Bitcoin slides below $59k

[larry_vw_1955]

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.

the chances are that even if it did go back up it will still revisit the same price point you sold it at at some point. that's when you get back in.

selling 1 btc at 59k and buying it back at 51k you still have 1 bitcoin but you also have $8000 cash so maybe its worth doing it for some people in some situations.

[programmer3666]

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.

Personally, I think we might see $100,000 before the end of the year the pullback of the market is not new, if you noticed since the Bull Run started, at every new week of a new month the market always has a pullback and rise again after a week or two. I believe we are experiencing the same circle. I bought Solana after the pullback because it will go as high as $181 when it rises again.

[btc78]

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.

Thats just the start of the dumping mate , because Bitcoin drops even more the next day and just today that this starts to recover , if we will going to tally each time the value drops and climb to make thread here? for sure this forum will be filled with senseless topic.
why not just focus in our targets? to sell when the price starts to hype and buy when its dumping like now?

there are so much thing to think  so better to let things sink about positive sides .

[FatFork]

<cut>
Unless some whales step in, the price tomorrow will be 45K, and I bet you 5 bucks it will

Looks like you're going to lose this bet! But let's wait a few more hours, because technically, it's still "tomorrow" based on the time you made that post.

[retreat]

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.

Why did you jump to that conclusion? Don't you know that Bitcoin was once worth less than 1 USD, and how is it now? It's worth much more than gold. And about corrections, every asset will certainly experience corrections and you can't expect an asset not to experience corrections, and when Bitcoin experiences corrections, it's a very natural thing, even Bitcoin has been corrected more than that, but it still performs well and has even broken its ATH several times. So just because it's corrected doesn't mean it's lost the opportunity to reach 100k USD or more than that.

[Pmalek]

Financial markets in general are falling, it's not just bitcoin. The USD fell as well. The Japanese stock market is crashing. US stocks are also losing value. The crisis in the Middle East is creating uncertainties on the financial markets and volatile assets like bitcoin and crypto are, of course, hit hard. We also have the FUD about the US government moving confiscated bitcoin from one address to another, maybe in preparation to sell. There is also the bitcoin from Mt. Gox that is being distributed to owners. All that creates fear and sell pressure.

[shield132]

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.

Bitcoin has always had these types of corrections. Sometimes the price goes up more than necessary because there is a hype, a good environment and a positive mindset but then something happens and everyone starts panicking, everyone starts cashing out of their money and that's the wrong thing that they do but it gives some of us the possibility to buy the dip.
It's going to easily rich $100,000, I don't even question that. We had halving this spring, the winter is coming and the bull market will strike with full force and we have ETFs here too, don't forget that, that's a double boost.

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.

Are you kidding me? Think about what you could buy with 1$ five years ago and now think what you can buy with that 1$. The USA prints the dollar like crazy and inflation hits hard. 1$ is 1$ today but it's 0.9$ tomorrow, 0.8$ the day after tomorrow and etc...

[Sebas.tian]

I think, the price of Bitcoin will definitely going to reach $100,000 before the end of this year, because the market has changed to green light few hours ago which there is a hope that it will increase higher to hit $70,000 back for other holders to believe that $100,000 above is possible this year. The price of Bitcoin has increased back to $55,000 at today which is still good for those investors that still want to purchase to use this opportunity to purchase Bitcoin and hold for long, but if your target is $1,000,000 in this year, I don't think you will achieve your target this year because the price will not reach that amount this year. You sound like someone that is ready to sell Bitcoin once the price hit $1,000,000 in the market,  you don't need to be panic about that, because it will definitely come to pass but not this year or next year.

[Arenga pinnata]

Currently, it can be said that the panic that caused the market to be corrected did not only occur in the crypto market but also occurred in all investment sectors, including the stock market, of course. Various bad news continues to emerge, causing panic in the market. Yesterday was the worst. Be it in the crypto market or in the stock market. We see all markets turning red. But today things seem to be recovering quite quickly. Yesterday the price of bitcoin touched $49000 but today the price of bitcoin has also returned quickly to a price of around $55k-$56k. Yesterday I panicked but I still restrained myself and closed the market. because I believe the market will recover. And if we remember that our goal is long term then we don't need to worry about the correction that is currently happening.

[Bd officer]

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.

OP, anything can happen here in the crypto market. Last month the price of Bitcoin dropped to $53k and quickly returned to $70k. The market has started to go down again, I don't know how much it can go down this time. Dropped to $47k yesterday but is in the $55-65k range today. I won't be disappointed if Bitcoin falls further, I believe Bitcoin will rise again. OP, don't you know what bitcoin was worth in the past? Did anyone expect Bitcoin to reach this point? Since Bitcoin has reached this level today, we expect Bitcoin to hit $1 million at some point in the future. OP, we can expect the upcoming bull run to start soon and we expect Bitcoin to hit $100k in the upcoming bull run. Don't lose hope, Bitcoin will definitely hit $1 million in the future.

[larry_vw_1955]

OP, anything can happen here in the crypto market. Last month the price of Bitcoin dropped to $53k and quickly returned to $70k.
OP, don't you know what bitcoin was worth in the past? Did anyone expect Bitcoin to reach this point? Since Bitcoin has reached this level today, we expect Bitcoin to hit $1 million at some point in the future. OP, we can expect the upcoming bull run to start soon and we expect Bitcoin to hit $100k in the upcoming bull run. Don't lose hope, Bitcoin will definitely hit $1 million in the future.

I understand what you're saying but here's the thing. I expected bitcoin to not stagnate around for a long time after it hit 70k or whatever its ATH is. But it just falls away from that price alot of times. I dont know why it is doing that. But I surely don't think that it has any chance of reaching $1 million in the future unless there is some type of massive inflation which wouldn't really make it worth anymore than it is in today's dollars....

[franky1]

I understand what you're saying but here's the thing. I expected bitcoin to not stagnate around for a long time after it hit 70k or whatever its ATH is. But it just falls away from that price alot of times. I dont know why it is doing that. But I surely don't think that it has any chance of reaching $1 million in the future unless there is some type of massive inflation which wouldn't really make it worth anymore than it is in today's dollars....

bitcoin has known market cycles where it was not due to pump to new ATH so close to the halving, so whales are now suppressing further pumps now to stay in the market cycles range for their algos to still trade on via historic data

usually during the era so close to the halving the markets value bottom raises and the market tests out the value bottom and then the following year it then gets to test the tops of new ATH

seems some were too eager to use the moments of the halving as a trigger to want the next bull to ATH to start at the same time. however when many whales use bots and algos to make trade decisions, entering a new era of ATH will break the pattern and break the bots ability to trade on market cycle data by breaking the cycle.. so they are suppressing the market to stay in the expected cycles range for this period to take advantage of cheap trading..

[Smack That Ace]

OP, anything can happen here in the crypto market. Last month the price of Bitcoin dropped to $53k and quickly returned to $70k.
OP, don't you know what bitcoin was worth in the past? Did anyone expect Bitcoin to reach this point? Since Bitcoin has reached this level today, we expect Bitcoin to hit $1 million at some point in the future. OP, we can expect the upcoming bull run to start soon and we expect Bitcoin to hit $100k in the upcoming bull run. Don't lose hope, Bitcoin will definitely hit $1 million in the future.

I understand what you're saying but here's the thing. I expected bitcoin to not stagnate around for a long time after it hit 70k or whatever its ATH is. But it just falls away from that price alot of times. I dont know why it is doing that. But I surely don't think that it has any chance of reaching $1 million in the future unless there is some type of massive inflation which wouldn't really make it worth anymore than it is in today's dollars....

After all, bitcoin is just a financial market where there will be winners and losers, don't be naive and think that someone will print money, pump money and push bitcoin up forever so that everyone gets rich. Financial markets don't work like that, we are on a battlefield, not a place of charity. If you can't stand its rigors, you should leave the market and find something that suits you.

Rewards are only for those who deserve it, if you cannot overcome challenges and difficulties, you cannot expect to receive rewards like everyone else.

If you are sure bitcoin cannot reach 1 million USD or no longer has the ability to grow, then you just need to sell it and leave the market, no one forces you to hold bitcoin and stay here. This is my sincere advice.

[GeorgeJohn]

One thing is that bitcoin price is not constant and the price can't be accelerating all time, and people who is new investors in cryptocurrency mostly in Bitcoin don't understand such, the price always fluctuates and when it increase and it will decreases

So I want us to know that we have to such principle and not to panic whenever we seems that price of bitcoin is decreasing in value, so that's why so people panic much in cryptocurrency devalue in price, since I joined cryptocurrency the price always fluctuates

Secondly, the price of bitcoin decreases the way it wants, and it's obvious that we can't control the bitcoin price and the essence of the price to get more increased is when the demand is higher, so for the price to decreases that means the demands is low and the supply is high.

[Scarlett_23]

Not only is Bitcoin in bad shape, but the global economy is also in recession.  We can blame the armistice as the reason.  In addition, the major countries of the world want to use the alternative currency of the dollar. Due to many reasons, the economic condition of the world is not good.  This has also affected Bitcoin.  How far it will go down and from where it will start to rise we cannot say exactly.  Maybe when it grows, it will suddenly grow a lot.

[Fara Chan]

Not only is Bitcoin in bad shape, but the global economy is also in recession.  We can blame the armistice as the reason.  In addition, the major countries of the world want to use the alternative currency of the dollar. Due to many reasons, the economic condition of the world is not good.  This has also affected Bitcoin.  How far it will go down and from where it will start to rise we cannot say exactly.  Maybe when it grows, it will suddenly grow a lot.

Growth and decline are always caused by effects and nothing suddenly appears out of the blue and from some of the effects that you have mentioned, I think it is much more logical because it can also make some Bitcoin holders and Bitcoin investors reluctant to buy again. Although in a price drop condition, it will always be the best option to buy Bitcoin again at a price that was previously unimaginable and now I also want to see a little recovery in the price of Bitcoin because that is also the best thing to hope for in this condition.

[suzanne5223]

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.

Firstly, the currency market situation does not justify the future market price.
Having said that, a moment like the current sudden downtrend in the market should be expected ever since the institutional banking pop into the crypto market through the spot ETF.
Second, the downtrend was caused by the TradingJump which is a proprietary trading firm owned by  Principal Traders Group which is an association of firms that trade on futures, options, and equities markets worldwide. They did some huge sell-offs worldwide and if you follow the crypto, and stock market you'll see that as crypto experiences a downtrend so does the US stock, Japan, China, etc. I believe BlackRock and other powerful investment organizations are behind this.

[Cryptmuster]

Firstly, the currency market situation does not justify the future market price.
Having said that, a moment like the current sudden downtrend in the market should be expected ever since the institutional banking pop into the crypto market through the spot ETF.
Second, the downtrend was caused by the TradingJump which is a proprietary trading firm owned by  Principal Traders Group which is an association of firms that trade on futures, options, and equities markets worldwide. They did some huge sell-offs worldwide and if you follow the crypto, and stock market you'll see that as crypto experiences a downtrend so does the US stock, Japan, China, etc. I believe BlackRock and other powerful investment organizations are behind this.

It is obvious that this is another manipulation, possibly on the part of BlackRock or other large players who have not yet added positions to their portfolios and are clearly trying to do this at more favorable prices. And in this situation, I think it is positive how quickly the price of bitcoin is recovering, in my opinion, this indicates that it is being actively bought up.

I expect that the movement in bitcoin should begin in the fall, possibly closer to the US elections, and until then it will be a period of gaining positions for those who have not done so yet, so I will not be surprised if this is not the last correction before the bull run. Very large players have entered the game, with very large opportunities and they definitely have the ability to manipulate the market. I thought that the price of bitcoin would not fall below 50k, but as it turned out, this is possible and without great difficulties, but it is good that the price is growing, and did not remain at this level.

[justdimin]

One thing is that bitcoin price is not constant and the price can't be accelerating all time, and people who is new investors in cryptocurrency mostly in Bitcoin don't understand such, the price always fluctuates and when it increase and it will decreases

So I want us to know that we have to such principle and not to panic whenever we seems that price of bitcoin is decreasing in value, so that's why so people panic much in cryptocurrency devalue in price, since I joined cryptocurrency the price always fluctuates

Secondly, the price of bitcoin decreases the way it wants, and it's obvious that we can't control the bitcoin price and the essence of the price to get more increased is when the demand is higher, so for the price to decreases that means the demands is low and the supply is high.

The "do not panic" thing is unfortunately not that much valid for many people, because they end up getting even worse, and unfortunately there isn't really anyway that we could stop them, we just have to accept the fact that it is the reality and we can't make that work. I believe that we are going to end up with a better result if we know what we are doing and we should be aiming at that if we can, would be a smarter move.

I think the best way to go about this would be just considering how to make it work some other way, and if we do that then we are going to be fine, I think it should not be all that complicated at all. What we need to realize is panic will not make us money, and if we just stay calm, we could make much more profit.

Once again we are below below $59k levels and I am expecting another sharp bounce back from here. So, not getting panic and making use of available dips will help everyone for sure.

[NotATether]

Once again we are below below $59k levels and I am expecting another sharp bounce back from here. So, not getting panic and making use of available dips will help everyone for sure.

The only reason why Bitcoin may go down below $60K at this point is because somebody not-so-smart is dumping thousands of bitcoins onto the market.

This, in turn, scares people who use Bitcoin exclusively for trading, and they sell too because they are allergic to red candles. HODLers get drawn in, bullish positions get liquidated, they buy at the bottom, Bitcoin price goes up, bears get liquidated etc. - the cycle continues.