Can Bitcoin fall further down?

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I think this is something anybody can easily predict. The current market situation is really bad. Many investors who bought coins when the price was very high are stuck right now not being able to sell off their holdings and have ended up holding their assets for the long term. Holing long term is always good in cryptocurrencies. Imagine people who mined and bought BTC during the early days and just remembered the private keys to their wallets. Today they are all multi-millionaries. That's how life-changing if a coin becomes successful and if we do the investment at the right time.

Coming back to the topic, I personally feel that we still have to see the market go down further. Many people say that Bitcoin can drop further down even below 8000 USD. I know many investors would not let that happen. But many people have already spent their liquid holdings to do DCA. If there has to be a new investment, I believe the money should flow only from the FIAT world. But there is no big harm if the price of BTC hits 8000$ again. I would not be skeptical and would be happy because I still remember that about two years back the price was around 3000$ and I missed a huge opportunity to purchase BTC. I rather sold my BTC holdings cheap to purchase Hive instead.

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I already bought a shit load of Hive a few days back and even last week with all my liquid holdings. I do believe in Hive but I'm sure the price of Hive will also have a great impact if BTC falls down. If BTC breaks further down and reaches below 10k USD again, Hive can possibly reach like 11 cents or 15 cents if I'm not wrong. One way we might be getting more liquid Hive as rewards but it can be a very long journey from there.

Panic selling can be one major reason why the price of BTC falls down. There are also other factors and other parameters but most of the time people do panic selling that would reduce the price further down. There are so many junk coins and junk tokens being created out of several projects. Some projects use BTC as their main backed-up currency. When all these projects start losing value, there is a high chance that it can even affect the price of BTC. What would be your strategy if the price of BTC goes further down and maybe even below 10k USD?

If you like what I'm doing on Hive, you can vote me as a witness with the links below.

Vote @balaz as a Hive Witness

Vote @kanibot as a Hive Engine Witness

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I really can't wait until cryptocurrency is decouple from Bitcoin!!!!

And to be really nice however personally I see this all happening the other way around. Personally I see the value of Bitcoin possibly rebounding to new levels.

Some pretty smart people out there said to continue buying on the way down because Bitcoin is going to rebound hard in their eyes over this artificial push down.

In fact since the push down I decided to pick up a little bit coin to put into the diesel pools and grow a small little chunk there.

I absolutely don't think it's going to push down to 10,000 and hopefully we'll push 100,000 pretty quickly.

What can you do other than just hang on and let the market mature.

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This is certain BTC is still going to rise and as you said fast.
We seen this happen before all no one knows is when, so just keep buying what you can get your hands on if liquid money is available if not watch to see crypto assets dance to the tune.

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That's a good thought actually to have some in Diesel pool. Whatever the price becomes, it is a win win. !BEER

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If bitcoin drops down to 8000 again, it's best time to invest in it, am I wrong? 😁

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You are right. It is indeed good time to invest.

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A drop below $10k would be a scary thing, but as you say its a long game. I'd buy what I could if it goes that low and then just wait it out, and if that takes a few years, I'm also OK with that.

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High chance that it can take years and it will need a lot more patience from us too.

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I keep saying that 8K is not realistic, based on historical data 12-14K is the absolute bottom (as I ve written too many times). For many reasons, but the biggest reason is that too many huge investors are ready to buy this dip. And buy it by the billions, so we are gonna be lucky if we see it drop to 17K.
Again just my opinion based on a lot of research.

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Yeah I agree. I hear this from many people too. The math is more like how we cannot see the price reach 300$ again. 🙂

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Anything can happen in the markets at any time. But I don't think Bitcoin will drop any further. If Bitcoin drops to 10K, many altcoins could suffer the fate of Luna.

Also, if Bitcoin drops to 10K, I think Bitcoin Dominance will exceed 65%.

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Anything surely can happen and if lower than 10k happens, that would be heartaching for many yet an opportunity for the next bull run.

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Yeah well said, if it drops below 10k many alts would melt down to 0.

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Many people dream of 10K, but many do not realize the extent of the danger in altcoins.

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I do not plan to invest in bitcoin. Imho too many bitcoins (maybe even the majority) are in the territory of the western world, which makes them very vulnerable to manipulation or even destruction by the big five.

To me Bitcoin is not a global currency but rather a colonisation product of the first world, but I think with my opinion I'm more like a lonely voice in the woods like always... 😁

Btw. your witness stats look quite good. I will remember your name if I consider to change my witness votes.

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I was also a little late to the party. When I thought about investing, the price of BTC was way too much and not affordable at all.

Thanks for checking my witness. I would really appreciate the support. Cheers!

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The problem of hitting 8k though will be that it might never go above 8k.

Ha ho hi

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I think it is very very unlikely to reach below 20k and below 10k is the best price sell all our real world asset and purchase BTC.

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Hive is what I think is where safety lies. Accumulating all the hive I can get.

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Yeah it has proved to be the best in several bad occasions.

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I am prepared for bitcoin to fall to $6k or so.
!PIZZA

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Hahaha, I see a trigger happy person @namelessnameless

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I wont say I am happy if it fell to that price.

But in the previous cycle, the black swan covid even managed to bring BTC to as low as $3k+.

So for this next cycle, the probability of hitting $6k is extremely low, my own unprofessional estimate is around $12-14k as bottom based on the my own Fibonacci support level. However, in case another seemingly impossible black swan event happening again, $6k wont be a surprised.

Personally, I am already plan to buy in at $18k and some reserves as it goes further down. Of course, the price of re-entry at $18k is based on my bias exit price when btc first touch $36k. So either way, whether btc hit $18k or not, I personally already have plans moving forward.

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Cool then let's hope it happens soon. 🙂

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I think it will not go down below $20K in my opinion. The problem is we are entering into recession and thus everyone wants to keep some liquid money in hand and thus will be selling their assets.

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Yes I keep hearing about recession too. Let's hope we don't suffer much even if that happens.

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If it does drop below 10k, I will have to rearrange some of my assets and buy some BTC. It seems like it's a bit too good of a chance to give up. However, I don't think under 10k is likely unless we have another black swan event.

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It don't believe in what people are saying, $8k is far fetched.
This is still the words that were spread last year of BTC reaching $100k but here we are.

Truth is that wherever we find the price lies an opportunity to stack up.
Yes, the price would still fall and just seating to see the depth it can go.

Ah, Hive is trying swimming in the deep waters and have held on around 40 cents mark.
As BTC falls inevitably hive gets hit except it makes the move it did last November to get to it's all time high.

Big ups to you and all that made a huge buy of Hive.

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Well said. Hopefully Hive does some really big moves. 🙂

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I think it would be great if the rest of crypto decoupled from bitcoin. That is another one of those changes that may take a while.

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