Bitcoin slides below $59k

[mirakal]

Wasnt expecting the price to fell any below $60k dols though... But, since it rises with the same tension an pressure it does decrease... There's hope probably the ATH before this Year ends would be Celebrated at $100k+

I am sure that $100K will be achieved but it does not mean that it will happen in a short time. Correction is a common thing and good for our growth in collecting more Sats. We need correction to show that bitcoin is running in a healthy market. If you are an investor who is ready to profit, then you must also be ready for the correction and that is the point where you are given time to breathe more deeply.

$100K is not impossible for bitcoin to achieve, even $1 million can be realized if we have a long life, as long as electricity and the Internet still exist.

Bitcoin has certainly its own flaws. We can’t expect to see bitcoin price moves upward consistently because that’s highly impossible for such a volatile market. But we all know that once it drops, it will also recover in time. So there’s no issues if we are seeing bitcoin not reaching more than $60k right now or higher than that, because sooner or later we’ll eventually witness that moment. Patience is a must, if we can’t be patient, we will never come to witness when bitcoin price has already reached $100k or even 1 million, but it takes a lot of process before it’s going to finally happen.

[Son Of Blockchain (SOB)]

Who feed yiu with this $1 million price a Bitcoin?

from time to time, i happen to see people saying stuff like that. whether it's 250k or 1 million. i'm tired of it.



Moreover, crypto entrepreneur and BitMEX’s ex-CEO Arthur Hayes predicts that bitcoin might even spike all the way up to $1 million during the current market cycle.

“The bitcoin price in this cycle is going to go very, very high,” Hayes told DL News recently. “Hundreds of thousands of dollars, maybe $1 million.”

https://www.msn.com/en-us/money/markets/bitcoin-bounces-back-after-market-jitters-arthur-hayes-forecasts-1-million/ar-AA1oxmh7

It seems you guys don't do your research before you says number but I want you to know that Bitcoin price to a million dollars is very impossible,

most people consider research as reading articles on websites. and this one said bitcoin was going to $1 million. whether MSN endorses that point of view is immaterial.

That's more reason why I refused to pay attention to everything I come across on the net or media, Bitcoin is still trying to get to $100k it's not even attained $80k yet someone is talking of $1m, sounds funny.
 Bitcoin no doubt has a tendency of attaining new heights over different circles but before it would get to $1m alot of people anticipating that price would've been long dead even before it gets to $250. They should go with Bitcoin's pace instead of speculating prices they might not live to witness.

[larry_vw_1955]

That's more reason why I refused to pay attention to everything I come across on the net or media,

it's kind of hard to ignore though when famous people start talking out of their ass. and some of them are pretty intelligent in their own right but when it comes to bitcoin i'm not even really sure they understand how bitcoin really works. since some of these people come from the business world. and don't really care about technicals...they could be right but i'm not sure i fully trust them unless they really understand the technicals of bitcoin, it's challenges and things like that. i doubt some of them really even use bitcoin!

if you dont even understand how bitcoin works mathematically, i don't see how you could make any type of prediction about its price in the future. that may sound like a strange thing to say but i dont think bill gates understands how bitcoin works mathematically so his opinion of it doesn't really matter much to me. he would need to understand how it works from the ground up before he could really be in a position to understand its strengths and weaknesses.

the list of famous people for and against goes on and on. waren buffet, mark cuban, keven oleary, etc, etc. whether they support or don't believe in it, doesn't matter to me since i don't think any of them understands bitcoin mathematically to where they could explain it.

[Odusko]

Wasnt expecting the price to fell any below $60k dols though... But, since it rises with the same tension an pressure it does decrease... There's hope probably the ATH before this Year ends would be Celebrated at $100k+

I am sure that $100K will be achieved but it does not mean that it will happen in a short time. Correction is a common thing and good for our growth in collecting more Sats. We need correction to show that bitcoin is running in a healthy market. If you are an investor who is ready to profit, then you must also be ready for the correction and that is the point where you are given time to breathe more deeply.

$100K is not impossible for bitcoin to achieve, even $1 million can be realized if we have a long life, as long as electricity and the Internet still exist.

Bitcoin has certainly its own flaws. We can’t expect to see bitcoin price moves upward consistently because that’s highly impossible for such a volatile market. But we all know that once it drops, it will also recover in time. So there’s no issues if we are seeing bitcoin not reaching more than $60k right now or higher than that, because sooner or later we’ll eventually witness that moment. Patience is a must, if we can’t be patient, we will never come to witness when bitcoin price has already reached $100k or even 1 million, but it takes a lot of process before it’s going to finally happen.

No one cares about the volitilities any more and as a matter of fact the more the volitility the sweeter our bitcoin investment looks, and sound to us, because at some point, bitcoin won't be exciting if we don't witnessed all the ups and downs that we normally see in the day to day market movements in bitcoin, more also we need to get used to how we can properly take advantage of each bitcoin movements because when bitcoin goes up, it presents the opportunity to make profits, and when the price drop again, that is another opportunity to buy at discounted rate, so everything goes well for the smart investors.

[Falconer]

-snip-

No one cares about the volitilities any more and as a matter of fact the more the volitility the sweeter our bitcoin investment looks, and sound to us, because at some point, bitcoin won't be exciting if we don't witnessed all the ups and downs that we normally see in the day to day market movements in bitcoin, more also we need to get used to how we can properly take advantage of each bitcoin movements because when bitcoin goes up, it presents the opportunity to make profits, and when the price drop again, that is another opportunity to buy at discounted rate, so everything goes well for the smart investors.

How is it possible that no one cares about market volatility when they actually exploit volatility to make profits. All day traders are those who try to take advantage of price volatility and they cannot ignore it, while holders can ignore volatility because the time frame they set is longer.

Basically traders and investors are different in how they exploit volatility. Traders tend to sell when they get a few percent gain in a short period of time, while investors tend to hold longer and may also apply accumulation. When prices fall, investors especially long-term holders will likely accumulate regardless of how they do it. While day traders also buy, but they will sell when the market shows recovery.

[glendall]

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.

very surprised to see the BTC price minus up to 3% this week, a little doubt if it continues to correct like this whether it will be able to exceed 70k$ in the future,
If war is the basis for a price decline then it can be predicted that BTC will not reach a new ATH

[pawanjain]

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.

Bitcoin has been having such corrections since inception and so it will reach $1million the same way it reached $72000.
It's quite normal for any asset to have dips/corrections and bitcoin being more volatile is prone to having such dips.

[Viscore]

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.

Bitcoin has been having such corrections since inception and so it will reach $1million the same way it reached $72000.
It's quite normal for any asset to have dips/corrections and bitcoin being more volatile is prone to having such dips.

There’s no problem with dips and corrections as they occur normally in a highly volatile market as well as bitcoin, the important thing is there’s always a price hike after that. That means that regardless of the time, bitcoin will still be able to achieve $1 million throughout the process, we just cannot tell when it’s going to happen.  But as long as the demand for bitcoin is still there and people are still buying bitcoin, its price will continue to increase as well, no doubt with that.

[Franctoshi]

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.

1BTC = 1BTC, if you are holding Bitcoin for a long term period ,there's no need to panic at themoment, however for a short term hodlers of Bitcoin who is skeptical about the current market situation, well after that Bitcoin dip down to $58k,  where the price failed to close below $53k price level on the daily time frame perspective, I believe Bitcoin is preparing to go mitigate the $53k zone once again before its continuation of the price to the up side, or a further price decline.

[Samlucky O]

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.

Bitcoin correction is a normal thing that usually happens, and people take advantage of it and buy more. Talking about it in such manner like this, sound as if bitcoin hasn't experienced correction before. So what do you want us to do now? All what I can tell you is never to let go of such opportunity of buying bitcoin during price correction because correction are rear and when you buy them during this period you have more advantage to stack some starsh in your portfolio.

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.

And who told you that bitcoin must reach $1m? All what I know is that apart from bitcoin ATH, any other price is mealy speculation which might or might not come into existence.

[bubilas]

There are only ten days left of summer and we can already conclude that the summer has been quite volatile for Bitcoin.
There was no flat, we constantly observed price changes, and recently we saw a really strong correction, although I am more confident that this was a sign that the price will continue to fall and fall. And this is visible on the weekly chart. And this is correct, because if the price does not fall as low as possible, then we will not see Bitcoin with a price of 100k.

[larry_vw_1955]

meanwhile gold is hitting new all time highs.

A gold bar is worth $1 million for the first time
https://www.wtvm.com/2024/08/20/gold-bar-is-worth-1-million-first-time/

i think i trust gold more than bitcoin. we don't know what is going to happen to bitcoin but gold will always be important.