Quote from: cryptoaddictchie on Today at 07:06:58 AM

Quote from: fojomo on January 12, 2021, 11:04:44 PM

I'm looking for a good re-entry point and thought I'd canvass the group to see where you think the bottom is before she starts her climb back up through 42K and beyond?

I am thinking around 20K.

Any guesses? If so, why (sentiment, support levels, etc)?

Thank you.

Happy 2021 and good luck to you all!

There is bearish sentiment on the current level. I can see a lower 24k to 23k level. If this is hit price will be retest again and if break out again down to 20k and maybe start again another round of bull wick.

I'm not so sure of course just basing on my personal TA but mostly believe it will not so easy go down to 20k level at this is the institutional price where majority got enter bitcoin.

Personally I think I agree with you but I probably in reality don't know enough. It touched $41k+ for not long, and previously it took 4 months to drop to 25% of its high.

I personally don't agree as to why it couldn't drop below institutional entry price; there is enough BTC outside their holdings to move the price if it is going to be moved? These institutions may not sell in panic, but they may just hold through the dip; which means they will be inactive and therefore un-involved in price movements.