Bitcoin Around $75K: Is the Market Waiting for a Direction?

[obuoma]

Bitcoin is undergoing accumulation, a market phase in which momentum is built before the market seeks the liquidity to move in any direction. What is not too clear is which direction the market will chose when this phase is completed but one thing that is clear is that if the market is unable to rise towards $100k before the end of this year, we may see some deep drop in price as we enter first quarter of next year. Unless something significant happens that will propel the market to seek contrary route.

[Zoomic]

The market at the moment had dropped to $72k, at the moment, it'll not ge wise to make any big move now.

The consolidation we're all talking about can go either way and you can't be too sure to with your prediction of the next price movement so instead of making a decision that will end up as a poor one, I'll plan for different market conditions.

Since the main goal is to accumulate or the long term, being consistent and having a proper risk management will be more profitable than trying to catch the exact bottom.

[Pandu Geddon]

Bitcoin is undergoing accumulation, a market phase in which momentum is built before the market seeks the liquidity to move in any direction. What is not too clear is which direction the market will chose when this phase is completed but one thing that is clear is that if the market is unable to rise towards $100k before the end of this year, we may see some deep drop in price as we enter first quarter of next year. Unless something significant happens that will propel the market to seek contrary route.

Now the price of Bitcoin has dropped back to $71k. Previously, Bitcoin reached over $80k last month, and now its price has continued to decline in a short time. I don't hope this will become a long bearish trend. Many people hope we will soon see a bullish trend by the end of this year. But let's just wait and see what happens; maybe we need to be more patient with the current market situation.

[Leahized]

And if the price goes down, then good, still cheap to buy it. Unless you are doing some lump sum, then you will have to wait for the price to go lower. But we don't know how low it can go as we have seen the lowest low is $57k. So there could be some who might be thinking that it can go further down to that level before they buy.

Since the price of Bitcoin is currently on a downward trend, a purchase target should be set. However, for now, it is reasonable to invest 20% of the saved funds. Because the Bitcoin market is not in a very bullish state. If foreign economic improvements and liquidity through ETFs are added, then we will see an upward trend. So far, the price of Bitcoin has dropped to 71k. But I don't think I will see it back at 57k.

Since there are currently no significant positive aspects, it will be essential for investors to adopt a DCA strategy. At the same time, many will become frustrated, which will increase selling pressure.

[Issa56]

What is not too clear is which direction the market will chose when this phase is completed

It’s always difficult to know the direction which bitcoin is going to take, so we are suppose to be prepared for any direction which it takes. I feel we are already getting to the bottom already, and bitcoin price should start bouncing back soon, I might be wrong, but I don’t even care about the direction which is going to take.

Since the main goal is to accumulate or the long term, being consistent and having a proper risk management will be more profitable than trying to catch the exact bottom.

I don’t even know why some people are always waiting for the bottom, when we all know it’s not possible to catch the bottom. If you are waiting for the bottom, then we might not even invest in bitcoin. If you are planning to invest, just be consistent that’s why I do always recommend DCA strategy when investing, at least you can be investing a specific amount of money over  a specific period of time, you don’t have to be monitoring bitcoin price before you going to buy.

[goldkingcoiner]

How are you looking at this market? Are you slowly building up some exposure here, waiting for confirmation or staying on the sidelines?

The drop in crude prices due to Trump's recent claim that attacking Iran is highly unlikely might cause inflation to drop slightly. This might result in ETF inflows. This might be another empty promise by the US, so nothing is certain. 

I am always accumulating using a DCA strategy. So, regardless of the direction of the market, I am buying consistently.

I cannot believe people still believe in whatever he says. He has so far lied everytime and done the exact opposite of what he said he was not going to do. If anything, Bitcoin might see a huge rebound once things turn the other direction, which is only a matter of time.

And not only that, I am 100% sure he manipulates the markets to his own advantage. And to the advantage of his friends and family.

I think it would be wiser to judge him based on his past actions and not his current words.

[Bitcoin_Arena]

We are already at 71K at the moment. I think we might just see yet another drop to the 60s. If the $71K holds over this weekend, especially tomorrow, on Friday, then we may just have to wait for a few more weeks. What is weird is the BTC movement was not so volatile during the time of the Binance hack and multiple other exchanges.
Good time to accumulate; there might even be more opportunity once we see the price below $70K

[As-Soon-As]

Look at the stage that is going on now, it is the most suitable time for correction, never let your investment fail at this time. Therefore, if your plan is to hold it for a long time, then definitely keep it for a long time, it is natural that those who panic will face danger with their investment.
So how long should you not panic about Bitcoin investment? Bitcoin price is being corrected, you have to buy at the moment of this correction.

How are you looking at this market? Are you slowly building up some exposure here, waiting for confirmation or staying on the sidelines?

Don't panic and keep buying Bitcoin, then you will definitely be able to achieve success very quickly because the market will turn around soon. In the current situation, you can give yourself the opportunity to achieve more success and it is more convenient for you to buy Bitcoin at a lower speed to gain more benefits. So, by maintaining the continuity of buying and increasing the main holding, this is the only place to be.

[BitMaxz]

Look at the stage that is going on now, it is the most suitable time for correction, never let your investment fail at this time. Therefore, if your plan is to hold it for a long time, then definitely keep it for a long time, it is natural that those who panic will face danger with their investment.
So how long should you not panic about Bitcoin investment? Bitcoin price is being corrected, you have to buy at the moment of this correction.

Well, it seems they panic due to serious issues about hacks in the past few weeks plus the buyback operation. If I remember correctly, the buyback operation ends November 4. This includes taking liquidity from the operation plus the negative sentiment fundamentally that cause the whole market crash.

Actually, this is not a danger, but it's another opportunity to buy at a much cheaper price. If you already bought from the above, then if you sell right now and reverse, you maybe not able to buy back again in much cheaper price.
Every price dump should be an opportunity, not a danger and panic.

[fullfitlarry]

We are already at 71K at the moment. I think we might just see yet another drop to the 60s. If the $71K holds over this weekend, especially tomorrow, on Friday, then we may just have to wait for a few more weeks. What is weird is the BTC movement was not so volatile during the time of the Binance hack and multiple other exchanges.
Good time to accumulate; there might even be more opportunity once we see the price below $70K

To be honest, we can't really blame those who are selling at this point because of fear or maybe hedging their Bitcoin to stable coins to stop the bleeding. This has been a bad 2 months for us with all the news of hacks and other negative news surrounding us.

So in any case that it went and go down < $70k, then what are we waiting for? Another great price to do lump sum buying for those who are interested to make money in the  future. That is, if they want to, or instead FOMO when the price hits 6 digits again? Make the right choice.

[yhiaali3]

For me, it's best to remain neutral at the moment. The market is currently very volatile and unstable and is still declining, with the price of Bitcoin dropping to around $71,000 today.

With geopolitical tensions continuing in the world, I expect to see more declines, so it is best to wait and see until things settle down somewhat, although I think it is a good opportunity to accumulate more Bitcoin with each new dip.

[bhadz]

For me, it's best to remain neutral at the moment. The market is currently very volatile and unstable and is still declining, with the price of Bitcoin dropping to around $71,000 today.

It dropped to $68k today, and it's possible that this will continue below $60k.

With geopolitical tensions continuing in the world, I expect to see more declines, so it is best to wait and see until things settle down somewhat, although I think it is a good opportunity to accumulate more Bitcoin with each new dip.

I wasn't thinking about the geopolitics but more of the dumping that's happening in the stocks due to Jensen Huang's actions. But just as this bloody day welcomes the weekend, I agree to wait until the storm has calmed. So wait until it's done but expect that this might take a couple of days until we see the recovery. The barrier from the $90k looks hard to be broken for this bear market but that's understandable, we're not yet there and everyone is given to accumulate at a low price once again.

[Nheer]

What is not too clear is which direction the market will chose when this phase is completed

It’s always difficult to know the direction which bitcoin is going to take, so we are suppose to be prepared for any direction which it takes. I feel we are already getting to the bottom already, and bitcoin price should start bouncing back soon, I might be wrong, but I don’t even care about the direction which is going to take.

That's just the spirit. There's no need to be sure about the direction of the market before buying, like do people expect the price to start moving before they can buy? That's not the way of an investor who is hoping for some good returns. The best time to buy is usually when the market is down and price is lower. Direction doesn't matter because it's difficult to predict it right so what's the essence. Buy as soon as you can and stop waiting for the right time.

I don’t even know why some people are always waiting for the bottom, when we all know it’s not possible to catch the bottom. If you are waiting for the bottom, then we might not even invest in bitcoin. If you are planning to invest, just be consistent that’s why I do always recommend DCA strategy when investing, at least you can be investing a specific amount of money over  a specific period of time, you don’t have to be monitoring bitcoin price before you going to buy.

This has really led to a lot of missed opportunities and failed plans. It's difficult to catch the bottom that's why trying to wait it out is not ideal. Just buy whenever you can and when the price dips again if you can you should buy again but consistently buying with DCA is much better, that way you don't need to target the bottom.

[maydna]

I am still waiting but already bought some amounts at $67k level. I am a bit surprise seeing the price drop to $67k but I manage my emotion and just see my order buy filled.

The fear level increases so that means some people worry if this situation continue and make the price drop further. If you can think clear, you will see this is a good opportunity to place an order buy and wait until it fills.

Besides that, the market changing the direction and the weekend coming which could make the price gets more correction so be patient, calm down, and not rush to decide.

[Out of mind]

Bitcoin has been at $75k for a few days now and the market has fallen a lot and it reached its lowest level of $67,500. However, the price drop does not mean that the fundamental basis of Bitcoin has weakened, this is not the case. However, we have a direction where we can see that the market will fall for the near future. At this moment, those who were waiting to buy should definitely strengthen their investment. Those who will invest at this moment will definitely benefit. The market is already at a low level, in which case it is the best time to invest from this depth. However, we think that the market will not remain in this position but will gradually move higher again, then the market will create strong support. However, we can now expect that if the market is above $70k, then maybe a full recovery will be underway. In this situation, the highest opportunity to buy in the market, so I will buy to strengthen my investment further.

[GreatArkansas]

We are already at 71K at the moment. I think we might just see yet another drop to the 60s. If the $71K holds over this weekend, especially tomorrow, on Friday, then we may just have to wait for a few more weeks. What is weird is the BTC movement was not so volatile during the time of the Binance hack and multiple other exchanges.
Good time to accumulate; there might even be more opportunity once we see the price below $70K

It didn't even reach the weekend, Friday came and it's already around $69k now, it touched $67.6k earlier. Last week I said my buy orders are waiting on $6x,xxx level and now it's finally there.  I'm not rushing to buy everything though, since Fed rate hike talk is still there and it might go lower before weekend ends, so I'll just continue my DCA anytime from these current level. For me, it's really good to buy especially if you are in DCA.

[Awaklara]

To be honest, we can't really blame those who are selling at this point because of fear or maybe hedging their Bitcoin to stable coins to stop the bleeding. This has been a bad 2 months for us with all the news of hacks and other negative news surrounding us.

So in any case that it went and go down < $70k, then what are we waiting for? Another great price to do lump sum buying for those who are interested to make money in the  future. That is, if they want to, or instead FOMO when the price hits 6 digits again? Make the right choice.

The price has returned below $70k, which is indeed an opportunity for those who previously missed the chance to buy Bitcoin when the price quickly rose above $80k some time ago.
Some people must have sold to secure their money first. There will always be a possibility that the price will drop further, which is certainly desired by those who want to buy.
What I am worried about is that this kind of market movement situation might last until the end of this year.

[Bitcoin_people]

We are already at 71K at the moment. I think we might just see yet another drop to the 60s. If the $71K holds over this weekend, especially tomorrow, on Friday, then we may just have to wait for a few more weeks. What is weird is the BTC movement was not so volatile during the time of the Binance hack and multiple other exchanges.
Good time to accumulate; there might even be more opportunity once we see the price below $70K

To be honest, we can't really blame those who are selling at this point because of fear or maybe hedging their Bitcoin to stable coins to stop the bleeding. This has been a bad 2 months for us with all the news of hacks and other negative news surrounding us.

So in any case that it went and go down < $70k, then what are we waiting for? Another great price to do lump sum buying for those who are interested to make money in the  future. That is, if they want to, or instead FOMO when the price hits 6 digits again? Make the right choice.

Recently, we can see that the market situation has collapsed terribly, so we should not be afraid. At this moment, we need to keep our attitude right more strongly, if we sell, we will lose, so we have to be patient. The price of Bitcoin has been the most negative for the past few weeks, as a result of which the market has already gone down a lot.
However, since the market has already reached a low level after this discussion and criticism, I think it was necessary. Currently, we can see that the price of Bitcoin has gone down a lot below $70k, in which case we do not need to wait, but should buy with our eyes closed, we can say that this is a golden opportunity. The position that the price of Bitcoin has reached at the moment, of course, has given us another opportunity to buy, so if you buy now with a large amount of money, it is possible to be financially independent in the future. I think that Bitcoin will change significantly next year and it will be on the rise, in which case it is best to buy rather than sell at this time.

[Rengga Jati]

Bitcoin is trading around $75K right now. BTC is starting to consolidate after its latest drop however we're still seeing signs of a weak market.

market still crashing.
BTC down to $73k . Altcoins, as usual, following to down. Most altcoins down very deep.

Ah, I just saw some top coins crashing so badly. ETH down more than -12% in 7 days. XRP -13%. Well, who are the Zcash holders? It fall down more than -25%. One of the worst top coins.

Now, the market seems like not going up. The market sentiment still show there will be crash again. Hopefully not. But, the worst probability may fall to around $64k. Wil it really happen?

[Emitdama]

Bitcoin is trading around $75K right now. BTC is starting to consolidate after its latest drop however we're still seeing signs of a weak market.

market still crashing.
BTC down to $73k . Altcoins, as usual, following to down. Most altcoins down very deep.

Ah, I just saw some top coins crashing so badly. ETH down more than -12% in 7 days. XRP -13%. Well, who are the Zcash holders? It fall down more than -25%. One of the worst top coins.

Now, the market seems like not going up. The market sentiment still show there will be crash again. Hopefully not. But, the worst probability may fall to around $64k. Wil it really happen?

Always end up buying during these lows. Jeff Bezos, Sergey Brin, Bill Gates, and Steve Jobs all had personal problems, affairs, issues; all those companies bounced back. This is a tiny speck of dust in the grand scheme of things, and by buying Nvidia or just sticking with Bitcoin, you are going to do better without a doubt.

I think it is clear that we are not going to see this as a problem; we should realise that the things we are dealing with in the long term are much bigger than Nvidia's CEO stepping down. That company still has a lot to offer and will still make a ton of money; just because CEO had an affair doesn't change the fact that they are an amazingly profitable company, especially in the AI age. So I think people should go buy the stock, or buy Bitcoin, but do not cash out just yet.