Bitcoin Forum

Bitcoin started a standard correction from $41k yesterday and has fallen 28% to bottom at $30k (so far) today, though currently back up to $34k.

Over the past 24 hours I've seen multiple articles pop up in my news feed saying Bitcoin is finally done and heading to zero, or claiming the bull run is over, even a UK watchdog said today investors in crypto should be prepared to lose most of their money! Now in some email feed I get this is the quote: "The crypto boom looks to be over. Bitcoin's biggest drop since March has shaken faith in the resurgence of the cryptocurrencies".


I can't even! haha. Bears jump on a single red daily candle like it's the last day anyone will ever want to buy bitcoin again haha. Their desperation is so overblown it is startling and pathetic. The fact that we've sen $41k and still the moment we get a down day in Bitcoin the rest of the world is expecting Bitcoin to immediately die off just shows how inevitable 6 and 7 digits are for Bitcoin's future when the rest of the world stops treating it like it's a penny stock that could disappear at any moment, despite the fact that it's the tenth most valuable asset in the world.


Any absurd doomsday articles you've seen pop up today thanks to nothing more than a standard bitcoin correction?

$150 billion, oh no, that's it. It's dead for real now. Mere $34k for something I mined 5 years ago for about $340 a piece. How will I ever recover from this.

To be fair the above article is a bit more optimistic than the headline suggests but still it's an awful hackjob to present the $150 billion figure as some actual loss... it wasn't lost. Hodlers gonna hodl, and the few people who bought at $40k will cry a little and either be stupid or hodl too.

Goddamn vultures trying to defame bitcoin, the S&P 500 does this but no one bats an eye. I get that these vultures need money too but to go as far as mudslinging for a sensational article is a little bit on the disinformation side of things, I do not like mainstream media because there is no good news anymore, all they ever post is either emasculating articles about how women are far greater than any other gender, wholesome stories that distract us from the genocides that are not covered because "it ruins publicity", and advertisements about pasta machines for Yuppies to buy. Do not believe the FUD, bitcoin has bounced back a lot of times for over ten years and look at what happened. Nocoiners=Nofuture.

People said or are saying bitcoin is dead or it is the end for bitcoin have a common thing: They have never touched a single bitcoin. They regretted that they have never invested in bitcoin and whenever bitcoin begins its parabola, they angrily said those words. It is the easiest way to express their disappointments.

Bitcoin only starts  its parabola after the 2020 May halving, the adventure is at the beginning and won't be stopped too soon. Many reputed speculators have models that estimate the price of bitcoin with this parabola can top up at $300,000.

The price became like that probably because some of the HODLers or traders are simply cashing out at the near top and not regret it in the future "in case". The spreading of news like that is considered bearish type and they are in it to make the price lower. This is probably because of more people getting into it and want to buy at a discounted rate.

It's just a matter of who is stronger right now, the bears or the bulls. Correction or not, it cannot be predicted. I think people should just focus on what you can control, like your belief in BTC, and accumulate more.

It's the same story every bubble. There's a certain breed of nocoiner that waits and waits for a Bitcoin shakeout just so they can yell about how the end is near. And although I'm sure they legitimately hope it is, most of them just do it for the clicks, or for the social media engagement. Which they get a lot of.

And that brings me to my point: people generally still love to hate Bitcoin. They're skeptical. They want to see it fail. That means they're not holding it yet.

There is still so much upside left.....


Less than I expected, honestly. But Dr. Doom is still up to his old tricks:


https://twitter.com/Nouriel/status/1348707129813835777

Institutions are using their controlled mainstream media platforms to get more BTC from weak handed retail investors at a cheaper price. I saw a headline from a news site yesterday that says "more than 20% drop which means bitcoin has entered a bear market" hehehe. I didn't open the entire article but that's the dumbest I've seen so far based on the title alone.

you know what makes me mad isn't that they are spreading FUD, it is that they are spreading the same FUD again.

this must be at least the 100,000 article that repeated the same old story. in fact there is a website that keeps track of all these FUD articles about how bitcoin is "now dead" called bitcoin obituaries. i think the articles date back to 2011 and they are all the same. bitcoin has a drop of any size they fill the internet will doomsday stories!

Sadly that's because it works.  It scares retail and the small-timers.  It reinforces their preconceived worries and emboldens the same old narratives.

I have family that have questioned whether they should buy Bitcoin ever since I told them about it at $150-200.  I told them about Ethereum at $1.  They're just as skeptical now as they were back then lol.  Probably more skeptical now actually, because they only buy at the peaks, and sell at the slightest drop in price, and then that makes them believe that they shouldn't have invested lol.  If only they listened years ago.  But people are brainwashed.  So few people think for themselves these days.  That's why the same old FUD works.

I think that in those behaviors there is a little bit of wishful thinking as well.

There are people who could have bought bitcoin and didn't or who bought when it was high and sold out of panic when it came down, etc. Those people are waiting for the bitcoin to go to 0 so they can say: "See, I told you so!"

Just let them wait and keep holding.

Instead of moaning about bitcoin, they can instead buy bitcoin, right? I don't know why they choose not to involve in the crypto world although the opportunities still lie out there. This pie is giant and everyone can have their pieces if they willing to join. But no, they refuse to put a single penny on bitcoin. Well, at least I guess they know what to do in their free time: criticize bitcoin as forcefully as they can

Just another roadblock along the way to flush out the weak hands.

If you've been around BTC for a long time, this is precisely what the mainstream media perpetuates because it generates attention. But unfailingly, their predictions never pan out - because there is already demand for BTC as a store of value, both from institutional and retail sources.

There seems to be strong support for BTC at the $20k level at the very least, so there is really not a whole lot of room for markets to maneuver downwards in this period. Sure, a huge correction can come after the bull run is complete, but all the macro variables tell us that it's likely just getting started.

You cant please everyone and this had been the reality even how bullish the majority is been thinking about bitcoin but there are really those critics who would really continue to say up negative things
specially if they do saw an opportunity or chances on what would they gonna say.Anytime when we do see that the price is tending to have some serious correction, people
do easily panic and those critcisms and negative presumptions do rises.

End for bitcoin? If we do count all of this words literally into this forum then that would really be a long one.Bitcoin had died for how many times already its 380 since 2010
https://www.coindesk.com/bitcoin-obituaries-2020

So saying that it is dead will just raise the count haha.

Very true! Countless times that we have heard, read that bitcoin is already dying and yet, here we are, still enjoying the effect of bullish run of btc. Even at 30k+ level, we are still winning. Why? How many times in the past years that we've seen bitcoin to achieve this level? None. That's right, only this year that we are enjoying this level of bitcoin. So just be grateful that we achieve this 30k level and enjoy the market. Make sure to take advantage of this opportunity because it may disappear right before our eyes.

Only buy what you know is part of good advice to avoid that sell on any decline, without any faith in the usage of what you buy its not surprising they lose out.   The same would happen across many commodities, stocks, etc.     I dont think they are the exception exactly, seems like simple human nature to me.   I think the majority of gains will come with actual usage by people because they are of course are going to have more faith to hold in any price test.    So BTC has to keep improving its utility or the prices are not going to be justified or retained especially, just as a speculation token I dont expect a positive outcome with that market behavior alone.      This isnt the end for Bitcoin because its hasnt started in mainstream usage and it could be but it might be the end of this phase of speculative interest for all we know, two different things.
   Incidental gains from wider wallet usage and retention of funds not for speculation but utility, diversity in assets and global breadth is going to be the real bullish trend I'm following and I speculate on the froth moments that occur along the winding path of dollar decline we are seeing.   What happens when we reach the end of the yellow brick road is of a more fundamental nature

Then it is your fault because you introduced bitcoin to them as an investment not as what it really is (which is a decentralized currency). People are always going to be skeptical when you mislead them into thinking they are buying some magical virtual thing on their computer that will go up in value for no reason, they are more skeptical when you also include a shitcoin such as ethereum in your suggestion ;)

Basically people who are not in crypto will look at it and the first thing they will say is bitcoin will "end". However what they are forgetting is that, if you got into bitcoin lets say 10 years ago and you are very lucky, and you hold all of that until today, and sold it today and made a ton of money... you still made millions of dollars from bitcoin? So, even if it "ends" which we all know it will never end and will always be better than fiat, a lot of people already made a ton of money from this anyway, including huge corporations like grayscale who just got in 2020 as well not like 10 years ago, but they made ton of money.

Long story short bitcoin ending is a way they try to comfort themselves but they are still wrong, they were never right and they will keep on being wrong forever, which is why I believe it is quite important we do not listen to nocoiners.

Ordinarily, yeah, I'd even be expecting weak hands to be letting go in the face of that crash. But this is just further proof that profit taking retail speculators no longer wield the sort of influence they used to. There simply isn't any weak hands in institutional investors and if it's true they're still only a fraction of the market with demand outstripping available supply, then bears aren't going to be too happy when next options expire.

People most certainly do bat an eyelid when the S&P comes anywhere close to doing this.

Here is a list of the largest historical daily percentage losses of S&P:

Rank	Date	Close	Net Change	% Change	Some Eyelid Batting
1	1987-10-19	224.84	−57.86	−20.47	Black Monday 1987 (https://www.nytimes.com/1987/10/20/business/stocks-plunge-508-points-a-drop-of-22.6-604-million-volume-nearly-doubles-record.html)
2	1929-10-28	22.74	−3.20	−12.34	Black Tuesday (https://timesmachine.nytimes.com/timesmachine/1929/10/30/issue.html)
3	2020-03-16	2,386.13	−324.89	−11.98	Coronavirus Crash (https://www.bbc.co.uk/news/business-51796806)

I get what you are saying but talking about "not believing FUD" whilst posting misinformation yourself kinda undermines your point.

Yesterday I saw one guy saying the very same, but about ETH (just before it going green again).

There are so many people out there talking about future "facts", not only about Bitcoin anymore, that is a bit frustrating. Every literate person should be able to think on terms of possibilities and probabilities, but it seems that many don't share this insight, so they keep thinking that if they keep desperately saying that this is the end of this coin or this other one they will create an impact so big to influence the trend and buy cheap :D

Still a funny phenomenon to see ;D

And now the correction is over and Bitcoin is back to $38k haha. Bottom was $30k, bears celebrated for all of what like 3 days now they have to go back into hiding until they claim bitcoin is dead at the next correction!

Grayscale starting buying again yesterday apparently. As I've said on here in recent weeks, the only chance for a serious correction any time soon was this month while Grayscale isn't buying (I thought they wouldn't be buying for another two weeks but their break was shorter than I thought). And what do you know, the 3-day / 28% correction ended the day after Grayscale started buying again. Weak hands can't beat $300 million or so in weekly buys from Grayscale + all other institutional investment + retail buyers.


Funny that just before I just logged on here a 12 hour old article popped up in my feed saying analysts expect further downside or at best bitcoin could see consolidation for a while. Shows you that "analysts" are generally traditional finance people who are just taking random guesses and don't understand that Bitcoin is still an emerging asset and not some mature stock, so they don't account for the current real life context of what is going on in Bitcoin (ie institutional buying and a no-supply shock) when making their guesses.

Nocoiners love being wrong and missing out on the best investment in the (history of the) world. A million little nocoiners hearts just broke for the thousandth time when Bitcoin catapulted out of the low-$30ks today.

Let me play devil's advocate for a moment.

There is the failed mode (horizontal resistance) at ~$40K and the 0.886 "last chance, bears!" Fib level at $40.6K. I'd like to see BTC conquer those levels before celebrating.

There is still a distinct possibility that this is an ABC "B wave" correction bull trap, just like the one we saw in the June 2017:

https://i.imgur.com/f4JvxPw.png

We are currently in the exact same Fib zone. Just tagged the 0.705 earlier today.


Past performance does not guarantee future results. Are we sure inflows in Q1 will continue at the same rate?

Anyway, I know it's tempting to say this time is different but.....sometimes it's not. Institutions have entered the arena but that doesn't completely end the emotional and volatile nature of this market. The spot market is ruled by (thin) liquidity and sentiment, and isn't necessarily just ruled by the notion that institutions are buying.

If I was someone who never liked bitcoin and always assumed it would go down, and would crash, this won't be the time I would talk. I understand when they come up during price crash, but that's not really going on right now is it? The price is doing fine and I believe it is going to do fine for a while as well.

If the price crashes under 20k one day, which it very well might doesn't mean it will go to zero, they could come out of their shadows and talk about how bitcoin is dying once again. They will obviously be wrong once again, we were nearly at 20k and dropped all the way to 3k and there were nocoiners who talked about how we got "scammed" (lol, by who?) but the reality is that we have waited enough to see double that peak, over 12 times the bottom of that 3k, so at the end of the day people who were nocoiners were wrong even then, but shouldn't even speak right now.

I think the meaning of that statement has been taken pretty grossly out of context when people just read the headline and jump to the wrong conclusion.  Their actual wording was:


Bitcoin isn't a firm and doesn't make any promises about ROI.  They're talking about companies and websites.  It's likely that some people have been complaining to the FCA because they "invested" in some HYIP/ponzi trash and got ripped off.  So naturally the FCA issues a warning for people to be careful (since there's basically sweet fuck-all the FCA can do to help those people).

I think most of us here on the forum will be clued up enough to know this already.  Don't trust third parties with your wealth, as it's a one-way ticket to financial loss.

It's already gone over the .786 level, and current is sitting right at it.

I know you're just playing devil's advocate. But I think looking at whats going on in the market erases any doubt that the $30k bottom is in.
In terms of grayscale buying, yes, we know for a fact they will continue buying. We don't know how much they will buy, could be less, could be more, but it's not like they are going to stop buying. We know for a fact Grayscale will continue to eat up a significant amount of supply every week. And we know institutions in general aren't going to suddenly stop buying, they bought the dip after all! Grayscale is a major market participate, their absence meant significantly less on the buy side for a few weeks, their return means significantly more on the buy side now - that's all you really have to know to make that equation. Retailers would have to dump significantly more bitcoin now than they did a few days ago to even get it back down to $30k, and they just saw how a sustained drive downward failed the past few days.

Normally this time is not different. But what we are clearly seeing in the market now is that it is, for obvious reasons. Sure the spot market has thin liquidity, which is why the price was able to drop to $30k in the first place, which institutions heavily bought up because they have a strong drive to continue buying. If the price dropped again now they'd just be back at the dinner table buying cheap Bitcoin. Price has already hit $40k this morning, $10k up from the drop and less than $2k to ATHs. This ended up not even really being a correction but just yet another several day bear trap.

I Think it was CNBC that made a news article saying something along the lines of "BTC lost 20% so now its in a bear market". However those CNBC analyst need to realise that BTC is not like a stock indicies like SP500 or DOW 30. Generally when the stock market corrects >20% its considered a bear market. That is the trend percentage pretty much. Not normal for SP500 to lose 20% in a single day unless its some flash crash. BTC is completely different and it can lose 20% multiple times of the year.

Yes it was a brutal day when it lost $10K within 24 hours however in percentage terms its only 28% and we had this dips many times in the previous 2017 bull market. Its the same story, it keeps rising and rising, go people go full leverage and there is a cascade of stops which ends up liquidating all the longs and the pattern repeats itself yet again.

They do this because they want you to sell all your coins. Why would someone care if you hold or sell your coins?

It's because they want to buy them cheaper and there's not enough sellers for 'their' liking.

Hence the massive PR push to encourage selling....

There is a contingent of smart money angling to buy cheap, I can believe that.

But honestly, most of the critics are just experiencing sour grapes. This is the third Bitcoin bubble I've watched and people are just so predictable in that way. They clearly feel they missed the boat and that it's too late to buy, so now they need to explain why everyone else is a fool for investing. It's an exercise in rationalization.

Or they don't. I'm actually happier to have these dinosaurs continue on the same agenda for as long as possible. The questioning they put to Microstrategy (I believe it was also CNBC) a few months back just served to show there simply isn't any learning for these "analysts".

And that's okay, really. If they think 100% rises makes a bull, while 20% makes a bear, power to them. Delays the inevitable a little while more, giving the chance to more people like us to firm up our positions.

Some will easily get affected by the price trend.
Some getting bullish when the market surging high (1000%) but later on, they got tempted to sell their Bitcoin for they are into worries if the market dump after seeing a reverse trend(500%). Over and over again, the same story we hear and our speculative sense get worse.

Investment in Bitcoin requires faith, you'll somehow hold your breath when seeing reds. That actually a true Bitcoin holder, will make a decision to hold no matter what it takes.

Yes, we have heard a lot of this nonsense through a lot of social media in recent days due to the great decline of Bitcoin. They are either not used to working in Bitcoin before or they are promoting this nonsense under the hidden direction of governments, it is certain that governments are the biggest beneficiaries of such These trifles, they want to spread the culture of fear of Bitcoin and claim that it is an unstable asset and cannot be trusted. In fact, they all have disappointed.

Haters gonna hate.
FUDsters can just share what they want to say.
These negative people can share their sentiments to Bitcoin.
But it isn't enough for us Bitcoin holders to go away.

Bitcoin has been here for a long time and I can say that it is enough already to say that we aren't been affected by these stupid FUD coming from stupid people. TBH, they might be saying negative things about it but in reality they are also holding it but they are just didn't say it to public.

Just hodl :D.

I think the person spreading negative news related Bitcoin may be someone who is upset about being late buying Bitcoin at a low price.
Or it could be people who have hated Bitcoin from the start, whoever these people will always be there. We don't need to worry about
the circulating FUD, because it will disappear by itself after Bitcoin is recovered.

I see Bitcoin investors today are getting smarter and not affected by the FUD that is widely circulating on various social media, because
the price of Bitcoin which is experiencing a correction in the near future will soon recover and make Bitcoin haters embarrassed.

I have to admit that I am generally disappointed whenever I read an article in my local media on the subject of Bitcoin. It is not just a classic FUD, but an elementary ignorance of what they are writing about - such as that the total supply of BTC will be reduced by half due to halving, or a constant repetition like a broken record that Satoshi will appear and sell several million BTC and thus crush the whole thing to zero.

Journalists are just people who do their job, but if you don't know what you're writing about then you're nothing more than a plain copy/paste mercenary who writes for his editor who cares about getting as many clicks or selling as many copies of a newspaper as possible. Honestly they don’t care about Bitcoin - the price goes up the emphasis is on the positives, the price goes down, Bitcoin is dying, again.

there is no doubt that as a whole the investors who have been around long enough are becoming more experienced but but there are still those who fail to grasp how FUD works and still fall for it. there are also a lot of newcomers who still don't have that experience.
if it was any other way then we would have never seen panic sellers in this market with this big scale.

I’m seeing nocoiners desperately looking for “the next Bitcoin” while trying to decide which pit to throw their money into. The media outlets trying to say the end is here for Bitcoin are more likely trying to hold the price down so they can accumulate more.

You nailed it, that's what media house is planning to do by doing negative coverage for bitcoin like making it look like a bubble or big gamble when it's bullish and when it drops they start to speculate it as end of bitcoin. We sre used to such news nowadays and it's high time that media should understand that's their efforts are going in vain and nocoiners get the fact that Bitcoin is irreplaceable.

There was a bloomberg speaker who said "ethereum is now nearing under 1k price that it hasn't been since early 2017" in a speech about crypto. Yes these are the same people who talk about finances on television and dude basically checked the all time high price and saw that it was over 1.5k 3-4 years ago and he assumed that price went from being 1.5k in 2017 to being 1k in 2021, that is what he thought.

There was a lot hate tweets towards him all during the program and dude got mad and yelled "how can anyone be filled with this much hate, it must be a sad life if you are always this angry" without even acknowledging the fact that he straight up "lied" about the price. So, basically if these people talk about crypto in the mainstream media, they will just keep on spreading misinformation all day everyday and that is what we should try to avoid.

This is not a new theme, in the past when everyone thought they missed the bitcoin boat back in the day and when some of the new coins started to appear everyone started to consider them as the next big boom and some of those coins are dead, people will look for new opportunities and experiment with the money they have hoping to make a fortune.

This is no different than every year.  Peoe usually criticize the things they either don't understand and mad at the fact they weren't smart enough to date to jump on board.  When peoe don't say these things we will have started to plateau.  So this means we still have a ways to go  :D

People would have change of words or views when they do make out some self-realizations later on. It is true that most of the time that people do make out some criticism
when they arent really that knowledgeable on things that theyve been engaging thats why its really a bit common with this kind of behavior for most people.
When they had missed out the opportunity due because of pure criticism and beliefs then thats the time they do make out some regret and telling that they
should have done it earlier. It is expected for this market to have believers and non-believers.