Bitcoin seems persistent above $8K, probably can drop to $7K or the worst at $6K but not at $5K.
Furthermore, we approach the end of the year, entering the Q4 which the market sentiment seems positive even at this bear market, Bitcoin may recover back to $10K by the ensd of this year. But, who knows, we'll see when the time comes.
Furthermore, we approach the end of the year, entering the Q4 which the market sentiment seems positive even at this bear market, Bitcoin may recover back to $10K by the ensd of this year. But, who knows, we'll see when the time comes.
Personally I don't understand the thesis of acknowledging the price can drop 25%+ to $6k area but not 50%+ to $4k level if there is natural bearish correction. I'm starting to consider it a less than 50% chance $6k is broken, due to multi-year support at this level from 2017 & 2018, which is incredibly rare in Bitcoin price history. We haven't had multi-year support since the $380 "dip buying" level back in 2014 and 2015 which held in 2016. But also surely if $7k and $8k can be broken then why not $6k and even (dare I say it) $5k? It reminds me of when people thought $5k and $4k wouldn't be broken either, whereas anything can happen despite the overall bullish sentiment.
If you think investors are smart enough to know when to stop selling then this example disproves this myth:
Notice how the target for the breakdown was around $2K but people panic sold it down to $1.8K. Also bare in mind how this was at the beginning a full-blown bull market as well as new ATHs, more of less one of most reliable prices to buy Bitcoin in the context of being only 2x from it's previous ATH and looking bullish af. Why wouldn't the same thing occur?
Also note how this scenario of breaking $6k doesn't exclude the idea of being above $10k and even $12k by the end of the year
Hence I consider it the "best case scenario", even if it's far from the most likely in my opinion (it's what too many people want to see!)
