Bitcoin Forum

I am very sure this has been the area of concern for the past 7 days to everybody around the world who owns a fraction of bitcoin, as its value continues to fall day by day, leaving people in fear and panic as billions have gone to the drain with this sudden fall in BTC, which it's still falling and nobody knows when next it will turn bullish. Whereas, others have gone on to Twitter with a hashtag "Could this be the end of Bitcoin", putting many in fear, as some has quickly made its swap to USDT, while others cash out, as its value, reduces drastically, which is the main reason I made my research to know what would have been the cause of the sudden fall in the price of BTC, and I was able to come up with these following reasons below.


1.    China Bank Association

From my research, I was able to understand that the price of BTC fell by 29% on Wednesday after China Banking Association warned its banks of the risks associated with digital currencies and placed a ban on cryptocurrency, which this action resulted in a sharp fall in the price of  BTC and also the fall in other altcoins like etheruem, Litecoin, and Dogecoin e.t.c


2. Elon Musk

From my research, I was also made to understand that Elon Musk is also the reason for the sudden fall in the price of BTC, but if in case you don't understand why people are saying so, let me break it down for you. if you could remember, Elon Musk, who happens to be the richest man in the world, and also the CEO of Tesla (A company that produces electric cars) back then in February 2021 made an announcement to have invested $1.5 billion in Bitcoin, and that Tesla will start accepting bitcoin as payment for his electric cars, of which this action of his skyrocket the price of bitcoin back then in February to almost $63,000 per Bitcoin, and just recently, that same Elon musk have come up this May to say his company Tesla will stop accepting bitcoin as payment for its electric cars, reason been because of the volatility of its nature causing its price to rise and fall, of which this very action of his is the reason for the sudden fall in the price of bitcoin.


But, no matter what, whether Elon Musk accepts our bitcoin or not, for the fact that bitcoin has been in existence since 2009 till today, it will surely prevail.👍👍👍👍👍


So, whether Elon accepts bitcoin or not, there are still some big companies that accept bitcoin or planning to accept bitcoin. And here they are:

1.  Overstock.com accept bitcoin as payment for it's goods.
2. MasterCard has said it will soon start accepting bitcoin on its network, and
3. BNY Mellon, the oldest bank in the US said back then in Feb, that it will soon include bitcoin in the service it provides for its clients.


So, that means, our bitcoin must surely prevail, no matter the storms and thunder it faces today.


So, Thank you... thank you... and thank you so much for finding out time to read my research findings...

I remain your humbled junior member in this forum bitcointalk... God bless you all

Plus look at the price graph over this bull run, it is straight vertical. Definitely not sustainable.

Price is falling not because of news in reality. Those news are FUD and not real things are going on. Price is corrected because it rose sharply in short period and there is no real big correction.

Corrections are fuel and vitamins for higher highs.

OP you also forgot that we have stupid and greedy people on the market that panic sells whenever the prices don't go in their favor, they are a really big group because once they panic sell, they move the market a lot and their panic is infectious that other people might even consider selling.

Yup suddenly alot of enthusiast swap to usdt when they saw tweets about bitcoin massive decline, it's very surprising actually and even us we didn't accept the fact and results that it will continue to go down more like breaking all the support level within weeks because of that reasons.. This is very alarming especially on this current level of bitcoin.. If this ppl continue spreading negative for sure bitcoin will go down more.

Well let them sell and let them loss, all we need to do is to hold and be patience to get profit soon correction is normal and the price van normal drop down because of correction but i believe that after the correction we can see new ATH and new price is a high peak. So waiting is the best strategy panic sellers will always loss.

Nice one, we do think alike in terms on how we feel about this people panic sells. I do agree that's what we should do since this is just another hiccup in the progress of bitcoin going up to 1 million USD per bitcoin. I like to think of this dump as an arrow being pulled back only to have it go much higher, the more we pull it down, the higher it will soar.

Then buy bitcoin when the price is going down and HODL if you believed that bitcoin can go up again in the future. Those negative news are part of the market economics, because without it, we won't survived, we won't have this kind of boom and bust cycle.

So let the negative news comes along, and for sure we will survived this kind of attack. And then we will see these FUD not having effect on the market eventually. So still a win win for us in the end.

Sounds legit , it looks like the trend is just being pumped and there is no actual support for sustainable value.

In short we are being fooled by whales again and the institutional investors aren't enough to hold this High market.

enerally down bitcoin because it is consumed by negative issues from various elements both media and elements of society at large.
As a result of this issue, many beginners panic and worry, resulting in panic selling regardless of how much the panic costs.

From a technical analysis perspective, that’s very true. It was obvious all of the whalecumulators’ sells were already happening BEFORE Elon Musk’s FUD, and BEFORE the China FUD. We were, OR I WAS, too bullish to see it. BUT, would I have sold if I knew? NO, only HODL!

Corrections are absolutely unavoidable.

News are support for the corrections and there market need this healthy correction for longer growth. The pandemic, QEs bring more gamblers, newbies to the market. Few days ago crash is to get rid of those gamblers. I am sorry for their loses or liquidations but it is the fact. It is how market eliminate gamblers

Sell to wait and buy lower to get more Bitcoin. If you can not speculate things as a time Traveller, hodl.

React with news and join the newbies, gamblers crowd is bad.

I think people need to think more about sadness to see the down of the market and the negative news because if they can see it clearly, they will see they have the opportunity to buy more bitcoin at a low price. That means they will get more bitcoin than to buy at a high price and hold it for a while, and they will see that the bitcoin price will increase in the future. Perhaps, bitcoin price will not stay at the current price for a long time and in the next month, the price will start a rally to the high price.

We can do anything with the negative news, but we can stay calm to prevent panic. People really need to calm down and learn about controlling their emotion related to the market situation.

Everyone was really bullish and still is up to this day. But it's clearly some manipulation from behind now, we jump to $41k and then some China news goes out to the public again to pull the price below $40k again. So it seems that some entity behind doesn't want the price to go up, so that they can buy at a discount. And the best thing for us is just to continue to HODL, this waves of FUD will settle down and the price will bounce back again.

We should call it what it truly is, not a “correction”, it was a CRASH. From $60,000 down to $30,000 in 9 days is a CRASH.


That’s true. Always look for something positive. In every Bitcoin market crash is another golden opportunity waiting. It was there after 2014, after 2017, and there again after 2021. 8)

Other than China FUD and Elon Musk tweets.

There are still more FUD out there. We saw earlier that IRS announced, that starting in 2023, they will start targeting cryptocurrencies.
I am surprised the market reacted here, even it is still in 2023. Additional is the media on how spreading these kinds of news, there are some media that misleading, especially the title.
And additional is the Bitcoin Mining in China, which is kinda huge if it is really true.

Here's the summary of FUD lately I found on Twitter

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

There's been a lot of negative news lately that contributed to this fall, but the main cause is that the bull run simply ran out of steam - no one was willing to buy Bitcoin at above $60k, despite the predictions of $150k that floated around. Also the market structure was highly levereged, so the more price fell, the faster it kept falling because liquidations triggered even more liquidations.

Theres always a thousand reasons given why but I think the figures and regular pattern (https://talkimg.com/images/2023/06/12/AJpl5.png) behind are more important, people will supply any manner of reasons of why they must sell but really its down to belief whether they will profit or lose from the trade.   The long term holders committed at any price are quite few, I'll include myself to a large extent because Im just not that rich but at this point I would not sell because its quite obvious heavy with pressure to sell and reactive speculative cash out; always sell into rising markets if you intend or require the cash back out in weeks or months.

That's a great summary I must say. Tells a lot about the people in this market. I don't know what's going on, but they are selling so it must be bad. I better sell too.

The China FUD is especially funny because they "reminded" that financial institutions are banned from providing services to crypto businesses, which is a thing since 2014 or 2015 and people still panicked and acted like somehow they did not know that bitcoin was banned in China. This is ridiculous.

Musk is showing off his autistic behavior. People who were avoiding taxation got scared because they realized they'll have to eventually pay taxes...

What a pile of bullcrap :D If you wanted to buy this year and thought Bitcoin was too expensive for you, here's your chance because the sell-off doesn't make sense.

Totally agree. This big drop can be considered as a correction for a further increase in the price of bitcoin. If not, bitcoin can remain to fluctuate around $30000~50000 for many months before having any significant move, either drop or rise outside the zone

Don't you feel a little bit confused when there are coincident FUDs appearing at the same time? We have Elon Musk FUD, institutional investor FUD (big sell-off 2 days ago) and now China decides to ban bitcoin once again. I believe whales are making this information so that they can easily both take profit and buy bitcoin at a very cheap price. In my opinion, $30000-$35000 is a good buying zone for both the long term and short term. Margin traders benefit themselves with leverage trading. Some of them earn more than 500% aftter the recover of bitcoin

True, this may be the reason with a lot of FUD being spread, making the market react to red and of course, this will make prices fall even more because news always misrepresents a misleading title.
I think a lot of people have to look even bigger in the future, it's not just the FUD plan that isn't necessarily true and now only Elon Musk and the mining bans in China make this the cause, it's also not a conclusion because I'm sure Elon Musk won't hate it completely. his bitcoin he might just have something big planning ahead of him.

Many negative issues circulating now, finally panicked some people to sell their Bitcoin. Even though we should believe that Bitcoin will recover
again, therefore we need confidence in the future of Bitcoin. Without us being sure that Bitcoin will increase in price, we will definitely hesitate
to hold Bitcoin and choose to sell the Bitcoin we have. This ultimately makes the price of Bitcoin decrease, but I believe it will not take long for
Bitcoin to pump again. Ultimately the choice is up to each of us, but if we have the courage to hold Bitcoin, I believe our future will be great.
Because the longer the holding of Bitcoin, the more profitable we will be.

I believe there is a good chance that none of us will ever get to see anything like this for a while, take in all the bear run you are seeing right now because it could be the last one you will see in a while. We have seen the bull run for such a long period but let’s be honest between those huge runs there was many days of stability, like yeah it did moved from under 4k at March 2020 to over 64k in 2021 and that is a huge run I agree, but the fact is that we had like a huge jump then over a week of nothing at all, then a jump then two weeks of nothing and it kept happening like that, it wasn't daily break ATH over and over again, it was one jump and a long wait and kept repeating that.

I am sure that the bear run will be the same as well, a drop and a week of nothing, but it will not happen for too long because we are known that fourth quarter is awesome in crypto as always so we just need to hold until this summer is over.

The role of social media with its bad news sometimes makes a lot of people panic even though everything must be accustomed to being analyzed first. @elonmusk's news which coincided with china banning bitcoin made the market volatile and many were frightened by making it wrong way with actions that actually made bitcoin worse.

@elonmusk of course the goal is to make a profit with what is being done, everyone should understand and about China this is not the only thing that has happened before. but why is it like this continues to make things very unreasonable and many are influenced and make actions that are fairly unsympathetic.
should analyze everything as well as possible before doing something so as not to regret it in the future.

I agree with you that bitcoin will be able to move again and is now in a stable position and is trying to get past the crucial $40K mark. hopefully gradually will be able to re-create a renewable ATH.

Technically its not especially falling on average, its still just a pullback within that larger positive movement.   We've gained alot still at this point so its just not continually gained without pause and thats more natural then straight up.

https://talkimg.com/images/2023/06/12/AJYp9.png

So right now we have rising 2 day average, we've exceeded the weekly average also.  The 200 day is still rising and 50 day is declining back to this pricing.   We'll have further challenges I think, there is overhead resistance, also I note a pattern of rising lows or higher lows.

You are over thinking it.  Bitcoin rises and falls sometimes because it is what it is.  When profit taking comes in there is a sell-off.  60k was a perceived top and people wanted to book some profits.  Same on the rise.  When it's perceived as undervalued it has a perpencity to rise.  So.etimes nothing more to it than that