Bitcoin Forum

What do you guys think about today's sudden dump of over $700 ? Is it a sign of further market crisis and bitcoin going back to $3,500 or $4,000 like the month of April or else it's temporary and we will see surge soon as this might have been created to reinvest into it by whales?

Sounds like that. The bottom is uncertain, but i don't think all the whales will be able to return back fast enough, but that sure would make the price spike. Some traders are making lots of money, but be aware that in the long run Bitcoin will keep preserving value over infinite fiat currencies.

Trading is risky, and the people losing is like 9 to 1. If instead, you decide to buy, once you do just relax and wait a few years, you will see how solid bitcoin really is. If you don't have the patience or discipline for this, then perhaps this is not for you.

No matter how wild the price might fluctuate at some point, the historic trend will prevail. Zoom out and take a look at the whole picture, not 1 year or so.

Worst case scenario, It will dump on 5k level because support is sitting there. But 3k to 4k while bitcoin halving is near? Last April is the end of the bear market that starts on 2018. I'm expecting to reach that level again after the halving. Don't hype too much about the dump and try to learn how to analyze TA. Even I is not too knowledgeable on TA but I know how to analyze current market situation by determining the support zone.

We still have that strong support at $7,000, $6,000, etc. Just let those dumps came to see how strong our bottom is. Chances are always there that bitcoin price will go back to sub $4000 or below but it doesn't mean bitcoin will dive on that level easily.

Even past performance will not guarantee future results always remember that this dump is not new anymore. A reversal trend can happen anytime out of nowhere.

Turned that bearish* status into an advantage instead by considering adding BTC on our precious stash.

I doubt the $4k to $3k range, before it goes there, it may already start to pumps especially halving is about to happen next year, BTC is not moving that fast to decline easily to that range. Probably $6k the least till this year and starts to arise before halving happens. It's just my speculation and I consider to be it this way so I can convince myself to take advantage of this price to accumulate more when halving period is on.

We dont know, probably its another organized pressure on Bitcoin. Manipulators are keep playing the price and we really can't do anything about it. On the positive side lets grab this opportunity to accumulate more, but lets all be careful because it can go lower than we might expect.

This may be another price manipulation before the next stage of market growth. In any case, I want to hope so. It’s somehow not very nice to see Bitcoin falling in price in the last months of the year. If altcoins did not suffer from this, then it would have been half the trouble. However, they have not normally grown in price for almost two years.

I understand your feelings because I feel that way too. maybe at the moment, the decline in the price of bitcoin occurs before the pump prices are high (I hope so). however, if the decline continues even to the level of $ 6000, I think this is bad enough for the end of the year where further developments will be halving. I think that this should be the moment when the price of bitcoin rises. but I think that's the opposite. :-\

It obviously looks like a manipulation by a sudden dump by the whales. It's not really a crisis since I doubt the whales could affect the market apart from what they already did. It shouldnt go below 6k or even 6500 at that especially with the halving on 2020. It is a plus on those who want to accumulate coins before the next growth or the market this coming 2020.

Not everything is a whale manipulation. There isn't enough optimism to drive the price higher, perhaps bitfinex/tether isn't willing to print USDT out of thin air to prop up the price, and the halving is likely to be mostly priced in considering that it's public knowledge.

I am inclined to believe that the bears can get more powerful in the next few days, then afterwards they can have enough and we will be back growing towards $8000 again. There are no clear reasons for this sudden crash except that there is just less buy activities on the part of Bitcoin thus the dip. Though some analysts already pointed to this possibility, I am still in awe because I already assumed we are already in the momentum towards $8500 and then $9000, so I am so wrong. I don't see it going back to the $5000 nor $4000 zone but then remember that I am not really good at predicting where Bitcoin can be going.

Manipulation? I do not think this is not whale doing manipulation is indeed a market condition like this, if there is growth in the market there must be a decline but who knows how long this will happen if bitcoin conditions continue according to it will be a lot of losses and it will be good for investors to buy it at a time like this.

No crisis here. Not yet anyway. We still haven't done a 61.8% pullback of the bull run yet. That's a typical bull market retracement level. We could even go back to the $5,000s and everything might still be rosy.

I'm not too worried. After we find a local bottom on the weekly, the next major move I expect is a bounce to the $9K-$10K range. After that, I'll take some profits off the table and reassess.

I think that $6k is where the support will kick in.... at some point the bearish sentiment will be countered by the bulls where we hopefully get to bottom out and have that be a reversal point.

If we are indeed heading down to $6k we'll see it happen rather quick when we breach ~$7k because there isn't much support that I can see.... that's going to be a brutal shakeout but one we apparently need.

The worst part about corrections in my opinion is the sideways consolidation after we finally found a bottom as months of very boring price action will drive a lot of people nuts.

As usual, the market always played whales and the fact that the market is still bad now.
But Not everything is whale manipulation. It's not time for a small person to trade because prices will go down not conducive.
Hopefully, the market immediately improved to be quieter and without risk when trading.

Anything can happen in the next 24 hours, whether bitcoin will rebound, drop below $7000 or hold this position.
If it's not over yet, it means whales groups in action to dump bitcoin, in order to manipulate people to sell-off.
If this dump over, the current price is a chance to buy bitcoin at cheaper price as bitcoin will gain more value towards the end of the year and halving.
Don't hesitate to buy more bitcoin if this dump continues, it's discount time. Next year bitcoin surely reaches above $10K-$20K.

Its been natural to us that bitcoin is dropping and old investors like that because they can buy more bitcoin.
But to the newbie maybe they are panicking because they have know idea that bitcoin are going to down and up.

There was not a market direction for weeks and there was nothing positive in the market for the market to pump and hence it is not a big surprise that we saw a fall in the market, i am not expecting a rapid downfall in the market, it is possible that people will be taking advantage of the correction to invest more and we might see a small pump in the market in the next two days, as some suggested not everything is manipulated by whales, it is how every financial market works.

We do not know if the sudden falling price of bitcoin is the the sign for another bear market. 7,458$ the current price of bitcoin and it seems it might fall down to 5000$. I know of the members think that whales are also the reason why there is suddenly drop on the price of bitcoin. Lastly, do you think bitcoin will drop 5000$ in the end of this month?

Let's cut out the whale conversation being the main reason behind the ups and downs of the bitcoin price, because thats probably not the case here.
Though, there was no certainty on why Bitcoin plummets to the lowest figure since May.  Few of the possible reasons might be the low trading volume and  the increased regulatory scrutiny where Zuckerberg and Libra was involved.
Lastly, $5,000 is possible or even worse $4,000, something that weakhands probably been worried of.

This is the best time for investing the Bitcoin, so still Bitcoin is the perfect shot for long term and if they looking for day trading it is hard to predict how it will make on today and tomorrow. I always suggest to invest BTC on long term and mid term so those are interested it will make good return.

This situation it should be considered by most user, as you may know bitcoin bakkt has been launched at 23 September ago, and I just thinking that there will be many whales/investor especially institutional investor who will entry to this market.

It will just take a few times and we can see the bitcoin price will increase again. So, if you meet a lose in your investment then you have to consider to sell it. Just hold them and even if you have another capital you can buy bitcoin at this time. Also, don't you forget about halving event? Another factor who can make bitcoin price increase drastically.

Yes I think we should stop complaining about the fluctuations as we know for a fact that there will be no stability in the crypto world and we still choose it for our interest like trading, long term investment or just to transfer money without any government's knowledge.  We should use the situation for our benefit and it might be difficult for new comers but tuner ed users needs to use it as investment phase I know it will not be as easy as I have described but we have chosen bitcoin of we need to accept the fact as well.

Yes, Bitcoin is dumping to enter in another bear market.  This time, I think Bitcoin will go to 5K USD! But everyone should stay strong because bear run won't stay much longer. Within February to March of 2020, Bitcoin has a chance to hit even 20K USD. And I hope the crypto market has no panic seller at this moment except some manipulated whales!

The launch of BAKKT gives institutional investors the chance to learn and to ride with this industry, we don't know yet if there's a big whales around that creating this dumped as part of the plan for new big players to take the opportunities to buy those coins from panic sellers who are being shakes by the this current dumped.

Being positive and not to rush anything, observing this market conditions and carefully assess so you can place your position in right time.

I don't think we will ever get to as low as $3,500 or $4,000 for the rest of 2019. That is very hard to consider. We have been there already in the past year up to this year. For the rest of 2019 and the coming 2020, everyone is looking at the ATH already. There is no reason why people will look back at the deepest bottom when we have have repeatedly been there without breaking the recorded ATH almost 2 years already.

yes right, take this bearish movement as best opportunity to buy bitcoin in cheap price.i am also waiting bitcoin price on around 5700.my analisys it could reach in few days or week again.when bakkt trading launched , many institutional investor coming with huge money.i am sure they will not buy bitcoin on high price, in this they will show their power to get best price.many people hope by this institutional investor it could bring bitcoin on highest price again.

I think too early to decide if bitcoin price will back to $3500 because it is still 1 day after dump happen. If me, i usually wait dump for a couple days, or maybe for couple weeks to see it is bear market or not. If still 1 day like this usually i keep remain to calm.

Like I have said some time ago, some dump in price will happen in the crypto market which there's no analysis or indicator to prove cause it a replicates market trend although the whales might be partaker but the bitcoin price won't dump to the price range you mentioned due to its level of dump resistant.

The price seems to be holding tight at around $7450, so I would say as long as there isn't another flurry of selling we should be okay.  But that's the problem, none of us knows if whales or anyone else are going to be selling in a panic.  There is always that possibility.

I am *still* looking at all this as a good opportunity to buy some bitcoin cheap.  The only thing that's changed about bitcoin is its price.  It still has all the advantages over fiat that it did a week or a month or a year ago.  The way I see it, it's on sale.  So if it goes down even further, I'll be buying and holding more of it.  How else are you supposed to profit?

we should not in hurry when take conclusion about market.to reach $3500 we need news that even worst than last moment when bitcoin hit bottom on around $4000.meanwhile at moment we see crytpcurrency supported by many good news.in couple days again till october end we will see the direction from bitcoin price.

I believe the price is going to something between $5500 and $6800, and then it will recover.

I dont believe $3k is possible. Price stayed at that level for many weeks.

I don't know where did people get that value of 3500$  and whx are they always coming back to it. Currently we are having some slight correction and no indicators are showing that price might fall so deep. No room for panic or drama, price will recover but we have to be aware that more corrections will follow.

It's just a concern to get the lowest value if indeed the decline continues to occur, but as is happening now even the coins below are changing rapidly upwards so this is just a normal correction if indeed behind all this there is good news that will pump up the market next month. Concerns are natural when prices fall very swoop but when we can calm down with a bad situation like that might be an opportunity to take advantage if we believe recovery will happen soon.

No way.
This is just a simple movement of the market. Perhaps traders going nuts on selling their bitcoins because of the flooding FUD that is happening all over the social media.
Or, it could just be the normal fluctuation of bitcoin price which even happened before in just minutes.
I have seen bitcoin moved like $500 differential in just minutes and goes back, this could just be the same case.

tbh i'm getting scared that we're entering a bear market.......having visions of a $3k retest, and beyond.

this is probably bullish---fear usually hits pretty hard near market bottoms. when everybody expects it to keep going lower, it means that would-be sellers have already sold and supply has been absorbed. that's what creates the epic v-bottoms that are so familiar to bitcoin.

the $6000s (if we get there!) will be defended pretty hard methinks. in the moment though, we'll all be too scared to buy and will expect much lower. :P

If the price has risen from $3000 to $13000, it is clear that it can also fall from $13000 to $3000. The price is determined by people's demand, if people feel that they should buy a lot of bitcoins and buy a lot of bitcoins, then the price will increase a lot. But if few people buy bitcoin then the price will drop a lot. The heart of the matter is why should people buy a lot of bitcoins? In my opinion what is lacking in this market is a consensus of governments, if governments are clear about the regulations and if they allow bitcoin to be used as a means of payment in their countries, then we will see more demand and the price will rise sharply. But what we have today is a great deal of regulatory uncertainty and it scares investors

I'm ambivalent about $6K.

On one hand it looks like a really attractive target because it was such an important horizontal level in 2018, and because of this gap in the volume profile:

https://i.imgur.com/zx4giY7.png

Markets love to fill gaps.

On the other hand, it seems like everyone is aiming for it. Bulls think they can long at $6K, bears think they can close shorts there. Some buyers may anticipate this and prevent us from reaching that level at all. This is typical of a capitulation scenario where buyers are left chasing the market upwards after the final washout. Tagging $6,500 and reversing hard would be a pretty nice "maximum pain" scenario.

Still got shocked with that $700 decrease in a matter of 24 hours? If you've been here on this market then this would really be just like a typical day.
Price movements can either be so minimal or would be on fast paced and this current one isnt that different.We are tanking or at least holding on 7300-7500
prices at the moment but it doesnt mean that we wont even go down further.For now i do see this is the best time to make some short due to price volatilizes.

We will have to give correct information about it as people are so concerned as many people have panicked their coin because of previous dump but this is wrong doing of new investors people should feel safe as crypto is now not going to dump i.e 3500$ so better keep holding and waiting price will not more dump now, this year I am not expecting any dump.

We must not forget the massive price increase from april to june. That was waaay to much in such a short time.
We're now 134% up from the low in december 2018.

I don't like to think that Bitcoin would reach at that point but if all goes wrong we might see the $6k price again. I'm hoping that everything happening in Bitcoin right now is just a temporary dump, that everything will get back to the way it was before. We really can't help it but let's just gain some through this dip since it is so rare to find this price when Bitcoin is almost in the bullishness.

IMO, make something like guess lowest value to make people careful with their investment is good to do. But maybe if read by people who easily to get panic, they will sell their coins, and then can make price really down. Maybe if not big wouldn't really affect on bitcoin price itself. But if a lot of people panic, can be worse.  ;D

This shows that the supporter of Bitcoin keeps on diminishing because of bearish market which is still in effect. Maybe some of the Bitcoin enthusiast are now tired of waiting and lose their patience for Bullish to come that is why they are selling their Bitcoin and leave crypto investments for other opportunities.

I don't really understand the current market situation, some people think that this is due to the negative news that Google launched a quantum computer,
and this has an effect on bitcoin, see the price of bitcoin drops sharply, this is terrible if bitcoin drops to $ 3500 - $ 5000

in my opinion news about quantum computer from google as main trigger for bitcoin price.as i said before, bitcoin technically still in bearish trend.and it just wait news that make traders or investor sell their asset.and  it happen now.i am not sure bitcoin will drop till $3000 .i see 5700 as strong and key support.based on technical analisys this level was restance that become support on previous movement.it need to tested so its valid support or not.

Well, probably you are right but that is only guessing the situations and we really don't know if holders already give up. Or on the other hand, it might be the whales now trying to manipulate again market. This should be a starting point of bitcoin price to pump again and make a bullish trend by next year when the next halving comes. But as of now let's grab the opportunity of investing while it is very cheap in the market.

I dont see any major reason behind this falling so I am sure the situation will be temporary as long as not a lot of people become panic and make a chain reaction, I think this is just a normal set back the price will be gradually up, so don't too worry about it

People keep forgetting things like that, is the problem. Well, one of the many problems with the majority of so-called and self-professed Bitcoin advocates.

They forget where Bitcoin was not 2 years ago, not 3 years ago, and as you point out, even 6 months ago. And when price does in the desired direction, no one questions manipulation, or how unsustainable it can be, how it's too fast, with not enough fundamental backing it up.

April to June was way too much, way too soon. The payback for that's not over yet.

In my opinion, the big reason why the whole markers dumps so quickly is because it’s severely liquid. that means there aren’t many buyers or sellers and when a big buyer or group of people, decide to sell a big bunch there aren’t enough buyers (demand) to satisfy this supply at this price level. Hence the price level drops to a level where the are more buyers.

But from a technical point of view, market tried to correct from $14,000 (or even $20,000). people here like to scream TA is bullshit and ignore it but the fact is it becomes it's own self fulfilling prophecy in a way because you have multiple people (maybe bots) looking at the charts almost all having the same idea about when to buy and sell. This is why it's a good idea to be aware of basic TA even if you are going to HODL not trade so you have a rough idea of when breakouts like this happen and aren't buying only to immediately be holding bags or down 5% since last night.

^ Let me continue this. It was 10 years from now. Bitcoin still alive and the long years come it becomes expensive price in the market so it means there was already a massive adoption happen and we are now on the mainstream. I believed that after this price decreasing there should be another ATH coming and maybe $7k is a good start to pump up again. Nevertheless, it is hard to predict what will happen next so better to relax sometimes.

And here we go again we jumped $1000 in a matter of hours yet the current price atm is 8500. We cant say that this would be the one more dump
but bitcoins price is very unpredictable where it can shoot up without our knowing or awareness.Lucky for those who bought on 7300+ including me.
I can short out now for secure profits.Only people who do took the risk will really benefit out and to those hesitant would be leaved regretting.

Yes may be it's time for us to wait and watch as the market shapes because we cannot depend on predictions and we are aware it will bounce back but the problem over here is the panic which has made many ameature to sell off and sometime we tenured people get trapped into panic sell as well.  I belive we need to give sometime for recovery. 

God, I am really surprised by this. The reaction has been very good since yesterdays bitcoin price was dumped. After the storm the sun rises, maybe this is a good slogan to illustrate the rise of bitcoin today. I think a decent target for the next is $8500, but stay alert because this upward trend can be temporary.

Hey? Why would you even think of bitcoin dropping that low now? I don’t think that will really be good for people, because it would just get lot of people who had been waiting since the time that they  bought bitcoin at $20k and then waiting for price recovery which they have been doing for years, now that they have some level of confidence that bitcoin has gone out of bear market, having the value of bitcoin drop to even $4000 may make their believe to shake in their investment in bitcoin and I think this is really not going to be funny for them, but for people like me, I would just grab that opportunity to buy as much as possible because of that opportunity since I know that the price will rise back to its peak again within a very short period of time.

Indeed I was surprised when I check the price.  It was around $7.4k when I woke up this morning, and its less than 24 hours when the price spiked.  Any reason for this price increase?  It seems whales are done accumulating and probably thinks that it is time to pump Bitcoin to rake another huge profit.

Today the whales really pump large-scale markets again soaring high, is this going to take a long time? but what I hope is that the market will recover and bitcoin will soon reach my target of $ 9,000 by the end of October.

Reaching 9k price is way too near since we do reach Current high of 8700 a while ago and now we do have some very volatile
movement as time pass by where price do play somewhere between on 8k levels.Im playing out with the wave and do make
some scalping and somewhat effective since ive been profiting with these movements.Reason of sudden pump? No one knows
yet if we try to look for possible fundamentals we cant find any major ones that would possibly the reason.

In order not to panic that much, you need to relax yourself and if possible to stay away for a while or if you still have enough funds to use it's good to
invest more, Don't worry that much as bitcoin have the history to comeback much stronger so if you can afford to add more on your assets while the
market still on this kind of situations then better to work it out and keep your optimistic point of views.