Bitcoin reaching the 64,000 mark has really caught the eye of investors now that market momentum seems to be shifting after some rough patches. Some folks think this could mean we're starting a longer uptrend, while others are pretty wary of a possible dip. Do you see 64K as just a mental barrier, or do you think it shows true market strength?
$64K? Dude, the price even touched $59K at one point and then just bounced back. Right now we are at $67K after the rebound. I don't think the bull cycle is yet here. We just had a bull cycle last year, so what we are looking at is the bear market and then a very long, boring accumulation phase that might come along.
If we base it on the previous cycles, then maybe after the Bitcoin halving time, but you never know what the market has in store for us.
No, the current cycle bottom is further down, in the $45,000 to $49,000 range, but this is unlikely to happen soon; price stability is expected. Unless the price rises rapidly in the coming days, a test of the $45,000 and $49,000 levels is likely before the end of this year.
you, op, look at too small of a timeframe.. don't panic or act on any bounce.. just wait for your opportunity and hodl properly. don't panic sell nor panic buy.
More of the opposite and that's the bear cycle.
It's a milestone in a point that it has gotten lower aside from $64k and we have to check on that signal that the bear market is about to stomp the entirety of the market. It's a strength IMO that it has to go through and just trying to shake the weaklings. As they have sold, the market will surge again and will try to recover and that's what we're seeing from now on.
It's great that we reached back 70k after such a huge drop, but that doesn't mean that we are not in the bear run and it doesn't mean that we are in a new bull cycle. That's not going to happen, anytime it crashes, we face some troubles and that happens all the time but that doesn't really mean that we are going to end up with profits just because it went up a bit.
Even on the worst days, we have bounces back, but this is called a dead cat bounce and nothing more, it is going to keep going down. We can't just be happy about every movement and get hopeful, if we do then when the price crashes we are going to feel very sorry about it and we shouldn't really be worried about it at all, it is not going to be the same at all.
Does Bitcoin reaching 64K signal the start of a new bull cycle?
Heck yesterday bitcoin is below 60K bro the only thing that happened to me is message from the Bybit that my position is got liquidated deymmmmm that is my last 200 USD and now is gone from ARB hahahhahah.
Now in my opinion the only s*it going to happened is the real bear market is about to start
That is logical, but don't you think that bitcoin has been heavily oversold this past few weeks? even if bitcoin somehow going down again, it will take a while before that happens.
Technical indicator is a thing and RSI has been on the lower side for too long and when everything looks oversold, there is usually reversal of the trend. It just couldn't go down, the market never works that way.
There is only so much bitcoin that can be sold in the market, eventually the bear will run out of bitcoin to sell. Those big sell off has happened and the selling pressure won't be as bad as before.
The only way we get a new bull market is if we have a new narrative or catalyst that ensures new liquidity flows into the market otherwise, we'll get massively fucked if the price continues going down and Michael Saylor decides to unload some or all of his positions. Until that happens, I believe we might even go into a full blown bear market and it's going to get tougher from here.
No. Why would $64k be the "start" of a bull cycle when we just fell off a cliff to get there?
A bull cycle begins with "extreme greed" and reaching new highs, there is presently "extreme fear" and an overwhelming number of liquidated accounts. We are not at the beginning of anything
Evidently a lot of people thought the same and that is why it had a bounce back. Doesn't mean the bear market is done, it just means that it went up a lot quicker for this period and we should not be expecting it the same and not recover next time around.
Maybe it will go up again, maybe it won't, but too many people thought that we gone down way too quickly and we should be considering a potential to go back up. So that is why it crashed to 60k and then went back to 70k again. While I believe it will definitely go back down again, and not up, because it is not a bull run, I still understand why people think that the possibility of a recovery is there and we may go up, just because I do not agree, doesn't mean I do not understand why they think like that.
I feel that price is still on the high side from my own prediction. The bottom line should be from $30k-$40k range because we are already some how close to $59k since the price dipped to $62k last few days. However, no one knows the actual price is gon be but we shall know with time. Of course, it gon be a gradual price dip till the last quarter of the year.
It is not clear what Bitcoin wants to do at the moment with the up and down movement but one thing that is now clear is that the bears have not left the market so short term investors should proceed with extreme care. After the market rose to above $71k it declined again below $69k which creates the possibility of more dips and no one know where it will end. So, we have not started a new market cycle, we are not out of the dip yet.
It's easy to advise people not to panic and only for them to hold. We're not the same with those who have been asking some questions if it's good to buy or sell right now.
Because of that, they don't know how to react and what to do. As for OP asking if it's a milestone, I guess that it is.
After reaching the $125k ATH then that makes it as a significant drop of 50% from the last year's ATH. In a point of view of a holder and waiting for that cheaper bitcoin, it is.
No body knows tomorrow so we don't know what will be the price of Bitcoin by tomorrow. We can only guess what the price could look like and it will be disappointing if the price of Bitcoin continues to dip without a resin for that.
I heard Binance was trying to reduce the bear movement of Bitcoin but investing huge amounts so that investors would not be too panicked. Anyhow they want the price of Bitcoin to go, they should do that immediately so the dip movement can reduce.
Here, in the cryptocurrency market, anything is possible. Perhaps it will fall even lower to $64k if it falls below $67k. Its trading has been sideways for the last few days, ranging from $71k to $67k. Find out if your forecast comes true. But it might be on its way back to $71k if it bounces off $67k once again, as it just did.
It is uncertain whether it will eventually surpass $71k or experience another rejection at that level. It's difficult to determine if Bitcoin is preparing for another decline or whether it's gaining momentum for a huge rally given the current state of affairs, which makes the price movement resemble a roller coaster.
No it doesn't.
First of all $64k was no significant level to be reached and change the market trend. A good reversal takes place when a major resistance is broken and price starts going back to normal price levels like $100k+.
Secondly you have to realize that whenever market crashes and the price remains below the major resistance like the $100k, the market participants enter bear mentality and they will be less willing to buy and more willing to sell. That makes reversal harder and it would require more time. Right now we are in that situation, the market sentiment has changed so even if price doesn't drop any more, the price may not easily go back up either.
So for now we seem to be playing around with $70k level going up and down above and below it constantly
P.S. Keep in mind that this current sideways could be excellent time to make some profit from the shitcoin market since the pump and dumps could potentially grow in the altcoin market. After bitcoin starts moving again and exits sideways mode, then altcoins become riskier since they tend to dump in those times.
Its true, since that $64k they are seeing is provably not a major resistance. The possible real test if they look on some situation that can flip the sentiment of people then market goes bullish is if Bitcoin will break to $100k again.
As of this moment we are stuck at $66k - $70k price level and it seems that markets moves in sideways then people seems not interesting to buy since maybe they are holding their positions for a while. And this is the reason why altcoins may look good to buy at current phase. Some may experience some pumps, but once Bitcoin made a good run those alts might dumps and those possible alts scam and other bad market movements might possible pull off. This is also the reason why I don't like to invest on those shitcoins, since its better to go directly on Bitcoin since all of those shitcoins will react base on what currently happening on Bitcoin.
It doesn't. Btc went from 120k to the 60k as the lowest this year. It means 50% loss. It makes no sense if you're still sticking into the bullish scenario when everything is already dumped so hard. So no more wishful thinking about the new bull cycle.
Stop being delusional, then accept the reality.
A small bounce happened, but it's all due to the scalpers. The fact that outflows are still dominating compared to the inflow. It means majority of investors are still holding themselves from picking up the market.
That's why the better to low your expectation. It seems you can't accept the fact if market is bearish. Are you still holding alts?
Bitcoin price dipped to $60k before it started reversing to the up and what even gave strength of that reversal was the support level at that $60k, had it been there was no support there, it definitely would have gone down below $60k but it was so fortunate that it held that position and got back at $70k but it's really not certain that the uptrend will continue, we are in the bear season and I don't see the start off any bull cycle unless Bitcoin reach $120k again.