Bitcoin Forum

A few people may be wondering about the step drop of bitcoin price these last days. It is quite usual for it to move up and down, although lately it seems that movements are faster than usual.

Just take a wider look to understand:

NASDAQ 100, last month + 8%, last year +60%
S&P 500, last month +6.4%, last year +47%
Bitcoin, last month -4%, last year +639%

Since the start of the COVID (in practice) to now, most indexed have exceeded their average returns, not to mention bitcoin. A movement such as this is a consequence and it may still be followed by more falls without meaning anything other than a profit taking and some caution around the ATHs.

While there may be some profit taking, it appears that the drop was caused by the conjunction of three factors, the hashrate drop by China, a tweet saying that the US Treasury department was going to charge some banks with laundering money with cryptocurrencies and a few over leveraged longs blowing up as a consequence.

I understand what you say about looking at the big picture and not getting demoralized as some are doing and I share it, but on the other hand, when talking about the returns obtained since the beginning of the covid, like Saylor and many others do, I think they are kind of cheating, because the logical thing would be to start counting from before the fall. That is, if you count the return of the S&P 500, do not do it from the bottom of March 20, but from January.

Anyone who cares what the price has done over a 1 week period has invested more than they should have. If it's so much of a concern, you're over exposed. Price movements over a daily, weekly, or even monthly period are meaningless over the long term.

Everybody cared I guess, since that last correction was rather deep. Had Bitcoin only lost a thousand or two in a single day, it would have been tolerable. But it went from almost $65,000 to around $52,000 in around 3 days. It happened so quickly that it came as a surprise. I'm sure nobody expected it. Nobody braced for its coming. No doubt, it raised a few questions.

But it shouldn't be a cause for alarm or panic. If such correction elicited very strong emotional reactions, you're right, perhaps one's investment might be too much. Or perhaps one is just weak or too optimistic or too greedy.

It's normal to take profits in each markets and with bitcoin's drop, we will always have that particular reason to think of because not everyone is going to hold forever.

There's always the action of taking profits because this is a market when someone sells, there's someone that's going to buy.

I agree, you don't care if you're long term. Those daily drops and weekly corrections won't matter to you.

exactly right !!!!
according to the facts in the market, profits and losses are formed by the market mechanism. based on supply and demand which forms a point of equilibrium which is called "price".
Traders take profits in return for effort and risk on a consensual basis, fairly without intervention from other entities.

I have expected the big sell-off since the beginning of April and I thought it had ended when the price of bitcoin hit $61000 but I was wrong. The main reason I believe in a big sell off is because we are in the first month of Q2 which big companies tend to take profit after a whole successful year. And it is apparent that bitcoin has increased more than 500% since the last year so it is not surprised when currently it is being dumped by different types of people, and institutional investors is not an exception

The overall trend of bitcoin is still up trend. So if you consider invest your money in bitcoin, this is a good time. My analysis demonstrate that bitcoin will retest $60000 one more time so that we will have more information whether it will reverse its trend to bear or not

Yeah its true. Many early investors are probably be taking some of their profits added by some impacts caused by big companies selling off their assets. I also read some article where Coinbase executives sell of their coins after a successful IPO.

The level of profit taking might have been intensified because of pandemic threats. But, we have seen bitcoin had withstood against all pandemic and lockdown threads last year hence we do not need to change any of our perception toward the bull run of bitcoin; it will get restored as usual but how we are going to convince small and individual investors is the concern here. When microstartegy goes for another round of buying, then people may start stopping their profit booking.

If what you're saying is that Bitcoin is still very profitable and the price is very high even after the recent correction, I fully agree with you. If considered an asset, Bitcoin is clearly the best performing one. If you're implying that Bitcoin's price decreased because people invested more into NASDAQ or S&P (hence they are experiencing positive growth, I think it's just a coincidence. I also think that it's not right to start the timing from the start of COVID because at the beginning of the pandemic BTC price dropped very low. It started growing significantly at the end of 2020 and continues to do so, but I don't think the pandemic has much to do with it.

Bitcoin or stocks have grown rapidly and continuously over the past year. A part of investors taking profits is understandable because they already own assets at good prices.
Their profit-taking can be a signal of a market decline or just a price correction for the whole market. I don't act as soon as the market's value falls on the first day. It takes time to observe the entire market to enter an order. This experience will help us avoid early action and big losses.

I believe profit taking is a good move when the market is in need of money, but is it already done? I mean I do not know if it is already done going up. It is happening in bitcoin as well, there are people who are trying to take their profits so that they can live a better life, many people made a lot of money, but that doesn't mean that it's done, that doesn't mean that they should stop, it is really not a smart idea to let these things happen this way, they should be more careful and they should be doing something much more profitable than just taking out their profits.

This is why I believe there is nothing we should be worried about the future of these prices, bitcoin, nasdaq, any stock market really, gold, oil whatever we are talking about, if you are taking profit right now, I feel like you are running away early and not finishing the race.

I agree completely--not only is it unnecessary for a true bitcoin hodler to be concerned about such short-term price movements, but most of the time there's no obvious explanation to be found for any of them, nor would it make much of a difference to most hodlers even if there were.

This same thing drives me nuts in the mainstream financial news when they report on daily stock market movements.  Those talking heads have no idea why stocks are doing what they're doing on any given day, but that never stops them from babbling about "stocks going higher on the back of the new jobs data" or some such statement.  It just gives them something to talk about, but in the end it's all nonsense.

One factor in defining price movements is to identify which demographics comprise the largest chunks of purchasing/selling volume. If the NASDAQ increases 8%. Is the largest chunk of buyers composed of retail investors, hedge funds, banks or other parties?

This is a key question most casual traders and investors cannot answer. They would not know where the majority of capital fueling 8% in NASDAQ gains came from. This makes it difficult to predict what future price moves will be.

The federal reserve is the current largest buyer & holder of US treasury bonds. Their liquidity injected into investment banks, distributed towards purchasing US stocks under QE also comprise a significant chunk of US stock market trading volume. In projecting future price movements, those are relevant factors to take into account.

Definitely a ton of profit taking across the board. The Dow also fell significantly yesterday but managed to recover quite substantially over the course of today.

There should be absolutely no reason to be alarmed. It's almost comical seeing how the news media is making BTC's drop from its ATH a much bigger deal than it actually is (I've seen Bloomberg headlines that talked about how the 'unexplained' BTC correction caused panic in the markets or whatnot).

If you're not comfortable with this sort of market volatility, or profit taking activity, then you should probably veer away from BTC.

That would probably be the case or that they are only aiming for the short-term gain on bitcoin so they are worried that the prices are steeping real low. To everyone who is in it for the long-term, I suggest that you should hodl it still since selling it right now isn't going to make you a big profit.

I Agree. I Understand that most that invested for a longer period of time understands that this price movements will happen and dont really pay much attention to them since they know what their aim target is and if you look at the chat on a higher time frame, you would realize that all the daily ups and down price movement dont really show.

Exactly, the dumps of the day isn't going to show in the charts although a collective of them will definitely show but that too isn't an excuse to panic because in terms of investment, better days is going to come and you better have an investment when that arrives.

So anyone who is about to reap their profits then do as soon as you can because as said the price may fall as correction or certain bearish trend may begin. Long term holders keep HODLING!

Surely we are going to see huge price tag for BTC in few years so worth to take the risk.

More or less. What I am saying is that even if it is a steep drop, and may not be the last, the value of bitcoin is still quite strong and the fall may be linked to a profit taking. Many large investors are less bullish about next year than about last.

My personal take is that I am not selling even if the correction is stepper than this, since my plan is hodl for years the better part of my crypto. I do not use leverage nor run unnecessary risks, so I can keep on with my original strategy even if big drops happen.

Your right the drop of bitcoin is caused by conjunction and negative side of information concerning cryptocurrencies people portray, but really I think the major concept that contributes immensely to drop of bitcoin is because of the supply is higher than the demands of bitcoin in bitcoin market cap, so therefore it contributes for drop of bitcoin, so another option that made bitcoin drop is fake information obtain that politician's in US is using bitcoin for embezzlement of fund's and anyone using bitcoin will be trace, I believe that this information is the major source of decrements of bitcoin.

It would be wise to partially convert bitcoin to stablecoin, but not now that bitcoin is now below $ 54,000. It will probably still rise more than $ 60,000 and this will be a chance to partially fix his profit. In summer, the market may decline until autumn and this will be a good opportunity to buy again.
I keep a significant part of the cryptocurrency in ethereum. I transferred a very small amount to USDT, as I hope for the rapid growth of this coin after July, and even more so from the fall.

It seems these big investors are already happy enough with some 1 digit percent profit, though I'm sure their sell off are just some part of it but they are taking the profit maybe because with that they can somewhat fix the economy of their company even further after pandemic.
But it's not necessarily a signal for market decline, the demand is still there and cryptocurrencies right now got massive publication more than ever before. There's certainly possibility that the market could decline but seeing with all the things offered within crypto space like decentralized finance, etc I think it's not gonna decline that much or instead keep going up.

Indeed. A current market situation is not really unusual if we were going to track the past history. But some of us are looking for a specific reason on why moving downward is happening on the market.

I think as a long term hodler the best part of it is not minding the current situation since I have a set goal on when to take profit.

Its better to go with the flow than stressing yourself on the movement of your coins if you didnt expect such situation to happen.

Excuse me, but what exactly are you expecting USDT to grow against? Sure not USD, but then what?

in my perspective , since bitcoin , or maybe another major altcoins has going public , i mean big player such as banker or private investment company has take a part of bitcoin, any economic news or financial incidents can be a sentiment for bitcoin and altcoin prices, so for me, its not only about Market taking profit, for example, about lately hashrate drop , of course based on theory, when hashrate down, bitcoin price going down for sure.

There is still opportunity to be part of this great profit that is still on going in the market, if only you can still hold your coins and watch the market very well. Despite the price of bitcoin dropped few days ago does not mean it will continue decreasing in this season. According to some researchers, bitcoin will hit $80k soon before it can allow any altcoin to over the first position in the cryptocurrencies.

Cash flow is flowing into cryptocurrencies through price drops. Tether has printed a lot of USDT and investment funds have confirmed their investment. Also, the adoption of cryptocurrencies by Visa, PayPal and banks' money transfer services is a favorable condition for the cryptocurrency market to expand.
Even though the news is clear, we cannot take crypto charts lightly. It is relatively accurate data and we need to pay attention to have a reasonable investment strategy.

As long as the market is still fluctuating, opportunities are still open for anyone to make a profit.
If getting profit is a priority, then we don't have to trade just one asset. Some altcoin may still be good enough to serve as short-term trading destination. In this week, bitcoin has undergone a significant price correction, which is why I think if you are not a long-term investor then you should try to take temporary profits and make the most of it with other altcoin market fluctuation. Remember, you definitely need to have a good amount of knowledge and experience if you want to do this.

I think he's describing the event that will happen to Ethereum. As he has mentioned that he's keeping a part on Ethereum. Maybe he's keeping it in USDT this time and later, if the price gets lower.
That's the best time for him to buy some more ETH. As of this time, more profit takers are in the house, the market is dropping so bitcoin does and after Ethereum hit a new ATH, dropped a bit which is usual.

Now there are no objective reasons for a further decline in the price of bitcoin. When the price drops to 51-52 thousand dollars, traders start actively buying BTC, because this price is very attractive for investors. If you compare BTC with the stock market, you can see that the S&P 500 index shows a recoilless growth. I expect the same growth for bitcoin.

That’s just a speculation and the price trends tell the difference, if we still see the market will grow then keep holding but if you see the downside in the market and want to secure profit, then its better to sell now and take profit because you can always buy back if there’s a new opportunity. Don’t just hold, its good to take profit sometimes.

A movement such as this is a consequence and it may still be followed by more falls without meaning anything other than a profit taking and some caution around the ATHs.
So anyone who is about to reap their profits then do as soon as you can because as said the price may fall as correction or certain bearish trend may begin. Long term holders keep HODLING!

Surely we are going to see huge price tag for BTC in few years so worth to take the risk.Now if we collect BTC, it will be seen in the future that the price of BTC will increase a lot in the market, and we see that most of the BTC market is being raised most of the expensive .

It seems that you still have a reason for the decline in BTC in the future, namely the panic attack by new players. The crypto trend is very hype lately because they only see profits that are gradual for quite a long time, but these new players don't realize the price can fall 30% and go up another 30% in just 24 hours. If panic fills him, even his fingers immediately tremor to press the sell button. Market has been bearish these days. You can see the history of existing transactions, many of which sell and after the price drops, many more buy until they go up again.

Traders are still buying the dip, and this is likely to continue for a while. I'm opening a new long position at $49,000. There's a good chance we'll go up from here. Those who shorted might be left out. Just my two cents...

Of course, traders will take every opportunity to buy at the current decline at $49k price.

Yes, there are strong hands that are not going to sell because they have seen the worst. But there are holders who rather sell today and then buy back bitcoin at a cheap price. Everyone has it's own strategy that will fit them.

And for those who have sorted bitcoin in the last couple of days? good for them, but we are still in the bullish sentiments so they are still going to get rekt. So enjoy a couple of profits from this dip.

It is a principle that has not changed at all for long-term holders, in fact most holders do not want to know about the current downturn, all they know is to observe the price when all the Bitcoin market has outgrown the price flow. be it next year or even a few years later. long-term holders will not be easily exposed to the current Bitcoin price.

Cash flow poured into the market was stronger and sometimes withdrawn. What is important is that Bitcoin's scarcity is rapidly increasing. There are many Bitcoins withdrawn from exchanges, more Bitcoins lost in the past due to lost secret phrases, passwords, Bitcoin being entered into DEFI, CEFI. So discounts are not going to happen much more. I think those are flash dump attempts to buy as many cheap bitcoins as possible.
Another thing is that the crypto market capitalization is at a lower level compared to other markets so this is an opportunity for investors.

They are all prepared in this kind of situations, as they understand the value of holding.

Not being affected due to knowledge and skills that they already developed while taking

their position each time they choose any assets that they invest their money. It's all about

how you entrust your money with your own assessments and observations.

You are correct but at the same time there is no doubt in my mind we are seeing some profit taking from smart investors, also it is possible they are seeing the performance of altcoins are giving and they do not want to be left behind.

After all we know that most of those invested in this market do not really believe in it for the long term, the only thing they care about is their own gain and if they see there is another subsection of the market offering more gains then it makes sense they sell their bitcoin and go chase altcoins.

Traders and investors had a great opportunity to increase their number of BTC by 20%, but not many were able to take advantage of the latest bitcoin dump. I did not expect the price of BTC to drop to $47,500, so I did not sell my coins to re-buy at a lower price.

Correct me if I am wrong, but in the last two months, Bitcoin price had crazy ups and downs... a few times we saw a rise over $60k, drop to around $50k, and then rise again! Well, it's a free market, people (individuals, groups, organizations, corporations...) are free to do what they want!

So who is taking profit!? Who bought a long time before is still in profit! And when the price is dropping it's not time for taking profits, it's time for shorting! Who is shorting?! Well, should I say it again... it's a free market, everyone is free to try it! And I guess some have luck, some don't.... it's a market, free or not someone is always short!

I don’t know what has led to the recent drop, but some people, as usual, has been looking for events to tag it to, I have seen a lot of things being said about the drop, but whatever it is, like the op has said, it is a usual thing for Bitcoin. When I checked the charts on coinmarketcap.com I noticed that in the last seven days a lot of altcoins has been growing and they on green, while bitcoin is showing red in the last seven days and has decreased in value. Starting to look to me like the trend is about to change, I guess it’s getting to altcoins season just as I have been seeing that trend in the past few days.

You are right, The pattern is pretty neat and we probably won't see price drop by more than $47K after today. Hopefully we'll see the new ATH in May.

Because this is a free market, I think some of them choose to sell briefly and will buy again at a lower price. Even though there is currently a major correction, many people are still profitable if they bought it cheaply some time ago.

The thing is, 'researchers and experts' are sometimes guilty of causing misconception for newcomer investors, Bitcoin could well get to 80k and even over, but this 'experts' are only being speculative, but then go on to make their predictions assertive, this sometimes causes people to 'invest more than what they can afford to lose', or sell in panic when there's a price correction.

Having said that, all one basically needs to do is believe in the network, study it's historical price movements, research on your own and don't associate Bitcoin only with 'great profits', the Bitcoin network/currency is more than just that, but people only want to be allured with promises of wealth.

I think the newcomers are not people who come as in 2017, if there is a price correction they panic and sell it so that the price falls, here ... now .... they may be more mature ...
and not easy to believe in speculations that may not be specific and speculative from experts. Why is that...?! yes....!!! I saw the price of bitcoin after the bounce ... the price did not fall down like the previous year and this may still be a lot of investors who hold on to the basic assumptions when there is a correction

The market can be absolutely free only in the case of the very beginning, when the players have approximately an equal amount of financial resources and then if the state does not interfere in the situation in the person of the financial regulator ;) In other cases, absolute freedom in the market can not occur in principle, because those who have a significant share in the market begin to try to dictate their terms and very often it turns out to do so. Therefore, there is more of a philosophy of how free we are in this world; D Here is the whole question of how confident you are, because a big profit involves big risks and vice versa, a small profit does not require big risks, but is also more stable.

These so-called experts can say anything they want, but it is up to you how you will manage your portfolio. Are you going to believe whatever they will tell to the public? They are also ordinary people giving some predictions. So it may or may not happen. As crypto market is very unpredictable because of so many factors affecting it, no one can really give you an exact market pricing. Now, it is up to you how you strategize to take advantage of the opportunities. You may lose some, or win some. Either way, it is better to follow your own instincts as it is your own money.

following my personal instincts and referring to the opinions of others, I think that is the best solution. because then we will find a trading style that suits us. but indeed to be able to analyze properly requires process and experience

This is more than just taking a profit, it looks like we are not doing fine at all, it could be a big market correction. I have turned to BUSD yesterday, and many of my friends said I was doing a mistake because the drops until yesterday was just a correction and it would be going up again, but I would have lost another 3 thousand dollars if I kept my money in crypto, I cashed out and now I am all in BUSD.

This is not for getting out completely, I will get back in, I want to get back in, and I will do that if bitcoin goes above 55k again, I will definitely buy at those prices, and you might be asking why buy when it is higher, but I do not buy while it is falling down, I buy when it starts to go up, not at the peak prices, but during the increase itself. 55k is not the peak, 64k is, and I wouldn't go back in there, but if I can buy at 55k and sell at 64k that will be great, however if it fails to go to 55k at least I am fine at BUSD.

You think logically. You want to save your money and it's ok. But when you left (turn to BUSD) you push the price down. And A lot of people doing the same. They don't check news or reasons why price is lower than it was yesterday.
I also think like you, but I'm not lucky man and I got burned on this.

It is good to put the returns into perspective across different asset classes. I think we all know that bitcoins can't rise forever. Markets tend to follow cycles, there will always be an up and down phase. It remains to be seen if we are in a down phase at the moment. Taking profits is fine, but would you really sell your coins for 50,000 Usd when the price was close to 65,000 a week ago? A rally could happen suddenly again, I would keep my coins at the moment.

The sudden drop was enormous that it only took a day to drop off from 60K to 50K. Probably a big company dump their reserves plus weak hodlers were intimidated immediately. Although its normal to markets like these, what happened was alarming and news about theories were coming out fast.

The market has performed incredibly well in the past months, correction is needed for a more healthy market. People need to save their health by constantly removing eyes from the market. Sometimes when one is apprehensive, one could quickly sell off and hope to buy lower but will end buying at a higher rate.

If we are honest most of the people that are coming to the market these days are doing it because they want to get profits, and I do not blame them but the volatility of the market is so high that anyone that only cares about the money is going to get ruined unless he is an expert trader.

It is widely known that those that do well with bitcoin are those that actually believe in the technology and this is because when they see a crash like the one we saw some time ago they do not panic and they can keep holding their coins and they can be part of the recovery we are experiencing right now.

Some people may be taking profit like Tesla did in the Q3 report but the way I see world economy today, there are a lot f free money out there looking for where to invest their money, where in the world do you feel safe to invest your money and give good return like Crypto, Gold, Real Estate are good picks but the return is not close to the huge return from Crypto and I believe those selling now will buy when it is more expensive

I talked about this last March and I say it again ... 12 years have passed since the last crisis, and since then the world has changed a lot, (in the sense that it is difficult to surprise our generation, therefore, for the economic psychosis, a really new and powerful impulse was needed). Covid, this is exactly what the Lyuli have not encountered for a long time and mass psychosis against this background was an excellent reason to bring down the markets and at the same time make good money.

Take profit at this time to secure assets is a pretty good choice, the right timings are the people who start who can determine. So, the importance of understanding market analysis is at times like this.
Manage mentally so that it is not easy to panic and greed is also needed. Sometimes that damages the analysis is a grament and less grateful, so often crashes the analysis that has been made before.

For those who buy at the top, it seems to have to be patient or use Cut Loss then look for other alternatives to cover losses.

Selling off with their bitcoin at this time of correction is still a strategy for some investors to make profits as they have still plans to buy back believing that bitcoin price will go deeper. While some investors are into panic selling more particularly those newbies, other investors are holding their bitcoins even if big correction comes, they won't resort into selling because there are high chances of profits if you'll sell bitcoin when its already in its peak price and not in its deep price.

if you pay attention to this kind of thing as if it were a game. when there is a panic sell and most of those who do are small investors as if they are left alone, until there is an opportunity for whales to buy in large quantities and create panic buy and finally got profit

I second that, and for users who believe in the network and have carried out research on the historical price movements would already be knowledgeable in what price corrections are, and when they happen and the price falls/plunges for the meantime, it'll spike/appreciate if the investor hodls for a while; but the thing is, it's more likely the scenario only with Bitcoin, for Altcoins that are more of pump and dump coins which I do not consider as long term investments, it's best to take ROI when you have the chance or before the coin dumps.

You might be right, but have you noticed that bitcoin has been really strong around the $50,000 price and it hasn’t stayed long below that rate, anytime it does fall below $50k price it quickly recovers again and starts moving up.

But, even at that I do understand that at every time in this cryptocurrency market we have got to be really careful because we can lose our money at anytime, so it’s very important that we plan really well, and if it’s possible we can be taking little profit at every up movement that the market makes, that way we wouldn’t be losing much if it happens to fall.

well, thats how it all works.Lots of people are useing same strategy

right, careful must always be implanted in us. currently bitcoin has surpassed the previous highest peak, and we don't know whether this trend will continue or will there be a correction first. Even though there was a big withdrawal at Tesla and there was some negative news, FUD didn't happen and bitcoin recovered at a price of $ 50000

Correction is very necessary for a healthy market, but unfortunately the average correction occurs due to BTC dumping, and this is due to the FUD news. less natural. for those who buy BTC or other coins at a bullish price their psychology is definitely disturbed, and their analysis is needed, and must keep calm.
always wary of the hard enough crypto market is the solution. Don't forget to reward your self, while the market is still good,..  8)

Bitcoin is the one.
When most people can take profits from Bitcoin so far during the bullish trend, it seems very usual. but actually, this will only happen to those that deserves this. The cons are about many beginners are very hard to learn, they prefer to take profits instantly and join everything without any analysis and then ended in scams.
And for us, the market taking profit is something very usual and they will be still volatile so it is better to take profits as long as we can be based on our own strategy.

The strong support at that level indicates that this bull run is nowhere near its end, it is true that we are having trouble going up but I really think this is because investors are getting distracted with altcoins and putting so much money there that they are forgetting a little bit about bitcoin.

Personally I do not really have any kind of problem with that because that is going to help people to accumulate a little bit more bitcoin before the bull run resumes in the bitcoin market, however despite the fact that this is the most likely outcome we need to always be ready for any circumstance actually happening because as we know the market of cryptocurrencies has a tendency of crashing at a fast speed and this is because many traders are using too much leverage and then they get margin calls, crashing the price and generating even more margin calls in the process.

I am not a trader but likely I am a long term bitcoin holder. It is very common that we experienced bullish and bearish market every year. Even that kind of pattern is very important for me, because my habbit is sell when it's price go up and buy when it's price go down. By what way I can increase the amount of bitcoin that I have. Although I am a long term holder but I always take profit in bullish market trend.

Bull run will continue for sure but I am not sure at where, thats the question here. I mean we are talking about altcoins pumping so much recently that we forgot that bitcoin was 64k at some point and its nowhere near that level anymore. This is the problem here, we are not seeing that bitcoin is not going up that much and we should be able to see that first hand before we can say that there is another bull run.

I do not mean that altcoins going up is bad, they can go up, if you think I am talking about dominance I am fine with bitcoin going to 100k and ethereum going to 15k, let altcoins go up higher faster than bitcoin but we still need bitcoin to go up. When bitcoin drops, when many coins drop, and then dogecoin goes up, that is not a bull run at all, that is just some people making some quick profit and that's it. Which is why we need some more bull run to confirm what we are doing.

What do you mean that we are not in the $60k levels? The price seems to be on the sideway patterns of $55k-$58k, and so if ever their is an imminent break out run we can touch $60k++ again.


Patience is the key, we still have at least two quarters before the end of the year. There's so much thing that can happen, maybe we can see the price hitting $100k at the end of the year. It's just the market is resting, or maybe investors are into altcoins right now. But we all know that some altcoins growth are not going to be sustainable and I reckon that smart money will flow into bitcoin again.

Yup, as a daily trader your main aim should be making some small profit with the daily up and down in the market, and that’s how you’re going to be profiting. While as for long term traders, they invest and plan on holding for a long term till the price goes up.

Moreover, I am not ready to accept that most of the people are taking profits right now. I believe some people might be doing that as they have misjudged about the future of bitcoins but people who are all believing into the final ATH yet to come, might be simply holding like how I am doing for years.

It doesn’t seem to me like Bitcoin is going down ::) even if it will, not anytime soon. The price has been moving upward since, and with the kind of news that I have been seeing about lots of institutions that wants to invest, I don’t think will go down for now, although I do know that there will come a time that a lot of these institutions will start selling their assets, and that’s the time the price may crash, but not now, as they are all just starting to invest in the cryptocurrency market.

It's normal that people are taking profit but as you can see all lows are quickly bought back.

Profit takers are not going to keep doing it forever. I feel like some traders are moving from Bitcoin to altcoins because coins like doge and chainlink made large gains and bitcoin compared to them looks boring. Traders are following volatile coins and it doesn't mean Bitcoin is losing momentum.

Don't forget that we're still in bull market.

If you're not expecting huge price drops in an asset that is defined by huge price volatility, that's on you I guess? It wasn't surprising to me and it won't be surprising to me when it happens again.  It was only a 20% drop, which is pretty routine even in assets that aren't defined by their volatility (like the stock market at large). Bitcoin has suffered far worse and will suffer far worse in the future.

long term trading its better if we really want to take gain for long time. return or gain maybe bigger than short term trading and also our psychology not under pressure just like daily trading. buying and selling frequently in my opinion will collect more profit than just hold it. we could accumulate our bitcoin by this strategy , i am already use this strategy and very work for me.

Speculators are just doing their thing, as we know they do not care at all in which market they make their money, they only care about making money no matter what and they are seeing in altcoins the best means to do so at the moment.

As soon as bitcoin is once again making profits many of them will comeback to the market because even if they know the profits they can get out of the altcoin market are bigger they also know bitcoin is more predictable than altcoins which gives their systems a better accuracy, lesser costs, fees and taxes to pay which is important, so we need to be patient, sooner or later this is going to happen and we need to be invested in bitcoin so we do not miss the growth that is coming.

Expected because everyone is in profit and some of people those are holding from earlier they are selling their hold so that they can viral some rumor and panic the small investors to sell their holdings and reach the market down so that they can again buy those at the deepest price. Those are the whom we call market manupulator those have the power to do it. And they use their usual power to grab their own profit. And always stay in profit. We are small investors and traders what we can do? We can do our best for our profit thats it.

Like you rightly said I don't think we should be so bothered about the drop, we saw the rapid increase from $18 last year November and how it transcends to the $65k you talked about, let the market shake off and let the pump start afresh. Just forget your portfolio for now and you will be good

But we should be mindful on our holdings too because opportunities for you to sell doesnt come often this is why you should be at least aware on when to get out and take profits.

Unless if you do go for long term then this wont really be an issue for you but if you are just swinging off basing with trends then be aware on when you should get out.

Market cant be called a market if the price is just moving one path or way or direction.There would always be uprising and downward movement thats why you should really be vigilant.

Only weak hands will fall for this who doesn't have a clue about how the market works. Of course, whales can manipulate the market but if you have enough knowledge about the market you won't get fooled by their pump and dump action. Just HODL if you think the market is against to what you see in the news I'm sure weak-handed people will surely dump because they think the market is going to end its bull season.

Be wise if you are here for a long time in this market and stop falling to their traps. How many bull run you should experience before you realize it's all the same routine that these were doing just to get profit?