Re: What if Bitcoin drops to $15,000?

Quote from: exstasie on January 08, 2021, 09:04:58 AM

Quote from: coinbiz on January 07, 2021, 08:46:32 PM

Most people who think it "won't ever touch $15k again" haven't been around since the early days. Every bull run so far has been followed by a bear market decline of a minimum of 80%

Don't be over-confident. What goes up must come down.

Sure, but from where?

Bitcoin just crossed the 2017 ATH, and is only 2x above it. For it to crash into a bear market now would be totally unprecedented. We could go an order of magnitude higher first.

So yeah, an 80% drop from $300K? Definitely possible! But that gets you $60K, not $15K. Wink

Another data point working against you: no Bitcoin bear market has ever broken below the prior cycle's ATH. For that reason, sub-$20K is probably off the table.

Also even if there is a 15k level, that means we would be higher than what it was in early September, so it would be a fall not that far from now. Back when price reached 20k and dropped to 3k, it dropped to a level that was hard to recover from, it took us years to get back here, and we just doubled that in no time. It means if it ever went to 15k, we would still have a better base to get back higher as well, it would be simpler.

And we are not done going up like you said, which means we could potentially be at super high levels and still go down to higher than previous levels. I disagree that it will be 300k, but if it is 100k, that means even with a 80% drop which I doubt will happen, it is going to be 20k. That is why this drop doesn't really scare me, I am fine with it and I think whenever that crash comes, it is going to be not too harsh.