Quote from: magneto on January 23, 2018, 10:07:44 AM

Quote from: bee3164 on January 22, 2018, 06:58:21 PM

The market so far has been down for the year. When do you feel the market will recover? Too much FUD going around with negative news floating around. Will Bitcoin go down further to USD 8-9k??

Short term speaking I wouldn't see bitcoin go down under $10k. We have already tested the support two times and both times, we came close to crashing under the $10k figure but on both occasions stopped just short of it.

So what we can conclude from last week's crash and this recent correction is that $10k is the main support right now, and based on that support we can slowly recovery to the price levels that we saw late last year.

I'm still quite optimistic about bitcoin this year, there are still going to be some events and outside influences that will make price somewhat unpredictable, but the general trend is going to be up, and then stabilize.

By the end of the year, it wouldn't be a surprise to me if bitcoin settles above $20k, just like it has settled above $10k this year. If you see it crash below $8-9k, you should probably accumulate some just for the future, since it is dirt cheap.

I would agree with that. The recent price correction was a test to see how low bitcoin would go, and it won't be going any lower than $10K. The support for bitcoin has proven to prevent it from getting any lower than that. Without the recent FUDs, the market has already been recovering from the correction however it has gone down again. It may rise again after awhile unless some event were to occur which would cause another disruption.