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

[Faisal2202]

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?.

You are right, this month was really not good for BTC I hope we can pass it by using some time machine or going through a cave (just like in the dark) well fun aside. I think the current market might even go below $50k. This is my first post where I am saying it because there is too much fud and the pressure of sell is big. MT gox is distributing funds and I think people are selling them otherwise there won't be a big impact on such sales. Plus Germany thought hey why not I sell my stash right now.

Well, besides this selling pressure, I say the market will recover from the dump not until October because Mt Gox will be refunding assets till then and after that, we might see a good pump in the price of BTC. My prediction is in the first quarter of 2025 not sure but still till then BTC will make it.

[pieppiep]

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?.

As you can see, Bitcoin unstable price movements make us confused about determining the direction of Bitcoin's price movements, but yesterday was a good opportunity to enter Bitcoin at a cheap price and currently the price of Bitcoin has gone up again. At least we have to remain calm when holding Bitcoin and never be afraid of a Bitcoin price collapse because this is a price correction that usually occurs and it is certain that some time later the price will bounce back high. With Bitcoin price movements like this, there is a possibility that the Bitcoin price will reach $70k again soon.

[yhiaali3]

It is natural to see a downward trend after all this negative news about sending Bitcoin confiscated by the US and German governments to exchanges, as well as distributing Bitcoin to the Mt.Gox exchange at the same time. I don’t know if this is a whale game or a government game?

But regardless, all Bitcoin holders in the long term do not care about all this decline or this negative news because they have a clear goal of at least 100K. I do not think that they waited all those years to sell for less than this price. As for those with weak hands who gave up their Bitcoin easily due to some negative news, they will inevitably cry in the end.

[JunaidAzizi]

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?.

Yeah, the month has just started and Bitcoin is not showing any positivity yet. But to be honest, Bitcoin always follows the same trend. Sometimes it goes up and up, and suddenly the Bitcoin price drops due to a certain event. This time, everyone knows why Bitcoin's price is going down.

In this scenario, I can suggest starting to buy for those people who are waiting to invest in BTC. This is the best opportunity as the price is low. Maybe if they can wait a little longer, the price will go down even more, and then they can invest. For those who already have BTC, my advice to them is to hodl and not to get caught up in FOMO. There is a big chance that Bitcoin will go up in the upcoming month.

[Lucius]

This month didn't start good fr crypto traders due to BTC instability.

Some would disagree with you, because volatility is exactly what attracts people to invest in BTC. The fact that the price went down for some is just a great opportunity - because whoever bought at $53k could already sell for $58k - and those who trade with serious amounts earned $5000 on just one BTC - now imagine that you have 10 BTC

Let's share ideas. Where do you think we're headed. Downhill or back to 70k?.

Whatever someone writes is just speculation because no one can predict in which direction the market will move. Every scenario you can imagine is possible, only the odds are different. What is certain is that investors still act like scared children whenever BTC loses only 5% in value, and I wonder what would happen if it lost 50% overnight?

Learn to live with it, or buy gold and watch yourself lose or gain 5% in value throughout the year.

[0t3p0t]

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?.

If Bitcoin will continue to fall it might reach $51k+ and if it still insist to fall I think it will reach $43k+ and the possible lowest point would be $30k+ and after that healthy pullbacks it will go back up and there's a high possibility of reaching $80k-$150k as Bitcoins new all time high. I could be wrong here but who knows?

[MUGNIA]

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?.

If Bitcoin will continue to fall it might reach $51k+ and if it still insist to fall I think it will reach $43k+ and the possible lowest point would be $30k+ and after that healthy pullbacks it will go back up and there's a high possibility of reaching $80k-$150k as Bitcoins new all time high. I could be wrong here but who knows?

Isn't it too risky that if BTC reaches/touches the price of 30k$ there will be panic among users, especially newcomers. for whales the price of 30k$ is the right price to fill up and just wait until the peak even though the new ATH will only be 80-85k$ they can still make a profit

[Metha Wulandarin]

It's a pity that Bitcoin is the subject of discussion every day, there are those who praise it and those who berate it.
There are those who feel happy because of its decline, there are also those who are sad and uneasy about it.
There are those who smile because of the increase there are also those who are sad and regretful because of the increase too.
Will Bitcoin return to its highest price again?
Maybe yes but the journey to ATH will be very slow why because many people have made purchases when the price reaches $53k.

[nakamura12]

The price did decrease so if it is a lose in profit for you then buying more when the price is at it's lowest at this time then may be profitable in the future once the price increases although we won't be able to know or to tell when it will increase but one thing that I can say is that, it will increase again or even reach it's ATH or even new ATH just like what happened when it breaks it's ATH before.

[Z-tight]

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?.

Mt. Gox are planning on repaying their creditors the money they lost this month, so i believe weaker hands could be selling because of that, of course that is not the only reason for the price fall, but it is one of it. To be honest, i don't worry if we are going up or down in price, and if you are a long term holder, you'd not worry too. If the price falls, you can buy more if you can, if you cannot, you have to be patient.

[Metha Wulandarin]

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?.

Mt. Gox are planning on repaying their creditors the money they lost this month, so i believe weaker hands could be selling because of that, of course that is not the only reason for the price fall, but it is one of it. To be honest, i don't worry if we are going up or down in price, and if you are a long term holder, you'd not worry too. If the price falls, you can buy more if you can, if you cannot, you have to be patient.

The most important thing is to be patient and not be seen continuously so that the heart and mind are not restless when Bitcoin experiences a big decline as happened yesterday, try not to open or check the wallet or funds in the market (CEX), keep thinking positively and start occupying yourself with other work or can be left sleeping lol why do I say that because it is not only one person who feels the same way but thousands to millions of people who feel the same way.
I also patiently waited from 2022 until now I was trapped by FOMO in the bullish season and now I have sold everything and now I no longer want to buy or hold any tokens except Ethereum, Solana and BNB, there are enough lessons that I have experienced from 2021 until now.

[nakamura12]

The most important thing is to be patient and not be seen continuously so that the heart and mind are not restless when Bitcoin experiences a big decline as happened yesterday, try not to open or check the wallet or funds in the market (CEX), keep thinking positively and start occupying yourself with other work or can be left sleeping lol why do I say that because it is not only one person who feels the same way but thousands to millions of people who feel the same way.

It's a bad habit to store crypto in an exchange either CEX or DEX. It's much better if you store in a non-custodial wallet where you alone should be the only one managing the crypto funds in a wallet. Checking for news won't be a bad idea either and checking price when you have the time to do and see if you will be able to gain profit or gain money to recover what you have lose when the price decreased.

[taufik123]

It's a bad habit to store crypto in an exchange either CEX or DEX. It's much better if you store in a non-custodial wallet where you alone should be the only one managing the crypto funds in a wallet. Checking for news won't be a bad idea either and checking price when you have the time to do and see if you will be able to gain profit or gain money to recover what you have lose when the price decreased.

But if it's only for trading, temporarily saving in a CEX can be an option and of course the alokas of the deposited funds will be adjusted.
So not all assets are stored on the CEX. The main asset is of course stored in a personal wallet with full control of the owner.

Now we are focusing on buying back Bitcoin after touching the price of DIP.
Buying at $54k is certainly an attractive price, because the nearest target will still be achieved and of course the doubling of profits will be better by buying at the Dips price

[nakamura12]

But if it's only for trading, temporarily saving in a CEX can be an option and of course the alokas of the deposited funds will be adjusted.
So not all assets are stored on the CEX. The main asset is of course stored in a personal wallet with full control of the owner.

That's what I would do if I am trading where the crypto that I will trade is in cex (temporarily/short time only) before withdrawing the money from the cex and other assets is in a wallet that the owner have full control as you have explained. Doing it that way would save you some time (Deposits and withdrawal) and also the fee if you also want to save some fee from transactions.

[alltalk]

But if it's only for trading, temporarily saving in a CEX can be an option and of course the alokas of the deposited funds will be adjusted.
So not all assets are stored on the CEX. The main asset is of course stored in a personal wallet with full control of the owner.

As long as we choose reputable CEXs, it is no problem to save temporary in CEX wallets. However, we must ensure that we don't use too big amount of money. Sure, we only store the coins for trading, we don't send the coins for a long term holding such as Bitcoin and Ethereum. Those long term assets should be on the non custodial wallets.

Now we are focusing on buying back Bitcoin after touching the price of DIP.
Buying at $54k is certainly an attractive price, because the nearest target will still be achieved and of course the doubling of profits will be better by buying at the Dips price

We even could buy below $54k yesterday. I agree it is interesting to buy at that price because it is cheap enough. I'm sure it won't be difficult to cross again $60k.