Due to the fact that there are a lot of long orders sitting at the 5,5k range waiting for the ultimate long makes me believing that bitcoin has to fall under this range to liquidate the longs, so really no one wants to ever hear anything about crypto anymore. The upcoming ETF decision is a catalyst for enormous price swings in each direction. If postponed again, which is very likely, we will see bitcoin on a lower support. The last four rallies failed miserably, but the 6k support was safe. In the last three bear markets we saw in the downtrend a lot of resistance, but this time it went really quick and it is definitely looking for lower lows. The next support is around 5.5k
And after that it will fall to 4k, because in this range we don't see any buyers. Just sellers.
But in general I believe bitcoin will hold over 5k. Since finex, binance, coinbase, bitmax and so on lvl up their coins every day, nothing is sure. Tether get printed as people eat eggs for breakfast.
I don't think bitcoin will dip below 5500$. That is my personal opinion. But bitcoin price swings unpredictably. It could jump or dump even 20 - 30% in one day.
In my personal opinion Bitcoin will keep dropping gradually till the end of the year. We might see a bullrun over December, but nothing big.
If you got money to buy crypto then I'd put all my money on Bitcoin right now and sit back and wait.
That being said we have no idea what kind of weird events could pan out within the next few months. Remember for example what happened to the bitcoin price when Silkroad got busted, the bitcoin price skyrocketed.
It is very doubtful that btc at 5,000 will ever happen. It will mainly be based on the verdict of the ETF’s. If that fails and it’s not allowed to go through, we will definitely see btc plummet we’ll below $5,000, but a new bull run following is unlikely for several months. On the other hand, I would say now is the perfect time to buy (I have just spent $500 on ripple, $250 on ethereum and alreay hodl Other coins). I beeive if the ETF is accepted, we will see a repeat bull run of last year, eclipsing $19,000 and potentially into the upper 20‘s.
I don't think that Bitcoin will go below $5000 because it has good support at $5500 so we can't aim to go to below support level.
Due to today's market we should not have to take risk or don't become too much frustrated due to today's market.Instead of frustrated we should have patient for making a huge profit in near few days.
We see always bull run in a last two month of every year so in November and December month we will see a good bull run in crypto market.
Thanks for Readings
Personally for cryptocurrencies in general I think we're in for a long road ahead and a long down period, I think it's going to continue to get worse before it gets better. I could see bitcoin calling back down the $3,000 honestly before any sort of upward correction takes place. But as cryptocurrencies fall it also gives you an opportunity to dollar cost average your positions if you believe in crypto and believe we'll see extraordinary highs again. Dollar cost averaging can help reduce your overall cost basis on your positions and help you realize larger gains as the prices move their way back upward.
It seems very likely to me that BTC will remain above $6000 for quite some time. When the market is ready, a new bull run will start.