Bitcoin Forum

BTC dropped. BCH dropped, ETH dropped. Here is my theory on this guys.

There is a few individuals on the live exchanges at the moment who are profit chasing by 20 dollars. For example. Loads of people will buy up to $10,000, soon as it hits $10,000 or a specific set number. You will see a massive number of sell rather than buy, but some will be still buying. Is it the new hedge fund guys getting in on it?

Is this minable?

Anyway, I still think it is a few individuals or many who were rocking the boat by buying large, than dumping. About three days ago I started seeing this across the currencies on my exchange.

The market is too big for a few individuals to control it. BTC is not a 10 million altcoin which can easy be controlled by whales.

The market has seen a normal correction due to small panic sellers. It is healthy because now weaker hands are shaken out which means there is now more room to grow.

I agree with ammo-reloaded and zyno. The correction happening to the market right now is healthy. The overvaluation of cryptocurrency is harmful for the long-term even if it benefits some investors in the short-term. If we want cryptocurrencies to become more mainstream and legitimized then avoiding gigantic bubbles through corrections like this is something we should be content with.

Assuming that people are trading BTC for Alts, If they're dumping into fiat the supply of bitcoin is increasing rapidly. And most of the altcoins are traded with BTC pairs, so if a lot of people dump their BTC into dollarydoos it's not illogical that altcoin BTC pairs take a dip. I might be wrong in this though.

Also the falling of price is anyones guess, maybe some big whales sold a lot of BTC or maybe the bubble actually starts to pop right now. That part is speculation.

The selling is being done by the people who are panic sellers and nothing much need to be explained on that theory. Whatever you see on the buy hand is called as smart investment. These are the actual people who are making profits because they are putting the investment at right time and into right place. If that’s the case then why wouldn’t those sellers understand this? Well that’s the thing, they can not hear a thing when they are deaf while selling their shits at shits rate. They disturb the market a lot. But I believe the crypto going down at this movement is really temporary and can’t be changed.

BTC is a very big currency and i think no one can control its flow or value. But for now it is very important to trust in it as it can surealy make you a Rich person. People who have invested in it have always got profit and will get even if the price is a bit down it has capacity of recovering its value. And about other alts we cannot trust in them thay can fall any time.

This is a normal reaction on the market. It happens from time to time. Small investors panicked and sold. They thought there was no more room for growth.

I agree, a small group of hedge funds wouldn't derail bitcoin in this manner because one needs some real financial muscle to affect this billion dollar market but with the festive season this could have been the doing of many excited/panic sellers cashing in before Christmas or maybe the bubble just burst, but good news for us bitcoin is back on the hunt for $10k.

There are getting dump because of the comments by the CEO of USA Investment bank that "bitcoin is a vehicles to create fraud" and many newbie's traders that hear that comments or read it on social media are dumping the coins since morning. We should be using to this type of attention seekers and FUD creators which major objective is to drop bitcoin or others coin price in other to buy cheap.

That coupled with the fact that many new investors probably got greedy and tried to ride the wave higher thinking bitcoin would hit 15k by year up or something. To be honest though this is nothing and I kinda am laughing at how many people are freaking out over a normal correction. When I would start to think things are going bad is around price point 7k but we are not close to that yet so please lets not panic guys :).

I would hardly call anything that drops 20% and then almost immediately recovers a "normal correction." I wouldn't even call that a correction. A correction denotes that the previously unsupportable price has fallen to the "correct" sustainable price level. If it recovers almost all the drop, no correction be said to have taken place, because you're essentially back where you were to start: the unsustainable price level. So if your thesis is that a correction is due, you cannot call a low that lasted less than an hour a correction that has solved the issue.

We are currently witnessing a healthy turn around of things. In my own view, this correction will boost Bitcoin and push it further ahead of what we just saw few days ago.

The normal correction of price make people panic,knowing that this really affects in the market,when it hits to $11k on those previous days we were amazed by its rapid increase but somehow when it dumps to $9700 some holders think that it will continue to its dip and afraid that it could not recover.Panic selling is what other investors did,for me theres nothing to blame if they sell because every investors looking forward to profit in the right time and if they invested bitcoin at an early age well they can get alot of profit when it hit to $10k or above on those previous days.

This is the natural form of price increase that happens with bitcoin and following the same has begun to take place with altcoins too. At present very few number of altcoins were growing when noted through coinmarketcap, and this is just a time to remind about the real underlying truth of bitcoin. It's our responsibility to overcome the price fluctuations and get benefited.

You are reading too much into the situation, the price was simply unsustainable and now it is going down because of that, that is the way any healthy market will behave, we do not need weird explanations about whales manipulating the price or hedge funds moving the strings, many people began taking their profits and others began to sell in panic and that reduced the price and now we have reached a support level.

You think Bitcoin is down because you're comparing it to Government currency, you fail to realize that Cryptos operate under their own economy, it has its own financial ecosystem and global financial market. It's rising value is based on market adoption that constitutes its technological use.

It's a very easy concept. The more people join the network, transact with Bitcoin, accept Bitcoin as payment for services, store Bitcoin away to Hodle the larger the network grows. There's more fiat currencies in circulation than there are Bitcoins, there are more people than there are Bitcoins. The current price of one Bitcoin in Us dollars is a sign that you should probably exit the fiat currency system soon or at least within the next 2 - 3 years.
  
Bitcoin is not a hedge fund, a bond, or a mutual fund. Those type of paper instruments can be reissued as they only exist within the Keynesian Economic system. Bitcoin is similar to a very rare and scarce stone that has no other choice but to increase in value due to its intrinsically scarce nature and that is what you call Austrian Economics; it's a feature not a bug.

Why make a complicated analysis of it? It is just the people taking profits because they think that it will have a correction sooner because of the rally in the previous days. There is a buyer exhaustion already in which there are no buyers anymore taking the price higher so it is bound to fall and consolidate and some are accumulating again to prepare for a rally again later on. It happen many times before and there is a possibility it will drop more because of some famous personality making an anti-bitcoin statement again to spread fear, uncertainty and doubt to newbies who has the tendency to panic sell more than the people who are already in the community for a long time.

You are right. If one coin increase the other coin will decrease. It is normal situation guys. We must be patient until good situation :)

All altcoin started to pump back after what happened on yesterday. But only the DASH of the saint is blue among the red sky  ;D ;D ;D ;D

So much of altcoin hit support range, so they will increasing again at 3-5 days. Dont worry. Next month we have a Christmas -> demand on cash increasing. So everyone want takeprofit and cut loss to withdraw their cash?

Hopefully this is the bottom now and all coins can bounce back. Cryptocurrency offers great service and I still believe that this is our future, the price will go up for sure next year so better to grab more token now to get higher profit.

I don't think that this is because of a FUD, it is normal that the price will fluctuate at this point, most investors set their threshold at $10,000 and new investors will most likely buy the coin when the price goes below $10,000. We might experience this fluctuation until the next weeks before it stabilize at that level.

Those dumb person try to cut loss their investment. But they are all got surprised caused by the price of bitcoin jump back again to the sky. The bitcoin will always come with its new adoption by the new comers. Never try to worry about all of the thing that happened to the bitcoin. This FUD gives another support.

Its only normal if you see a price drop for all coins thats what the market is, there wont be any profit if there is just a price hike.
Theres no need to worry about it,of course traders need to profit thats why you can see that the coins are drop it price.

Those coins are on  the decline trend as a result of the fundamental news from US CEO that speak against Bitcoin and that generates panic sell as a result of the news. But this kind of reaction by the people create an avenue for rational investors to buy bitcoin and others at the cheaper rate and make more profit when ever their market value is appreciate significantly.

yes, it seems so. my opinion, is this the effect of the near of the christmas day and the new year that makes crypto go down. maybe early next year could rise again.
What is your opinion?

Price always depend on the supply and demand. If supply is less than demand then price will go for high and if demand is less than supply, then price get down. It depends on selling rate also.

Price dependence on supply demand is basic or fundamental of price pattern. The real reason lies in whether that supply and demand is natural or staged one. Many times the natural supply and demand in the crypto mostly alt crypto is observed when investors of bitcoin want to transfer the value to some safer alternative crypto.  This causes the rise in crypto price. When correction is over the bitcoin starts to rise again, then alt crypto value is transferred back to the bitcoin. Some people this way.
Many times, in the alternative crypto you could see that a sudden price surge is observed where the price goes more than 100% up within few minutes and after hour or two plunges back to somewhat original. This is typical pump and dump where investor pumps money in choosen low value crypto , after others starts to trade n purchase that crypto original investor cashes out investment with good profit.

Rarity doesn't make something valuable, utility does.  I'm not sold on the concept Bitcoin will retain the current level of value once the current mania wears off. There are an increasing number of suitable replacements in crypto that do a better job of being Bitcoin than Bitcoin does. The main concern for a Bitcoin holder isn't whether crypto will continue to prove useful, but whether Bitcoin specifically will. And Bitcoin's value is down, because it is priced in USD and everything else is priced in USD too. When Bitcoin's value drops in USD, it's not just in comparison to government currency, it's in relation to literally everything, so that's not an accurate rebuttal.

Yes that is right but i think it also depend on bitcoin price.