Bitcoin Forum

Its second major crash in 3 days going below $7000. What you guys think what cause bitcoin crash because i think uncertainty  of market makes bitcoin crash. I think many of investors should holding there coins and hoping for the best because bitcoin is a fighter and somehow manage to came back at number 1. What you guys thinking about this?

I don't get what you try to say, because bitcoin always stays at the top. With the present market or with something more potential it is not an easy thing to overcome bitcoin. This is not a bizarre or a major crash, when there is drastic fall in value it is predicted to reach much low. Now the market has gained good resistance to keep up the price without falling deep.

You've made close to 400 posts, but hasn't received any merits yet. As a small reward of appreciation and efforts from your side I wish to give you what I can.

after price reached $10k exactly a month ago and couldn't break it completely and continue the rise, the trend was reversed. but as price came down back to $8k levels to consolidate and reverse back up, a panic sell started with a big dump on 22th which is probably manipulation that caused the big crash you are talking about that day.
then after 3 days of down trend and panic sells price reached a bottom where there were no more sells left so it reversed and now it is coming back up for about 2 days now.

I am surprised that you seem shocked with this latest market development of Bitcoin. For many times, Bitcoin's volatility roared its head and that is what we are experiencing right now. In many cases, the real and possible reasons will only surface after the said big dip when analysts can have all the time of their lives dissecting and explaining the details why there had been such a severe "crash" experienced by Bitcoin. Bitcoin has had been this way for many years now and I am also sure that this is not going to be the last. In an open market such as what we have now, people can easily be led to "oblivion" and manipulated to panic and sell their Bitcoin holdings pushing the market further down. And people can listen to just any possible bad news and react negatively, thus instead of holding they might add to the sell pressure of the asset.  However, we should not worry that much because Bitcoin will soon be going up.

A little price fluctuation isn't a "crash", stop using that word every time you see the price go down a bit. Crash is not a word you use when you see today a price lower than yesterday, price is reserved for "steep double digit" loses, such as a 90% loss...

It is even more ridiculous that you use the word "major", implying there is also a "minor" crash.

https://en.wikipedia.org/wiki/Market_crash

TL;DR: crash != down.

Also bitcoin remains #1 in all situations, since most altcoins move with it, while the opposite is not true.

Yes, it did crashed below $7000 in the last 3 days but it soon bounce back to $7300 as of the moment? Maybe the second crash was simply speculators taking profits and then buying back again that push the the price again. Of course we wanted people to just HODL, but this is a free market, everyone can do anything with their Bitcoin and as long as someone is making profits, you can't stop them by selling-off. And as per cmc, we are almost in the 10% increased in the last 24 hours. Good? not sure, we might see some short here, so just prepare for the worst.

What do you mean by saying "come back at number 1? " Bitcoin always was number one and it will remain at that position till the crypto ends! The crypto market has volatility nature, so sometimes the price goes up or down! Though I am not sure why this time Bitcoin price crashed but it already started recovering. And yes, holds the best decision in this situation but whoever can buy they should buy bitcoin right now, otherwise we won't get this cheaper price again before the Bitcoin halving!

I think that we should buckle up because we might see more of this crash as we near halving. The price dropping at this level means it is cheaper to accumulate bitcoin in anticipation of the price hike after the halving. A little dump and pump mean more bitcoin for the manipulators.

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Bitcoin is still and always #1.

not only because of market uncertainty, we need to realize things like this are common where bitcoin prices can go down at any time because it is in a downward trend as well as up, so what should be questioned and what should make people panic, whenever bitcoin it will still be number 1 because there is no bitcoin then there is no other altcoin, many people expect big predictions of bitcoin in 2020 while I say the peak is in 2021, running in the next 2 years slowly but surely, realizing bitcoin crashes the chance everyone buys it cheap when this

Basically the top-ranking only depends on the market price and market capitalization that bitcoin has in the market. It doesn't fit all the characteristics of the best cryptocurrency should be. But I see, bitcoin right now is in a declining move, and the support is between 4-5k dollars. If we could see it breaks the support, then further decline will follow. But at this moment it keeps on having a positive market graph now, so we shouldn't worry too much about it.

I called Satoshi to drop the price, so that I can buy a few more. Thx Satoshi.

Mainly because of manipulators taking advantage of the recent news about China imposing more restrictions on cryptocurrency. It wouldn't crash that great if there were no whales manipulating and spreading FUD and FOMO in the investors. See that it would come to a reversal and soon, investors would buy in and negative pressure on the prices would immediately fade since there's no real threat to Bitcoin.

the rise and fall of bitcoin prices is common, why you look surprised like never traded, bitcoin prices were once in the range of $ 5,000, $ 3000, even under $ 1000. and that is a normal thing in trading.

In my opinion this is not an accident and you don't need to worry about strange things when the price of bitcoin goes down because this is one of the properties and habits of bitcoin that fluctuates, after bitcoin goes down like the last few days, and it is also very possible that the price of bitcoin will soon rise to $ 10 thousand.

I think now bitcoin remains the king of other altcoins even though prices are now declining because bitcoins greatly affect the prices of all altcoins.

It's not that big of an issue, and with the price being in such a tight spot right now, dropping 200 dollars is only 200 dollars, and just because those 200 dollars put it below the 7k threshold, doesn't mean it's a big issue.

I'm still going to put some of the blame on China, I reckon they are very influential when it comes to the price of BTC, and the recent price movements can easily be done by some Chinese whales + the usual dip in price during the end of the year.

BTC was always number one on the cryptocurrency list, the total market cap is the determinant, no need to check the daily price for knowing this. After several broken attempts, BTC price failed to cross the $9000 resistance line on the chart. The news from China was the excuse of market pricing below the $7000 but I think price recovery will take the Bitcoin to the prices above $8000 again.

the only bizarre thing that i see here is your being about 1 week late to talk about the "crash" that has already happened and ended and we are already in the recovery mode.
not to mention that there are dozens of topics already talking about the crash starting when it actually happened.

It is the number one. No altcoin comes close to BTC as a crypto. Its not really a crash anymore, BTC price has stayed at around 7k by almost a week now with no signs of comeback to 8k. The crash already happened when BTC dropped down to 6.5k but the bulls resisted and brought it back to 7.2k. Its a fight from now on whether BTC would continue to drop to 6k with Bears bringing the momentum back or bulls retaining the momentum and charging for 8k once again.

Think of it like a crowd in panic. It takes one big push to make people run. You have to detonate a bomb or shoot a weapon and they all start running like crazy. People see them running and join up thinking there's something going on so they better not get left behind, but as they run more and more people start looking back and seeing there's nobody behind them. These people begin to slow down and finally stop.

The market is exactly the same. One whale sells and the rest follows not knowing the news but thinking "maybe those who sold know something" and then as they go more and more people read about FUD, manipulation, think about the fundamentals that have not changed. A month ago you were paying 9k for Bitcoin and now you are selling for 6? Why? Nothing happened!

This is the answer you were looking for. What caused the crash? TA at first (hard rejection at 10k), followed by a dump to 7,4k by some big whales. Everything below 7k were laggers. People who woke up one morning and saw they're down 2k USD on their coins since 2 days ago, panicked and sold without trying to understand what's going on.

The only reason it crashed is because of the panic sellers though it is just a temporary decline. You shouldn't have to waste your time expecting a reason why the market drop. Why don't you just buy during this dip since the price is a little cheaper back then. Stop believing those news saying it's because of this country, that person said this and that. It's useless not unless some whales really dump quite a lot of his bitcoin.

Sometimes emotions can defeat our common sense friends. We all actually know this is just a market game. But when prices go down they still appear even though there is little sense of panic or anxiety in us. Especially for people who want to buy with little capital.
I, who did not buy it, also raised the concern whether the price will go down again.

Yes, we are now on the consolidation/recovery phase. Though still lower than expected, I hope this is a good road to recovery but a long December holiday is coming.I hope this will not result in massive cash out.

Though the market is crashing as @OP says, there is an opportunity here.

I dont see no crash. There was crash on 21th November when Chinese president explained again what he said few weeks ago. After that price of Bitcoin stays same. Today is totally same as on 22th November.

There's no exact and concrete reasons for this crash, one thing I realize about this with bitcoin was I am thinking that people always referred with predictions. It really contributes with our decisions, because it could somehow create a mindset. Early users can't handle their pressures and will easily get influenced on some news, making their own predictions without conformity on the recent market updates. That's how I view the current market, in contrast with the probable reasons why it crashes badly these few weeks ago.

That's a lot of technical analysis jargon, but I wouldn't necessarily disagree with you about it.  I'm not sure what op is talking about exactly when he's referring to the last day or so, because bitcoin hasn't exactly crashed since it dipped below $7000.  At the moment its holding steady, more or less.

As to why it happened, I just think there's been a lot of selling by hodlers who got impatient with the market and perhaps got scared when bitcoin started to dip and then sold in a panic.  That's a noob mistake, but a common one.  I won't be selling a single satoshi, tho.  Bitcoin will probably have a great year in 2020 and I'm hoping that it gets back to $10,000 at least.

i agree with you that everyone should keep their bitcoin and stop dumping because no one will benifit from crash for sure . if doubt spread in the market bitcoin value will find dificult for grow in the future . and number of investors will decrease too . i hope prices to recover 10000 usd per btc very soon

that sounds like bagholder talk. :P

i think everyone who wants to sell should sell. the market can't move up until we shake out the weak hands. let the bottom sellers capitulate!


so you're calling the bottom then?


ok, but on october 26th the market was trading at ~$10500. we hit ~$6500 yesterday. so the market dropped 38% in a month---if you don't call that a "crash" fine, but it's a whole lot of blood!

Could be a multitude of things but it's quite possible that people are trying to indicate a weakened market to dip the price down.  There are never any clear cut reasons why something happens in the market unless you are the one forcing those market prices.  If someone does tell you a reason and stands on it I'd be weary of that information.  Just look at it as a buying opportunity  :D

So many things to speculate on but as an interesting fact Bitcoin Has Been Dropping an Average of $110.43 per day since October 25th (Until Today)  (https://beincrypto.com/since-october-25th-bitcoin-has-dropped-110-43-on-average-until-today/)
Anyway, if Bitcoin doesn't start showing positive signals before the end of the week, I think we'll stay in the $7000 range until the end of the year. Nothing more to expect in 2019. With even a possibility to touch the $6000. And to make things worse, everyone started selling en masse.

No accurate reasons why btc decline below $8k. Indeed with this current price better keep or hold for the meantime their btc, or for some they can accumulate when this decline happen. This is not surprising to all users since btc come up in this situation of price. Well, hopefully we will see a sudden spike of price on btc.

I think the decline of bitcoin is not a bitcoin crash, it just fluctuates and that is a normal thing to happen to bitcoin. so I think we don't need to panic and say bitcoin crashes. bitcoin can definitely pump up again we just need to be patient waiting.
from the beginning until now bitcoin will still be the number 1 and main crypto in the cryptocurrrency market.

There is also speculation of that PlusToken ponzi being sold off on Chinese exchanges. No idea if any of this is true but from what I understand the Ponzi was live for a while and it targetted many Chinese mainstream people. Basically it was being promoted in public places and regular Joe's invested in it. They would be invited to seminars and the seminars would teach them how to make a Bitcoin account and buy PlusToken with it.

They actually seized operations in June 2019 when the top was created this year. And one reason why it might of been one source of the rally. Since people had to buy BTC first to buy PlusToken, it led to a higher BTC price. Similar to how ETH went epic in 2017 because people needed to buy ETH to buy ICOs.

Now there is word they are selling like 1000 BTC a day and been doing it for months. Again no idea if any of this is true, heard it on Twitter somewhere.

I agreed with with your reason for the dump in the price of bitcoin which is not a massive dump and this is not the first time we are experiencing such a decline and obviously it will not be the last time, personally I see the decline as a pullback of the price regardless of some of the stories we heard about China closing down some exchanges I don't believe the closure would have any significant impact on the price based on the numbers of bitcoin hodlers outside China thus there is no need to spread FUD and avoid panic because there is the tendency that the price would pump again which is synonymous with price behavior of bitcoin.

There's no need to look for any other reasons, a whale probably sold tons of bitcoin but we have no idea who could that be? Every time the market plunges there will be no other reason why it moves downward.

From whales to smallholders following the trend who are scared of the FUD that the media shows.

I think this happened last year even bitcoin at that time was under $ 6000 so this is purely not an accident or crash but this is indeed the condition of the market is going down and it has nothing to prevent it,
The current bitcoin of $ 7,100 could be that it will go back down to $ 7,000 but I'm sure this won't take too long as this will definitely make progress in the future $ 8,000 in December will be achieved.

But what is causing these crash? Don't you think this looks like a pattern as there will be a sudden pump and with couple of days the market will gradually go bearish then it will have a pump of say like $100 then there will be three dumps of $50 each. Basically there are no immediate dumps but rather gradual dumps to make sure users don't sell off and those manipulators can easily benefitted from these pumps and dumps which they creates.  We need to look at the bigger picture of it.

You already have the answer.
It is uncertain. It is volatile. That is all the reason which is needed and it is final.
All the ruckus that is happening with different countries have just little effects on it.
New buyers might be shaken by this down trend and might have also sold in bulks. But that doesn't mean they could put it all the way down.

You can't compare last year's crashed from $6k-$3k, there was a hash war going on that time between Ver's BCH and CSW Bitcoin SV. This time the news comes from China itself. We're just a couple of days before the end of the month, and I don't see $8k in the horizon. Maybe we could finished the year at a positive note on $8k-$10k, but it remains to be seen as the market price is really volatile at this point.

36 of 39 posts earned coin for posting here.

why did we drop to 6500 price?  that is a supporting number for major mining companies.

 a big player with 70 watt gear turns a profit mining at that price.


so there is a push towards  5000-6500 price level as it is the break even number for big miners.

10k 20k 30k numbers are speculative numbers for traders.


so we have two forces one is always pushing to the breakeven price level.

the other is always pushing to the moon.

You can't really tell what is causing the price of Bitcoin to fall. But, mainly it has always been supply and demand. Most people believe that when the price of Bitcoin is low then it means that there is a lesser demand for it than there is to supply - when there is an increased demand for it the price will go up as well. There are lots of people that are trading Bitcoin every day, so anything can happen at anytime, there are times supply can get higher than demand.

There are other factors that can influence the price of Bitcoin - like regulatory changes, a decision that is made by the government. Next is political events and the media. Explaining all these is another long story, would be better for you to do your research on it.

That's what people have been saying about every dump since August. (https://cointelegraph.com/news/3b-ponzi-scheme-is-now-allegedly-dumping-bitcoin-by-the-hundreds) :D

Not sure I buy it anymore. People are just digging for an explanation for all the blood.

If PlusToken really is that huge and is still saturating the market with supply, then we'd have to credit PlusToken for driving the rally to $14K in the first place. They own(ed) all those BTC and ETH because people bought the market up to participate in the Ponzi.

I think this is just a normal correction and whatever happens behind all the falls that have happened so far, at least this is just a cycle that is still in a reasonable stage when considering the temporary recovery that might happen next, because after all the prices will still fluctuate before entering a large dumping period which I feel will happen before halving.

definitely John Mcafee should read your post and he would take the time to call the time traveler to tell us how mining will be in the future

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I wouldn't call this price drop "Bizarre crash" for some unknown reason it's been very strange days in the last 7 days. The price rises a lot in few hours and dropped a lot many hours later, even for day trading it has become much harder to predict the price.

The current sharp fluctuations came from the news from China where firstly President Xi praised blockchain technology which spread a buying trend on Chinese people. Than came the officials statement about cracking down on crypto trade. There were also news of raiding of different crypto related companies and projects that has spread a fear on Chinese investors.

oh ?  i notice that china are always involved whenever there are crashes like the one's we currently experiencing  . on the times that bitcoin rises up china was also the main reason about its rise but sad to say that china was also the reason on why the price dumped too hard  .

oh well , china is a huge country and most people here love's to enter business such as mining , crypto investing  trading and more  so that should not be questionable after all  .

since long ago bitcoin has been the number 1 coin in cryptocurrency until now there has been no altcoin that can beat bitcoin.
and I think the decline in bitcoin yesterday is a common thing for bitcoin. because bitcoin has high volatility. so this is not a crash. and bitcoin doesn't need a reason why prices go down or go up. bitcoin prices are very volatile and can go up and down suddenly and without reason.
yes but sometimes fud can also affect the price of bitcoin.

I think not all the times since there are certain particulars that contributed on the dump happening right now and not always the china contributes it since there are many fuds has been spread without the involvement of china, and maybe we should be optimistic the the situstion since fudster uses the china for long time and blame them when dump is occuring.

what I think is that if this is manipulation, if you think logically the price of bitcoin will go down and it might be stable at $ 6000- $ 7000 and will switch to altcoin before halving, because after halving all traders and investors will again dominate bitcoin

I did not understand what your trying to say, the volatility will switch to altcoin or everyone will switch their investment to altcoin before halving  :-\.
The bizarre crashes are nothing new and for the past two years the market was so stable and the people who are in the market for a long time will be surprised to see that kind of stability in the price and right now when we see these kind of volatility everyone is shocked  :D.
Welcome to the bitcoin market and enjoy the volatility.

Compared to the past nothing has really occurred to the BTC> This kind of market crash is supposed to be very normal for BTC. But in the recent year, With BTC the altcoins are crashing( which is normal)  but the altcoins are not recovering when the BTC is recovering. So I think BTC holder( they are brave  ;D ) should not worry about it but it's bad news for altcoin holders.

If the altcoin is giving any real value in the market and gives the confidence in the investors then you will see investments coming in but it is hard to find any unique projects and you cannot expect the investors to invest in all the coins in the market and the bitcoin market is moving higher because the investors have confidence in the market and the crash is not a new thing in the market but there are many new investors in the market who have not witnessed these volatility.

I am a little confused and ambiguous with what you mean, however low the current price of bitcoin will not shift its trading volume below other altcoins. 
So bitcoin remains number 1, by volume and capital is the biggest among other altcoins.

The CME futures pump wasn't as severe as it should be. Makes lower lows more probable now.

This is a long term fluctuations that initiates more influence worldwide, somehow this is the best opportunities for eah and everyone. Although that remained number one, we still have to more careful on our decisions as well. Other altcoins will still follow what the market changes are, most importantly you're holding still until the perfect time comes for our asset to mature at higher pumps.

Isn't that obvious though, when the whole market is being dumped bitcoin instead increase its dominance and thus making altcoin suffer even worse than bitcoin itself and by that there's no way the trading volume of bitcoin below all these alts even the volume's gap is just too far and saying that bitcoin will be below #1 is just nonsense at its best. The fact that bitcoin is the most adopted coin will hardly make it fall below any other alts.

It became normal to me ever since I saw how big waves can be created by just FUDs.
It will come back though. As you can see now the resistance is $7k and it didn't really go way far from that amount.

We are all just waiting now for a big pump. This could be the lowest that we could ever seen. Who knows? Maybe it is not a negative approach but more of a chance to buy at a cheaper price. That is how I see it.

The reason for the crash is because there was a lot of speculators from the initial bullrun at the middle of the year and when the market dropped, they sold for various reasons and some of those people have not came back because they could not handle the dip. There was also a lot of FUD in regard to China news that I think also attributed to people holding off on buying. Then the FUD began and those brand new weak hands began to see the market going down and started to get out and created more FUD.

since the first time I entered bitcoin cryptocurrency it's like this can go up and down for no reason. bitcoin volatility is common. so I don't think we need to panic. and it's unlikely that bitcoin will crash because bitcoin already has a large volume of trade and community. bitcoin price reduction of $ 100 - $ 2000 I think is not a crash. believe after a bitcoin dump will pump again.

That is precisely the issue with people, they are always looking for a reason for the price of bitcoin to move the way does and the only valid explanation is the supply and demand of bitcoin everything else is just pure speculation, not long ago people were speculating that the price of bitcoin went up because positive news came from China but when you read the actual news you understood that the news were not positive at all.

Those explanations most of the time come after the fact and are an attempt to use fundamental analysis to predict the market which is something impossible to do.

The increase in prices for Bitcoin in 2016 and 2017 was primarily due to a very good PR campaign and many people investing in cryptocurrencies in the hope of getting fast and very good profits.  Moreover, the rise in the price of Bitcoin from $ 500 to $ 20,000 for almost a year had a very progressive effect on new cryptocurrency users.  To date, the situation has changed and therefore the capitalization of Bitcoin has decreased many times.  I believe that today manipulations on the cryptocurrency market and negative statements regarding the cryptocurrency of many governments have a negative effect.  If we talk about Bitcoin, then this is the main problem on the way to raising prices, it is a low transaction speed, because this is what prevents attracting Big Business to use Bitcoin.

Yeah, it stays at the top of the coinmarket cap list, but that doesn't mean bitcoin doesn't crash--which it's in the process of doing as I write this post.  And since altcoins like ETH are priced in terms of bitcoin, they're all loosing fiat value if not bitcoin value.  So the ranking stays the same, basically.

And who the hell knows why mini-crashes like this happen.  I'm disappointed to see bitcoin below $7k again, but it was only a drop of about $400 (yeah, only).  There have been much worse declines before, so my eyes aren't exactly popping out of my head.  Yet.  Let's hope next year is going to be a better one.  2019 started off with bitcoin less than half of where it's at now.  It's good to remember that.

Buying and selling, just market behavior ....

in my opinion bitcoin is always like this and the volatility is very high. so I think bitcoin doesn't need a reason to go up or down. what determines the price of bitcoin is demand and supply. and indeed I admit that these offers and requests can be manipulated by the popes and sometimes small traders are also affected by selling bitcoin. this making the price of bitcoin even lower. and at the end of this year the price of bitcoin tends to decline because maybe some people choose to sell bitcoin for Christmas and new year needs.

There must some sort of "boredom" that reflects on the price as well. The price has been at low levels (I don't know if we can consider 7 thousand low considering we started the year around $3.5k) and it hasn't made any moves at all, people expected it to go up but it didn't go up so right now there are many people who consider selling bitcoin and not many people buying bitcoin.

Stagnancy kills these kinds of commodities, same happened with gold, it goes up and everything is well but if it doesn't move up then it becomes boring so when it becomes boring people move their money somewhere else that could make money. Even a 1% interest rate is seriously better than bitcoin for the past 6 months, it hasn't moved a bit and even got down a bit so people are getting out.

I wouldn't call this a crash. It's a price correction that os usual in volatility cycle. I know that no one doesn't like to see price fall but you need to understand that Bitcoin price can't go only upwards.
It's hard to determine the exact cause of price correction, it's something that affected the situation in the market.

Some nice volume coming in today. I guess this is what the traders were waiting for. A clean drop to the previous support at 6500 and an instant buyback to 6800. If you had orders waiting you could make a couple hundred bucks in a few minutes. We have a nice double bottom on the daily let's see how it plays out.
I don't expect us to go below 5k at all before the halving.

As for the reasons of the recent downtrend some blame that Chinese ponzi scheme. There's an analysis showing the price was dropping every time ponzi liquidated some of their stolen bitcoins on huobi.

Bitcoin unlike other commodities is never boring even if the price of bitcoin has been going down for the last 6 months you could have shorted the market and earned a fortune while the price of bitcoin was going down. And that is just the long term trend you just have to take a look at the movements of bitcoin during the last weeks to understand that there were several traders that made a fortune during the last days.

However when this market gets stagnant for real and does not move then many people lose their interest since they are here for the volatility and not for the long term goals of bitcoin.

It seems to me that if cryptocurrency users changed their attitude to bitcoin, then this would bring much more benefit to the entire crypto currency market.  If every investor made long-term investments in bitcoin, then clearly the price of coins would increase dramatically and the stability of Bitcoin would bring much more benefit than today's volatility.  Today, all the problems of the cryptocurrency market that the cryptocurrency market receives from the governments of many states are primarily associated with the lack of stability and because of the possible dangers and risks for each user, which many officials justify their negative attitudes towards cryptocurrency.

While I would definitely like a more stable bitcoin that was way more predictable in the way it moved you are asking for something impossible people will always have different reasons for joining a particular market and they are going to follow their own strategy because they believe that is the way they can get the greatest benefit for them out of this market.

So while I am a long term investor and I fit your definition I have no doubts that the people that day trade the markets are making a lot more money than me and as long as that is the case the volatility will continue as people exchange their coins daily.