I get that some of us are pretty good at predicting market movements and we usually keep an eye on things daily or weekly, but right now things are looking a bit shaky. There's been this resistance around $71,000, and not long ago we hit a low of $60,000. Currently, we're stuck under $70,000. If we don’t break through this range soon, it's gonna be tough for the market to bounce back. Instead, we might see it dip even further, possibly hitting $60,000 again or even lower.
So what’s next for us? You might want to check the chat for some insights. What do your indicators say? What's your take on the market for this week? If we can't push past that $70,000 resistance, I’d say there's a solid chance we could see a drop. It shouldn’t really catch us off guard since there are already signs pointing to this. But hey, always good to do your own research and share your thoughts too.
Heads up, market might drop
19 replies 400 views
And I think getting back to $100k is very much possible
What do you think?
Likewise, even if we go below $20k it's not surprising
From the X link you provided, the price went from $9k+ down to $3k+ between 2018 and 2019. It happened several other years too. Aren't we familiar with the pattern already? What should matter is how fast to bounce back because definitely, it will bounce back. Speculation create unnecessary tension.
The market is dismal at the moment but like @Knowngunman said, it's something we should get used to because this won't be the first time there's a drop that's this drastic. Bitcoin investment is about patience and courage. Prices are fluctuating everyday and I don't think I can predict what it will be like this week but I know that there's every possibility things would get better.
That 38K down fall bottom is too much exaggerated considering that its just based on pure technical analysis without any fundamental analysis which usually the key when price have a sharp movement.
But as always, we should expect always for the worst but this is a good opportunity for new holder to enter Bitcoin at cheap price.
I dont believe on this TA personally but who knows if there will be a catalyst to trigger that down fall.
Get ready, another Golden Opportunity
Predicting the bottom is hard, but I believe that I should probably lower some of my bids if we're truly lucky that another situation for a "Black Swan" will happen this year. Although, it will probably not be as massive as the COVID-19 crash, then surge though.
This, consider this as a golden opportunity to buy more instead of panic selling because of crash. Price will go down for sure and stay in similar price zone a while before surging again. I'm expecting it to reach 250k to 300k after the next halving.
This warning is all about Fear Uncertainty and Doubt (FUD) we should expect more of these since we are clearly in bear run, weak hands will always panic and be reactive anytime Bitcoin plunges within this period. But it shouldn't surprise anyone with experience in the market, from the chart you can see that in bear run Bitcoin will crash and afterwards it will recover and reach ATH we are expecting the same pattern to happen yet again. For investors that understands the circles they know that bear run is the best time to buy the dip, hodl and wait to take profit in bull season, this should be our focus now that we are expecting more plunge in the market.
In each cycle a shakeup happens which is called a crash or end of Bitcoin. Except that it's not the end of Bitcoin, it happens because it's designed this way. In each cycle it tests your patience, it's strength as a network and rewards those who stick it with, those who quit are washed away like that dirt which is seperated from the gold during panning process. It also increasing more holders each cycle, allowing the wealth to be redistributed fairly.
Now you need to decide you want to become gold or get washed away like dirt.
This is just the season for the DIP and we are even getting used to it. It might take longer for the DIP to continue in this fashion or it might take sooner for it to get pass this point and we get into a time of bull again. In all, an investor that's interested in long term investment ought to invest when the market is down without complaining too much of how long the DIP is going to last and wether or not we will eventually get bitcoin going back the previous all time high anytime soon.
Sooner or later, a lot of the investors that are skeptical about the current price of bitcoin will in the long run regret not taking advantage of the current price because we will get to a time when a price as this will just be only history that's to be reference to.
We might have a hard time getting to $100k as we are in the bear market.
Possible.
Exactly, but maybe those tweets are not for those investors who have been in the market for so long to realized that this is just a repeating pattern. And their target audience is newbies who might see the market are turning bad and they don't know what to do.
The answer is to keep accumulating in this bear market and be a long term holder.
There is also a possibility that Bitcoin could rise slightly above $70k, and after that, there might be a decline that could lead to the $60k price level. Let's just wait this week; we might be wrong with our speculation. But in the short term, I think the market still won't improve. Even if there is an increase, it might not be a strong signal to exit the bear market.
That's a "fair" projection, or a "base case".
I believe that if the Federal Reserve pivots to Quantitative Easing later during this year, or next year, we will probably see a "bull case" of $500,000 or more per Bitcoin during the next Bull Cycle.
The price of Bitcoin has corrected a lot at the current position, when it is hovering between $70K. Above $65K and below $70K, if the price of Bitcoin breaks the $65K range and moves down, then the $60K level is more likely to be broken. At the present time, the price of Bitcoin is correcting more than it is rising. I can definitely predict that the price of Bitcoin will definitely see a slight upward movement in March, depending on the current situation in February, which I think will be above $70K.
Many indicators now point to the current bear market cycle continuing to decline. I think it's bound to happen, and it could be around $35k. This is based on the fact that in previous runs or cycles we reached a ~80% decline from the ATH, and given the current ATH of ~$126k for BTC, it could go down to ~$35k - $45k.
Of course, this isn't a sure thing but only a speculation. We all know value is speculative, so it might not happen. For sure, there are other on-chain indicators that could give more info, but I don't have much time to analyze them yet.
chad_yieldMember
Posts: 20 · Reputation: 152
#15Aug 5, 2022, 03:12 PM
absolutely!
Golden Opportunities lie ahead.
As with the beginning of every Bear market there are predictions and warnings of an imminent bottom
and the same for the market to buck the trend and find new ATH's.
ATH's dont generally happen in a Bear market, and predicting bottoms are really difficult but somebody
will be correct in their prediction!
Treat the current situation as a positive and an opportunity to buy back some Bitcoin which you had to sell
or buy Bitcoin at the prices you hoped for when Bitcoin was finding new high last year!
^^ Exactly, this is another golden opportunity for everyone, just just Bitcoin maximalist, but even those new investors who are trying their hand on this market. I know that the market doesn't look good, but for newbies, it's going to be a learning curve for you as this is a great time to buy because price is cheap. And then just go around the forum and read how those who hold for so long started to buy at bear market and then continue to do DCA and wait for the next bull run to happen and then sell, easy profits. So this could be the great time to start to do our DCA again, or how much money you can buy slowly and steadily and just HODL on it as much as you can.
alt_oracleMember
Posts: 40 · Reputation: 173
#17Aug 5, 2022, 11:01 PM
I think we haven't see the lows of the year yet but it's more of a hunch. I wouldn't call it a "just" hunch because I have a rational thought behind it, thinking that this cycle is the same as the previous ones, that we already saw the peak of the cycle last year, and that we are in a bear market. The difference would be the disappointing maximum price we had in 2025.
But I share the optimism that these are good prices to continue accumulating.
Even if it rises to $70k, we are already in the bear market so it might not hold that price and the price might decline again. No need to wait, for long term perspective though I would agree that the price will decline even down $50k.
So there are still golden opportunities to accumulate (for those who waits for the lowest low), but for hard core and Bitcoin maximalist, they might have started when we hit ~69k price already and then starts their accumulation phase.
Yeah, I wouldn't discount a very short period where we break down from the previous ATH (we already did, I know, but that was but a scratch) and if history is anything to go by, 35k makes sense if we're looking at a bottom 15% from ATH.
Most of us might be secretly pining for such a price, as we'll be able to dip back in -- I'm not sure I'll be in any financial state to do so then but since we're speculating...
ryan.yieldMember
Posts: 3 · Reputation: 104
#20Aug 8, 2022, 04:00 AM
Not surprise if the market is down. The market already hit the peak at $126,000 and usually, the price will start going down. But we don't know what price will be the bottom. The price down to $67,000 level and still go down so we must be careful and not panic.
We have time accumulating more Bitcoin at low price and if we can calm down, we will see that opportunity. If the price really drops again, people can starts buying Bitcoin and hodl.
You don't have to panic seeing others prediction but you should do your own research to have the price to buy.
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