Bitcoin just kicked off December with a massive drop, wiping out the gains from the whole week in just a few hours. For anyone following the bearish signals, this wasn’t shocking.
Is Bitcoin Facing a Drop to $72k? Here Are the Arguments
21 replies 383 views
Yeah, but there's gotta be some support first. I mean, maybe Bitcoin will try to find a double bottom around $80k. If it breaks that level, downfall city.
pix3l_h4shNewbie
Posts: 147 · Reputation: 22
#3Jun 28, 2018, 10:52 AM
Lol thanks for the reminder, I hadn’t checked Bitcoin’s price for a day and it’s below $90k now. We have been expecting wild swings with Bitcoin so this dip isn’t surprising.
AtomicForkFull Member
Posts: 352 · Reputation: 479
#4Jun 28, 2018, 07:27 PM
Honestly I'm not too keen on technicals. Real-world events can swing price way more than charts can predict. I've gone from bullish to bearish this year. Maybe I'm the contrarian now.
AtomicRavenNewbie
Posts: 128 · Reputation: 29
#5Jun 28, 2018, 08:12 PM
Solid points here. Seriously considering shorting BTC. The excitement’s dying down and there’s no fresh good news. Bears seem to be edging in, and long-term holders might just brace for a rough ride.
dave.walletNewbie
Posts: 27 · Reputation: 5
#6Jun 29, 2018, 09:39 PM
Totally with you here. If $80k support breaks, we might hit $72k. But who really knows? Bitcoin could just as easily bounce back... it has before.
stake_2017Newbie
Posts: 182 · Reputation: 12
#7Jun 29, 2018, 11:19 PM
The halving is the only thing that really matters. Forget all these analysts, the four-year cycle is real. I went bearish back at $115k. At this point, I might just go bullish again soon...
People need to wake up to the reality of this market. Momentum is fading, bids are drying up, miners are selling. A drop to the $70k range seems inevitable. But long-term, it won’t change Bitcoin’s course.
I agree with you on the broken support at $100k. That was a strong psychological barrier. Once we dipped below it, it was like a slippery slope to $80k.
My TA pointed to a downtrend in mid-November, after that $107k retest. It just feels like we’re still headed to lower lows.
Anyone expecting smooth sailing in Bitcoin really needs a wake-up call. Volatility is just part of the game. Facing the bear market now is tough, especially after being bullish.
$72k could be on the cards if things stay the same, but let’s hope it doesn’t drop below $80k. We saw a green candle today, but honestly... who knows what'll happen next?
I remember chatting with someone who really opened my eyes. Bitcoin doesn’t follow a schedule, it moves based on supply and demand. Predictions can be exciting, but they aren’t always right.
I’m all for hoping for another ATH, but given the current signs, I’m feeling bearish. If you’re short-term trading, be cautious. Long-term holders should keep accumulating.
Yeah... just saw Bitcoin hit $93k. We all know TA isn’t foolproof. I sensed a drop was coming when it hit 90k last time, and guess what... it did drop.
Bitcoin just bounced back to $93k today. I feel like a bear market is inevitable now but it might be an opportunity if it drops lower. We can buy it back cheap later.
People will panic if it drops, but I see it as a chance to make profit later. Buying above $100k isn’t the way to go for big gains.
humblegweiMember
Posts: 17 · Reputation: 118
#18Jul 4, 2018, 06:19 AM
You’re right about the unpredictable nature of the market. Just because we hit $100k doesn’t mean we’re immune to drops. Investors are nervous, wanting to avoid losses.
This is just more of that thinking that traps you in old patterns. When we passed 60k and dipped to 30k, nobody expected it. Charts don't always show the whole picture.
Exactly! Previous support levels can’t always predict future moves. Just because we fell a certain way last time doesn’t mean we will again.