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

[BrolySSJ 7899]

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. 

[scofield64 943]

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. 

[Mansoor sumaan 29 0]

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 

[Masterrex 559]

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. 

Edited November 27, 2020 by Masterrex

[magd 5231]

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

[wassim19 645]

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

[Syedbesharat 5423]

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. 

[hani20980 2706]

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

[Red-Jones 1150]

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?

[kryptonick 2659]

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.

[Projectcrypto 4382]

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.

[tienda 8776]

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.

[Froshk 1828]

@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. 

[cryptovlek 2597]

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.

[Poppisnop 428]

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.

[abohasnn9 2401]

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.

[zhoutong 2188]

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.

[yonkii 3205]

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.

[percare 3192]

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.

[Msh9 84]

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.

[bogdanoff 3173]

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.

[Sykkuno 2887]

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.

[godislovefll 1880]

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.

[glory50 1259]

@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

[Fixfin 2569]

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.