Is Bitcoin Bottomed Out or Just the Beginning?

Been a while since we saw such wild swings in Bitcoin. Price dove to around $60K then shot back to $70K in no time. Had a limit order at $60K and felt like crying when I saw it didn’t trigger before the bounce. Initially, I wanted to buy in right away seeing some signs of a potential bottom, but I took a moment to think it through.

Nothing in life is 100% except maybe death. Some say taxes, but even those can surprise you. So you think $60K is the magic bottom and it can’t drop below that, but there’s data suggesting otherwise. I’ve seen too many ‘sure things’ get wrecked by reality. Honestly, a drop to $50K wouldn’t shock me.

Those round numbers? Yeah not the best for setting orders. Spread out your buys a bit if you can. Bitcoin mining costs vary a ton based on where you are and other factors like electricity prices. In my opinion, looking at mining cost to predict price is backwards.

Mining costs can differ wildly depending on who you’re talking to. That recent difficulty adjustment could influence prices too. We might still be in this crypto winter for a while, and I hope I’m wrong about it dragging on.

I’ve seen similar market predictions suggesting a drop, potentially to $50K. But we’re nearing the end of the week; gotta see what next week brings for support and resistance levels.

If we analyze the past cycles, we had huge drops. Like in 2017-2018, we peaked at about $19K and dropped 84%. In 2021, we hit around $67K and plummeted 76%. Looks like we might see another decline until October, which could mean hitting $50K puts us down 60%.

If history repeats, we might not see the bottom until October 5th. Then it’s gonna be a wild ride until September 3rd, 2029.

Staying on top of the market is tough. Indicators can mislead you, and a lot of external factors like interest rates or ETF flows can shift things. Instead of jumping in with FOMO, maybe just DCA your way in.

I’m bracing for prices to keep going down. $60K is still pretty decent, but I think we could even see prices below $40K. It’s not the time to chase the market.

Great thread! Loved the charts you shared. If I had an entry at $60K, I’d feel good about it. I think we’ll see that level again. But honestly, I doubt we’ll hit $50K before bouncing back. Feels like too steep a drop given the chatter about BTC hitting new highs.

Looking back at 2021-2022, the bear markets were rough. The volatility seems to be calming down, which has me thinking we might hit a bottom around $45K, that’s a 65% drop from the highs.

Been in the ICU for two decades, and honestly, not even death certificates are foolproof. But back to Bitcoin: tracked mining costs during the last winter, bought in around $17K, sold at $100K. When Trump said he’d make the US crypto capital, I sensed it was time to step back from trading.

Predicting bottoms is tricky, even with indicators. I prefer watching the price to see if it’s low enough to consider it undervalued. Might be time to up my DCA.

True, $60K could have been the buy point, but it’s not too late to jump back in. If it dips again, don’t be surprised. Timing is so key, and prices hitting the same mark doesn’t guarantee the same outcome.

The $60K drop was 17% in a day. If you're new, remember the crash in 2022? Or the 50% drop during COVID? It’s all about holding steady and riding out those sharp drops.

Let’s see how this unfolds.

Been around for two crypto winters. We haven’t seen this kind of volatility in a while, which is concerning. Might indicate that institutional money is pulling out.

Check out this chart. The number of coins on exchanges is rising, indicating selling pressure. It points to a potential increase in price volatility. When people withdraw BTC to hold, it often means they’re bullish.

I’m feeling a bit more bullish, but also cautious. My investment strategy follows fiat movements in and out of crypto. How can I get bullish with fiat leaving the market? Tether is seeing its biggest drop in months.