Gobsmacked BTC is trading in the $60,000s 💰💰

[howardsentell]

What is everyone's prediction for the BTC BTC bottom before a bounce?

[henkcryptotank]

$24k perhaps, has a nice ring to it.
Since i love goooooold.

GrtzTnk

[OgNasty]

$24k perhaps, has a nice ring to it.
Since i love goooooold.

GrtzTnk

Good lord! I think we’ve found someone who is currently more bearish than me.

$24K doesn’t seem likely to me just because of the inflation we’ve seen since it was last touched. Double it to $48K and I think you have a more realistic number.

[T-Chad]

I'd say around $55k based on historical bear market support patterns, this is all speculative ofc.

[Nwada001]

What is everyone's prediction for the BTC BTC bottom before a bounce?

I was speculating $50k before, but as it stands now with the speed at which it's dumping today, I think it might likely go below that, but $20k is what I don't see happening, but it can actually go to as low as $45k. Whatever level it's falling to, as long as it's not going to settle there for long, we should be good with it.

[alani123]

Why would you be gobsmacked? What made you think that bitcoin would stay up forever in price?
Is there an ecosystem where the community has managed to create an ecosystem of usage? No. All tools surrounding BTC have been around speculation even if they were institutional tools.

BTC is not connected to anything that produces value in any way. You can't say you'll be able to get a minimum or maximum of any thing or service at any given point because nobody is willing to take that risk with BTC. It's going to be unstable and the prolonged bull market could have ended any moment.

[rbynxx]

What is everyone's prediction for the BTC BTC bottom before a bounce?

Maybe we visit $19k for the 2018 support lol.

It's probably good to just DCA in here and not get too complicated to time the market. It's possible to visit any prize support with the market so uncertain where it's heading plus liquidity is declining day by day. Probably stable more than 40% of your portfolio isn't that a bad take.

[logfiles]

$24k perhaps, has a nice ring to it.
Since i love goooooold.

GrtzTnk

$24K is too low mate, that is so close to the previous low ~$16K before BTC shot all the way up to $120Ks. I don't think the buy wall above that zone will let through. It's similar to calling for a BTC drop below $10K last time round. I am thinking if it gets so bad, maybe we shall see the $50ks or momentarily $40Ks.

[Iranus]

Bitcoin is becoming more mature, and its volatility is gradually decreasing over time. If I remember correctly, during the 2022 bear market, Bitcoin dropped from $69k to $16k, a decrease of approximately 76%. It can be seen that, with each cycle, the decline of Bitcoin seems less severe than before.

Therefore, I predict that Bitcoin will not fall by more than 70% in this bear market. This means that the bottom could be around the $40-50k range.

[Bitcoin_people]

What is everyone's prediction for the BTC BTC bottom before a bounce?

The way the market is losing momentum and going down, it seems that there will be more dumping soon. The market touched $60k but currently the market situation is on the upside and the candles have touched green candles. If the market stabilizes at this point and shows a gradual upward trend, then there is a possibility of touching $70k. But I think the market will fall further this year and it can stay between $35k and $45k which we can call a bear market. If we notice that the Bitcoin market has now fallen by 50%+ from its highest high which is really disappointing, then we have to be patient. However, the market has fallen the most in the last two days, but if the market changes its situation and shape again as before, then there may be relief.

[JeffBrad12]

Bounce already in, probably going to get to $69k to liquidate ~70m open position before going down again or it could be a consolidation, no one know for sure but liquidty hunting is almost certain.
If things get better there are chance for the run up to go even higher, if war is about to break out again, say goodbye to breaking out and brace for another drawdown. Never a boring day with bitcoin.

[DanWalker]

Bounce already in, probably going to get to $69k to liquidate ~70m open position before going down again or it could be a consolidation, no one know for sure but liquidty hunting is almost certain.
If things get better there are chance for the run up to go even higher, if war is about to break out again, say goodbye to breaking out and brace for another drawdown. Never a boring day with bitcoin.

In my opinion, history is repeating itself, and Bitcoin will continue to fall further regardless of whether there is war or not. There will be no breakout or reversal, all recovery is merely temporary and liquidity hunting, as you said.

As for the bottom of Bitcoin in this bear cycle, I think it is still too early to say. Historically, bear markets tend to last until the end of the year, and we still have plenty of time to find the bottom that Bitcoin might reach. It will all depend on the macroeconomic factors affecting the market.

[Majestic-milf]

 I've been trying so hard to ignore the updates I've been receiving on Bitcoin price, cause I was low-key expecting it to jump back up. I was thinking the drop is something that's very temporary and we'd see a rise but it's continuing to drop and right now at $64k I wonder if any quick miracle can happen. I don't know, of it could drop to $k which I was very adamant against, what's stopping it from getting to $50k. Honestly it's really painful to watch it get this bad considering how far it had come but from all indications, this dip isn't looking like one that would stop any time soon.

[Free Market Capitalist]

The decline we have seen so far has been disappointing but not too bad. The problem is how far it could go. A much greater decline would be disappointing, not so much because of the decline itself, but because we would be experiencing a bear market with a dip like those in previous cycles without having come anywhere near the highs of previous cycles.

In that sense, if the price drops to $40K or lower, we would indeed be gobsmacked.

[JeffBrad12]

Bounce already in, probably going to get to $69k to liquidate ~70m open position before going down again or it could be a consolidation, no one know for sure but liquidty hunting is almost certain.
If things get better there are chance for the run up to go even higher, if war is about to break out again, say goodbye to breaking out and brace for another drawdown. Never a boring day with bitcoin.

In my opinion, history is repeating itself, and Bitcoin will continue to fall further regardless of whether there is war or not. There will be no breakout or reversal, all recovery is merely temporary and liquidity hunting, as you said.

As for the bottom of Bitcoin in this bear cycle, I think it is still too early to say. Historically, bear markets tend to last until the end of the year, and we still have plenty of time to find the bottom that Bitcoin might reach. It will all depend on the macroeconomic factors affecting the market.

I'm expecting for the bottom to be higher than previous cycle though, there is no big collapse that trigger massive exodus of retailer and institutions probably still holding their bitcoin for long term.
I could so biased since i hold good amount of bitcoin for my life saving but I think maximum drawdown is just $43k, that's still a pretty dang good bottom and if we follow by the cyclical gain, we might see $250k easy in the future.
What i'm waiting is bunch of good news such as interest cut.

[DanWalker]

I'm expecting for the bottom to be higher than previous cycle though, there is no big collapse that trigger massive exodus of retailer and institutions probably still holding their bitcoin for long term.

Yes, as Bitcoin matures, it become less susceptible to dumping. However, it has now fallen nearly 50% from its peak, which is also a significant decline. Current prices are lower than the prices at which institutions bought in. For example, MSTR is incurring losses of nearly $5 billion when its average price was $76k.

I could so biased since i hold good amount of bitcoin for my life saving but I think maximum drawdown is just $43k, that's still a pretty dang good bottom and if we follow by the cyclical gain, we might see $250k easy in the future.

If Bitcoin were to drop to $43k, that would be a drop of approximately 65%, and that is a significant decline. IMO. 

In this cycle, Bitcoin has not even doubled from its peak in the previous cycle. I think it is too early to predict the next peak for bitcoin when we do not have any data yet.

What i'm waiting is bunch of good news such as interest cut.

For the market to return to turn bullish again, I think we need bigger news, such as QE. Just cutting interest rates is not enough.