$55,000 is the critical point for Bitcoin

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#1Mar 10, 2017, 01:55 PM
I came across this intriguing article and pulled a few key lines from it. It really points out the increasing pressure this asset is facing, especially from the perspective of investment psychology. I mean, the last line feels a bit over-the-top, but honestly, if Bitcoin drops below the $55,000 mark mentioned by the author, we could see a wave of panic selling that might shake confidence for quite a while. Here’s a little hopium: https://www.youtube.com/watch?v=57s9160yLgs Last week, Bitcoin hit the $60,000 mark for a moment. According to the stock-to-flow model, that’s not just background noise. We’re at a really delicate place in this four-year cycle and on the logarithmic growth curve. If we see a major pullback now, it could totally shatter the traditional cycle’s appeal since the rally at the top has already been squished down a lot. From a technical angle, the mid-$55,000 zone has solid structural support, which includes: the 3000-Day Trendline (over 8 years), the 2022 VWAP of Cycle Low, and the support extension from the previous cycle's all-time high at about $69,000. So yeah, $55,000 is the crucial line for Bitcoin. If it falls to that level, here are two major signals to watch: · We’d see a 56% retracement, which is way beyond the 44% upper limit that’s usually acceptable. · The lowest price could end up being 20% lower than the previous all-time high of $69,000. If the price stays under $55,000, that likely signals the market’s acknowledgment of a weak cycle with just a 1.8x increase at the cycle's bottom.
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cobra2013Senior Member
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#2Mar 10, 2017, 07:48 PM
Congratulations, ma'am/sir or to whoever this is coming from, you've fulfilled the prophecy! It was predicted years ago that time will come Bitcoin would soar beyond $100,000 and would drop to $60,000 and people would still talk about "make-or-break", "life-or-death", "plunging into destruction", and so on. Years from now, Bitcoin would hit $1,000,000 and corrects all the way to $300,000, and you would still panic about its impending death. You're indeed a Puzzled_bystander, my friend!
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planktonSenior Member
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#3Mar 10, 2017, 11:17 PM
Remember when @bitcoin posted on x $46,000 when it became clear we were on the way down and then deleted it? I don’t think $55K is a make or break level. I think it is inevitable that it will be broken. When it does, I would recommend buying lots over the few months that it stays below that level.
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hodler2019Legendary
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#4Mar 11, 2017, 12:12 AM
I think the repetition of boom and bust back to boom must stop. If not btc will simply be not very desirable item. So the boom bust boom bust can end with Boom go flat go boom Or bust go flat go bust. Time will tell
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im_apeHero Member
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#5Mar 11, 2017, 06:18 AM
Another way of seeing how bitcoin adoption has been growing and how the price has and will constantly be rising is to look at all the doomsday price predictions that are also raising their price levels A couple of years ago like in 2017 when people were crying about price being "too high" at $5k who would have thought that some day people would cry about $50k...
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defi_2017Senior Member
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#6Mar 11, 2017, 08:28 AM
I see many arguments, but this one debunks itself. The S2F model has been outdated for some time. You don't hear about it because it predicted a much higher price years ago, when the previous cycle's return was lower than predicted by the model, and neither the negative return of 2025 nor the start of 2026 fit the model. The author does not persist with his argument, adding lines below to make it supposedly fit. The price of bitcoin could fall to $50,000 or $40,000 and then rise again without any problems. No matter what any sophisticated model says about it.
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cipher42Full Member
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#7Mar 13, 2017, 03:20 AM
Two years ago, price of Bitcoin was below $50,000 and people felt amazing when it broke $50,000 but now they are very fearful with Bitcoin price is a little bit under $70,000. Days ago the Fear and Greed Index dropped to only 5, a super super fear index ever happened with Bitcoin market. People pay attention on daily price, changes day by day but they ignore a fact that Bitcoin value, adoption and price have all developed and grown up a lot since 2009. https://newhedge.io/bitcoin/yearly-candles With yearly candles, they can see the general price growth better, and they can see it in lowest prices over years to recognize the growth more easily. They can feel about the Bitcoin adoption, survival strength and growth with Bitcoin is dead  number of calls fell a lot with time. https://99bitcoins.com/bitcoin-obituaries/
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dav3v1perSenior Member
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#8Mar 13, 2017, 07:52 AM
Here we go again. The "life or death" of Bitcoin comes again. There is no price that Bitcoin will get to that it would be able to come back from. It may only take a bit more time. Even at $10k, it still would not be the end of Bitcoin. Everybody is not going to lock shop and say I would no longer buy or hold Bitcoin again simply because its price has dipped below $50k. Bitcoin has fallen from $69k to $16k before, and it still survived and grew above $120k, so there will be no make-or-break price. Soon, the "bitcoin is dead this time around" people will start with their own articles.
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alex.shardLegendary
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#9Mar 13, 2017, 08:39 AM
It will not be good for the market at all, but with my predictions, the time that bitcoin gets to $1 million, bitcoin is no more going back to $300000. This time, bitcoin has not gone below 2.1x when it got to $60000 few days ago. If the price get to $50000, that is still 2.5x fall which still shows reducing volatility as the time is going. In the next more than a 10 year journey that bitcoin will get to $1 million, it can not see 3.33x fall.
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yield_hawkSenior Member
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#10Mar 13, 2017, 09:01 AM
It's just repetitive as the market is in a cycle. And every cycle, we will find this so called life and death since most of what's left here from 2017 era. So majority knows what's coming already, whether is going to be $55k or lower. But then again, after that, we will go up again and this time, we might reach $200k or more in the next bull run cycle. So I wouldn't be concern on what we are seeing right now. On the contrary if there is something that will be positive from this bearish trend is to buy as much as we can and hold and wait for the next bull run.
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#11Mar 13, 2017, 10:39 AM
I dont think the author is saying that as a technical system, Bitcoin will fail because of price crashes. The point he is trying to make is that if returns continue to diminish at the current rate, Bitcoin's attractiveness for investment-purposes will take another severe hit, which might severely impact investors psychology and trust at when certain crucial price levels are breached. Slow growth and high "downward" volatility are not a good combination, at least not for people who want to buy or stack and hold, and periodically cash out. In that respect, I agree with the author. Hopefully, the latest drawdown will come to a halt soon. It would be a positive sign to note that bearmarkets are becoming progressively shorter and less severe. If that trend persists and is noted more broadly, I could see how surprises to the upside, for lack of a better term, could materialise once again.
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node_seedMember
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#12Mar 13, 2017, 03:26 PM
Boom bust is what makes bitcoin attractive for traders. 'Only' 200% boom and 50% bust and no longer 1000% boom and 90% bust means bitcoin is growing.
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dave_byteFull Member
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#13Mar 13, 2017, 08:31 PM
Does that mean if Bitcoin drops below $50k, this market won't recover? It's very likely that we'll drop close to $50k in the current situation. I know the situation will be quite complicated for those who bought Bitcoin at a high price some time ago. Surely, some will be frustrated with Bitcoin's current price because, clearly the value they invested has dropped significantly. But I still believe the market won't stay in a bear situation forever.
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pixel_whaleFull Member
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#14Mar 14, 2017, 04:54 AM
This cycle is our friend so don't let it go, positive growth from continuous increases and price drops that are not more than the amount of increases indicate large-scale growth each cycle, this is an opportunity for anyone to build wealth with bitcoin, if there is no price drop how can you get more than 100% profit in 4 years with historically proven guarantees, continue to collect bitcoin if the price is lower than the target risk calculation of each investment in bitcoin.
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shard_gweiFull Member
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#15Mar 14, 2017, 06:39 AM
Many people make many predictions about the market, but no one can predict it accurately. Is the person who says that if Bitcoin falls below $50,000, the market will not recover. I think he is not right at all because the more the Bitcoin market is dumped, the more it will increase later. We have seen dumping before and the more dumping, the higher the market will rise later, so I think if the Bitcoin market falls below $50,000, then Bitcoin will definitely reach a much higher price later.
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leo.wolfHero Member
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#16Mar 14, 2017, 10:36 AM
The truth of all this is that we will always see people actually pointing out that bitcoin will have a make or break price but let’s be honest there is absolutely no price that bitcoin will be a make or  break price. Bitcoin dipping to $50k is actually around 60% of the price drop from the ATH of $126k, so my question to this predictors is that has bitcoin not ever dip at very low level of more than a even 70% before and then what happened to it? Bitcoin simply went from those levels of dip and went to create a new ATH. Take for instance the last cycle’s bearish periods many of this so called analysts were also saying a $20k make or break price  for bitcoin only for the bitcoin price to fall below and went as low as $15k in 2022 after then what happened the correction which took us to around $126k (current ATH) that is almost 2x for even those who would have invested at the highest price in that cycle ($69k). Now imagine if some set of individuals had actually believed in that $20k make or break and failed to invest when the market was below that price they would gave missed opportunity of bitcoin price doing a 5x plus from there.
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planktonSenior Member
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#17Mar 14, 2017, 11:33 AM
Everything operates on cycles.  Bitcoin is unique because the cycle is written into the code.  The halving creates a supply and demand dynamic that when paired with human emotions creates a boom and bust every 4 years.  This actually means that the market is healthy and operating as it should.  If it stops obeying the most basic market principle of supply and demand, then you have a problem.  Embrace the cycle.  Newbies don't even know about it or think it is a myth.  Easiest market to trade in the history of mankind.  Holding is fine too.  Just don't sell the cycle drawdowns.
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cyberp1x3lFull Member
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#18Mar 14, 2017, 04:16 PM
I love seeing how some are saying 10k is the bottom, some say 55k is important, and some are saying 200k could happen. This is why I love prediction markets because you get to see all kinds of people. But when it comes to putting your money where your mouth is, at polymarket or similar places, we see that everyone just heavily invests into realistic prices and not silly prices. We are already under 70k but market showed some recovery up to 70k but unable to sustain above 70k. We can see breaking 60k at any time soon but I doubt that market will not hold there and quick bounce back from there is highly possible. This way 55k may get tested but not sure that everyone will get chances to fish around that price. I agree with those speculation that says "bottom already in" but I am sure bottom will get tested multiple times as we are not yet into bullish trend.
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CalmLedgerSenior Member
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#19Mar 14, 2017, 04:52 PM
You must be an opportunistic investors that is ready to invest no matter what people think about the price of Bitcoin. I don't know what the price of Bitcoin is capable of doing in the market and what direct it will go but I know that the bear market is always unbelievable and not matter the direction, I will choose to maximize the opportunity to take carefully move for a rebuy at a convincing level. What ever level is going to be the next support for Bitcoin, I assume it will not go too far because so many speculation in the space is making people to rather choose to wait than to buy now.
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WildBearSenior Member
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#20Mar 14, 2017, 05:39 PM
That's the beauty of the market, isn't it? We'll see a lot of good analysis and insights about the market and they're backed with some information why they think it will happen. Definitely, that's because money talks and those predictions can't be put into actual money game compared to what they're posting in forums for they're done for free and no need to take risk.
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