Quote from: South Park on June 04, 2021, 06:14:33 PM

Quote from: magneto on June 01, 2021, 12:52:25 AM

Quote from: Mankov on May 13, 2021, 09:39:47 PM

What do you think, what is the absolute bottom of Bitcoin?
How deep could Bitcoin ever go, again in the next 5 years?

My bet ist 30.000 $. If we would fall way
lower then Bitcoin has probably failed for ever.

What makes you think that if BTC dips below a certain level, it will be done for forever?

That makes absolutely no sense to me. A lot of people said the same thing about BTC earlier - when it dipped below 5k during March 2020, there were a bunch of naysayers who touted the idea that BTC is not a store of value, is never going to return back to $20k, is never going to see widespread institutional adoption, etc. etc.

Yet, look what happened? Growth has been exponential and adoption has been insane. I think that it is entirely possible BTC will dip below $30k, or even $20k - but that has no bearing on its fundamentals whatsoever.

He is obviously wrong and we do not have to make too much of an effort to prove this, however this give us insight about his state of mind, it is likely the user you quote above is actually saying that if bitcoin went down below 30k then he will be done with bitcoin forever which means that from that point on it will not matter to him what bitcoin did as he will not come back to the market, when you read his comment in that way it makes more sense even if we do not agree with it.

If he plays the downwards movement smart he just tries to buy with a limited budget in predefined steps all the way down. I wouldn't think Bitcoin goes under $20k because there is just too much buzz around it and too much at stake with all the institutional investors that are now on board, but I can see Bitcoin hitting the 20s.
Would it harm Bitcoin in the long run? I would say no. Gold hasn't died either when it dropped dramatically and gold had ver volatile times.