Bitcoin Forum

This is the worst dip we’ve seen yet this cycle, but we’ve seen lots worse in previous cycles and bitcoin still came back to rally when the time came. Be patient. one bad thing happens and everyone seems to forget the long game. This is exactly how they want you to react so they can have your bitcoin.

I don't think it's everyone. There are people who have seen bitcoin to drop under $3.5 from $20k not long ago. Bitcoin history and volatile price movement is attached closely. It's the noobs who are panicking, and they will always panic until they spend a few years in this space. There will be new noobs all the time though.

Why do people think that an ATH will be the new "stable" price? From what I have seen that is rarely the case.

Because a lot of people on the market are ungrateful pieces of shit that thinks that everyday is a green day for the market. They are greedy so they can't wait for it to go up because they want to replicate the profits of the early adopters who got a lot of money hodling bitcoin.

its always been green if you just zoom out because bitcoin started with zero. but then there is always up and down in different time frames which we always focus on when we become traders. elon trying to crash the market can be look at in both ways like the market has to go down first before going up again.

even though he had crash the price, the chart is still running sideways. it doesn't plummet like a red candle actually breakout the support. and this is an indicator that there are traders buying the dip.

The "cycle" starts from the previous ATH when the bubble bursts or you could start it from the time it reverses and goes back up. The bull market also started a lot time ago when we broke $4k resistance.
In that "cycle" we have already had much worse drops that were a lot bigger than this. For example the two times price dropped almost 50% from $6k to $3k comes to mind.

To be fair it's not everyone though, I bet it's only those who follows Elon Musk and his shills that's panicking right now. They probably feel betrayed after what Elon did to Bitcoin. Though I guess he still into Doge coin, looking at his recent tweet.

https://i.imgur.com/ke2wYkZ.png

Just chill out and observe the market, don't be so sad when you see a bearish market.

All of us are aware that bitcoin is volatile and before it reached a new ATH this year, it also went a bearish market.

Be optimistic and understand why bitcoin is moving like that, it is not only Elon Musk who can manipulate the market but also other big investors.

Tell that to those people who go on a rampage on Twitter on Elon Musk's statement regarding bitcoin. The reason that I think that this rabid people are acting stupid is because they are greedy and they felt like the need to make a lot of profit at shortest time possible.

Those who already know or have been in past cycles aren't worried. I know I'm not, I've been through worse, why would I panic?

Besides, the rise before this crash was also quite sudden and Elon-based. Now we can give back those gains and grow more logically.

If price doesn't reach the desired peaks, it's okay. It means it wasn't ready yet.

Exactly. I felt it, and I was sure it would happen.

Facts. Yes, the recent dip probably had something to do with musk, but that's it. It just happened, nothing permanent. We're in a volatile market, being surprised by a dip, no matter the reason, seems kind of weird since the moment you entered, it should have been quite obvious what volatile means. Though honestly, it's probably more that they're hating on musk, not about the price dip or anything, but rather the negative idea musk puts out about Bitcoin and the environment.

When bitcoin grows, these people talk about astronomical prices, and when bitcoin corrects its price, these people talk about $ 7,000 bitcoin. We need to correct this idiotic thought.
Personally, I was very happy with this drop because I found a new opportunity to enter the market and I know that the capacity of Bitcoin is higher than these figures.

most of people are in panic, it always works like that when we're suddenly in dip but people who have experienced of past cycle will stay calm because no matter what the price will eventually hits ATH again and that's not without reason, simply put the development of blockchain in many aspect is enough to guarantee such thing to happen again in the future. not to mention that this is exactly what people would expect after reaching such high ATH, none of market could hold on for too long around the peak except the market itself is preparing for another bullrun and that also usually accompanied by accumulation through the dips.

We can't actually blame them for their acts of panic since this is one of the worst dips we've had ever since the bull run occured once again. But we still need to believe in bitcoin because even though it experienced the worst dip during the 2018 dump bitcoin was still able to return strong and rally once again. If we would be careless with our decisions, we should expect regrets as bitcoin gets back up again. Many people have already experienced much regrets before when the bull run happened again last year.

Now there are a lot of info reasons that somehow affect the bitcoin exchange rate, recently more and more information appears in the press about the introduction of new bans and restrictions, for example, the latest news from China, as reported by journalist Colin Wu: "Three associations under the People's Bank of China (NBK) have issued a joint notice prohibiting companies from supporting business related to cryptocurrencies." The document referred to by Wu was signed by the China Banking Association, the Internet Finance Association, and the Payment and Clearing Association. They recommended that citizens refrain from investing in cryptocurrencies and reminded that such operations are not protected by law"

I am certainly that very few people who saw the free fall actually bought up the dip, on that day or a few days later. They only watched and hesitated. When their fear was gone, Bitcoin already rallied in a V-shape.  :-\

Newbies are most vulnerable participants in the market but senior traders or investors can feel panic too. There are winners and losers in the market and a senior trader or investor does not mean that person is a winner.

This dip is not the most terrible one in history of Bitcoin. Terrible here is for losers but for winners, they see such deep dips are perfect chances to enrich their balance. Please review some corrections in 2017 bull run and 2 topics of mine.

• Bitcoin price history -- most profitable and bloodiest months, days (https://bitcointalk.org/index.php?topic=5298742.0)
• Bitcoin Streaks (Rise/ Fall) - 2013 to 2020 (https://bitcointalk.org/index.php?topic=5301867.0)

That is something I don't understand. How can China be so hostile towards bitcoin since most mining bitcoin power is concentrated in that country? Theoretically they would be more benefited if China were friendly to crypto currency, especially bitcoin. Or are they just trying to avoid common citizens from adopting btc, while the government and some vip citizens are incentivized doing so?
Anyway I think it's not so impacting for the market, because these news coming from China always follow the same pattern, and as said above, they are the main bitcoin miners in the world, so it makes no sense for them to prejudice bitcoin.

I remember that back in 2019. It was stabilizing for quite a while above 7k then it slowly went below 6k. I'll avoid to term "crash" as much as possible now, because it is kinda discouraging word to use. :D
Somehow I wish that became a lesson for a lot of people to still hodl on their coins. It's like they wanted still to see below 1k before they even learned anyway :D .

Same as ETH actually,,, remember that it was struggling many times to get above $400 then, and even the same in the current rally, $400 was a big problem. Crashing back to $90 again to effectively lose 75%.

It was never the end for either coin and this is also for sure not the end. Relax and enjoy this dip:)

I'm a total noob. I bought my first bitcoin around the time of the ATH, so the value of my bitcoin immediately plummeted.

You guys have really helped me to be zen and see the opportunity in this. In a few of days I can buy more, and wait for the price to (inevitably) go up.

Due to the collapse of the bitcoin exchange rate, many exchange users experienced problems logging in to coinbase accounts and binance suspended the withdrawal of Ethereum and ERC20 tokens, users reported that they could not log in to the coinbase exchange.

Founder and CEO of Aerospace Michael Saylor tweets that the companies he controls have purchased a total of 111,000 BTC without selling any satoshi, only hard hodl. :)  https://twitter.com/michael_saylor/status/1395010922473738240

Well, not everyone has started investing in the genesis of the bitcoin market so that's a far fetch optimism to be fair. I know the reason for the market movements, what I was pointing in my previous post was that people wants to get instant wealth right then and there the moment that they'd invested.

Now the main thing is not to panic, but the panic still continues and this only worsens the situation.

Yeah, we've seen worse than this. And we should already be accustomed to movements of Bitcoin price. It is not a stable coin in the end. It won't just stay at a level or increase forever. We will always continue to see this kind of falls also. I see it as a good opportunity to accumulate more.

You are right and people shouldn't panic but I believe that panic selling during any price correction or dip in cryptocurrency is something we cant take away. I know some investors to be like, weak hands are the ones selling, that means we have more weak hands in crypto than we think. People have seen this happen over and over since the existence of bitcoin, don't panic sell but they do, some will make even bigger profits in the process others will get recked and we have the HODLers that will hodl through any weather until the target is met. This will always happen and I don't believe it will change. 

He doesn't need to say it, but nice he did. He's a BTC maximalist anyway and not a speculator so we all know he's storing his company's value in BTC and believes in it long term.

Eventually the market will display the truth. Speculators sell and we get the real market value which is what we have today.

Panic will attack people who can not be patient with the current market and they do not want to learn why and how it could be.
If they can have more information about what will happen to the market, even if the market crash like today, they will not panic and can calm down while seeing their opportunity to buy back more.
People involved in bitcoin from a long time ago will not panic because they know that this current situation will always happen to the bitcoin market and they will not complain or sad to see the price is down.
They will use this time to buy more bitcoin as they will think that this is the best time to buy bitcoin at a low price.

I think that only newbies who have come to the market within the last 6-12 months behave this way. These are the people who do not know the history and do not know about the events of 2017. Those who have been on the market for a long time and did not give up before, but, on the contrary, picked up everything at a low price should be in profit even now after the "black Wednesday" that was yesterday. So it's just hamsters that come and go, and the strong old community is still there.

Yes, many behave exactly as if such price drops had never happened. This is just a banal panic and the lack of a balanced strategy, which in turn leads people to a stupor. Many have left the market, many have lost their deposits, but a few days will pass, fear of the market will go away and everything will start anew - the market will grow until another inexplicable and unexpected fall. This is a crypto-world, these rules were not invented by us, but it is necessary to learn to "play" according to them.

For people who had just joined this market then they are the ones who would really mainly react with this price movement but for those who had been on this market for years
then these situations wont really giving us out some shocked but rather seeing the positive side of things where we can buy cheaper coins because its anticipated that nothing
do last forever on having that single path of movement which is uprising on where there would always be the probability of correction or dip in price.
For new people out there then this is just a typical movement and nothing is something new with this.