BTC - Relax, 30% pullbacks are the norm during bull markets
Nothing goes straight up, and that includes bitcoin.
After 8 straight days of gains, the rug got pulled late yesterday and early today.
After getting very near $14k, the price is currently around $10,700.
That is scary and all, but bitcoin routinely pulls back more than 30% during its bull markets.
In fact, in the 2016-2017 bull market bitcoin had pullbacks of 30% or more 9 different times!
Let that sink in a bit...
There were 9 separate occasions were bitcoin offered a tremendous dip for patient investors.
Check it out:
(Source: https://twitter.com/SatoshiLatino/status/1144289246083260416)
Keep in mind one of those is not labeled on the chart, but it would go between the first and second dips.
As you can see, dips in the range of 30-40% were quite common during the last bull market.
I expect the same will be true for this one as well.
I will be buying the dips.
Stay informed my friends.
-Doc
yeah that had to happen... who thinks stuff can ONLY go up
Seriously. A lot of people though apparently. :)
Buy the dips!
This is healty
I agree. We have basically had no pullbacks since about $7,500, and even that one was small. We were overdue for a big one.
I'm very annoyed that I turned bearish and sold some Bitcoin at 11.6k... then I chickened out and bought back in at 12.2k... then when Bitcoin hit 13k I convinced myself I made the right decision... lol
Luckily, I only gamble with very small amounts now... I'll figure out how to swing trade eventually. I think I gotta go with my gut more often and stop trying to time the peaks and troughs perfectly every time; such an impossible task.
Yep. I had been buying dips and selling rips and was all out by $10k. I am just now starting to limp back in. I think we have about 4-8 weeks of consolidation incoming now though where I will be buying... then we start the next leg up
this just confirms your analysis of the graphics very good as I read this post bitcoin plummets.
Yep, I am glad he agrees with me.
Healthy, or whale manipulation to create profit opportunities? I lean towards the latter, which is often unhealthy for those who get caught in the FOMO and make the whales richer.
I think when the term "healthy" is used, it is meant to refer mostly to the charts, dips let the techincals reset a bit from overbought levels.
The last bull run create FOMO where even a mainstream media is talking about Bitcoin once again. Then today the corrections is really good to create massive FUD, meaning the deeper the corrections, the more profit we can make.
It's the buying who give us profit not the selling...
Did you buy any?
Interesting take. I personally think the buying is easy... it's the selling that's hard.
Is this the bottom? I think maybe $10,000 will happen.
Ideally, I would like to own one Bitcoin and then $500 worth of each of the top 10 coins, Unfortunately, I am no longer in a financial position to live like that. I don't know if you remember Viva but I lost 2.3 Bitcoin in that scam. I sure do wish I still had it.
It is looking like it might have been the bottom yep...
And yes VIVA, I remember reading something about them potentially paying back investors some of their money at some point, did you see that?
They sent me an email about a year ago stating that they owed me $10,000 or so but I haven't heard anything since then.
Yea I think I remember seeing something more recent that they were going to be distributing funds back in the coming months. Not sure exactly when though. Try contacting them again.
@jrcornel actually as my thinking it will again touch to 9800-9700 then it will again boom to above 14k. What say . @adityajainxds #thealliance
I could see that. Though it looks to be bouncing a bit here. I think overall we are due for a longer consolidation period, but we have been due for that since about $6k. :)