BTC hit 56k. Where do we go from here?

[Sarionadukecom]

This month didn't start good fr crypto traders due to BTC instability. Let's share ideas. Where do you think we're headed. Downhill or back to 70k?.

[Wiwo]

This month didn't start good fr crypto traders due to BTC instability. Let's share ideas. Where do you think we're headed. Downhill or back to 70k?.

The thing we should be prepared for in the market is that, bitcoin market is full with unexpected outcomes and this is one of such unexpected price correction that we have being talking about all the while,  some of those people who bought bitcoin when the price slide down to 65k thought that it was the lowest that bitcoin could fall to, but up until now that we are seeing bitcoin falling deeper and now at below 60k price which is not too good for those that bought bitcoin at high price of around 65k to 70k thinking it will correct back to at least 75k to 80k as previously reached.

The only thing right now is to continue holding your Bitcoin if the price is far lower than what you bought it, you only lose when you sell below your bought price but if you hold at least the price will recover in the coming days.

[Asiska02]

This month didn't start good fr crypto traders due to BTC instability. Let's share ideas. Where do you think we're headed. Downhill or back to 70k?.

Are you not getting tired in following up on the market trends every month. Bitcoin has just shown that, it can only be predicted and those predictions will only be viewed as speculations and nothing more can be done about that. Bitcoin might go dipper than this or can just decide to have a reverse and the selling will stop. Just have in mind that, the bull periods are fast approaching also. The much anticipated bull season will soon be on to us. So these are good times to accumulate and gather a lot of bitcoin and be prepared for the bull run. There’s no ascertain to where the next price of bitcoin will be, just that speculations on them will only continue.

[Zed0X]

It's a speculation game when news about one Government transferring BTCs to several exchanges and then there's the Mt. Gox victims finally getting paid. Give it a bit of time and the market will absorb all the dumping before we head to a new ATH breaking $80K and potentially the $100K.

[Baofeng]

It's now back to highs of $58k, so it means that that are buyers from $56k'ish and now pushing it a bit higher. So I guess we shouldn't really panic as this point, sooner or later the market will bounce back.

We are still in the bull run, so this could be just another leg down for us, before we can see the price recovering and going on a parabolic rise at the end of the year. On the other hand, if you have that capital right now, this is a perfect opportunity to accumulate.

And I don't think that we are heading downhill, as I have said, market is slowly getting up and we might be seeing $60k again.

[bitterguy28]

This month didn't start good fr crypto traders due to BTC instability. Let's share ideas. Where do you think we're headed. Downhill or back to 70k?.

continues to drop down mate and thats sad to see when the 3rd quarter starts like this

https://coinmarketcap.com/currencies/bitcoin/


Bitcoin Dips to $56,952 as Market Reacts to Mt Gox and German BTC Moves

https://news.bitcoin.com/bitcoin-dips-to-56952-as-market-reacts-to-mt-gox-and-german-btc-moves/#google_vignette

according to the report it says this is the reason why bitcoin fell down to 56k because of the distribution

and also about that 3000 bitcoins transferred to unidentified wallets in which makes some bad implications to other users.

[pakhitheboss]

This news is the reason why Bitcoin has hit a four-month, lowMt. Gox moves $2.7B in Bitcoin to new wallet address. Wait for more price plummet and then wait for the victims, I am sure many will go ahead and sell their Bitcoins which will again cause a crash. This is the time when accumulating more Bitcoin should be in the mind of those who are concerned with the current price.

[bayu7adi]

It's a speculation game when news about one Government transferring BTCs to several exchanges and then there's the Mt. Gox victims finally getting paid. Give it a bit of time and the market will absorb all the dumping before we head to a new ATH breaking $80K and potentially the $100K.

Logical... this makes more sense and this is how the market works, some people who have short planning, are more suited to buying at times like this taking sell orders belonging to MT Gox users that have just been paid... and for investors long term... HODL is the usual path to take while waiting for this bearish period to end.

Let the sell order be absorbed by many whales or for those who want to buyback, this is the right time to fill our wallet with other BTC.

[Sarionadukecom]

This month didn't start good fr crypto traders due to BTC instability. Let's share ideas. Where do you think we're headed. Downhill or back to 70k?.

Are you not getting tired in following up on the market trends every month. Bitcoin has just shown that, it can only be predicted and those predictions will only be viewed as speculations and nothing more can be done about that. Bitcoin might go dipper than this or can just decide to have a reverse and the selling will stop. Just have in mind that, the bull periods are fast approaching also. The much anticipated bull season will soon be on to us. So these are good times to accumulate and gather a lot of bitcoin and be prepared for the bull run. There’s no ascertain to where the next price of bitcoin will be, just that speculations on them will only continue.

No kidding. I'm tired ahah. Woke up to see BTC at 53k. Let's hope your analysis is right!!.

[Sarionadukecom]

This news is the reason why Bitcoin has hit a four-month, lowMt. Gox moves $2.7B in Bitcoin to new wallet address. Wait for more price plummet and then wait for the victims, I am sure many will go ahead and sell their Bitcoins which will again cause a crash. This is the time when accumulating more Bitcoin should be in the mind of those who are concerned with the current price.

You're good with TA right? Do you think BTC will go further below due to this news??

[NikeFit_7777]

MtGox officially announced the start of payouts. The first creditors have received their payments in accordance with the Recovery Plan.

Payments to the remaining creditors will be made immediately as soon as all conditions are met:

- Confirmation of the validity of registered accounts and other matters.

- Agreements by creditors to participate in this process.

- Finalization of discussions between the trustee and the specified cryptocurrency exchanges regarding disbursements.

- Confirmations that disbursements can be made safely and securely.

Source link: https://www.mtgox.com/img/pdf/20240705_announcement_en.pdf

[Kemarit]

This news is the reason why Bitcoin has hit a four-month, lowMt. Gox moves $2.7B in Bitcoin to new wallet address. Wait for more price plummet and then wait for the victims, I am sure many will go ahead and sell their Bitcoins which will again cause a crash. This is the time when accumulating more Bitcoin should be in the mind of those who are concerned with the current price.

You're good with TA right? Do you think BTC will go further below due to this news??

You don't need to be good in TA, and if you are not then just observed the market. And if your plan is to buy check, then simply buy at small steps, go buy at $54,000 and if it goes down to $50,000 buy more.

We really can't stop the market to bleed because of the Mt. Gox news, the good thing is that we should be continuing with our DCA, buy cheap Bitcoin and accumulate and HODL. We shouldn't be affected by the current drop, specially if you are looking at the bigger picture, 2025 could be the last stop and we are expecting a massive bull run.

[Charles-Tim]

This month didn't start good fr crypto traders due to BTC instability. Let's share ideas. Where do you think we're headed. Downhill or back to 70k?.

The market is at the selling trend for now. I am not expecting bull run because the news now is not even favoring at all. News like United States and Germany sending coins to exchanges. Also that Mt. Gox stolen coin given back to the affected victims may be sold by the victim which could have been one of the the reasons for this bear market. Some bulls are also selling. Anything can happen because we have just started the month of July but I am not expecting something positive this time around.

For people that have not sold their coins, it is better not to sell in loss because bitcoin will later increase in price again and get to all-time high.

[dwyane36]

For people that have not sold their coins, it is better not to sell in loss because bitcoin will later increase in price again and get to all-time high.

I don't think anyone doubts that bitcoin will have a new ATH. However, it's unlikely to be this year as the pressure on the market due to the news about mtgox repayments will be there for a long time. As far as I know, mtgox creditors will probably have to wait up to 3 more months, and this fact will probably have a negative impact on the market throughout this time.

[MUGNIA]

It's now back to highs of $58k, so it means that that are buyers from $56k'ish and now pushing it a bit higher. So I guess we shouldn't really panic as this point, sooner or later the market will bounce back.

We are still in the bull run, so this could be just another leg down for us, before we can see the price recovering and going on a parabolic rise at the end of the year. On the other hand, if you have that capital right now, this is a perfect opportunity to accumulate.

And I don't think that we are heading downhill, as I have said, market is slowly getting up and we might be seeing $60k again.

in fact, currently BTC continues to fall until it reaches a price of 54k$, don't know in the next minute whether there will be an increase or continue to decrease,
This is what makes Bitcoin and other crypto owners panic, afraid of experiencing deeper losses so they release some of the assets they own so as not to suffer losses, don't know whether this method is correct or not but the reality is that when you panic there will definitely be regular asset sales