Was $73k plus a bear trap?

[jcojci]

I don't have plans to sell  my bitcoins right now, I already sold when price was good, now is the time to buy more, based on my speculation, bitcoin is likely to go to $80k this month or not, I don't expect that bitcoin is still going to end in red this month, but we can not be right in our prediction everytime, in the crypto market, nothing can be impossible, we could have a clear direction of the market but it would later turn out that the market has gone against our prediction.

I think most long term bitcoin holder's already expected this kind of short term market recovering and will not mind it to take any action, even those that bought around 60+ price are not in rush to sell now, since the long expectations is higher than this current recovery in the market, bitcoin will definitely recover back to 100k and more may at that time some of us can start think of cashing out some fractions from our entire bitcoin holding.

Those who know potential of Bitcoin in the long term will not sell at $73k but accumulate more Bitcoin. The price of $73k still good to buy as that price is below $100k so we have a chance to buy at low. If we wants to hodl for long term, we should accumulates and not stops before we achieve our goal.

We don't need to be rush and just steady following our plans so we can be wise for our investment, even if some people thinks that $73k is a bear trap, that will not be a problem because we want to hodl for long term.

So there is a chance to buy back at the price now and hodl as we want to be long term Bitcoin holder.

[Ishicryptic]

I don't have plans to sell  my bitcoins right now, I already sold when price was good, now is the time to buy more, based on my speculation, bitcoin is likely to go to $80k this month or not, I don't expect that bitcoin is still going to end in red  this month, but we can not be right in our prediction everytime, in the crypto market, nothing can be impossible, we could have a clear direction of the market but it would later turn out that the market has gone against our prediction.

Although Bitcoin has picked up to $74k now I still don't think that it is quite ripe enough to sell except for traders who are in a hurry to take profit, still hold for as much as you can because Bitcoin is showing signs of recovery. So it's still buy time for me until there is a major breakthrough to see an uptrend that is realistic but we might wake up and see price plunging down again, the crypto market is very unpredictable. I wish that I can answer with confidence whether price above $73k plus is a besr trap at this moment, we have to wait and see how it plays out.

[davis196]

I was called by a friend days back that bitcoin had already made its way to 73k now that it is actually heading 80k if time not taken that he wanna starts buying now, I just smile a bit and said to him, "please just relax a that market won't touch 80k as you said" He argued with me saying that is not possible that whatever that makes the market break out from 70-73 that we are approaching 80k that bear market is over. I told him instead sell the little you had and take profits at 73k and wait for the market to drop so that you could buy more cheaper, he said that we won't see $60k+ again, I told him to calm down and watch the market if we don't go back to within 60k.
Currently right away as I am creating this post, bitcoin is 67k from 73k.

If it was you would sell at 73k and buy back at this price now?

OP, it's been 10 days since you've made that forum thread and the Bitcoin price is sitting at around 74K USD. It looks like both you and your friend were kinda wrong with your predictions. He was wrong about the BTC price going back to 80K faster than expected and you were wrong about selling BTC and waiting for a lower price. The bottom line is nobody can accurately predict the BTC market price. I was also expecting a longer bear market, but the price might start a small recovery bull run in April and May, or the bear market might continue. The situation on the markets is crazy and nobody can make good predictions.

[LogitechMouse]

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If it was you would sell at 73k and buy back at this price now?

OP, it's been 10 days since you've made that forum thread and the Bitcoin price is sitting at around 74K USD. It looks like both you and your friend were kinda wrong with your predictions. He was wrong about the BTC price going back to 80K faster than expected and you were wrong about selling BTC and waiting for a lower price. The bottom line is nobody can accurately predict the BTC market price. I was also expecting a longer bear market, but the price might start a small recovery bull run in April and May, or the bear market might continue. The situation on the markets is crazy and nobody can make good predictions.

Well, if they did that prediction just based on what their feeling during that time then the chances of it being a failed one is high. In this one, $75,000 acted as a resistance, and right now the market is slowly going down, and there's no sign of it going up for now.

If the prediction is wrong then it's wrong. I think the "relief bounce" that I'm saying for quite some time is over and now we are heading towards new lows. Of course, I'm just saying what I feel it would be because... why not and we are in a bear market so there's always a chance that we will be going to reach new lower lows. It's only a matter of time before it happens so... yeah. We will see some recoveries here and there, but I'll stick with my prediction that we will be reaching lower lows in the upcoming months because we're in a bear market season.

[ZAINmalik75]

I told him instead sell the little you had and take profits at 73k and wait for the market to drop so that you could buy more cheaper, he said that we won't see $60k+ again, I told him to calm down and watch the market if we don't go back to within 60k.
Currently right away as I am creating this post, bitcoin is 67k from 73k.

If it was you would sell at 73k and buy back at this price now?

If your friend was trading short term, he should have sold at that price, and should not have waited for $80k because being 100% confident is where we traders losses most of our money, even if the trade looks wiining and you are 100% sure, it will follow your pattern, still never trust it, always prepare for the worst part too, like a backup plan.

Selling some at $73k would be a good idea, and then buying back at $67k is an obvious entry but I am sure if he was not selling at $73k as a short term trader, he would not have bought at $67k too. Because that's how new traders learn their lessons. $80k is a huge resistance for bitcoin, and maybe by the end of this month, bitcoin could hit $80k but chances are really low.

[Franctoshi]

I was called by a friend days back that bitcoin had already made its way to 73k now that it is actually heading 80k if time not taken that he wanna starts buying now, I just smile a bit and said to him, "please just relax a that market won't touch 80k as you said" He argued with me saying that is not possible that whatever that makes the market break out from 70-73 that we are approaching 80k that bear market is over. I told him instead sell the little you had and take profits at 73k and wait for the market to drop so that you could buy more cheaper, he said that we won't see $60k+ again, I told him to calm down and watch the market if we don't go back to within 60k.
Currently right away as I am creating this post, bitcoin is 67k from 73k.

If it was you would sell at 73k and buy back at this price now?

It's up to you how you want to navigate the market in your favour, but, what you're doing now I have done it in the past and know a bit of it outcome. Now let me tell you something from this style of trading/investment experience and approach, it isn't good from the investment perspective because if this were to be when the dynamics of the market hasn't changed with instructional influence, you definitely will wake up one day and find out that Bitcoin is at $120k-$124k while you're being left behind without the market ever coming back to you to buy cheaper.

[Lucius]

~snip~
If the prediction is wrong then it's wrong. I think the "relief bounce" that I'm saying for quite some time is over and now we are heading towards new lows. Of course, I'm just saying what I feel it would be because... why not and we are in a bear market so there's always a chance that we will be going to reach new lower lows. It's only a matter of time before it happens so... yeah. We will see some recoveries here and there, but I'll stick with my prediction that we will be reaching lower lows in the upcoming months because we're in a bear market season.

Many will agree that we are in a bear market, but the situation is not literally static nor does it have a constant negative trend. If we look at what's happening with the price in the last 30 days, we see that at one point we clearly hit bottom, and since then we've had occasional spikes that take us higher each time.



What is different from previous bear markets is that we have ETFs that trade with very large amounts of BTC and each of their inflow/outflow affects the price. It's hard to say what will happen in the coming months, but I personally wouldn't be surprised if this kind of action continues.

[Italian Panic]

Many will agree that we are in a bear market, but the situation is not literally static nor does it have a constant negative trend. If we look at what's happening with the price in the last 30 days, we see that at one point we clearly hit bottom, and since then we've had occasional spikes that take us higher each time.



What is different from previous bear markets is that we have ETFs that trade with very large amounts of BTC and each of their inflow/outflow affects the price. It's hard to say what will happen in the coming months, but I personally wouldn't be surprised if this kind of action continues.

In every bear market, there are upward spikes or attempts to test various resistance levels, after which prices usually fall back down. Bitcoin behaves like a Swiss watch; without paying any heed to anyone, it continues through its cycles of bull and bear markets in line with the halvings and a four year cycle. So I would say that the current test of the 70k level will see prices fall back towards 60k and then trade sideways for quite some time.