Bitcoin Forum

Bitcoin's price is still up ~50% from the 20th of November and yet everyone is panicking, why?
Here's the chart: https://i.imgur.com/uoSTcC2.png

This clearly shows that Bitcoin was about $8.2K 30 days ago. Current price is still 13K.
From now on even if the price drops to a whopping 10% of the current price, a 90% drop that is, it would still be higher than the price at the beginning of the year.

The problem in here is that no one is looking at that.. If you see the charts, obviously that it is still much more expensive than what it was before.

Because the price was less than $5000 just a month and 10 days before, no one can compare that.

but those panickers are always going to be around here.

you're right! just hold (hodl :D)

It sounds easy in theory but if you bought 10-15k you would be panicking too especially after you bought things went super red real quick. I doubt you bought so high and that is probably also why you are comfortable letting it ride down low. I do agree however people should look at things in perspective and realize we are still up overall and should feel bullish long term which isn't concerned with day to day fluctuations.

A lot, a LOT of people that has bough bitcoin during the past month are people that saw it on the news for the first time and got into the hype train. The outcome was predictable once the panic-selling would begin.

This is indeed nothing for the seasoned bitcoiner. We've been through worse crashes. Anyone scared at this must have been here after 2013's crash.

Perhaps they have forgotten the difference after each increase of Bitcoin is too large, it is much larger than each decrease. They only find that Bitcoin is falling and they fear that it will go away. They are worried and angry because of its declining value, they lose a lot of money while they earn a lot after each increase.

Some may be panicking for some other reasons. Like what if some of them buys bitcoin at the highest rate ? maybe they're just worried that, What if BTC will not reach the same value again ? There's so many reason to human behavior, you just have to understand.

I've been waiting for this dip for a while now, time to buy. My biggest frustration is that I can’t get money into my exchange fast enough. By the time my account gets the money the Christmas BTC sale will likely be over !! HODL my friends.

You are right.If every one looks bitcoin price in your point of view,then there would be no panic among the holders.But the worrying thing is that no one is ready to view by that way.Even it makes more comfortable for FUD spreaders to create panic among holders,especially newbies and make them sell their bitcoins.Investors who hold bitcoins from its early stage also make use of this opportunity and buy more bitcoins silently.

Some people panic because bought bitcoin in 15 k-20 k. If the view from the landmark $20 k we have a chart to come down very sharply
Some people regret the price 20 k $. they felt dismay when not selling them at the time. they are only short-term investment Bitcoin and no confidence in its future

It's not necessarily panic. Buyers are just less abundant (difficult to find more of them?) and there are big sellers cashing out thousands or millons of BTC. They are not panicking, but they know this market for years. They will make huge profits even at 1000$ / BTC.

they are pressing panic taster  ???, people are silly. Bitcoin price was 9500$ on 1st December so this is nothing serious. Holidays are coming, they want fiat to buy presents and that caused price dip. take some rest from crypto tracking and remember the sky is not falling. Btc experienced even worse situations but always managed to recover and hit the new ATH.

$11,000 may have been the bottom of this dip/crash. The selling is getting out of hand. It could still go lower, but it's starting to look stupid. Bitcoin Cash being added in Coinbase was what mostly triggered the panic selling, thanks to Roger Ver's manipulation on CNBC. He should go to jail for insider trading and false claims.

The mempool is obviously spammed too. They will run out of money eventually.

Clearly a correction was necessary because bitcoin's price went up too high and too fast. People still panic however I think mostly because they don't know where the bottom will be, if its above 10k then people will forget this dip as all the others before it but if it somehow happened to drop below 5k then it would be a real issue. Yes it would still be up on the year but the vast majority of people bought their bitcoins in the last 2-3 months.

This is one of the important things to remember, and to look at bitcoins year instead of the last few days. While these times are for sure painful and scary, a little bit of context can really make a big difference. Bitcoin is down 50% in 3 days, well it is also up 1300% in 11 months.

People are driven by that sweet sweet greed.

Also, I guess one thing to take into account is that people probably came into the Bitcoin game at some point where it was over 10k because that's when Bitcoin really started to make a name for itself to the general public. Now that they're in the game too, they're bound to be selling when they see Bitcoin dropping even a little bit because they might have bought at 15k and want to not be in the red. This cycle continues for those who are scared, and so we just end up with this drop. After the drop, people end up coming to their senses and start buying again...

Always remember that if you draw a line between 2 points in the chart, one of them being the lowest point during the previous correction and the other which is the lowest point of the current correction and the line points upwards you know that we are still in a long term uptrend. This correction is most likely not over yet, but it would have to go far below $1000 for it to be seen as a selloff and an end of the rise of BTC. I believe we won't even reach the short term, double confirmed bottom which is around 5400 USD and launch up again.

It is somehow psychologically imprinted within most people's minds that any crash is bad, and it should always be green. That doesn't work like that unfortunately, and this is a much needed correction knowing that the fundamentals are far behind from where the price is at. Even at sub-$10k we are still in the greens from last month, which peaked at $8500. I highly doubt that we will cross that line any further, but it is entirely possible.

I agree with your opinion. That is the mentality of the people, the more the price crashes, the more bitcoin is a scam. We don't know what will happens to the price day to day. Others want btc to be stable, others are making comparison between bch and btc, others are looking for the decline of crypto world. We have our own perception but in the end no one knows how it will move.
Just hodl on tight and trust how bitcoin works.

Bitcoin is still worth a lot more than 2 months ago, that's true. But investors who are only in to making money don't care about that, they're just scared to lose their capitals. So they all start cashing out, causing the price drop. This makes the small investors panic, people who stepped in late and bought for a high price get scared and also start dumping.

The way traders and investors are dumping bitcoin in the  present of this high fees is alarming and I think we should reduce panicking as many are selling without thinking what is really happening. Bitcoin has dropped significantly in the last three days and this represents about 25% and this will definitely going to make unlearned to sell of their coins. I think the dump Will stop when bitcoin get to $10,000.

I think the panic comes from the fact that the volatility has been extreme in this month, we have seen this behavior from bitcoin before, but now the stakes are higher since the price is way higher as well, so before when we saw volatility like this people lost just a few hundreds of dollars, now with the same volatility investors are losing thousands of dollar per bitcoin, and the more bitcoin you have the more exposed you are to these movements.

The obvious answer is the numbers are big.   If the majority of a market rests on the shoulders of those who are quite humble in their wealth, then we may stumble.    This market overall needs to develop and they need to fix the transaction fees right away, its not a theoretical problem it will feedback much sooner as most people are not rich enough to carry this without BTC seeing problems overall

No one is panicking. And we have to remember that Bitcoin Cash has increased its price by almost 800% during the last few weeks. I am holding almost equal amounts of BTC and BCH, so my losses from BTC were partially compensated by the gains from BCH.

yes, your opinion is right may be a lot of people forget about it because bitcoin ever reach up to 19k in the last week.. they are worried if bitcoin price continue to down, especially if they buy bitcoin at a higher price than now, it is reasonable if they getting worried..

Yes its true we started this year when the price of bitcoin was around $3600 and now even bitcoin price drops we still have $13000 and that's really far from 3600. Only shows that we should be thankful and contented. Bitcoin value will still goes up maybe on the opening of 2018 for now lets enjoy the drop and grab the opportunity to invest so that we can have a more prosperous 2018.

Panic? What panic?
Perhaps the astronomic price is difficult to hold, perhaps new buyers become scarce, plus some early players are cashing out. All of that puts some pressure on the price.

I think it is clear there has been some panic both on the forum and also just within the market. It is unfounded in my opinion but highly expected when the price drops so much. Bitcoin has had a fantastic year and a little blip at the end should not take away from that.

Most people who is here right now creating tons of threads with FUD are the ones who bought during this month at $12000 or $15000, that is why they are always complaining about the price, it is normal now.

For me they did panic because some of them bought bitcoin at very expensive price already and mostly their eyes will hurt because they hate to see red column in the market and make them nervous because they are not used to it. Maybe we are very fortunate because some of us bought bitcoin at $5000 below in which it give us the courage to keep on holding.

People are not panicking. They are just selling to have money for their christmas celebration this year. And I think before the year ends, it will pump again because they are going to buy again because of their excess money after christmas.

Yeah, when bitcoin going up fast, people will say bitcoin is the future and all the good things and they will invest more,  when it fall down, people will say bitcoin is crashing and dumping all the coin , I think people need to know about the market, when people buy a lot of course  the intention is to sell or to use, and one day it will cause correction, and I agree with OP that the price is still fabulous so dont do any panic sell again and keep calm

It's not about the people going crazy about the speculation of bitcoin but it's all about the Christmas thing now. Also the year end parties I would say. People need money to spend on their family's and friends so whatever downfall is there it's just because of people in need of money. They have all the rights to convert the bitcoin into cash/fiat and then withdraw the money. The current effect is on mega level and I believe this is what causing the bitcoin crash.

It's really temporary though and you will see that how bitcoin will take mega jump back to +100% it had last time or more than that who knows.

This happens only due to unaware of actual price. People were thinking that what can be the price of bitcoin after 1 or 2 years. If it is increasing then why not to buy more but second thought cake that it also falls by large amount.

It is pretty hard to keep your mind clear at those times when there is so much attacks on bitcoin every day on the news. Eve if you bought your BCT below that point there is still too much FUD all around. Also loosing money is always hard. It is mentally harder to have a fast growth to 20k and fall to 13k than stuck somewhere at 14k and fall back to 8k at the same period of time.

Lol. It's easy. It is clearly because people are greedy. Even when they already have profit, they still want more. That is the easiest explanation. But another reason may be the fcktard greedy investors who only invested in bitcoin due to high rising prices without even taking the time to read and learn about how things work. Then just go invest blindly and then lose money. Then spread sht about btc. Stupid monkeys.

I think the panic stems from bitcoin being defined historically as a "store of value". Most HODL'ers expect the price of bitcoin to incrementally increase over time. The sudden and surprising dips in price, which lack a good traditional explanation or cause have to rock some people and cause them to question everything they thought they had learned about bitcoin over the years.

It might be compared to the subprime mortage crisis of 2008. Many believed the value of american real estate could never decline. Properties in the USA had incrementally increased in value for years, similar to bitcoin it was considered a store of value to many, a "safe" investment.

For those who lived through that era and saw american real estate HODL dip severely in value, being related in small terms to the worldwide economic crisis of 2008. They know there could be a few parallels between subprime mortage ceasing to be a HODL and bitcoin price patterns emerging moreso as a speculative market than a HODL near the end of 2017.

Of course, the speculative investors could abandon BTC and crypto once they realize their short term trading strategies aren't the most compatible with bitcoin's nature and it being a long term store of value. There's no guarantee speculation wins, here.

Those panicking thread are mostly interest driven propaganda for imposing uncertainty and panic to others.. That is mostly the truth behind it,, they’re openly promoting other crypto coin that they themselves invested in.. Hope that I’m wrong but that is just my observation by taking time on looking to three latest post of accounts.. Do the same and you can see for yourself..

I think people become afraid that their investment is going to go down and this triggered them to sell with fast. you are right, the price still higher although it is dropped and we have times to see the price is going to go up soon. besides that, I think if they cut loss their bitcoin now, they can buy again at the lower price but for me, that is not a good idea, it is better to hold and buy another bitcoin again if we still have money so we can increase the amount of bitcoin we have.

At some point, there was bound to be a correction in price. There have been similar sized corrections (on a percentage basis) before. The difference this time is the degree of public awareness. The parabolic growth of BTC price in recent months has resulted in far greater public media attention. That sort of awareness feeds frenzy on the way up, and 'panic' on the way down.

A lot of FOMO money has trickled in at highs. People have leveraged up and bought in the 19000s, now the credit cards need to be paid back.

But then people should not be buying bitcoin at all if they are going to be that sensitive, it is just plain logic if bitcoin can grow thousands of dollars in days then it stands to reason that bitcoin can lose that value as well, those that bought thinking that bitcoin can go up forever were mistaken in their attitude towards bitcoin and now they are paying the price in the form of lack of peace of mind and very soon in the form of money losses.