Bitcoin Forum

The price of bitcoin is showing great resilience even after the recent decline of ETFs by the SEC decision. We must not be moved at all by these few odds.The market will surely pick up greatly again.Staying postitve is the key.In history,there have never been any commodity that it's price never declined. So it is also normal for price of btc to fall and rise.This is a normal market situation and every seasoned trader understands this principle.

there wasn't just one ETF proposal to be rejected. there have been many in the past and at least 2 of them were in these past months. the one that got rejected was from Winklewoss brothers and this was not the first time it got rejected.
the other one which is the most hyped is from SolidX and SEC has not done anything about it yet.

but i agree with your title nonetheless. bitcoin doesn't need ETFs and with or without them we will have a bull run. it may be delayed a bit but it is inevitable.

I really doubt it.

In fact it's probably the exact opposite, with or without ETF being approved, bitcoin is more likely to see some more corrections, consolidation and sideways movement before finally starting its true recovery.

There is still a lot of bearish sentiment within the market, with not a whole lot of bullish momentum. Besides, bear markets previously (after the 2013 crash, that is) have usually been around a year or longer. We're not close to that timeframe, yet. Resistance at $8-10k is still high, and this has been tested in previous attempts to break out.

So yeah, there could be small rallies here and there within the next few months but I expect prices to not move much. Great accumulation opportunity, though.

And the correction took place. Bitcoin price now is $7,500 and I hope it will not drop more than this. The $8,000 limit was not as solid as it looks like and bumping and dumping is still taking place. Arggh!

That's what I see too. It'll take quite a monstrous piece of news to bring it through that 10k level. There will be a lot of large moves in the next few months but I don't know if it'll be something that will take it up to previous highs until some kind of major change happens, like Lightening.

I'm not so sure that bitcoin really needs an ETF anymore. This is just a lot of noise about bringing in "safe" investment opportunities, but if retail investors want in, they can just buy or sell futures. ETF's are expensive and clumsy anyway.

Of course sooner or later there will be a bull run, Bitcoin is still strong fundamentally and hasn't reached even a fraction of it's potential both as a currency and as an asset, but really what is important in any sort of prediction is timing. It seems like in Bitcoin world no one wants to think for years ahead, everyone want to see results in a few months and get rich quick. For some reason. newbies think that bearish market means Bitcoin will die, they don't understand that it's a part of market cycle and that nothing can keep growing forever. So, people shouldn't really be scared of price drops or be disappointed if there will be no bull run this year.

In fact, I thought BTC would not be much affected by ETF approval. But even the rejection of the others before the ETF came in was very bad. The CBOE's ETF application would be very bad if rejected.

Like Vitalik said, we need corner stores that accepts crypto payments, and corner places that sells crypto where people can simpy purchase these currencies.

We need more people to have a different mindset when it comes to crypto currencies. If you don't work on the fundamental problem of why people don't spend their coins, then having stores accept crypto will not be effective. Also, there are more and more locations where people can purchase the most popular crypto currencies through multi ATM's. However, crypto being easier accessible doesn't mean people will use it as money.

If you look at all the crypto currencies and the communities behind them, barely anyone within these communities is spending their coins, regardless of how fast and cheap the transactions are. Crypto is an investment vehicle for +90% of the people, the other majority is using it as store of value, and the last few % is actually using it as money.

I think bitcoin will go way up more after ETF but it should go up also before of ETF, i think after summer will go up.

I agree that we have survived even without ETF's in the past, I still remember last year when the twins first BTF ETF application was rejected, the price fell dramatically, but within short amount of time, bitcoin has recovered when 4 then 5 digits and almost hit $20000 at the end of 2017. However, I wouldn't agree that we will have a bull run. To go to a bull run, we need fresh blood to pump the market. They are all afraid because of this bearish sentiments hovering above us since the beginning of the year. But bitcoin can get past this ETF mania, might be seeing some short term effect on the price, but we are still good at around 5 digits at the end of the year.

Staying positive is actually not a Key. Sometimes people are always in a positive attitude that they interchange it with false hope which is a bad thing as they are losing money in the process. If you are a trader you must adapt and is flexible to change via back up plans. Yes it will go up in the future but this price corrections are a missed opportunity if you just chose to hodl. If you have the guts to short you will have more Bitcoins by now at your posession.

We "were" on a positive bull run, obviously it went down in the last 24 hours and we are once again looking at the wrong end of the barrel.

Unfortunately any topic you start on speculation actually gets really old even in a day. I have no idea what happened to drop in price and I really can't see any bad news or any bad chart reading neither, we are just looking at bitcoin that keeps going down for absolutely no reason at all.

I think we need to try to figure out who sold and why and what could be the reason for selling, we need to really kill these futures that allows people bet on bitcoin going down, people see going down as easier and bet on shorts and try their most to reach there which in return kills all of us.

Bitcoin doesn't need an ETF to succeed.  We don't need government to back bitcoin, all we need is the people!.

I agree, but the funny thing is that the people are the ones badly hoping for an ETF to come through, all to see the price moon as quick as possible. We have to accept that we're dealing with far too many speculators rather than people actually being interested in Bitcoin's utility. Maybe that at some point when the price is far more stable than it is right now that people will use Bitcoin more as a currency, but I'm not too hopeful of that. The people entering this space in recent times are far more noobie than the previous entrants, and this has been going on for years, no wonder that altcoins are ridiculously overpriced....

ETF hype returns every year. It will happen eventually.

a list with pending proposals:

https://i.imgur.com/xQLSgBS.png

Honestly I don't mind that rejection since there are lots already in the past and some upcoming. Although no doubt that we may look at the approval will result in a much more big push, still there are lots of reasons to believed that much anticipated bull run will come "soon".

People don't just need to be rush. Trust the process and let bitcoin grow on it's own as usual since it's inception.

I understand that others want to feel again the thrill and excitement they felt last year but just sit back and relax. If ever that won't happened this year, chances of happening it again is always be there.

There might be a short period bearish period because they're going to probably shake BTC from last weak hands before a major bull run from the positive news about BTC ETF or in general ETFs. Remember that like 5 ETFs are waiting for SEC decision.

The rising and falling of price of bitcoin is a normal thing that happened in every illiquid assets and that is what we are seeing happening in this market.  Bitcoin is going to recover no doubt and EFT approvals is going to come one day. I didn't think it can pull down the market in high ways if it is not approve.

there's really no indication that any of the applicants can overcome the SEC's objections to the winklevoss application. their objections were really expansive and had much to do with the structure and liquidity of the underlying commodity market. planning on solidx getting rubber stamped is a bad bet.


this. maybe the ultimate lows are in (i kinda doubt it), but this sentiment really reminds me of the post-bubble desperation of 2014.

Not really, ETF FUD was what made this small bull run possible in the first place, obviously right now bulls are strong, even after this small downtrend, in my opinion needed for the bulls to be able to push the price even higher but most of this was only thanks to ETF's

People got too excited, they were too reluctant to face the fact that its the SEC that has to finalize the decision and everyone was hoping for the ETF to get approved. Honestly, I am very much happy that it did not  get approved. An ETF is so not the way to look at bitcoin. Sure bitcoin will be more recognized, but if people can't see the real use and reason behind bitcoin's existence, they shouldn't be into it. I expected a bull run to start from September, but now that people are upset that ETF got rejected, the bull run is a little more far away, but its coming.

I bet Direxion will win the first approval. They're not just some standard investment trust that funnels money into the coin and pockets a healthy commission for themselves. The Direxion ones are good for short term momentum bets. 2X bull/bear will get you double the returns on a movement in either direction. That's the kind of thing that retail investors are looking for without having to worry about wallets, keys, blockchain, and all those worrying things that come with bitcoin. And then Buffet can short it all he wants without having to open up a wallet.

I don't think so, because as i've realized from this outcomes they might be planned it already that they will make this long bear and to reverse the trend in upcoming ETF which is a major factor that is known for bitcoin's momentum and creates a positive impact once it approach and much more if it approved and a negative side effect when it was been rejected. With ETF the market has shown its interest on it that pumps up the price along with following good speculations.

we had something very similar to this last year too. there was a period of time where ETF was getting hyped up a lot (it was Winkle bros ETF!) and we even had a rise and everyone was basically making the same prediction that with ETF= moon and without ETF= dump back to $900.

and you know what happened! SEC rejected their ETF and we saw a small drop then a couple of days later as the drama vanished we started seeing the rise begin again!

I think it has been doing just fine, it did not drop much. If CBOE ETFs are approved, then it is the moon baby!

gotta remember though, the market was in a very, very different place at that time. look at what happened to altcoins when the ETF was rejected: they had a bubble. they rose astronomically against BTC for the next few months. then in august, BTC had its bubble. that shows that the market was in a state of hype and very strong demand throughout 2017, regardless of the ETF rejection.

but now? the bubbles ended and we're seeing the fallout. altcoins are fucking bearish. there's no way to assume any rise from here is anything more than a bounce in a bear market.

what i'm saying is this: bad news in a bull market means nothing. bad news in a bear market can be a great excuse for a sustained selloff, though.

I still think good news regarding CBOE will come out, and it will continue the bull market.

There is still the possibility of a bull market, but it will certainly take time. As a speculator, you must have confidence in the market.