very hard for many people in the market to be calm in mind and action.

They also have huge amounts of Fiat invested, so when they panic sell.. huge price drops will be the result. (Causing a ripple affect and triggering more people to sell)

The advice in financial market is "Don't put all your eggs in one basket" because if you do it, you will not have money to use, for emergency and your life will become very difficult if all your money in investment portfolio drops significantly or vanish to nearly zero.

This risk causes massive fear and people who have that practice are actually living with very bad days, even this correction is not worst one in Bitcoin history since 2009.

[bitLeap]

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.

Seeing the sluggish Bitcoin market situation, maybe I am one of the lucky ones because when it touched $70K my ownership was immediately sold. For a whole week the support level was continuously tested and penetrated in other words we are in a fairly deep correction abyss. World issues, especially war, are the biggest factors triggering panic selling, not only bitcoin but stocks also reacted.

$1 Million is still quite far to achieve, even now $100K is still a mystery and most of us have stopped that hope for now. A month full of surprises, the biggest drop I have ever seen because the price plunged in the last 24 hours indicating something unexpected.

[NotATether]

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 I have news for you. Bitcoin just went under $51K and it's about to hit $50K even in the hours since you made this post.

But you know what? It's still going to have another correction in the opposite direction. Most likely even this year. Would't be surprised if it hits $100K before 2025.

¯\_(ツ)_/¯

[Porfirii]

It seems that the week is off to a turbulent start in the markets, with last week's US employment data, the Nikkei with the second biggest drop in its history and the rest of the markets affected: bitcoin plummeting and the European stock markets falling.

In the specific case of bitcoin, it has momentarily dipped below $50,000 and has already bounced back to almost 53 but whoever gets nervous now is the one who is going to lose money.

Back to $51,000 and I don't know what to expect from now on. Fear & Greed Index indicates medium fear, so not the best moment to sell, but it has room for more losses and extreme fear.

This is not a good moment for this. We should be testing new ATHs after the halving, but timidly broke the ATH from the last cycle instead. Maybe the best advice for those who can afford to lose more money is to enjoy a day offline.

[zabzob]

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.

Tell that to the folks who sold all their BTC in 2013 when it dropped from $100 to $50, and are still waiting for it to get back down to $50 before buying back in. Or the ones still waiting for it to get back down to $1, which was once considered an impossible price to reach  

[franky1]

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 I have news for you. Bitcoin just went under $51K and it's about to hit $50K even in the hours since you made this post.

the DIP to $59k previous day was a dip not a correction.. but the $50k is definitely testing the value support line so is a correction down to value, and im surprised larry predicted/mentioned the correction before it occurred

either way though these tests of the value support lines are good for the economy, its a good opportunity to buy cheap coin before the ATH premium test next year and by testing this periods bottom then strengthens the bottom

[YOSHIE]

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.

Maybe you don't have to think about Bitcoin soaring to $100k at the moment, certainly not the current situation, but you can clarify again for the upcoming halving, where when you think Bitcoin is no longer valuable, that's when the price can reach the $100k level, no one knows for sure what will happen in the future.

Currently the global economic situation is not improving, as well as what is happening in the crypto market which can have an impact on a wave of price declines, the current situation of investors is worried about the state of the world, They don't want to take risks that might result in losses, but are sure that when everything returns to being conducive and regaining investors' trust, the price of Bitcoin will be better than it is now, maybe $1 million is not difficult to achieve.

[riantolie]

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.

Tell that to the folks who sold all their BTC in 2013 when it dropped from $100 to $50, and are still waiting for it to get back down to $50 before buying back in. Or the ones still waiting for it to get back down to $1, which was once considered an impossible price to reach  

Yeah, exactly. BTC can't always go up and I'm surprised that people still don't really understand that. And it also provides us an opportunity to buy it not at the top price.

[Casdinyard]

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.

Pretty much the same thing they said when bitcoin dramatically dropped to $10k back in 2020, and we know what happened back then.

The thing is that at this point a lot of us here stopped rationalizing why bitcoin rises, we just know it would, and while we're looking for pegs and narratives which the bull season is going to bolster itself upon it's pretty much on the general side of things and is not connected to bitcoin anymore. Bitcoin increases in price and value when the people who support it believes it would pump as well. But don't mistake it for a ponzi scheme or whatever.

Also hate these fearmongering tactics made by the main media against crypto, matter of fact bitcoin's been constantly correcting itself for a while now, and a lot of speculations surrounding bitcoin dropping to 50k has been made in the past few months, now that it fell according to predictions they start shaking the stories up? That's just weird.

[Jaque8]

Years ago, we experienced dips of over 90%.

During the last cycle, the dips were over 50%.

This cycle, we haven't even seen a 50% drop yet.

Drops like this are routine and volatility is clearly decreasing over time.

It's normal to get nervous, but over time I've gotten used to them.

[coolcoinz]

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.

Did you buy this account?
It says you registered in April 2021 and in May 2021 bitcoin crashed 50% (60k-30k) and then it went back to a new all time high and right after that it crashed another 60% to $25k.

These things are normal, bitcoin is volatile. We haven't been in a real FOMO phase yet, but it's going to come. Maybe you'll have to wait until the end of 2025, but it will happen.   

There are a few things that I'm certain will keep happening in bitcoin as long as it exists.
There will be halvings
There will be bull and bear markets
There will be large corrections in every bull market
Each bull market will end with an overbought parabolic peak and each bear market will end with capitulation and depression.

[seoincorporation]

It will be a crazy week for markets... In one hand we have the panic sales, when price moves down like this people start selling before it drops more, but in other ha d we have those who chase oportunities, and they see 50k as a guy price to buy. So, things will get fun this week.