Bitcoin shot up to nearly $99,800 but then dipped, getting close to $90,000 yesterday. It bounced back to around $95,000, but then dropped again. There seems to be some support at $90,000, and right now, it's just above $93,000. However, some analysts are saying that support level could break, leading to a potential 30% drop, which would put Bitcoin below $70,000. I'm not ready to buy into that theory just yet let’s see how things play out over the next month or two without any significant gains in Bitcoin. Do you think these analysts might have a point?
I really hope so! I need to buy more bitcoin, so I need cheaper prices.
Unluckily, my FIAT reserves go empty at much faster rates with the current Bitcoin price.
To be honest, I don't really care (or understand) technical analysis, so I can't answer based on financial arguments.
I don't expect a drop of 30% in bitcoin price, because it's impossible for bitcoin to dip down to 70k. We are in the bull run already and a drastic dump in price to that level will not happen. If there's a much dip, it shouldn't go below 85k. However, by January Trump will be sworn in officially as US president, that will also fuel the price of bitcoin to pump. These are mere speculations because no one can predict the price movement of bitcoin correctly, just as nobody saw bitcoin reaching a new ATH of 99,800 in November.
We hit $73,000 in March, the price then proceeded to track sideways in a tight consolidation band for eight months. We actually went as low as $49,000 in August. That was a dip of over 30% from the early year all time high. You had your chance to buy cheap coins and that was it.
Were in price discovery now, its cooled off a bit after hitting $99,800 but we are not getting a 30% dip for a while. $100,000 is a magnet, we might get a 20% or more dip just before $150,000 but this is bull season. We are going to $200,000 next year.
It seems to be bouncing quickly to 96k, and if it goes back right up to 99k again, those who prepare to just wait for the 70k will lose their chance.
We are seeing a lot of good news from the familiar guys in crypto and DOGE, there could be more to this bull market than just having this small growth. If we see some sideways it may just be a temporary dip for weeks and the back up again after the momentum is reset.
Curious this article to say the least, when we are back to attacking the $100k mark. Analysts can say what they want, bitcoin at less than $0.1M is a bargain, and those who are selling now will regret it, like those who sold at $10, $100, $1K and $10K.
Even bitcoin should fall below $90000 and making it the resistance before analysts should make this kind of prediction. But as the price is increasing, that does not mean it can not still fall but later increase again.
I think DCA can still be the best option here. But DCAing when the price fall sharply like when it fell to $96000 and $91000.
Anyone that have long term investment should not focus on what analysts are saying. They can be wrong at times and they can be right. Holders do not believe in analysts.
We may be happy to expect bitcoin to fall to $70K but this will trigger a lot of reactions where speculators say it is at a bearish point and so on, which is not what those who bought in the $90K area are expecting.
Thinking of buying now will only get a few sats, so hoping for another drop, that's what one wants to own bitcoin.
But I don't think bitcoin will fall to $70K, the day will continue to increase this is just a small correction.
Not all analysts can be right, but thanks to them if they share their market insight. There's a possibility that $90k might be supported.
And right now, BTC is back to $96k, and if this will continue we are probably heading now to see it break $100k. This will be the 2nd attempt and I hope it does right.
I don't think we'll see $70k anymore as a bottom, maybe $85k is but not the former.
Unlikely, many news are lined up that push Bitcoin further especially Next year.
I don't think we would cross below $74K this cycle or ever
That reminds me of the $35K mark of last year.
Corrections are inevitable, We don't have to be swayed by them.
Well if you an Hodler technical analysis doesn't mean Much
Fundamental analysis could be implemented but optional.
Just buy, DCA or make use of any strategy you comfortable with.
I don't think Bitcoin can drop 30% from its current high, the possibility of that happening is very small, even though it is possible but only very bad news or whales moving together to sell their Bitcoins can make that happen. I think the worst Bitcoin could drop to $80k-$85k US, deeper than that it might create panic in the market. And moreover these analysts are only speculating based on ETF flows and big investors who might temporarily stop investing, while there are many other factors that maintain the price of Bitcoin, so yeah there is no need to take these analysts too seriously.
price decrease when almost reaching $100k is understandable, some people want to realize their profit at that mark, $100k has always been hailed as the perfect price for bitcoin since long, so it's no wonder there will be pullback even before touching their area, people will try to get ahead of people realizing their profit but I don't think it's that big of a problem, i think at some point BTC gonna have big retracement to $82k but that's what makes it healthy, if the price truly retraced to that, it could always have the chance to jump up again to the level of $98k and beyond since the $100k "sellers" are already forced to realize their profit at lower level fearing they can lost their unrealized profit.
once there shakeout is done and the "sellers" are sidelined, that's where another rally will start.
I like this analogy for the $100,000 threshold because I had a conversation with Poker Player and he had a good explanation why we would not easily break through $100,000 and his hypothesis is quite reasonable. But now that I read your comment here, I think $100,000 is both a threshold hard to break through because of holders having set this as a goal for first sell-offs, but at the same time it "is a magnet" as people know this is what the price will gravitate towards. It has done the same in the past, shortly touched the $20,000 mark, then dropped by a lot back then, but then took the $20,000 mark in a rush later on. Everyone anticipates that $100,000 will never be the end game, yet it can still be a mark where holders say that this is the one mark where they are ready and willing to take profits in larger quantities.
In conclusion, $100,000 is a barrier, but a magnet. I like that description because it seems to hold very true for now.