Bitcoin Falls Below $19,000; Will You Avoid Crypto/Buy The Dip?

Bitcoin fell again to its lowest point in three months, dropping below the support level of $19,000. The bitcoin price is down about 70% from its record high of $69,044.77 on Nov. 10, 2021.

The digital currency has been falling since this year because of the strong dollar due to interest rate hikes. Recently, SEC claimed all of Ethereum falls under US jurisdiction, which also triggered panic among investors.

1. Why is $19,000 important?

Mati Greenspan, founder of Quantum Economics, has pointed out that the

$20,000 is a key point for Bitcoin. $20,000 was the high hit by Bitcoin during its last bull cycle in late 2017 and has acted as support and pressure levels many times during Bitcoin's price gains since then.

Katie Stockton of Fairlead Strategies sees long-term support for bitcoin between $18,300 and $19,500.

Analysts believe that cryptocurrencies generally open a continued downward path after falling below technical-level support levels.

2. Bitcoin Will Drop To...

Let's look at analysts' take.

Data from tradingview and analysts' takeaway

a: Mark Newton, a strategist at Fundstrat Global Advisors, said:

a "really significant area" at around $17,500, close to the June lows.

b: DailyFX analyst Legan Tang said

Technically, last week's pullback was the start of a new downtrend, and a short-term break below 18,500 would open up a decline towards the June low of $15,000.

c: Sam Callahan, a bitcoin analyst at bitcoin exchange Swan, also believes that

bitcoin could fall more than 80% from its all-time highs, based on the experience of previous bear markets. This means bitcoin will fall to $13,800.

d: Goldman Sachs warned that

bitcoin is at risk of a collapse to $12,000.

In addition to analysts' opinions, data also revealed information.

Bitcoin options contracts that will expire at the end of 2022 show that most traders are betting that the price of bitcoin will fall to the $10,000-$12,000 range.

Have you invested in bitcoin or other crptocurrencies?

Do you think bitcoin has reached the bottom?

Share your opinions in the comment section and win tiger coins~

# At what price will you buy Bitcoin?

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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  • hlw8888
    ·09-23 23:36
    i will do nothing... 😅 previously has put in a tiny amt, i will juz watch and see how it goes.
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  • GoodLife99
    ·09-23 20:58
    no money to buy crypto but eyeing on coinbase when it was at below 60 previously. & I think bitcoin has yet to reach the bottom yet even now dropping from heaven to the hell low [LOL]
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  • rL
    ·09-23 14:27
    BTC too expensive for me [Shy]
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  • Yonhuat
    ·09-23 14:22
    Never touched bitcoin, the type of investment is not my type. Very speculative IMO. I hv no in depth knowledge of coins. No intention to dabble into it
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  • b1uesky
    ·09-23 12:01
    1) Have to do own research and know the usage of the coins and futures plans which companies plan for their coins.
    2) only invest the money that u can afford to lose or willing to place in the coins. Because the price go up n down too fast. The coin market open 24hours non stop.
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    • b1uesky
      I will buy around 19k
      09-23 12:02
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    • b1ueskyReplying tob1uesky
      it is hard to catch the bottom
      09-23 12:02
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  • StickyRice
    ·09-23 09:58
    Crypto needs more regulation, infrastructure, and size before institutions will be willing to dive in. The crypto market lacks the liquidity that many institutions want to see before they invest.
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  • IAS
    ·09-23 09:37
    I have not invested in any crypto, and I won’t be especially in such times, it’s too volatile. I do think the direction of crypto can be a good indicator of equity market, like the market’s sentiments
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  • SPOT_ON
    ·09-23 09:28
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  • daz88888888
    ·09-23 09:17
    Buy at $16,000 levels
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  • Universe宇宙
    ·09-23 09:11
    Bitcoin has not reach the bottom yet (as of 23 Sep 2022) [love you]
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  • DiAngel
    ·09-23 09:00
    I will avoid as i was burnt badly by other crypto. I felt it is not my cup of tea.
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    • SPOT_ON
      [Surprised] [Surprised] [Surprised]
      09-23 09:29
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    • DiAngelReplying toSPOT_ON
      Why?
      09-23 12:20
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  • Joker_Smile
    ·09-23 08:41
    with many analysts predicting it will drop further, I would be best at monitoring it further and avoid touching it temporarily.
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  • StayHome
    ·09-23 08:32
    Didn’t invest in bitcoin or other crpto currencies but guess bitcoin hvnt reach the bottom yet
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  • Venus_M
    ·09-23 08:16
    @HelenJanet @JoeLeong @爱上投资学 @SGT @Gackky @Wayneqq @MHh @Boo2020 @Huangyulee @Joker_Smile @RDPD富爸穷爸 @EndoGoh   @Success88 @Squ00 @kento @Fenger1188 @ariesyn @Soyabean89 @Sheepysheep @投资J @Pucca @pennylks @StayHome @Vomous @Bonta @BenjiFuji @Mongji

    👆

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    • HelenJanet
      Thanks for sharing 👍[love you]
      09-23 08:41
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    • Fenger1188
      👍🏻👍🏻
      09-23 09:14
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  • Venus_M
    ·09-23 08:16
    @Enereskob @Kaixiang @DiAngel @滚股怪 @rL @Yan23 @Zacyai @Jadenkho @Ron18 @J817 @hengsley @highhand  @Huat99  @Brocco @Cris0 @DancingOwl @Khikho

    👆

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    • Jadenkho
      Thank you[Heart]
      09-23 09:37
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    • Venus_MReplying toJadenkho
      welcome
      09-23 09:38
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    • rL
      LUNC to e moon! 🚀🌙
      09-23 14:29
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  • Huiz84
    ·09-22
    I m thinking it seemed low to enter a bit for those not vested yet , but beware that it can still go lower, so dont go all in.
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  • Brocco
    ·09-22
    Am avoiding bitcoin and crutocurrencies currently. Its still intangible and in uncertain times and economy, stocks and cash are king. Am not a risk taker personally though its “cheap” now
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  • pekss
    ·09-22
    I‘ve invested or rather speculated in bitcoin. I believe in order for cryptocurrencies to gain wide spread adoption as an alternative storage of value and medium of exchange, they need to be regulated
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    • evepek
      Indeed, regulation is crucial for crypto to become a credible alternative investment
      09-22
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    • ngph
      Agree! Until they are regulated, I’ll avoid all cryptocurrencies at all costs!
      09-22
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  • I have bought bitcoin and ether long time ago. I do not buy them anymore. I don’t sell them either. Very volatile can go lower @Tiger_chat
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  • Stingaling
    ·09-22
    Depends on your timeframe of investment. For the short term, there are better yielding investments elsewhere. But for the long term, this is a great buying opportunity as bitcoin is a sound crypto
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