Bitcoin Forum

I wonder what really triggered the price of bitcoin to dump this hard. From its ATH of $65k to $30k, that is already more than 50% dump. I don't think Elon Musk is the only one responsible for this because I often read people only blaming him. It's like ghost month came earlier than we expected.

And also, if institutions and many people are buying this dip then who are these people selling their bitcoin all the way down to earlier's dump. If these people are new to crypto and are panic selling, can it really drive the price this low?

The Elon Musk tweet might have really affected the price. Remember he used to be a supporter of bitcoin, but recently he went full nuts and becoming anti-bitcoin and that might have an impact to most bitcoin investors and then we have selling pressures, newbies panic, so we go on a capitulation 50% or more, and we could call this a crash.

Maybe others are selling because they are afraid that the price could even go further down. And will probably try to re-invest when the market settles down.

Simple answer, FUD. Multiple bads news against Bitcoin plus a bearish chart signal piles up to form this massive dump. Most of the holders become fearful because all this price action happened within this year only. Everyone is awar what happened during 2017 so everyone is very cautious about dump.

its like the investors forgot that Visa and Paypal had been allowing crypto so the fud is still stronger than what catalyst we have.

it had already dumped. it could actually dip to $20k if it continues to fud about electricity and China ban even though the ban is the same as what they were saying years ago. but if everyone expects this dump to happen because the price had already reached its very top, it's expected to happen. what you can't expect is when exactly can it go up again. June is probably a good month for BTC.

Well, a lot of things have triggered the dump - China FUD, Elon FUD, recent US regulation FUD, but those things are not the main reason behind the crash. We've seen similar news having little effect in the past.

What happened is just a speculative market cycle. People were buying BTC because they hoped to see something like the 2017 or 2013 boom, when the price was doubling within months or even weeks. "BTC to $150k, BTC to $300k" - these were the goals. But as you can see from the chart, at around $60,000 range the buying was slowing. So, investors decided that the bull market has lost its momentum and it's better to take profit and wait and see what happens next.

Just like the price goes up because of hopes of higher price, it can also go down because of fear of lower price, so the continued selling just fueled more selling. The news helped this sentiment, but they alone can't be responsible for such a big crash.

IMO the era of huge bull runs is over, because when everyone expects that the market will reach some high point and then crash, it would never reach that point, no one wants to be the bigger fool. This time the price started at $10k and topped at $64,500, the next time the difference between start and top would be even lower - maybe 300-400% or less. This is what maturation looks like.

It is always a combination. But Elon might have indeed triggered it. I'm more than sure things would have been a lot different today had Elon not made that infamous decision.

Anyway, even before Elon released the statement that Tesla does not anymore accept Bitcoin, there was already a correction. It was long overdue, but I guess the overall sentiment was still bullish.

It was only when Tesla's news started spreading around that the price started to spiral down. However, I suppose the severe dumping was not caused solely by Elon. It was largely caused by the spaghetti hands who are reacting emotionally to the news.

I think the China FUD is going to be the biggest reason for this recent price dump, they have the biggest customer base so banning the services there is definitely going to hurt the market for a short time but the bitcoins will be bought back again in the long run and the prices will recover and continue its climb to another ATH.

I feel that in the near future, if you are right. There would be no longer huge ATH. Maybe there would be gradual increases and sudden downs followed by gradual increases again, not what we saw in the past few months where the hype fueled the coin upward. Those who bought at the highs will have to wait for their Bitcoins to give them their profit or risk selling at a loss. Those who are trading with the alts will have the most difficult time as well, in my opinion every alt will be affected by what happened and all of us traders and investors will be more careful trading in the dips (unless you are bold and knows a lot about technical analysis).

I think this dump is inevitable. The Growth to $50k was just too much and it stays above that for a very long time. Even if Elon Musk did something different, it will still happen. It's just that Elon Musk was holding this dip for a long time. Now that Elon Musk stops supporting Bitcoin, it started to happen.

But hey, lots of cheap coins on the market so I ain't complaining.

In short, we can add this China FUD, China banning Bitcoin is always expected, they always banning Bitcoin for almost every year, nothing is new.

What is on my mind are the retail investors, they got triggered all of those FUD, and they got a weak hands and solf off. They are afraid, that's why we saw a very huge red wicks.

If you observed the outflows of Bitcoin on some exchanges are starting to rise again, a lot of people included huge institutions buying the dips.

They will learn their lessons, I am pretty sure about that, everyone has their first times, I didn't have the same reaction as these newbies when I was one since a lot of my friends taught me that this is just a temporary thing happening so I did get lucky there.

same question having in My mind But lucky me that i did not saw the 30 fall late night because if does maybe i panicked and sell all my coins.

Now that i checked is that value climbs back to 40k and also i have to buy now and to get ready for another Pump .

Most whales took some profits, and they have already bought at the dip. I mean, they have a lot of control and power. Additionally, institutional investors have been investing more, and I think it's that time of the year that some people do get profits. I think it could've gone lower. What saved it, I think is the tweet by Elon Musk saying that Tesla has diamond hands. It just increased in price. That's a lot of power for sure.

In fact it is very difficult to give accurate information about the market and do not always understand the huge difference between pump dumps. But when the pump did those who sold made huge profits. Therefore one has to be careful about the market before investing.

The  "catalyst" is of course the combination of Elon Musk FUD and some other FUD about China banning bitcoin among other things. However, that only started the drop below $55k the rest is due to market manipulators trying to capitalize on the existing fear in the market to empty weak hands' pockets.
Otherwise despite what some people believe a random FUD alone is not responsible for such a big market crash.

Of course it is difficult to give an accurate information for the market because if it is that easy then we would all be rich by now. I think that being careful when investing should be a given and it isn't needed to be said, I think that anything that has relation to money or finance, we should automatically be careful about it because in this capitalistic world we live in, money makes the difference.

There was no specific catalyst, it was the sum of the factors

China FUD is fundamentally the most irrelevant one, because nothing really happened, China simply reminded that they have banned their financial service from dealing with crypto. They didn't impose any new restrictions. And they did it because Bitcoin was already crashing, and just like before, anytime there's a huge volatility, China reminds their financial services to stay away from crypto.

The main catalyst is the lack of serious correction since 2020. The next few weekly candles will make things clearer. I am keen on a sideway time after this massive bloodbath.

How do people can think Bitcoin will rise up forever without significant Big Red Candles (weekly)? They only talk about Big Green Candles.

Any coincidence for 2017 and 2021 markets?

Bloodbaths in the middle of bull run are preparations for the second part of Bitcoin parabola. The next bull phase of Bitcoin would be began in August and blossom might be seen since November.  :D

I think the most obvious one here would be the Musk tweet, though it isn't the only one. Like it or hate it, Musk has quite the influence towards the behavior of some investors, and when those investors move, others would also eventually follow cause of FOMO. Though the dump shouldn't also be reasoned out only cause of Elon, a correction was bound to follow after the ATH way back then, and the price has only continuously fell down slowly after that. There was also all kinds of FUD now after musk tweet, so that's also a plus for a reason.

Elon Musk and Tesla boosted Bitcoin to $65k and the yesterday correction pulls it back to where it began. Elon Musk and Tesla are not responsible for rises or falls of Bitcoin, please stop blame everything on them. They have somewhat contributions but not all.

Bitcoin in the long run will grow but it will neither rely on Elon nor Tesla.

No randomness and no coincidence in the market. Everything are planned and set up. Indicators, news and sometimes exchange maintenance.

News are the tip of icebergs but most of participants in the market believe that news are causal reasons. They are not, indeed.

China? They have never accept the term cryptocurrency. How suddenly yesterday they said that they did not accept cryptocurrencies? Unbelievable fact but many people believed in that FUD.

There are days people connect every movements of Bitcoin with China, ETFs, SEC, and recently it's a turn of Elon.

Any sharp movement in the crypto-currency market is a combination of a large number of factors. Not a lot, - Elon Musk, not a lot, - a fall in American indices, and of course - a simple human panic. Time will pass - prices will recover, but this "lesson" of a good fall in prices will cool the heads of many and teach them to be more careful about the crypto market.

I think that the panic selling,caused by Elon Musk had a "snowball effect".The panic created even more panic.
Lots of stop loss orders on the crypto exchanges increased the selling pressure and the people,who want to buy the dip are waiting for a lower price.I think that the price had stabilized a little bit at 38-40K USD,but this might be temporary,since we don't know when Elon Musk will start again tweeting BS about Bitcoin.
The current price crash showed us that the Bitcoin price was pumped from 30K to 65K by one guy and the same guy dumped the Bitcoin price back in the 30-40K price range.

If all bitcoin owners had the exact same amount of bitcoin, yesterdays monkey business wouldn't and couldn't have happened.

The more disproportionate the bitcoin distribution is, the funkier the things that can and will happen will be (in both directions). But that goes for any market, not just bitcoin.

Bitcoin is more susceptible because few understand it and panic more easily, and also because so many coins are off exchanges.

Elon musk has been a big supporter of cryptocurrencies even helped in increasing the value of btc earlier this year though he said few things on Twitter that actually caused the fall of price, made the market to dump about 30%.
He's not the only issue that made the market to dump China Banking Association warned member banks of risks associated with digital currencies. Other digital currencies suffered sharp declines as well and the dump wasn't on btc alone even ethereum dumped to $2k.

I think it's not possible to deny this dump was mainly caused by Elon Musk, because it's a fact right after he tweeted Tesla was going to stop accepting bitcoin as payment method and that bitcoin is harmful to the environment, bitcoin price started crashing. Of course he wasn't responsible for the entire crash, but it was him who started the fire.
After seeing such news, speculators sold btcs as well, to take the opportunity for extra profit, but already thinking about buying the dip, like always. But it's important to emphasise the cause which triggered the crash was Elon's tweet.

According to the analyst, Elon accelerated the dump that will eventually happen in the future but it could result in a full charge for the bulls to come running up again. There are many analysts actually are warning that it's about to fall and so it did. Luckily it ended quickly and bounces again to $40k, its more like a bear trap.  But I wouldn't be too confident to send money from my own pocket to invest today.

I assume, that Elon Musk has a good reason.
It looks like if you hold on to over $ 60,000 you will only get a little profit for a long time. because they control the market, of course, they need to get twice the profits involved in a short time.

There are a few reasons why it crashed all the way to $30K.

First one is that there was lots of people who first invested in bitcoin at $32-36K area. Look at the daily chart, this is the area where we spent alot of time in. If you look at volume profile there is lots of volume in this area. Most likely these people never took profit at $65K and instead they just put their invested to sell at break-even and hence why it had a huge candle in that area.

Second reason is most likely everyone selling prior because they assumed Tesla must of sold because it was hard to describe what Elon meant in certain tweets. Especially when he said "indeed" to someone saying that "Tesla probably sold BTC" and it caused all this panic.

I know the market will recover but it is really important to get an idea of what caused such a rampage within days. I was watching all this and we friends at telegram were distraught because these things earlier only used to happen when the market was small and a single whale could manipulate but this happening in 2021 shocked us all.

Ethereum and other coins are just dependent on the bitcoin market because if BTC is crashing you would always see every coin dropping almost by the same margin if not more. This also shows the domination of BTC in the market though.

I think like always we will never be able to find what actually caused this rampage and who was behind it. These things actually bring a lack of trust and safety in our already volatile market.

-China Ban
-Fossil issue
-Elon Must Tweets.

Here are the several reasons on why we had dipped down in price in the sense that we didnt expect for it to happen but eventually we can really still have the chance
to recover and honestly this is the best time or spot for us to buyback on cheaper coins.

These events might not be precise but its quite evident that these are really enough that can shake up the entire market.

Elon musk is not the main cause of bitcoin prices down, but Elon musk is the first cause that makes bitcoin go down. then followed by an announcement from the Chinese that banned bitcoin suddenly. With the considerable capability and influence of Elon in crypto, of course the u-turn announcement on bitcoin has quite large consequences. besides, Elon is also a big bitcoin holder

It's true that he alone and his followers shouldn't be able to crumble the market but I think what happened here is that as the market started falling more and more panic and set in among the holders and everybody started selling which again did the same thing.

Here is what happened according to me.

Steve holds 150 BTC and won't sell below 35k

Joe holds 100 BTC and won't sell below 40k

Harris holds 50 BTC and won't sell below 45k

As the market started coming down, it is Harris who first sells but as he does that, he brings the market down by more and imagine this is 1 guy, there must be millions doing the same. So once it comes down to 40k, it's joe and the million other joe who will sell and that would trigger Steve selling his coins. This is what happened from what I understand.

The issue with Saylor is that he is way too overexposed to BTC. His problem was buying more and more, and borrowing money to buy more and more. He had a great entry at $11K at first however he kept adding more and more as the price went higher and higher. What is worse he borrowed debt to buy more BTC. And every week or so he was tweeting that he bought 200 BTC here and there.

A few days back he tweeted that he bought using the Cash app. So most likely he is maxing out his credit card buying bitcoin. He seems addicted. And its great and all. However if bitcoin keeps dipping into his average, he might get in trouble and might get pressure to sell some of his holding. He has like 100K BTC which won't be easy to unload, especially in a neutral or bear market. Hence you need to becareful.

well, maybe the trigger is Elon Musk because when he withdrew bitcoins from Tesla, the price dropped dramatically until recently. yeah, I think the reason this is happening is panic from sellers everywhere because of the statements from Elon Musk and China. Until now, I still hold onto the assets that I have and hope that prices will return to rising and be stable. However, it is quite difficult to make decisions at times like this, moreover, prices are still falling.