Bitcoin Forum

Hey folks, Bitcoin is coming down, hitting a certain price never before seen in probably 90 days. I know that's not really bothersome. We've been in countless similar situations in the past. But we know others are probably troubled when Bitcoin is losing almost 40% from its ATH price. The fear level has risen. As a matter of fact, extreme fear is being recorded for the last couple of days.^[1]

Perhaps a reminder from the mayor of New York City could help ease the fear. Take note that this is the man who promised to take his first 3 paychecks in Bitcoin as mayor. When asked if he had received his paycheck in Bitcoin already, and was told that the price of Bitcoin has come down, he simply laughed it off saying, "Well, you know what, sometimes the best time to buy is when things come down so when you go back up you've made a good profit..."^[2]

So, there you go, as simple as that; these are buying days, folks! Let's all enjoy the bargain sale!

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[1] https://alternative.me/crypto/fear-and-greed-index/
[2] https://twitter.com/SquawkCNBC/status/1479069915281870853

Is he going to be hoping the price stays low for the next two months then too ;).

It doesn't seem too long since we were at $29k levels and there was a lot of bearish panic then.

By the looks of it, he hesitates to say Yes. But it's good to know he has yet not received his first check or he'd lose some money already. In the past 12 years, history kept repeating itself.  The downtrend is always going to be temporary.


It'd be tragic to see more panic when that happens. But I'm sure there will be a lot of traders here happy to buy at a low price including the mayor.

That was also the remark made by Andrew, that perhaps the mayor must be hoping for the price to come down. Well, if I were him, I would hope so. As a matter of fact, I do hope it will come down a little bit more. I'm also paid in Bitcoin, you know. :D

A bearish panic will always be normal every time the price goes down. But in the bigger picture, we're happy that we are feeling bearish and fearful at $43,000. We used to be having the same feeling at $3,000 and then at $6,000, $9,000, $12,000, and so on. In the near future, we will be feeling bearish and fearful at $96,000, $130,000, $210,000, and so forth.

Oh yeah, the bargain sale has come like a Christmas gift for all of us. I’m not surprised at all with the prices going down. Pick up the history chapter from any year and you will see that at the beginning of any year the crypto would be bathing in red and making its way to ATL (All to Low) of that year or marginal space.

This is an immensely great opportunity for all of us to bag more coins.

I salute to the Mayor that he is sticking to his words and also motivating all of us that he is still positive no matter how much the price has dropped for the bitcoin.

Indeed, anybody who is into Bitcoin or cryptocurrency for that matter already fully gets it that in BTC there is always that cycle happening over and over again and since there is some element of predictability on it that itself can be a good opportunity to get into. So get in while the price is so slow and then just wait because just as the sun can be rising tomorrow definitely Bitcoin's price is going to be back on track. In fact, am sure that institutional buyers are now on standby and just determining the right timing to buy more. So let's allow the dip to take Bitcoin to where it wants to...because soon a new bright day can be coming.

Yes, I think all of us who invest in Bitcoin for the long term are clear about that. If the price goes down, we have a better opportunity to buy, what happens is that we like it to go up to see that the value of what we already have invested goes up.

Although some people are very pessimistic when prices go down, in this case it is added that the price predictions for 2021 failed and the price is well below what many expected, which adds more pessimism to the usual pessimism.

I couldn't care less about the opinions of the New York City major in regards to Bitcoin.
The winter season(January-February) isn't the best time for Bitcoin,the 2021 winter was the only exception.
The Bitcoin price dropping makes me sad,but I can't do anything about it.They only thing we can do right now is the HODL and waiting for another bullish market in the next months,or maybe in 2023.
There are no bullish new,which can pump the price.The FUD will keep growing.
Perhaps the situation will change during the spring,when the world will overcome another wave of the pandemic.

Times like this when assets are down across the board, it obviously shows who the over-invested ones are. Always have cash ready(or at least a steady source of income), and avoid using leverage as much as possible unless you really know what you're doing.

Others tend to make it complicated tbh. Well, we need mainstream for this sometimes but a true believer will not be worried even if a known Mayor was having his thoughts of hope or not. Whatever goes down may come back up, there's nothing permanent. This isn't the rok bottom of Bitcoin, we've already send far worse and to get to the top we really need corrections.

His opinion may be relevant to people living in that city or the US, but I agree that for the rest of us it means absolutely nothing - because even though I follow the situation in the US, I wouldn’t know who the mayor of NY is if someone asked me.

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Rare are those who are not upset with the development of events, and this includes those experienced who have already experienced similar things. Expectations were too high, people were investing in hopes of $100k by the end of the year, and now the question is where the price will stop. Those who can wait and will not sell in the long run will probably not lose anything, but a lot of weak hands have already lost money and will continue to do so in the coming days. Another big reminder for all those who live in the belief that it is easy to get rich overnight, Bitcoin is always preparing surprises - they are just not always good.

ATH is never a guage of the sustained value bitcoin should be at..today
ATH is a spike bubble of overhype. never a number to gauge as a stable value today

never ever assume that bitcoins value should remain at a ATH. always assume the ATH is a temporary blip that corrects down.

the actual sustained value is about ~$30k plus. anything above that is the speculative volatile up and down of human emotion.

yes in the future as the bottomline value increases it can increase beyond a previous ATH from years prior.
but when a new ATH happens now dont take this recent ATH as "sustained value" now

so treat the ATH as a guide to the future. and if you see prices today lower then ATH then you know buying now is going to get you profit in the future

Nah, i don't believe it'll help at all. Since when does the average joe or average crypto user cares about the paycheck of a politician? only thing that could ease the fear right now is green candles and green numbers in the charts, some upward movement, a full stop to this downtrend once and for all

i'm gonna go out on a limb and say that the majority of peole who will follow his advice right now do not know how dangerous it is to catch a falling knife in the cryptomarket, or how long it could take for them to "make good profit", or how you should do your own research before taking someone's advice about finances and cryptocurrencies,, now that's a lot of assumptions mind you, but i've seen similar behaviour in the past (downtrend in the market, newcomers following an authoritative figure's advice cos they wanna make a quick buck, etc), so i think what i said is not too far off the mark... All in all, not the best advice to tell others to buy when prices go down sharply, let alone doing it when the downward pressure is still present

If you think about it, and this opinion aligns with the quote above, if you're going to be involved with Bitcoin for the foreseeable future, and you aren't trading it frequently then we should all we hoping that Bitcoin stays as low as possible so that you have as much of a profit as possible when it does go up, which I think a lot of us truly believe we haven't yet seen the ceiling of Bitcoin in terms of price.

Its not his opinion that matters here, its his logic. Like I said above, if you're invested for the long term, then you shouldn't get too down about the current price of Bitcoin. In fact, you should probably be happy about it.

Oh well the bear market has come in early as compare to the last cycle in 2018 wherein it was after the first quarter although the price has been declining since January-March that year.

In any case, for those who have been there before, then we should know what to do (fill our bags with cheap bitcoins and then wait for the next bull run). As for the mayor, maybe what he is saying is true, or perhaps he has seen this as well and probably will buy at the dip.  :)

One thing you might have missed.  ;D
He is in office since January 1, 2022, he hasn't yet received any check bitcoin, so he isn't affected at all by the drop, he hasn't got any money at stake to date.
So of course it's easy to laugh it off, who wouldn't?

The mayor Of New York here isn’t wrong. We have been in this situation a multitude of times throughout the years.  We have to keep in mind that bitcoin is still in the “first inning”. Rome was r built overnight. This thing is going to take time and we are going to see a lot of ups and downs.

Bitcoin going down right now with the stock markets tells me two things:

1. It continues to be paper-handed by traders and newbies alike.
2. They still don't get it.

Stocks move and everybody starts selling. Let it go down and keep going down till only those remain who want to buy Bitcoin because they want to hold a truly decentralized asset, not because "numbers go up".

That being said, I would love to know that how many of those paper hands move to crypto stablecoins and how much of that change is due to retail just cashing out from the fear of a crash.

Yeah, since then we've take a dip assuming it continues or stabilizes here for a bit, he would have gone down a pretty decent amount since he was due to be in office. So, in all likelihood him receiving his pay check while the price is down probably benefits him so he earns more when/if it increases again. I get your point though, he's probably going to be paid in Bitcoin, but the amount will likely be pegged to fiat.

Absolutely! It's time to buy only! However, there are many people who have invested during ATH and now facing huge losses. It's a repetition of 2017. People who had purchased at 22k level was in shock when bitcoin price went back to 3k level. But now they are in huge profit.

It's all about time and also depends on how well you find opportunities knocking at your door.

it is all about point of view. some people look at the empty half of the glass and some people look at the full half of it. obviously when you look at the ATH at any time we will be below it, even a second after ATH was hit we will be below it! but a better POV is to see that a year ago price was barely 5 digits and wasn't long before that price was $3000 and now it is so much higher than that.

even a better POV is that when price was $3000 people were also panicking and selling their bitcoins.

Yep. At the very least compare the current price to the price 1 year ago or the price at the start of the year. Comparing against all-time highs will only give you a very bad picture especially if it's a blowoff top à la December 2017.

Even that in comparison to the point of view aspect will create fear in the minds of investors, because one year back the price of BTCitcoin was below $10k and if they look at that perspective then they fear that it can still go down and might book their loss thinking that they will purchase once it reaches the bottom  ;).

The perspective game is really tricky and i still believe that it all depends upon how the institutional investors view these scenarios and which perspective they will view the market situation. Anything is possible in the next few days, lets see how the market goes.

We can't deny that the price keeps going down already and it may be the other decision to rise up or will drop again to the next down support. But here, i still have the expectation and belief that Bitcoin will rise again, maybe it will be sideways until Februari or probably will drop again. But there is always a chance to rise up again.
Btw if this is related to the probabilities of rising up, we can set them for long-term investment, so we will not feel disappointed or even feel sad when the price keeps dropping because our goal is for long term investment.

Permabulls will always say that right now is the best time to buy. When Bitcoin dropped to $55k and $50k, they were saying that it's just a dip and you should buy it asap before the bull run resumes. IMO it's a bit irresponsible to always tell people to buy the dip, because some people might have already invested more than they can afford to lose, and such posts could induce FOMO and make them take even bigger risks. Not everyone who invests in Bitcoin is a middle-class or rich person with lots of disposable income for saving.

I saw a lot of people who are crying about these recent dumps of Bitcoin and just to know they just bought some of Bitcoin that is a penny for other people, example for these kinds of people, Eric Adams. Diamond hands.

Another thing is, for sure other cities or countries will start to look at this, like there are options on how to receive your paychecks, like on different mode of payments, then Bitcoin of course is the best choice.

I guess, it's really that time of the year that you're going to have to buy them bitcoins while they're still not expensive and everyone is panicking because they're scared that it's the end of the world for bitcoin. The tensions in Kazakhstan isn't going to last forever so better get some bitcoins right now because when the tensions go down and the Internet comes back on in the country, the price is going to spike back.

I hope I'm clear this isn't about the paycheck of a politician. This is about believing in something of high value whose price happens to rise and fall. Although, of course, we cannot deny that many are finding inspiration, encouragement, and the like from people up there, may they be politicians, CEO, scientists, generals, inventors, and whatnot.


The history of Bitcoin is replete with regrets because many allow fear and doubt to get the better of them. In this relatively short history, we've been taught over and over again to buy the dip. Others who will learn their lessons late might buy the dip at $140,000.

We have been down more than 50% from it's ATH before back in 2018. So it is really nothing new. Those who are selling are the ones that are taking the profits or the ones that are new to the market and panic selling whatever they are holding. They will learn something new from this. At least this is creating opportunities for new investors to join the market. Now is the best time to buy and hold. And you are right, everyone who has been playing with crypto currencies know that is is a bargain sale going on! Won't last long.

You’re thinking correctly, I also understand like some others on this forum and beyond, but a lot of investors (especially retailers) invest in Bitcoin just for profit (in the short term). In situations like now, there are only two options for them - selling BTC for fiat or for stablecoins, and the latter is much simpler.

Recently, there has been a renewed discussion about the Turkish lira and its loss and return of value and how people protect themselves from such sharp declines - and although some think Bitcoin is the number one choice, most trade is moving in the direction of the Turkish lira -> stablecoins.

Considering what the mayor of the City of New York, Eric Adams thinks about bitcoin, I think there can be different theories and people may think he is very mich bitcoin-friendly also going to make new york, city of bitcoin where even people can see paychecks in bitcoin and buy/sell products using bitcoin, but still, he is the political man and everything is possible from political guys and there is maybe a purpose for his actions like increasing his own reputation between bitcoiners, still, I cannot be sure about it but that's my theory about him.

to answer a question posed in another topic between two people

the answer is not "just because the mayor will allegedly receive his salary in BTC"

the answer is in his tweet he said "when i become mayor NYC is going to be the center of the cryptocurrency industry"
https://i.ibb.co/n6tQnhD/Screenshot-37.png

I locked the other topic when I discovered this thread exists, the main point is now that Eric is now the mayor of New York is will be an advantage to Bitcoin adoption in that region, and Eric desire to make new York a crypto-friendly can now be actualized since he is now the Mayor, take El Salvador for instance, their Bitcoin adoption is mostly driven by the motivation of the president on Bitcoin.

Well, nice of him to be progressive. I believe there are al ot of folks out there who are waiting to see if he'll honor his word. Truth be told if he really does take his first three paychecks in bitcoin, it's going to make a whole world of difference. That being said, I observed that from the interview, it seems to me he hesitated before giving a response to the question. I must say that this is something that can be quickly misunderstood and misinterpreted most especially by critics and those who which to see bitcoin die if it reoccurs.

That is why he responds laughing as he can't answer yet if he is willing to take the risk and get his first Bitcoin paycheck. I don't think that he hesitates to answer it yes but has no clarity about his words for now. I'm waiting also for him to show his paycheck and if that going to happen, this could obviously make a huge change and others will follow.

I don't mind what his critics will say, they are too naive not to understand the situation and they likely not until the Mayor will prove that they are wrong and take the opportunity to start making a change.

he was laughing WHILST the news interviewer was still asking the question.
he was trying to respond whilst the news interviewer was still asking the question.

when he finally had a chance to speak
he started talking to give an answer, in 0.3 seconds after the interviewer asked. and he did actually say "yes i will be taking my first 3 paychecks in bitcoins"

the interviewer took 20 seconds to ask a question. and the mayor responded straight away answering each of the questions. and said he would take his first 3 paychecks in bitcoin within the 51st seconds of the video,

i seen no delay in responding, no hesitation

Whether you do it in a positive or negative way, there will always be critics that are unstoppable. So better ignore them for they can't also contribute for our own progress.

However, the mayor may seem to be fearful these days but that won't really matter as long as he knows that bitcoin will eventually go back to its original price in the long run. Its better if we can grab opportunities to buy potential coins this time as all of these will bring good amount of profits when the market starts to be bullish again.

Unless you live in NY like I already wrote, I don't know why you're so excited about something a politician posted on his Twitter? In addition, NY is one city in the US, and El Salvador is one country where Bitcoin is a legal tender - which will never happen in the US as long as there is a dollar. I think the story of NY as a Bitcoin-friendly city will last just as long as the mayor promised to receive his salary in BTC, so about 3 months.

I mean, he ain't wrong :) But this is nothing unexpected or unprecedented. The only issue is that, as the good times tend to last for a couple of years, people tend to forget that the downturn will come and get talked into infinite growth. And I am not discarding the supercycle theory here, downturns happen in that scenario as well. Did I personally miss out this time? Yeah, I did, I thought the downturn would happen in a couple of months, not now, but I am not worried, I'll always have a chance again when it goes up after bear. And that goes for everyone that is uncertain of what the future of crypto will be. Come down, this is normal.

And as for the mayor...eh, politicians tend to talk a lot. I wouldn't start buying into their bull just yet. That goes for both sides of the spectrum (pro-crypto politicians and the opposing politicians.)

which has wall street, which reach is international.
if you look at his responsibilities

this means if he does favour crypto. he wont be trying to:
get NY mining pools arrested/shut down.(he owns the cops and courts)
get NY bitcoin exchanges and bitcoin ATMs to stop operating (he owns the courts)
get landlords to end leases on bitcoin businesses (he administers public property and courts)

if he was against crypto. then he can do the opposite. stop bitcoins businesses from operating

its like this
though some federal law might be against immigration. NY is pro-immigration and NY does not operate any federal immigration enforcement.

and so if NY is pro crypto. they too should not do any crypto enforcement

As of this writing, the bitcoin's value is currently trading at a price of $42.9k , declining 11% since December 2021.
With this current market situation, it's already anticipated that many would panic and sell their assets out of fear in line to the market's sudden steep declination and with these much selling of assets, we can't deny that it would have an impact bitcoin's value.

Mayor Eric Adams of New York City was right, instead of going panic and sell what you're hodling, then might as well see this current situation as an advantage to buy bitcoin at a much more cheaper price and think of it as an extended year-end sale. After that, wait until the market recover in-order to reap the profits because it will surely recover and it's been already proven historically.

its not a 'decline' in the sense of the higher price being a settled constant value.

its in a sense of u.s fuel prices reach excessive $1.50 a litre price in X month and return to lower prices, when the markets calm down

the $45k-$70k is what is known as speculative bubble hype, temporary inflated price

the underlying value which people resist selling below is the underlying value.
this underlying value is not $0 nor $20k, its above that. in the $30k-$40k range

between the $40k-$70k is the volatile area of emotional speculation and panic and hope

slowly over time this $30k-$40k underlying value will rise. and bring comfort and resistance to not go down again.. but that time is not now. underlying value is not $50k range.

Exactly. That's how we should look the market positively and not that we should panic seeing all our investments are falling.  Bitcoin is clearly in a bargain right now with its current price at $42,317 so if we can accumulate as much as we can, then we will be in a huge profits by the time reaches its new all time high. And for good altcoins, i can see that they are also struggling in their current prices and they will only start to recover after bitcoin has return to its normal value. So now is the perfect time to buy bitcoin and altcoins and definitely hodl them for long term.

We must have faith that the future of Bitcoin is bright, that way we will more easily face the bearish trend that is happening now. Then all of us,
the initial goal of investing in Bitcoin is to be able to make a profit, so don't panic and have to be patient holding the Bitcoins we have in
the current market situation. It's not easy to make a profit from Bitcoin, sometimes it takes a long time to wait for the price of Bitcoin to rise
and can provide the profit we want. But if we study history, Bitcoin never disappoints and can always provide profits for investors who have
the patience to hold in the long term.

Regarding altcoins, it really depends on the movement of Bitcoin, because if we pay attention to altcoins,  altcoins always move to follow
the movement of Bitcoin. So as long as we are holding potential altcoins we don't need to panic to see the price go down,  because altcoins
will also go up once the Bitcoin price goes up. That's why right now, I'm still optimistic about the future of my crypto investment, because
I understand how the crypto world works. Indeed, the market decline that is happening now is only temporary, and for those who can be patient,
that's finally we can get the advantage.

never panic when the price moves below a previous price.
its a discount opportunity. that is all

if i bought an iphone for $800 and the following month i see it for $600. i dont think i have lost $200. instead i think its $200 discount if i ever want to buy another for friend or family before the price goes back up

The Mayor just wanted to say to the people to never sell just because they see a decline but instead buy more or hodl as things would always be back in line in no time. We just have to persevere this bloody drop and wait till it pump because the Mayor is probably bullish.

Most people are who doesn't have enough knowledge about Bitcoin would choose to sell if they see a sudden drop thinking it's the time to sell because it might be bearish soon but they didn't know how the market works that's why their fear is increasing. And we called them as newbies in the market since they suddenly reacts to almost all what's happening in the market like FOMO or FUD.

If you are a strong believer of bitcoin, you won't really be in panic mode. Because you won't sell your stash, but instead hold it while you are waiting for the right opportunity. This is not yet the end of btc life, so very likely that it will still go up in the coming months or years. Worry if you feel that btc is about to disappear. But such situation is very far from happening. Those selling at a loss may have urgent needs so they can't wait anymore or some are in panic mode, which is the common reaction of a lot of crypto users.

Actually dips are some sort of opportunity for the investors who are into long term bitcoin holding and they don't care at all if it remains down for long because seeking it in long term perspective then you have profits on your investment.These are the times when market whales try to manipulate the market and panic sellers make their work easy by dumping at low prices.You can accumulate more at low which will benefit you in the end.

I don't know if there are newbies who are a strong believer as I do, maybe they weren't just exposed too much in the market that's why they can easily think of selling instead of holding. I understand if they needed the money but investors should be separated from the money that they want to make some profit. It's not just right to just took some to your investment if you plan to invest it then it should be that way.

Well, anyway if it's really an emergency then that's okay they reinvest again in the future.

No mate, don't generalize it. In reality, not every person buys Bitcoin to hold for the long term. I myself bought Bitcoin for both the long term and the short term. For short-term targets, I am quite careful to determine the time for buying since I don't want to be trapped on the fake bullish. Although many experts still believe Bitcoin has a chance to create another ATH, there is no guarantee the scenario will be as expected. Also, not every dump or decrease is the right time to buy. The price can even drop more and harder to increase again, especially once it is confirmed at the beginning of the bearish season.

if you calculate the mining cost of the cheapest region on the planet. and the most expensive region on the planet. you can gain an insight to a 'value window'

after all if cheapest cost was $31k no one would want to sell. and people would prefer to not mine but buy it if the price ever dipped. thus causing a price support to keep it above minimum

after all if expensive cost was $70k no one would want to buy. and people would prefer to mine and sell it if the price ever spiked. thus causing a price resistance to keep it below maximum

with each time someone sells(refusing to sell at a loss) the new owner has a new higher acquisition cost than previous owner. helping support price rises too. and resisting price drops

as mining costs move forward and people trade coins to new owners. bottoms increase and new tops increase

right now at ~160exa(year average) the window is $31k to $66k
right now at ~175exa(X month average) the window is $35k to $73k (which allowed for the $69k november ATH)

in short the 'bottom' is no longer $0 as long as costs to acquire bitcoin isnt zero, and there are alot of things making the cost to acquire bitcoin non-zero

The problem is, none of us can determine if it will be the deepest value for bitcoin and that is why people some people prefer to buy in every dip. But if you think the value will fall even more, the you should wait for it and might miss the present opportunity.

However, this present correction is definitely a good opportunity to buy more and fill in our portfolio, and not that we should develop fear and panic selling whenever bitcoin and altcoins are bleeding.