Thus far it just looks like Btc just doesn't wanna break the 60k mark, how strong of a support fo you think this is? Too many people speculate it'll drop to 30-40k, WHAT DO YOU THINK
Tbh it seems like 60k is a pretty strong support. Opinions?
byu/doodoobonerman inbtc
Posted by doodoobonerman
28 Comments
If more people speculate downside here, price will go up first, then dump, once those same people who speculated sell [short] buy at higher prices.
To be honest, $60k is pretty strong. But it’s not absolutely unbreakable. At present, Bitcoin is oscillating at 66k-67k. I think it is more likely to build a bottom in this range, rather than directly falling through to $30k-40k. A deep pullback of 30k-40k would require an extreme macro black swan, and I personally don’t think the probability is high. Now is the time to wait patiently for the catalyst. Stand firm to continue to hold, break the position to consider adding. I’m still bullish in the long run
It is until it isn’t. Pull back on the chart, it’s like a staircase to the basement. What’s the next level? Up or down? No one knows. Some say the last cycle peek (which is where we are now) is the range of our floor. Hopefully that is true but there is no way to know with an asset that has only existed for a very short amount of time. “Patterns” for a 15 year old asset are not exactly based on long term data assumptions.
It’ll eventually break.
Bottom is in imho. Second retest of the inverted h&s on HTF charts.
Solana is below 100$ and it’s flashing a bear signal. I think Bitcoin will break down 60k in a few weeks.
The effects of the Iran War haven’t been felt. The Middle East is wrecked. Interest rates have gone up across Europe. The US is better insulated but will also see impacts.
I think it’s possible we have two legs down. But I’ll be back if we break below 60 I think.
whales will decide the bottom, we do not know anything, seems like they got bored selling, but you never know the next move tbh.
What are the use cases for BTC? How can I buy groceries, pay the energy company, or pay taxes with it? What can I buy with it? What mechanism will cause landlords to accept it as rent payment?
Mustn’t we think in these terms to see whether it’s “rat poison” as Warren Buffett called it (i.e. ‘going to zero eventually’)?
It’s stagnating because MM’s are on holiday weekend. This is what it looks like when price isn’t intentionally pushed to liquidate traders, just retail cancelling eachother out.
It’s a mature asset, similar to gold but with a smaller market cap, at this point. In today’s dollar it is essentially mature, a $1 trillion dollar market with a price of $50k.
What happens day-to-day as a volatile trade instrument is anyone’s guess. No one spends this much time and energy focusing on buying more and more gold and that should be the case with Bitcoin as well, IMO.
Predictions were never 100% accurate.
But I agree 60k is holding better then I expected, maybe as well because MSTR is always buying the floor that keeps BTC holding above 60k.
Even with all the geopolitical tension occurring.
Well it’s either going to go up or down
Probably need somebody to create another chart to confirm. Can’t have enough BTC charts.
It doesnt matter what anyone thinks and strong supports are strong until they arent.
Let me ask my crystal ball
A dried up worm on the sidewalk told me the institutional investors that jumped on the train right before the crash are hoping to dampen some of their losses by waiting. If it gets near 90k they’ll likely pull out and the floor is around 30k for the rest of the decade.
60k? That’s not my dog’s name; that’s the real support during these times. Not financial advice.
Isn’t that the cost of production?
I refuse to speculate on price because I’m always wrong. But it seems to me Bitcoin is struggling to find it’s purpose. First it was a currency. Then it was a store of value as a hedge against the USD. It could still be either or both but right now it’s neither. The general population is oblivious. It could go to zero or 200k but it will take a lot more utility to move anywhere but sideways in the short term.
It is until it’s not
I think we’re looking at move down to roughly $52,750. From there, we’ll likely see heavy institutional buying and another push towards $90k before we see the actual bottom.
Bottom is 55-58k. Will get there in 2nd half of April or early May then we’ll have rally till midterms. Equities dump is not over.
It’s going to dither between 65-70k for the next couple years, imo. Excellent accumulation phase.
Yes it is until it is not.
Yes , 60k is a pretty strong support, previous month the Btc was stuck between the 60k and 70k , the resistance was framed but we need a breakout for a pump hopefully we will get to see it this month.
I thought it would be around $55k until later this year. This might be the bottom.
Why do you think it’s a strong support?