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

[EluguHcman]

I am just thinking how I could just pick a figure out there and tell you that it is going to be a bottom price for bitcoin in this    indeterminable bearishness that is not too clear if Bitcoin market is still maintaining the events we assumes to be a season of the bear yet. Don't forget that by speculations, some are still in the belive that price will rebound and it was hopeful because institutions are still buying even under the selling pressures of traders.

Yes, I am arguing to myself and I don't trust my prediction capabilities and I can't just tell you this is what is going to be and expects you to belive it.
But as for a common and causal discussion like here and not those that trades the market on predicts, I will guess the bottom will fall at the range of $37K - $40K and if you ask me what data I used for my analysis I will simply tell you that it is possible for more DIP because traders are still under selling pressures. I can not go deeper to explain my prediction.
A lot of them that had got multiple datas strategies and tool to predict the market are still in the long mile far away from nearly to get it right.

Specifically I go $40K bottom price.

[Rustam Meraj]

I was actually looking at 60k but already it sharply touched 60k and bounces back to 65k before trading currently trading at 69k, although I not sure if this could be thd lowest the price could go. There was a post I came across where people were predicting that we could likely see it trading 30k before the bear market would be over. But then I keep asking if this is already bear market?
If yes then we quickly experience the bear market this season as I was thinking we could experience a little bull run before the bear market coming. To be frank, the last Bitcoin halving didn't just follow the sequence like other past halving.

Although the price has since bounced back to $69,370, it remains true that we are at choice point on whether we are in bad market since 2024 supply cut cycle was shaken by fast rising market that hit top at $126,210 in October of last year. This may not be standard time of multi year crypto winter but big world tightening led by move out of risky items and doubt as result of naming of Kevin Warsh as new Fed Chair.
We are probably moving to sideways zone of between 60k and 80k and four-year cycle habit may be changed although huge company buying of drop around 60,000, points to that bottom might not be as weak as negative people have said.

[Iranus]

But then I keep asking if this is already bear market?

Bitcoin has fallen 50% from its peak. If Bitcoin has not entered a bear market yet, what would you call the current situation?

We are not just entering a bear market, but in fact, we have been in one for some time now. But many people still refuse to acknowledge that truth and try to deceive themselves into believing that the bull market is not yet over. They convinced themselves that the old cycle was no longer valid and that this time it would be differen

[LFC_Bitcoin]

Sadly I’m not gobsmacked that the price fell more than 50% to $60,000. It’s happened before and it’ll happen again. Bitcoin is still a very young asset and with that comes volatility. You can actually use this to your advantage but not everybody has the balls for it.

[JeffBrad12]

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.

65% decline is significant but it's still pretty good starting point for another cycle. if bitcoin could go from $16k to $125k. It could go from $43k to $300k for another cycle. But I expected less for next cycle because of diminishing return and how big bitcoin's market cap would be at that point unless the money inflation is getting high and fiat lose its value.

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.

Interest cut is a good news to keep market fear and greed index from going into extreme fear. It's not enough for a big rally, of course. At least it's the most realistic with the new Fed chair.

[logfiles]

There was a post I came across where people were predicting that we could likely see it trading 30k before the bear market would be over. But then I keep asking if this is already bear market?

How far does it have to drop before you realize that it's a bear market? Believe it or not, we are already in one. 

If yes then we quickly experience the bear market this season as I was thinking we could experience a little bull run before the bear market coming. To be frank, the last Bitcoin halving didn't just follow the sequence like other past halving.

Maybe you were a not following, but we did experience a very good bull run where Bitcoin performed better than most alternative cryptocurrencies. The problem is people expected the alt season to happen of which it did, but it was mostly with the solana memecoins,
This Bitcoin market cycle is pretty much in like the previous ones.

[terrific]

I hate to read those who are saying about $20k-$40k. While the possibility is there, I just hope that we have hit the bottom this early.
But with the nature of BTC's volatility, there is always the possibility that it could be as low as those prices.

It could go from $43k to $300k for another cycle. But I expected less for next cycle because of diminishing return and how big bitcoin's market cap would be at that point unless the money inflation is getting high and fiat lose its value.

I would love to see $300k for the next cycle.
But as you have justified that the returns are becoming lesser each cycle that comes, but the $200k+ is very possible for the next bull run.

[STT]

BTC is subdued but not as negative as it was in the November onward downtrend.  Its a lower price but the rate of aggressive decline is of less gradient for now.
   It can recover from here after going sideways perhaps and of course it can resume or even decline faster.  The pivot for now I would draw is 65k, below this it might make a new low and resume a negative gradient.  Above or just going sideways for now I presume a drift, do nothing long enough and it can stand back up perhaps after the rest.   Much worry nothing doing.