Bitcoin Forum

The correction seems to be happening earlier than I expected, and it's caught me out. Time to get selling (not Bitcoin though ) so that I can draw my payment out in Bitcoin when the price bottoms. :)

It's just business as usual.

1) Higher highs reached
2) Newbies shaken
3) Smart money accumulates on the dips

It's has been happening every day since day one. It became way more evident after the MtGox crash, when we recovered and Bitcoin proved to the world that it could recover from the harshest crashes, putting an end to any hopes that shorts would have into going to 0. After the MtGox recovery, anyone that went through these harsh times, takes further corrections as a joke.

As you said it's just a common trend and we've seen it all before, bitcoin wil rally again in no time to 15k+ it was just scared money and hype over futures, after the peak always comes the fall. The only thing I would say when comparing to the major bear market after mt gox is that then most were using much smaller sums of money as the whole market was smaller, now some holders are playing with life changing sums and so it's no joke.

I couldn't react fast enough :) It was an ideal time to cash out altcoins and invest them back into btc. Not the end of the world though. Maybe I could still do it, the price seems to be around $14.3K at the moment.

This was bound to happen especially the price rose in last couple of days was just insane. Had it taken a week to reach to this level would have being more stable than now what it is. Fall is for sure and bad part what I feel is that this fall could be more than expected and can break below 10k. So just thinking should we actually continue holding some btc or sell it for now?

It seems to be like this a couple of days after it gets more media attention. Seems people hear bitcoin make a new high price and decide to buy then a couple of days later it settles back down.

Big media attention = fresh cash in the market -> price skyrockets.
Two days later, whales sell and profit for a nice Xmas present.
In two more days, new investors panic about their loss, they will sell at lower price and whales will get back in till 20k price.

you are right newbies start selling to get their money drawn because they think this is the right time as price is increasing after correction but they are wrong because this is the peak time when coins start growing more than we are expecting so just Hodl and wait

Yeah, bitcoin's price is decreasing. But I am sure it will bounce back to 16000 dollars within three days. Its just a correction. Many new traders are selling their coin. That's why this price fluctuation. And in my opinion, its the best time to buy some coins and keep it in your wallet. Because after this period, their will be a sudden surge in its price.

Should you sell now?

Well I guess it depends on the type of Bitcoiner you are. If you are a trader, then you wouldn't be asking the question, so we'll skip them. If you are a long term investor, then you won;t be thinking of selling, but you will be watching the price for an optimum buying point. If you max'd your credit card to buy coins, then you've got a real problem, and you should have listened to the advice saying don't.

The hardest decision is for the guy who uses his Bitcoin to buy goods - do you buy things now, or take a gamble on the price movement?

I think what is happening is just what usually happens on forks. People bought bitcoin, in order to get more from the bitcoin futures short. They will then sell bitcoin for the price to drop and get profit out of futures. They can then go long on bitcoin, and use the profit they got to buy bitcoin at a lower price. They will try to keep this roller coaster, and get profit from both sides.
Those who are not getting in to futures, are probably selling now, because they expect the price to go down. So they will lock some profit now, and then buy again at a lower price, when BTC gets pumped back up. Bitcoin will probably continue like this until ETFs are launched or lightening network gets deployed, and BTC actually become a payment method.

I think because of some whales having earlier vacation and celebrating preparation or having gift present for christmas and new year. So, they sold tons of btc which caused the btc price dropped, but they would come back not long.
The newcomers following them to sell and keep selling without knowing when's good chance or not, then they ended up regret when seeing btc price rises again a little bit.

I managed to sell at $16k and I bought back in yesterday at $14k, and all signs are pointing to up now.

I'm happy with the outcome, and I wish you guys the best of luck too and hope to see $20k by Christmas! I used to think we'd be lucky to see $13k by the end of the year, but I was way off ;D

This is not much of a correction I'd say. Bitcoin lost way too little with what it should've. Deeping 7-8000$, that would be the right correction.