Bitcoin Forum

Digital currency market plunged yesterday and is still in a state of shock. I don't know what the market trend will be next. Who will have a better suggestion? ? ?

Shock? don't be shocked, are we even shocked when bitcoin rushed to $50k onwards? We're not and we're even celebrating so that's just the same feeling as the plunge that had happened.

Nobody knows what's the future trend but we're about to see it soon. What suggestions do you want? well, I would always suggest holding and buy bitcoin as many as you can before it reaches $100k or so.

It's just going down to the 45k and we have not yet gone down to the 20k and why people must feel shocked about that? Someone who has bought 16k bitcoin when the price was around 29k was dumping all of their bitcoin at once a few days ago and that was creating a flash dump to the bitcoin and the bad news was adding more impact to the price of crypto as well.
The market trend will remain the same and it will still focus in the NFT development and trend. None will have an accurate suggestion about that. what you can do to watch the market and that's it.

It didn't plunge like it really will dive. It looks like its just giving small investors a chance to buy before breakout the $50K again. Looking at the BTCUSDT chart in the weekly time frame, it looks like it's going to ho way higher than $65K in the next few months. We are at the right time to buy more. Hold your coins from now on because it's going to make you richer if you are just a long-term holder.

Don't you know what is the trend after dumping? It should be pumping. I am pretty sure that we will see a big pump very soon. Whales who bought crypto coins in the dip, must plan to sell the coins at a high price. So, they must find a way to trigger the prices of crypto coins increasing again massively. Just wait for good news related to crypto in the next few days, I guess we will see it. We all know how whales play with the market trends.

I doubt it, maybe the reason is that whales have take advantage of this news and take huge profit at $52k. Others suggest that it was a reset, as a lot of leverage trading has been liquidated at the same time frame.

So for now, everything has settled down a bit, market is stable at $43k-$46k. So bull run might resume very soon after. On the contrary, could be a good time to re-invest our capital in the bleeding market.

Yes, as we all know in this market, timing is everything, and that's what this manipulators have done, they dump when there is the news about El Salvador. So we may speculate that it was due to this news and not from them. And even if they sold their $30 worth of Bitcoin, there's no way that it was just in matter of hours.

But we can smell some whales that really manipulate the market from behind. Nevertheless, they've done this in the past, so let's just remain calm, @$43k, we are still safe from further downside.

All of us were always in denial that Bitcoin and cryptocurrency in general cannot be manipulated by whales. But seems that we are wrong after all. Maybe Bitcoin and cryptocurrency are like stocks and gold that can be manipulated by big players. Maybe there is a possibility that Elon might be able to manipulate DOGE again or Bitcoin for that matter if he wants to. The only thing we small players can do is enjoy the dip. Always enjoy the dip and use it as an opportunity to buy cheaper crypto.

I think the main reason is Coinbase being sued by the SEC without giving any reason. The CEO of Coinbase was extremely confused.

https://blog.coinbase.com/the-sec-has-told-us-it-wants-to-sue-us-over-lend-we-have-no-idea-why-a3a1b6507009

Some forces may be trying to sabotage the market as the bad news comes as soon as the good news is El Salvador buying Bitcoin.
Bitcoin chart showing a trend break right at the resistance/support area.

https://s1.uphinh.org/2021/09/09/BTC.md.png (https://uphinh.org/image/OLpoQR)

That's a different and far from the usual thing why the market dropped.

But those illegal thing and scammers have been there even if the market is up and down. And they're more if the market is bullish.

Probably a lot of  El Salvadoran spent some airdropped $30 BTC in their respective wallets sent via LN could be responsible for the price crashed,  the wallet is LN enabled thus transactions will be swift, of course the population of that country stood at 4.5 million this $30 *4,500,000 is a lot of money which can have a significant impact on the price of Bitcoin if dumped at the same time, however after the crash the price is gradually rallying back although it will take some period of time before it get to $53K price mark before the sudden crash.

Bitcoin is having a daily volume of $30-$40 billion (that may be inflated though) and the few million USD worth of trades from El Salvador is not going to make much of a difference. And as far as I know, the El Salvador government is still continuing with their purchase of BTC. So any selloff from the airdrop recipients will be balanced out by the purchases from the government. What happened (IMO) is that some of the whales wanted to teach Bukele a lesson for dumping USD, and tried to crash the market. But the demand was so strong, that the prices recovered in a matter of hours.

Indeed, the situation in the cryptocurrency market is now pretty good, the recent price drop has corrected the market and prepared it for a new stage of the bull run this fall. Now prices are starting to rise again, and there is still time to buy potential cryptocurrencies at relatively low prices. I think that from next month we will see a big growth in this market.
The whales seem to have once again manipulated this market. The only question left was whether it was timed to coincide with the official recognition of bitcoin in El Salvador as the national currency, or was it just a common coincidence in time.

 Have you even heard that bitcoin has become legal tender in El Salvador?Most arguments against El Salvador's move argue that adopting bitcoin as legal tender would expose the Central American country to increased regulatory and financial risks.
Source: https://blockster.com/blockdesk/1508_bitcoin-becomes-official-legal-tender-in-el-salvador

you exaggerate the decline that occurred yesterday, it is normal and it only decreased to $45k and that I can consider only a correction not a decrease. this is very common here so why should be surprised by such a common thing.
things like this are precisely what small investors should use to add more assets here because this is indeed quite good.
no one knows about this, because I don't think everyone knows about it and if anyone says it will go up or down it's just speculation which is indeed with research by each person.

It is just routine happening with Bitcoin price,the fall was not to be worried,it just lost 5-6 thousand dollars in value which for Bitcoin knowing the high volatility of it I would say it is rather normal.I don't think El Salvador has nothing to do with it,that is the first country to embrace Bitcoin as a legal currency there so in the long term this should only be beneficial to Bitcoin.The next wave I am waiting to be finally that 100.000 dollars for a Bitcoin which I predict to happen in December 2021 and I don't see any obstacle during the way to not make this happen,this is just my prediction though because in crypto nothing is sure.

Let's be honest, what were you expecting after two consecutive green weeks? You seem to be a little confused right now, being realistic and looking forward. Take that plunge in the market a discount promotion. El Salvadorians will all get the deal at the lower price. You shouldn't be upset since El Salvador leads the way, there will be many more to follow! We may soon see a breakout. By Monday, we should have a clearer picture of the market.

In my opinion, it's the only manipulation by the crypto whales it is nothing to do with El Salvador news. Making a legal tender is positive news for the BTC. We have seen such huge dumps several times so I am not astonished and will remain calm.

According to analytics, this decline was caused by the general overheating of the market. Actually, if you take a look at one of the trading indicators, for example RSI, you will see that we should have expected a correction. There hasn’t been any bad news recently. Quite the opposite, there was news every day that different companies and banks all over the world started working with Bitcoin.

The correction that should have occurred after such a recoilless growth, traders who have trading experience have been waiting for a long time. Therefore, long positions on bitcoin and other altcoins were closed in advance. In such cases, it is better to earn less than to lose the resulting profit.

We're not in the bottom yet but soon it will. In the upcoming weeks, I believe it would once again be bullish. This bearish is probably caused by sellers from mining industry and Ive heard that over leveraging is also one. Many theories are emerging but one things for sure, this will not last. Buy before it pump again for this is just a fake bearish moves.

What happened in El-Salvador? I tried to find out but couldn't find any credible news related to El-Salvador why can negatively affect the market. Can someone please point out to the correct news?

Also I can see the market has gone down to 45k from earlier 50k level. Who calls it as a shock? It's just a normal volatility of crypto market. We seriously don't require any negative news for such changes in price.

You are right, there is no need to talk about any shock here at all. We have seen such falls many times. And Salvador has nothing to do with it. The volumes of bitcoin on the market and what could be sold in this country are not comparable. Just another manipulation of the whales.

Which El Salvador news are you talking about? Shouldn't it affect the market positively? Anyway, this is nothing new in the crypto currency market. This was just a correction of the price. The market has been green for quite a few weeks. People were bagging their profits early. They know that the prices will go up even more when more people in El Salvador starts using bitcoin and other neighboring countries starts to follow them. So they are selling now to keep some profit and then buy back at this current "discounted" price to maximize their profit. I am quite positive we will recover from this dip as soon as possible.

The collapse of the digital currency market is influenced by several reasons, which often happens almost every time the market conditions are in such conditions, but in cryptocurrencies it depends a lot on the stability of the top coins, so normal conditions greatly affect it.

I don't think it was El Salvador which greatly influences the market. As you said, it is several reasons and maybe, the situation in El Salvador is just one of many. But I won't point out that the major influence of what is happening in the market is El Salvador, because they are still small compared to the global crypto market.

That adoption is a good news so I don’t think that’s the reason for the dump, I also believe whales manipulate Bitcoin by that time and that’s the reason where’s a big sell off and whales are making sure to secure their money. Anyway, this is just a temporary correction and yes we are going to rise again, let’s see if this correction will last until the end of the year or not.

Nobody knows the exact reason, any FUD can cause such a drop. Probably the El Salvador news affected and accumulated the trend reversal or correction, we will see.

It is not just a routine thing. There is a little negative news in the market that might have triggered this dump. Of course, whales are always busy manipulating the market. There is profit booking and weak hand dumping that is also affecting the Bitcoin price. All in one package is presently causing this market to go into the red. Historically market always goes into the red before November. This is the best time to accumulate as much we can.

No of course not. I don't think the plunge in the price of Bitcoin has anything to do with the implementation of the Bitcoin Law in El Salvador. Why would a dump happen when what is happening in El Salvador is generally a good thing for Bitcoin? The price fell because there are big holders who sold. That must be the reason. The price difference was not small. It could not have been caused by the people in El Salvador who received little amounts in Bitcoin.

I am just looking at the historical charts of 2013 and 2017 (two previous occasions when we reached ATH levels). On both occasions, September was like stabilization phase, where the prices went down and stayed there for a bit. The bull run occurred from October onwards and the peak was attained in December. Now this is what happened previously, but it is not necessary that the same pattern needs to be repeated this time. That said, I would request everyone to hold on to their coins, at least until the end of this year.

If indeed analysis can provide certainty about the market's influence, then the possibility in El Salvador's future is only one of many reasons to suggest the possibility that this will happen, but I believe what I have analyzed against such circumstances will happen again, albeit under conditions unfavorable overall.

Nobody could actually say what was the real cause. However, if the price of 52k suddenly flash crashes to 42k and bounces back to 46k in under 1 hour, literally exactly the same day as El Salvador is officially starting to accept bitcoin as legal tender, then I do question the motive. It was obvious that whales didn't want this to happen, they want their fiat to stay strong, they want to rule over poorer nations, and bitcoin giving everyone freedom is not acceptable.

As an investment bitcoin is great for us and for whales and for everyone, all those wealthy people could accept bitcoin as an investment, they could even repackage it and keep on selling it, but when it becomes a currency? That is a big big trouble for them, people could get richer while spending money, it is life changing system. Which is why it was definitely whales that caused it to warn El Salvador not to do it.