Bitcoin dropped close to 20% yesterday, did you buy the dip?
If you have followed my blog at all over the last few weeks, you will know that the much talked about and anticipated "dip" is finally here...
After bitcoin ran up and briefly traded over $10k, it fell roughly 20% in a matter of minutes and traded all the way down to about $8k.
Since that time it has bounced off those lows and mostly traded sideways...
(Source: https://www.coinbase.com/price/bitcoin)
Now the question becomes was that THE DIP?
Was that the dip we have been waiting for to get in before the next parabolic move north that takes prices well beyond previous all time highs?
That is tough to say...
During the last halving, bitcoin saw roughly a 25% pullback about 3 weeks post halving.
Though, that dip was measured from the time of the halving to the lows, and as mentioned, it happened AFTER the halving.
Which is more or less what I was expecting to happen this time around...
That being said, we did already drop 20% and got a lot of the weak hands out.
So, there is a possibility this is all the dip we will get...
My personal thoughts...
Personally, I think there is more dip to come post halving.
I think bitcoin will likely get caught up in some selling along with the broader stock markets, and it will coincide with a few days/weeks post halving.
The fast money guys who just got into bitcoin for this halving event will throw in the towel thinking this halving is going to be different than the others and the price isn't going to moon...
They will be wrong of course, but when that dip happens, that's the one I am looking to load up on.
Where that dip ultimately takes the price I can't say for sure, but I suspect that at some point within the next couple weeks we will see a $7,500 print... at a minimum.
That is where I will start dipping my toes back in.
What do you think, was this THE DIP or is still to come?
Stay informed my friends.
-Doc
@tipu curate
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Thanks for the tip!
You're welcome!
Will alts(hive) follow the same trend?
Good question. It may be a bit rocky for alts in the near term if bitcoin gets volatile. We shall see.
well, I did not sell but I am getting ready to load up more sats so I guess I am going to end up with more BTC and I bought most under 8k anyway so I am still up
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There ya go. I flipped some on the recent run up, but I still have more core holdings. I was looking to add to those core holdings if/when we get a decent sized post halving dip. I don't think this was all of it just yet.
This is like asking what is it like if Pikachu sneezed and then after a while Pikachu farts...
Well, which is it?
It's the tremble before earthquake... It's like when you're holding back a fart and eyes pop out and ear drums are like subwoofers...
I think bitcoin will bounce back after halving
For sure, but I think there may be further dip before that happens.
I do wish I hadn't been busy and not paying attention to BTC when it all went to hell in a handbasket. I did manage to buy the dip, sorta as it fell another $400 after I bought which is pretty typical for me.
It bounced pretty nicely though for you...?
I think there will be another one. These predictions often goes sideways
The last halving saw a major dip 3 weeks post halving.
So much meta in the markets right now! Dip buying is still probably a good idea, especially near the soon to be marginal cost of producing 1 Bitcoin ~ 6k
That is my hope.
4-5ks is the range I am betting on :o
https://peakd.com/hive-167922/@tobetada/crypto-analysis-or-long-term-bitcoin-ideas
Wow. That is quite a bit lower than anything I am seeing based on past patterns.
well 8 weeks ago it went down to sub 4k, so I don't think it's that much of a stretch
Sure, but that drop happening during a liquidity crisis, we are not likely to see one of those again for some time. People didn't think a move like that was possible at the time, now they do.
Si or No!
Oh si si
Very intriguing!
Got a lil Hive dip too!
I put my hand upon her hip
When she dip, I dip, we dip.
I think 12, then the lottery hopefuls will cash out.
Stocks can only be propped up for so long.
The Fed printing presses will drive people to crypto worldwide, one default at a time.
Venezuela!
Probly gonna get ugly.
Most break ups are, but usually after the pain you figure out you're better off.
Stand and Deliver Hive!
I thought that it was going to be a slowmotion fall (about a week) but it literally crashed yesterday lol... good thing that it stopped right at a rising line that is coming from last year, and when it broke it last march, I did short it, I don't think that will come down to 7.500$, BTC will have to go all the way down again to break that support and probably going to the 6.000$, just seeing the way BTC touched the line and went back with strenght
So, you are in the camp saying that was the dip?
well, I hope that was the dip, but I think it can follow another stock crash as well, and as long as it doesn't break the big support on 8.200$ it will not go lower, if it does break it, I think it will go down to 6k-7k.
Cheers, I guess this is the Halving volatility in play once more. I'm still thinking as to what cause the dip in the first place... miners, whales? In any case, I couldn't have the chance to buy the dip, but I'm expecting more volatility to come into play once Halving is underway, which should take place in a few hours or so.
even though its a dip but i don't know why this is all kind of a fomo for people the whales have some bigger plan and the mining pool rushing to mine bitcoin is getting insane right now the market cap too is so volatile at the moment lot is happening