Bitcoin Forum

Two day’s ago news.Bitcoin.com reported on the price of bitcoin dropping over 8 percent immediately after the digital currency’s all time high of $4,980. On September 4, bitcoin dropped to a low of $4,140. Speculators now believe the price drop today may be due to the recent announcement from the People’s Bank of China banning Initial Coin Offerings (ICO).

There’s a bearish sentiment throughout bitcoin markets, just as we predicted would happen two days ago in our last price analysis. At press time, bitcoin’s price is trying to hold above the $4,150 territory as the currency’s value dropped another six legs down on Monday, September 4. Volume is still pretty decent with over $2.4B traded over the past 24-hours, but most of the action is stemming from this morning’s huge sell off. Bitcoin’s price dip caused the entire top eighteen cryptocurrency market capitalizations to drop, slashing prices from 5 to 34 percent, as most altcoins right now are in the red. This past week’s sell off has been the largest to date since mid-July, and we are seeing a similar 25-30 percent total correction during the bearish cycle.

Read More Here >>> https://news.bitcoin.com/markets-update-bitcoin-price-dives-deeper-in-the-midst-of-ico-shakedown/

LOL at the author. Did he predicted that the Chinese are going to banned ICO's as well. He maybe got lucky predicting that  there will be a bearish market once the price hit $5000. But we already know that traders really cash out during this high price and I don't think he see's the Chinese banning ICO which really drove the price to go plummeted today. Its really a bloody Monday for the market, but its normal to see this price correction. To be honest, I rather see this than seeing a massive bull run that will suddenly stop and the market crash. If not for the Chinese news, I think we can hold at $4500. I'm still positive though that after everything has settled down. We may see the price gaining again and attempting to touch $5000.

We have exactly the same sentiment and the same projection...in light of the latest developments affecting Bitcoin and its possible short-term future. I am sure too that it can slowly get back to its feet and soon before we know it Bitcoin is already at the $5,000 door knocking.

Now, all over the net, there have been instant prophets of doom and gloom for Bitcoin...and this is quite expected...it happened many times before and it is happening right now...and soon what can happen is that Bitcoin will be booming again...and we would hear so many prophets of boom (again!).

Predicting a correction at a solid price level after the price has gone up significantly, is something even people with a very low market understanding can come up with -- it's common sense stuff. As always, news sites like to spice things up a bit to market their articles more effectively. If something would end up getting hit massively due to this ICO ban, it would be Ethereum & Co. The sole reason for Ethereum to have current values is purely coming from the fact that they lock up large amounts of coins in whatever ICO -- it has significantly reduced the number of circulating coins. Without ICO's Ethereum will even struggle to hold its value above $100 for long.

Normally prices fell after negative news from China and South Korea. Russia also joins with it's cold position to bitcoin.
People are selling their founds being uner pressure of such information. But I also suppose that the price is going to come back to 5000$ price and move forward.

Don't think it has much to do with ICOs. Bitcoin retreated after hitting $5000. The trend is still strongly up.