Bitcoin Forum

The price of Bitcoin has dropped today to almost 8.000 USD. Was this predicted? and if so why, will the price eventually bounce back up?

It is very normal, this condition happen in 2017 when China bans ICO

https://i.postimg.cc/ZKfmHBQR/image.png
Source: https://finance.yahoo.com/news/japan-poised-become-next-bitcoin-market-leader-174825798.html

In today's market it happen because response market about BAKKT. Many members say about trading strategy "Buy when rumors, sell when news". people who buy bitcoins before BAKKT launch, sell his bitcoins today. Or maybe something different happens, but I don't have any info about that.

Bitcoin always recover after a big dump, so some day bitcoin price will go up again. When it happens? You must follow any fundamental issue and try to learn TA, it will give you answer I think.

Nobody can correctly predict why a movement may take place in the market but they can speculate and predict a possible movement. If someone could predict it correctly then they would unfairly manipulate the market.

Prices drop when people sell. What the reason behind is being said to be a premunition to the bakkt futures trading opening up but I would take that with a grain of salt and watch what actually unfolds.

Every pump is followed by a dump and vice versa. I have been watching the markets for the last 5-6 and this is very common to happen. This is the time of panic and possibly panic selling too. But the wise traders would wait it out and buy at the bottom if they have cash at hand provided they have utmost firm belief in the reason behind the selloff.

We have the right section for bitcoin price-related topics and as well as the predictions on Speculation. (https://bitcointalk.org/index.php?board=57.0)

No one can predict the price of bitcoin exactly and as for the bounce back, as someone who has seen the dumps and pumps for the past few years the answer is very simple and it's a yes.

We broke downwards out of a very large descending triangle (on a mobile right now so I can't post a chart for you), and there were great amounts of stops hit afterwards and liquidations on exchanges that allowed traders to use leverage that also accelerated the dumping action elsewhere. A ton of leveraged longs, about 600 million as I saw yesterday, were liquidated on Bitmex and I'd be watching for a potential bounce or grind back up in the short to medium-term. Depends who you ask at the moment, but there are a number of people calling for an eventual drop down to $7k and a bounce from there or a potential bounce here in the lower $8ks.

If you're personally not sure of what to do, just stay out of the markets. Things are very volatile at the moment, and it may be best just to sit on the sidelines 'till you get a better sense of what's happening and how to react to this.

it will definitely bounce back for sure no need to worry about bitcoins sudden drop. Bakkt didnt made any impacton btc price in its debut, but just wait 2 to 3 weeks , bakkt volume will increased dramatically.

it can not be because of Bakkt because the timing doesn't match. the drop happened today where the price broke below the level that it was supposed to stay above (meaning $9k). but Bakkt has been open for more than 2 days now and if the drop was supposed to be because of it, then it should have happened the day it opened up.

Yeah, just a typical day that can possible happen with Bitcoin anytime.Speculations?

Bakkt coincidence
Miners sell-off

We have seen lately about these news but we cant point out on whats the actual reasons and instead of worrying,
Why not consider on buying to these cheap prices?

Yeah right, during this dip it should be a great time to accumulate as much as they can before it goes back to its regular $10k price range. It's too seldom to see this kind of dump we should be fortunate to see and invest with it. A lot has happen lately since the launching of bakkt, Bitcoin starts to dump. I don't know if this is a coincidence but it looks like it is.

Yes there are indeed many predictions that even bitcoin will drop below $ 9k and that happens, will the price go up again? I think it will be green again even though many of these problems are but I but the focus on bitcoin will recover.

I believe it called adjustment of the price before the price can get up to a higher rate.
I think it's not very surprising because bitcoin price will always like this even if there is nothing good or bad news happen in out there.
You should know and ready that this could happen in anytime so you can prepare the money to buy more bitcoin.
It is why you should not use all of your money to buy bitcoin or altcoin, so you still have some money to buy any coins including to buy more bitcoin.
But it is interesting because before the price jumped to the lower price, we read about Bakkt launch and then it's not taking too long for the price to go down and even the price still goes down.
And now, the price stay at the $83xx and I wonder that this could be a turning point of the price so the price can increase in the next week.

Some people predicted it, or at least recognized the possibility:
DrBitcoin: https://bitcointalk.org/index.php?topic=5181741.msg52358429#msg52358429
xxxx123abcxxxx: https://bitcointalk.org/index.php?topic=5128394.msg52495185#msg52495185
dmwardjr: https://bitcointalk.org/index.php?topic=5140701.msg52540049#msg52540049

As for the why.......typical price action, really. Honey badger being a honey badger.

The Bakkt launch worked amazingly as a "sell the news" event. At the end of the day, it's impossible to predict exactly the form corrections will take. It would have been perfectly reasonable for the market to stay sideways in the $10,000s too. You only ever know in hindsight.

I still believe the downtrend since late June is just a correction to the bull trend. I'd be surprised if we weren't back above $10K by October.

There is no sign of bouncing back this soon because some experts says we are going below $6,000 before taking the floor and bounced back as bull will finally starts before the year ends

Anyway everything is just prediction and we cannot tell this will happen or not

We have been in this scenario for so long and what we can assure is when things already happen and not by looking into weeks or months ahead

adjustment of the price or the correction that happens is usually smaller and a lot smoother than this. meaning the drop occurs over a longer period of time instead of being a sharp drop that (on the charts) looks completely vertical. these vertical declines are indicating panic sells and are usually kicked off when price goes below the stop loss that the bots have in place to sell immediately as it goes below that mark which then starts the subsequent sell offs.

Bitcoin and the whole crypto currency movement are proven unpredictable that is why it was considered a risky investment too like this current market performance in which no one expected that it will crash like this but i believe that this was just a manipulation so that they could start the bullish from the cheapest value therefore it would be better if we buy more Bitcoin now while the price is cheap again.

Prices will eventually bounce back more than from where it was dumped.

See some people predicted this sell of news but we might not recognized it until it became happened.

Currently over $8300 and maintaining its resistance.

I add more viability to the scenario where we do not cross the $10,000 level again this year if we don't quickly get a bounce back up. If we get that bounce, I'll wear my imaginary moon boy cap again, but I have opened quite a significant short because of how this market action doesn't look good at all.

Last year I ignored all these signs, but I'm not doing that again. Being more rational helps looking at the market without thinking about your big hodl stack. Long term speaking everything is bright af, but the short term can be very nasty, especially with how short term price action doesn't factor in fundamentals.

The problem with speculators is they always just look up and never go down. Not all, but mostly.

Yes, some may have been predicted it and this is quite far from what they expected.
Some said it could go until 7500 USD and that is where a lot of investors will buy back to get ready before the end of the year.
It is a lot for profit and somehow they gained more bitcoin after doing this kind of technique.

Do not expect much of a pump for now. It could very slow again.

I haven't seen any viable news on why the price of Bitcoin plummets down, But maybe this can be a thing for volatileness, or maybe the whales are moving to take a score, or a Chinese trade war is going on but I haven't seen any news for the meantime, The price may vertically move if there are news eventually on why this happen, Or if not the price may stay this way or worst fall down as well, let's just be patient and wait if what will be the next move for bitcoin.

I still believe bitcoin price can be pumped again. Maybe it is time for correction but actually i don't have analysis about it. But what i do for not is not panic and i still hold my bitcoin. Maybe some people want to accumulate first, usually "they" create panic situation so they can buy coin with very cheap price before pump it.

Down to $7K was always potentially on the menu. I'm looking for a capitulation bottom that quickly reverses this week's losses. That's usually how historic bottoms are made on the BTC charts. Panic selling into low liquidity followed by panic buying into low liquidity.

Based on xxxx123abcxxxx's chart, we've probably still got one more brutal leg down coming.


Recency bias is a killer. That's all I will say about that.

Yeah, we just might--and I'm not even basing that on a chart but on the downward momentum that I see looking at the changing preev price.  Right now bitcoin is below $8k, which I didn't think was going to happen.  Not the first time I've been wrong about price predictions, though.  Bitcoin never fails to surprise me.

Ick.  I'm hoping it doesn't drop that far.  Then again, I'm hopeful that it'll rebound back to where it was and then perhaps move higher.  I won't be silly enough to actually make any predictions, though.

Sure, now that bitcoin is getting hammered people are making all sorts of bearish calls.  It's not hard to do when it's had a few days of decreases--it's just like predicting the weather.  Sunny today, probably sunny tomorrow.  But hey, even if bitcoin does crash to $6k, it's still higher than it was for pretty much all of last year. 

No! Everything that will happen around seems to be unpredictable and we know that since from the very beginning. Every price changes come into its market volatility. This drop isn't been controlled by someone nor we know what exactly the cause for this.
This thing happens in several times that makes me no wonder. And we don't need to have some complain cause we have nothing to put some blames. 

To be perfectly honest with each other here, we should literally say we have no idea. Anyone who makes a guess is just making stuff up from their minds or stuff they read somewhere but in reality nobody really knows whats going on.

In order to fully know what happened you have to track every single sale during this bear run and find who it belongs to, talk with them and find out what happened, there is literally no technology that is capable of doing that let alone actual human being who would actually spend time doing it. Hence there is really no point of asking why something is happening or happened. It just happened and now we should focus on the future instead, no point dwelling on past and trying to figure out what happened or why it happened.

I didn’t expect this time, but not that I never actually saw this coming, if you look at it since when bitcoin was $13000, we have had so many people that has already predicted that the value of bitcoin may bottom to $7000 again, which is expected to be the lowest before the bull run, and I guess this is one of the prediction, and this drop may actually encourage lots of investors once the market is clear, and the moment the coin starts rising back again, there is likely to be FOMO depending on the speed for which the coin is using to increase in value.

I would not want you to really Pay attention to this crash, and if I will even advise you, see it as another opportunity for you to buy the coin lower and invest again if there is still some fiat to play around with, you will be happy to have made decision to do so when the price start rising back soon.

Normally the bottoms are usually the previous resistance and also the support. $8k must have support which now is the bottom. Its not guaranteed to be accurate but all these are speculations in the chart. No trading system has won it all, prices changes drastically specially when a news from regulators are going to affect the trading decisions of the traders.

I'm pretty sure that some people probably predicted what was going to happen but it was probably just luck since there are millions of predictions made every month about what bitcoin is going to do, so by probabilities some of those predictions have to be right, now it is very clear that at some point the price will recover, what we do not know is if it is going to happen immediately or if we are going to see another decrease in the price of bitcoin, if you are not sure what to do then do nothing and do not enter the market right now.

The recent drop is being linked to the underwhelming response of bakkt. But now we need to watch the lower $7000s levels to see where this market is heading as there is significant buying volume there. Bitcoin made significant gain of 8% from the bottom of $7600. But still the picture isn't really clear. There is a chance of 78.6% retracement which will take the price to $5400. We need to see whether bulls can exhaust bears or descending triangle gets breached. There is significant volatility ahead as both bulls and bears will try to takeover.

Bitcoin is not volatile by design what it happens is that since the supply of bitcoin is fixed to a certain formula it cannot be adjusted to match the demand like what it can happen with fiat currencies, so the demand has been always been the indicator to watch to try to tell what the price will do during the next days or weeks, if the demand is low you can be sure the price will go down and if it is high then the price will begin to slowly go up.

The price of bitcoin is so normal its been drop then eventually goes up again.
Bitcoin price are not stable goes down and up so its normal to us that the price of bitcoin is gonna be up and down.

If not up and down maybe bitcoin wouldn't attract traders to do trading activity. When bitcoin up and down so people can get profit from it and maybe they think it is better because stable coin will really hard to make big profit.

Professional? I don't think so. You just need to have the basic qualities of someone who is a trader. You don't need to be a professional about it. You can be a professional artist and be a part-time trader at times and you can still trade as well as professionals without being one of them. Research and predictions are all that is needed when trading and well pretty much luck as well. No matter how extensive research is, sometimes it just doesn't go that way. Luck can be a huge factor to trading after all.

After the huge fall and crash of bitcoin price there's always an opportunity for everybody who wanted to hold bitcoin. People who wants to buy bitcoin feels confidently that it will give them chances to own crypto at their own risk. Hopefully this motivations could give us more chance to acquire more profit once the market goes back to green days. That's up to the whales if they'll make another hype, and I think this is the best time for all of us.

Just a small correction, nowadays it's not sometimes it's most of the times that the prediction does not go the way it's supposed to be. As you have rightly mentioned luck does plays major role now and there are professional traders who are extensively involved in the trading wherein they have a set of algorithms which they follow like they have threshold for selling/buying and the price, profit margin etc. They operate like a small scale BPO with a fixed plan to achieve the profit against a unplanned trade.

you need to have experience in this market to be able to successfully make profit. whether you do it as a job (a professional) or as a part time thing (as an amateur) doesn't make a difference. both of them require equal amount of experience.
"research" that you mentioned helps but only a very small amount. traders must actually trade and analyze the market themselves to gain experience. otherwise you'll end up filling your head with a lot of abstract theories that you don't know how to put to use.

Yes professional traders used their technical analysis techniques to spot bottoms and zones for buying at a cheaper price it requires a lot of expertise and experience to be able to identify those area however some times their analysis might go wrong ie price defying their analysis and move the other way but in most cases their predictions usually come to pass.

I might not have clarified myself that well with what I meant as "research". What I meant was the same as you mentioned, Analyzing and studying the market themselves. I wasn't pertaining it to simply searching the web or looking up charts and reading them like that. Simply googling about is like asking a student to study when in a sense, all he/she is doing is memorizing it and after that year, it would be forgotten. What I wanted to point out was studying in a sense where you experience it, analyze it, define it in your own world. Forget about your predecessor's analysis since you yourself have your own analysis.

I think the bitcoin price dropped due to the many scams and the many bad news from different countries that banned bitcoin.
The predictions rise not necessarily because the market is now bad. Many of his scams make investors afraid to invest against new Altcoins and choose to hold bitcoins.
When Bitcoin drops they sell to secure the money. Bitcoin will rise which is very likely in relation to Bitcoin is now more popular in the first appeal.

News explains price moves better then just accounting for the speculation and the matching of sellers and buyers, at some point we have more sellers and price adjust downwards for a while.  Because the price is moving lower it brings about further selling, at some point we will get an adjustment and balance back to favour price ascending again but this whole cycle is normal.    Sure theres news and reasons but mostly I think of it mostly as profit taking and normal.

We failed to hold higher over night and again BTC is weaker today.   I wonder where it can resolve properly downwards and challenge support to properly put to bed the weakness in the price.   While the possibility of downwards is still there, every rise brings more selling and attempts to short probably.

https://i.imgur.com/0MFicVW.png

Just a basic view is best and weekly bars, I think the yellow line is unlikely target though we touched that at the bottom almost a year ago.  I doubt thats occurring now but a touch of the blue line which is yearly pricing seems reasonable for a move down.   We already got capped by 200 day average and left its vicinity and have been weak since pretty much, so some flush downwards could help resolve the idea.   8k to 7k move as two rough areas of volume I think would be good to see more then just sideways or repeats.

The negative news like counties banning bitcoin is having lesser impact on the market than it was expected to be,  due to the fact that we are used to these news and now we are going through a phase of correction from the long time after the massive bull run at the end of 2017, I am sure the value will increase as there will be some fresh investment before the halving for the fact that the value will increase post halving. We just need to avoid panic selling in order to avoid any further dump.

The ups and downs of Bitcoin can be attributed to many factors and there can be some or many at a specific time. Sometimes there can be bad news on the horizon and the market is taking them in, at the same time there can be bad news that seem to have no effect on Bitcoin. I would say that there can be dips for no reason at all and analysts can have a hard time when to attribute the price movement. The overall sentiment of the market can affect the movement of Bitcoin and the sentiment can be affected by some news or some analysis made by influencers considered to be credible and trustworthy. In the past, the sentiment can be formed by FUDs and hypes but today the market has already matured and so we are becoming more discerning. Bans and scams can affect but not as they can be years ago.

I know we are really bothered with these falls and we want to see it go up, I know I want to see it go up, it is hurting my economy right now whenever it falls and unless it goes back up to at least $8k+ in the next week I will be devastated financially.

However, that shouldn't affect our long term look at bitcoin, I can feel the pain of losing money and being in debt and what not for another month or two but in the end I know that eventually bitcoin will go up and I will make me money as well, I just have to save up as much as I can and if I can have enough bitcoins right at the correct moment then I can profit as much as I have lost as well. It is really sad to cash out bitcoin when it is low but it feels amazing to cash out when after it skyrockets.

This day, bitcoin is getting down again, and even it's deeper than before. Bitcoin down at $7400 price level after the battle yesterday because of cannot hold the price at a price yesterday. This situation makes traders getting lose some money because of the down of the price. We are at the weekend, but we see the bitcoin price is down. Perhaps, we can stay away from the market for a while until the situation can get normal again so we can start to buy bitcoin at a low price. Right now, it's a good moment to buy bitcoin, but still, we need to wait for more.

If bitcoin prices still going down, then we can prepare to buy more bitcoin. I wonder if the price will get down until $7k price level or the price will wake up and increase back after the deep down of the price. Let's see what will happen in a few hours later. But the trend still going down so we must be careful to decide.

I don’t know why people still panic easily in bitcoin investment when they should have already been so used and have the knowledge of correction that cannot be avoided, since bitcoin price has been increasing, there has never been a point where there is no correction in which the duration for the correction is what we usually cannot determined.

One thing that is very certain is that no matter how long the correction is, there will always be a day that the value will pump back too where it dumped from and even pump above it, which means that anytime that we see a dump, we should always be encouraged to buy more of bitcoin so that we can make profit either in a short term or a long term base. I know that this is the last stage of the drop now and we will begin to have some pump henceforth.

Yes, it is true that $ 8,000 has passed, but as of today, October 26, 2019 has risen to the level of $ 8,580, so it increased by $ 580, ok.

Certainly very many people predict coins this one.

Bitcoin Price Prediction 2019, 2020, 2025, 2030, 2040 - Bitcoin Future Value Prediction (https://www.google.com/amp/s/coinswitch.co/news/bitcoin-price-prediction-2019-2020-2025-latest-btc-price-prediction-bitcoin-news-update)

Do not know...!

What do you think, sure where do you think bitcoin is this year.
If you answer, that's the real answer...!