Quote from: savetheFORUM on May 14, 2023, 04:20:22 PM

Quote from: Nrcewker on May 13, 2023, 09:35:03 AM

Bitcoins price will only increase, if more people try to accumulate it. In simpler words, if the buy orders are more than the sell orders, then only the price will rise. The demand of the coin needs to be increased and hence in order to fulfil the demand, the price will go up. Currently due to the high transaction fees, Bitcoins have suffered in price. Once the things get back to normal, BTC again gonna climb up in price. Let’s not think of anything bad now and let’s hope for the best.

I don't think that the high transaction fees are the only reason why people are not accumulating Bitcoins at the moment, since fees are high only for on-chain transactions and there are no such fees when you are buying on an exchange. The reason is more price-related, people are waiting for a better price since everyone can see Bitcoin is dipping even more.

Once it reaches about $22k or $20k maybe, that is when the accumulation phase will start and everyone will start investing, and since that will build buying pressure, the price will surely start moving up from there.

If someone is actually waiting for the price of bitcoin to go that low then I would say it is quite likely they will end disappointed, as 20k is a price that is simply too low if you ask me, and while anything can happen in this market I do not see the bears taking control of the market in such manner that people once again get so fearful the price ends up dropping to such low levels, 25k or 24k seems like the worst it can happen and at least for now it seems the price of bitcoin will not even reach those levels as we have seen a small recovery during the last days.