The hopes that bitcoin will top $20k this year seems to be fading in light of the recent crash - Crypto World - CryptoTalk.Org Jump to content
BrolySSJ

The hopes that bitcoin will top $20k this year seems to be fading in light of the recent crash

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Recently there has been a major bull market in the bitcoin field and in fact this was also evident in other crypto currencies as well. Over the last month we have seen the bitcoin price almost double, with it being on the brink of reaching a new height that exceeded the previous maximum in late 2018. Unfortunately, the hopes of the coin reaching a new height is slowly starting to diminish as there was a major bitcoin price drop on Wednesday, which continued into yesterday and ultimately today as well. 

 

Looking at the price of bitcoin, it dropped by 8.7% on Wednesday alone. This is a major drop. But what do you guys think accounted for this drop? 

 

The Bank of England says that the recent use of bitcoin for payments, makes the bank very uneasy and nervous, and says that people that choose to take their funds and put them into crypto are running a huge risk as they could lose all their money. Those that would have bought bitcoin in the last week alone would be seeing some major losses at the recent price drop. 

 

What is your thoughts on this? Do you think that the bull market is over and that we could see a fall in price that is similar to the one seen in early 2019? Or was this drop in price just a correction factor, and prices are going to surge again? Let me know your thoughts. 

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There's still hope that bitcoin can still reach $20000 this year, the slight drop in price is just a correction factor as you said, and the price are going to surge again this year. 

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Yeah you are right we all are expecting that the Bitcoin will touch $2,000 but due to the recent crash of the Bitcoin the dreams of the Bitcoin investors are vanished. Are you basically understanding two reasons behind the crash of the Bitcoin that a lot of investors of the Bitcoin have been selling the Bitcoin in a very shorter time and that's maybe result in the rush of the Bitcoin in the market. 

And other than the reason behind it maybe that that's tabling of dollar is also damaging the Bitcoin prices 

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IHMO, I believe it was a only a correction, and It will eventually return to its previous price level hopefully, But about what the Bank of England said, I think the analyst has some valid point to consider, The cryptocurrency investment has a huge risk because of its high volatility issues, just like what happen on wednesday when the BTC price crashed at almost $3K dollars in just 24 hour time frame. That's why before you invest in crypto industry"think twice or thrice" before you proceed so that if something bad happens you won't regret. 

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This scenario is repeated, so there is no need to fear, but this stage we are in is a stage in which we must buy Bitcoin and the reason is that many owners of huge capital want to join Bitcoin and thus reduce this price to force small traders to sell and make room for adults. We must keep our currencies without Bitcoin definitely sold to the moon

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I do not think that the opposite will happen because this is only a correction and it is considered healthy in order to continue climbing to new highs and I think that it is going to 24000 and this correction may continue to 14000 and this will contribute to the recovery of digital currencies

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The fall of BTC make many people depressed where like other I have also expect the Bull run in last quarter of 2020 and wanna experience crypto bullish market again like 2017.but it's look like not gonna happen soon the price have decreased very fast and BTC recovery from last 24 hours isn't good. As far we can expect for next few days it's gonna climb to $18K and then we can see where it goes after but before that the price isn't moving toward fast. 

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It's true that bitcoin fall with 3000$ from 19k to 16k but that doesn't mean that BTC can't

reach 20k$ there is high resistance but with high demand BTC can break it and reach a new record

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Just now, hani20980 said:

It's true that bitcoin fall with 3000$ from 19k to 16k but that doesn't mean that BTC can't

reach 20k$ there is high resistance but with high demand BTC can break it and reach a new record

 

It's true and I say more, and it's a matter of days for the bitcoin price to reach $ 20,000 and then people will start asking lots of questions like:

what will be the next price after $ 20,000?

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I follow a couple of good traders for years. One of them is Kevin Svenson on youtube and I have been one of his first followers. He understand the Bitcoin market better than others. He said 14k for his buy target, so I'm going to say start buying now and buy more if it keeps dropping. 14k would be very low and it can happen but it will be just a small window open. Set orders and be ready.

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Volatility is the nature of Cryptocurrency and for that reason i believe there is still good chance for bitcoin to reach $20,000 this year because the slight drop might be a correction factor which will later lead the coin to reach the expected price in the Cryptocurrency marketplace. We shouldn't worry a lot because bitcoin is a promising coin which has earned good reputation from many people around the world and i believe it won't fail us, so we should just be patient with the market for now.

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I think with Bitcoin anything can happen in just seconds. Maybe now you see it at 14000 and then in the evening you see it cross 18000 dollars this is the good things we can find in this Bitcoin magic. The volatility make it unstable and profitable, so I'm optimist that Bitcoin without the doubt will top 20000 dollars at the end of this year.

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@BrolySSJIt's at the point of giving up that miracles do happen, I believe we have still got time and the $20k price tag for 2020 will surely beomes a reality,

As at yesterday bitcoin actually had a brief touch at $19.5k which is a very positive sign to start with. 

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Bitcoin at $28k and while most of us believed it, many that sold too early didn't have the guts to keep holding for another month. Profit is ok to be taken and this is what we want but a little more patience during a very bullish momentum is required. I don't judge the sellers and a correction may happen that will be big but during that time it was very unlikely.

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If we are all basically understanding the reasons behind the crash of bitcoin lots of investors have been bitcoin, that maybe  lots investors will know when to invest or not.

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My girlfriend is now and at this moment the price of Bitcoin exceeded 28 thousand dollars. It really made a very impressive progress in this particular year. Yes, it was impossible for the price of Bitcoin to reach more than 20,000 dollars, but he really did it. It is a currency that always surprised us. Thank you.

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I read another post about something similar. A drop to 16k down from 20k is a small one for Bitcoin. A very small one that doesn't change anything. So price today is again at 28k and looking to grow more.

I would start getting worried if price will reach 14k with a 50% drop from this level, this only will be a price that can invalidate the recent bull run and create bearish terms. As long as we are doing this good there is no fear. And even so it will need to have bad news and negativity in the market to make it happen. As it seems for a long time all signs are bitcoin bullish.

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I didn't see any fading in Bitcoin price back at a month ago, what I have seen was a very huge bull signal and all my posts were about that. I expected 20k in November too but this drawback just took the new all time high a little later and since then price keeps making new ATH for weeks.

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It wasn't only $20k but $30k now and $40k soon to come for Bitcoin. Maybe it will stop at $100k or higher depending on the appetite of investors that just seem to be not ending. We see small drop sometimes but this is not enough to stop Bitcoin, it is all met by buyers keep buying the dip and doesn't stop at all. Every day it is another new high and another thousand dollar up. Bitcoin is really creating very good chances today to reach to targets predicted by many experts.

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Yes, I hope and expect this to happen, and we will earn a lot of money and multiply our currencies that we put in the investment and increase our daily activities and become rich, so we have to be optimistic and not give up, especially at this stage.

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As we have seen nothing was fading, a single small pullback wasn't enough and those sold regretted it. Bitcoin moved to $40,000 and perhaps it will stay at this level for a while until everything becomes clear for the direction it will take in 2021.

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Well, it did and also did 30k, we can sit back and watch what is going to happen next because I also thought that price would go back to 20k and it did not, it seems this price wasn't but just a local top for 2020 as it passed it later with ease.

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It makes a lot of sense, BTC has taken a very high price, and it is still increasing it, so those who enter and buy BTC at a high price may have a high risk of losing a large amount of their money so at this price they do not It is advisable to enter, you just have to wait a long time and see what will happen with BTC in all these days.

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@BrolySSJ @Samya @Kanji @Sykkuno

I think your hope passed this is the best year for bitcoins and those who stored their bitcoin have had a good time those who even bought it at 1$ are enjoying it really well there is nothing as much as we are all told that we can be able to grow with and find solution to the problems that we are having today we are all said to work as even hard and powerfully so and working even better to some of this key we nenjoy to work with bitcoin is going to hit 100000$ at the end of this year according to yobit

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I don't remember a crash to have happened in November, there was a small drop from the previous ATH to $17,000 but it wasn't something that anybody cared about, the buyers kept on buying and everyone bought that dip instantly, so price kept rising. 

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Thanks to cryptocurrency ETFs, they can easily include bitcoin (and soon Ethereum) in their investment portfolios.   According to analysts, around 700 investment companies have already invested in such funds. Nevertheless, the share of institutional investors in bitcoin-ETFs is currently only about 10% of the total. Motley Fool estimates that if financial institutions invest about 5% of their assets in bitcoin, the market capitalization of the first cryptocurrency could exceed $7 trillion, which explains its forecasted rate of $400,000.   Considerably less optimism was heard in the forecast of Bloomberg senior analyst Mike McGlone. According to him, bitcoin's volatility leaves it trailing gold and the US dollar in investment appeal. Furthermore, he believes that stocks will soon crash amid the expected recession, but BTC will suffer even more than the stock market. McGlone emphasized that the Tether (USDT) stablecoin, pegged to the US dollar, typically trades twice as much per day as bitcoin. "I can access the US dollar anywhere in the world from my phone using Tether. Tether is the number one trading token. It's the number one cryptocurrency for trading. It's the dollar. The whole world has moved to the dollar. Why? Because it's the least bad of all fiat currencies," the Bloomberg expert stated.   While Mike McGlone merely downgraded bitcoin's attractiveness, Cardano founder Charles Hoskinson simply buried it. He equated bitcoin to a religion and stated that the industry has outgrown its dependence on it. According to Hoskinson, "the industry no longer needs bitcoin to survive." He pointed out critical threats to the leading cryptocurrency, including insufficient adaptability and dependence on the Proof-of-Work algorithm. Franklin Templeton analysts, on the contrary, consider L2 protocols, along with Ordinals, Runes, and DeFi primitives, as one of the main drivers of bitcoin's innovation revival. Strike CEO Jack Mallers defended the first cryptocurrency. According to him, the Lightning Network, created for instant and cheap transactions, a second-layer solution based on the BTC blockchain, can further increase the demand for the first cryptocurrency. Mallers believes that thanks to this, bitcoin can be used for everyday purchases, such as paying for a cup of coffee. Former BitMEX CEO Arthur Hayes called the native token of the Cardano blockchain (ADA) "dog shit" due to its low use in protocols.   As of the time of writing this review on the evening of Friday, 31 May, ADA is trading at 0.45 USD per coin, while bitcoin and Ethereum are faring significantly better: BTC/USD is trading at $67,600, and ETH/USD at $3,790. The total cryptocurrency market capitalization is $2.53 trillion ($2.55 trillion a week ago). The Bitcoin Fear & Greed Index remained almost unchanged over 7 days, staying in the Greed zone at 73 points (74 a week ago).   It should be noted that ETH/USD failed to break through the $4,000 resistance this past week. The local maximum was recorded on Monday, 27 May, at $3,974. The lack of an immediate pump is explained by the fact that everyone who wanted to buy Ethereum in anticipation of the SEC's historic decision already did so. Meanwhile, according to some analysts, there is a high probability that immediately after the launch of the long-awaited spot exchange funds, Ethereum will enter a deep drawdown, similar to what happened in January with bitcoin. Then, over 12 days, it fell by 21%.   One of the key reasons for BTC's drawdown at that time was the unlocking of GBTC fund assets from Grayscale, which was converted into a spot fund from a trust. It began losing investments daily at a rate of $500 million. It is possible that something similar could happen with Ethereum, where Grayscale's ETHE fund holds $11 billion worth of ETH. As soon as this fund is converted into a spot fund and its assets are unlocked, short-term investors might start taking profits, potentially causing ETH/USD to fall to the strong support zone of $2,900-3,200. Pessimists among bearish factors also cite the uncertain legal status of the altcoin, as the SEC has not yet clearly defined whether ETH is a commodity or a security. Additionally, the regulator has many complaints about the staking program.   Staking is a way to earn cryptocurrency by "locking" a certain amount of coins in a wallet on the Proof of Stake (PoS) algorithm to support the network. In return, the user receives rewards in the form of additional coins. According to Wall Street legend Peter Brandt, "the biggest disasters in the cryptocurrency sphere that are yet to happen will be related to staking." The expert noted that such assets as Ethereum are often rented out to earn such income, often in the form of interest, which strongly reminds him of collapsed financial pyramids. As staking becomes more widespread, Brandt warned, it could attract increased attention from central banks, treasuries, and other authorities. This could lead to tighter regulation, significantly altering the crypto space and potentially resulting in the cessation of staking and bankruptcies for those involved. NordFX Analytical Group   Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.   #eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market   https://nordfx.com/ 
    • Даа, кроме нас на форуме остались рекламщики обменников и все). А у вас было монета not, он очень хорошо вырос. Надо было покупать сразу после листинга. Даа, упускаем моменты). Биткоин продолжает коррекцию делать, а я купил какие то щитки и вынужден ждать. 
    • Крупный банкир получил тюремный срок за криптомошенничество   Бывший инвестиционный банкир Рашон Рассел приговорён к 41 месяцу тюремного заключения за мошенничество с использованием цифровых активов. В результате расследования правоохранительные органы США выяснили, что обвиняемый начал опробовать свою мошенническую схему на друзьях, бывших одноклассниках и коллегах по работе в криптофонде R3 в ноябре 2020 года. Рассел обещал им гарантированную доходность инвестиций от 25% до 100%. Чтобы его слова были ещё убедительнее, он пустил в ход свой опыт инвестиционного банкира и сфабрикованные документы (поддельные счета, переводы). Сначала он использовал часть полученных обманным путём средств для выплаты долгов более ранним инвесторам. Остальные деньги Рассел тратил на азартные игры и поддержание роскошного образа жизни. Такая мошенническая схема работала до августа 2022 года. В апреле 2023 года Рашона Рассела арестовали, а в сентябре он признал свою вину. Тогда же выяснилось, что Рассел незаконно приобрёл около 100 кредитных и дебетовых банковских карт на имена других людей. По мнению следователей, он планировал использовать карты для проведения транзакций с полученными незаконным способом деньгами. Минюст США подсчитал, что потери инвесторов от мошеннической схемы Рассела составили $1,5 млн. Именно эту сумму подсудимый должен выплатить своим жертвам в качестве компенсации. Источник - https://ru.investing.com/news/cryptocurrency-news/article-2428894
    • CryptoRank поделился списком крупнейших разлоков июня.        Будьте осторожны в отмеченные дни, ведь увеличение предложения может вызвать давление со стороны продавцов. ARB — $105.21 млн;APT — $103.03 млн;UNI — $87.93 млн;STRK — $75.67 млн;DYDX — $66.3 млн;SEI — $63.81 млн;ID — $55.82 млн;IMX — $54.96 млн;MERL — $42.21 млн;ENS — $36.65 млн.  
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