Bitcoin's been on a downward trend since hitting its all-time high yesterday and is currently sitting at around $100,300. I honestly think there's no reason to freak out because this might just hold up as a support level for now.
It sucks to see Bitcoin drop like this, but let's not panic. I still believe we’ll hit another all-time high soon enough.
What do you guys think? Is Bitcoin going to dip below $100,000? Personally, I don’t think so for the time being, but I could be mistaken.
Just throwing this out there for chat, not financial advice.
Even if it goes below 100k I don't think it will go beyond 99k unless it'strying to creakte another fakeout, so 100k seem to be holding at the moment but it might want to breach 99k a little if there's another retest imo, i might also be wrong though.
Investors shouldn't panic as this is normal, we can't just keep having a continuous upward movement without retesting/ correction , soon everything will be back to normal yet I know some FOMO buyers will have panic once again but that's normal, we will continue to have panic sellers aslong as the market isn't going in only upward direction .
Keep holding this is just for a moment...
Then again, zooming out a bit, the price now is still way higher than it was even just a couple months back. So maybe this is just a normal downswing as things correct and settle.
I should probably avoid getting too wrapped up in the day-to-day ups and downs. That rollercoaster is no good for the nerves or wallet!
BTC market chart shows high volatility in the last 24 hours and most depreciation in the value of Bitcoin happened in the last 7-10 hours, which signifies a temporary corrections phase for Bitcoin, this current BTC price movement is not enough to be called a crash yet, since the market has the possibility of regaining back all that has been shade off from the market in the last few hours back.
No Bitcoin won't go below $100,000 before it recovers back to its resistance level for the week which is around 104k-105k+, so with the current negative -5.32% regaining back is closer than a further decline at the moment.
I read your last sentence before I picked the excerpt but just put of curiousity what makes you think so? In the past, Bitcoin has gone from $50k to less than $17k
The only people who will panic are small time investors. They'll panic and sell and that's what those whales want. They'll quickly buy and increase their investments. Sometime ago, I heard that Whales are creating this so they can buy as panicky investors sell off.
Still one of the best advice.
I added "I could be wrong though".. but my view on this is that we are yet to be in a bear market, the market is still in an uptrend direction, this is just a correction just as we experienced earlier this month and it's always been like that , once we have a some bull there's a possibility of correction which is most likely to be a minor correction as well.
Hence, I think it's too early for the bear market even though BTC could be unpredictable , it's still early for a bear market imo , we could dip upto 80k and maybe even 75k in bear market and we might not even go below 90k regarding how far we can hit this year.
These are all Speculations and I could be totally wrong once again
$100K a psychological resistance before has become a psychological support
Even if it does breach it
I believe it would be temporary
We have experienced quite similar corrections for the past months
Quite a few even this month
But they usually turns out to be a correction before an ATH.
I doubt this would be any different in my honest opinion.
Besides the fall is as a result of a News not that the resistance was unbreakable.
We all have anticipated this crash but it seems that we were taken unaware. I expected the price crash that first time that 100k was hit but it stayed a lil longer thereby suggesting a psychology support. But when the price shot to 106k, I had thought that crash is not possible eminent this December again. But I was so surprised seeing bitcoin crash heavily. However, I think there's an imaginary support in 100k which is actually going to turn to Real support.
I see it more like a trader speculation. It only means that there are sometimes that the exact price stated can be breached. Like bitcoin to get below $100000 but not falling so much further before increasing back. All are speculations. Analysts can be right or wrong.
Bitcoin just get below $100250 again but likely the market price will increase again. All needed now is for bitcoin to break the upper SAR dot and dip it down which might encourage some people to start buying again.
I agree, there is no need to panic with the crash. It's normal to see this so that Bitcoin can come back with a greater high next time this crash is done. Wait a day or two and we'd see a recovery from it, that's usually how it goes and that's why it is best for everyone to just wait and buy if this $100k is the likely support.
It is possible for it to look for a lower support. But to think that Bitcoin is now at the support of $100k for someone who have held for years, there's nothing to be worried of and this is not a thing to get panicked. We saw last time when a flash crash happened that Bitcoin cross nearly below $90k.
I will also go with the possibility of the bitcoin not actually coming below the $100k, and leaving the $100k as a support, bitcoin since turning this $100k looks more like a coin destined for the top and not actually going to be falling down. This doesnt mean that it wont make a correction which we are all seeing now,
So for me with the support at $100k I will call it the primary support and should there be any issues or news which seems negative then we might see the price actually correcting way more below the price probably close to like $97k which is another support area and I see it then settling within range
Its not crashing its just a pullback and perfectly healthy to do so. 98.8k is the level Im watching for a reaction to assess fairly the strength of the move vs prior volume resistance. Its no where near the 50 day average which is why Im saying its fine and a good thing overall, unless you were selling this week or this month its not the greatest concern.
Main markets dont like that Federal reserve appears likely to only reduce rates 2 times in the next year. They may have hoped for an easier regime but inflation stays high and that was already apparent to me and reflects in the BTC price to some extent. FED is always behind the curve reacting after the fact so they caught with reality slightly but we'll see, its a bad system and inflation is ongoing and causing many prices to rise anyway. For now BTC has a blip down to watch, its not a great concern is my take and I did expect it had to sell at some point to rid the barnacles on the hull or however you want to phrase the excess in the price.
102k is the weekly average and below that expect an overall negative resolution for the moment is normal action. Something closer to 100k and then possibly it changes direction, sentiment then we'll see.
Bitcoin hit $100,148 on my platform yesterday, that was pathetic but it didn't happen without a reason even if many did not know. Though it was unable to sustain the current ATH of $108,400 shortly after hitting it on Tuesday, it has done a good job, it's normal that a few people will continue to panic and liquidate so fast which causes the unsustainable ATH.
But yesterday's sharp fall was due to many crucial US news of Funds Rate and FOMC decisions. The rate cut of 25 basis points supports the USD, and so is the FOMC tone that was Hawkish.
I'm curious as to how you picked that specific number--not being a believer in technical analysis, I'd have to say that I've heard statements like yours before (and I mean no offense) and it's mostly just guesswork on the part of whoever's saying it
And of course people shouldn't panic because bitcoin isn't continually rising or at least staying at its ATH. Anytime the price has risen as fast and steadily as it has in the past three months, it's always followed by a correction if not a full-blown crash. Hopefully what we're seeing isn't the beginnings of the latter case scenario, because that would suck. Having a repeat of late 2017 would not be fun, nor would it be good for the forum IMO.
Currently, most people are in panic, the market position has deteriorated a lot, due to which people have lost a lot of their money. We have seen Bitcoin completely dumping from its all-time high where the price of Bitcoin has touched $100k. Although we have already seen that the reason for Bitcoin dumping is Fed Chair Jerome Powell in a speech, he said about Bitcoin (we're not allowed to own Bitcoin) Since this news was heard on social media, the price of Bitcoin and the price of all coins have dropped a lot. Due to such disappointing news, a lot of people have lost their money in the market, especially those who have traded futures, however, people are still confused. However, I believe that the price of Bitcoin will reach its all-time high again, but it will take some time, since the new year is waiting ahead, so we should wait. We have to have faith in Bitcoin, and it will definitely rise again, for now we can hold Bitcoin.
Perhaps I believe that almost every prediction here are mere guesswork because there are no facts to back up those predictions even technical analysis do lie sometimes compared to mere guesswork at the same time it can end up being in your favour but that's only a matter of luck.
Personally I think only those trading or day traders are the set people who would probably panic for any little pull back in the market. it's a norm to me when I see little pull backs as they are the price correction that we usually talk about bitcoin bitcoin can't stay in the ATH for too long it will have to create it's balancing pull back.
Fair enough! it has to reach something closer during this pull back to make a solid balance on the chart and this might keep occurring while we bring new ATHs next year.
For now bitcoin has fallen below $100K maybe a little drop again in the next few days, this reaction may be quite panic for some investors because it suddenly fell quite deep from its highest price.
Maybe because the news of US interest rates falling caused crypto prices to fall too... But don't panic, maybe this should be called a correction and bitcoin can bounce back up.
After hit the new ATH, Bitcoin price slowly to go down approaching Christmas. It makes us be aware for the next down of the price but in the other side, we will have more opportunities to buy back more Bitcoin at any lower price we want. But new people will still panic as they are lack of this and confuse why the price is down.
Yes, it is disappointing but we can not do anything except wait and see. I don't have any idea for now because the price seems still want to go down for more. All we can do is just prepare for anything that can happens.
Just make sure you have your cash to buy back Bitcoin. But if you still confuse and worry with the next lower price, you can wait and decide your lower price to buy back.
even if it does dump to the level of $85k, I'd expect next leg up it will reach ATH and possibly create new ATH again, BTC can go straight from $58k to $100k++.
I doubt people gonna be scared shitless when BTC hitting $85k and might instead consider to buy again.
BTC is deflationary, strategic reserve that involves BTC is on the way, I'd think BTC at this price still a great deal for investment.