This is what we wait for, I guess. That time has come and I hope I expect a surge in buying demand than panic selling.
The market looks very interesting this time, we never know how long it reaches the bottom. I was thinking of $20k. But I don't think we have to wait for the moment before we buy? No, it is not necessary, it is rather to take this opportunity rather than lose it.
I am also hoping that the 26k+ wick a couple of hours ago would be the new low and that a good recovery would happen. But yes, just like you I also see bitcoin going as low as 21k-20k+ levels. If the selling pressure continues and the bulls still don't take action, we may really see these prices again. But, as unpredictable crypto is, I also am expecting a move upwards half way through the month. So being in this unpredictable market, continuous accumulation and DCA is the most hassle free and effective way to gain profits in the long run.
So far the selling pressure has stop, but I doubt that we have seen the floor price. There could be another triggering factors that will push the price even further in the next coming month. I would like to see the price to somewhat in the $20k level, our previous all time high in 2017. For me that is the big opportunity to somewhat fill our bags, if it goes down hard again, good, if not still a win-win situation for us.
I think we can say that the selling pressure has stop if we goes back above $30k. But so far we are having a hard time as it just fluctuates around the $28k border.
What a week for bitcoin though, just last month we have a good run, and not some factors affected it's decline. Nevertheless, if we as speculators have accepted that we are already in a bear market then definitely we won't panic at all and instead buy at this dip.