Bitcoin Forum

Twice this month I saw bitcoin price index dive by more or less $30. Should I worry?

naw, just hold longterm

No

It will continue to go down until it doesn't. Feeling lucky? Sell and buy back. Feeling uncertain? Hold for a year or more.

You should worry if your interest is only to make a quick buck as soon as you can, but in the long term these little falls shouldnt be an issue. Just hold and keep your coins safe for a little while and I'm sure you'll see a gain.

If you will not buy at bottom then yes you should worry.

It's just a normal consolidation after the last bubble, don't worry and hold your coins.

Why worry, we have seen this pattern many times before, relax and do something different while your coins increase in value.

Don't worry, be happy. Hold your bitcoin savings for some years and you eventually be rich.

Only if your life depends on it. That kind of movement is nothing compared to the volatility we've seen in the past.

But may I ask: Why is a $30 movement so important for you?

ya.ya.yo!

be worried. be VERY worried. :trlf:

what are you worried about? long term, i'm confident we'll be above this price level (though i am not a to-the-mooner like some here). however, in the short term, we may dive down more than $30 from here...

Don't worry and hold, we will probably see big rally in few weeks...atleast we all hope.

just hodl; we're almost there.

I bolded the key phrase there. I'd like to see more sideways and higher volume before I could see a bottom from here. Or a good flash crash shakeout. :)

To worry, or not to worry: that is the question ~

I say know why you bought in the first place and if something has changed from your initial reason for investing, then you should take a step back and revaluate what has really changed to make you worry.  Keep in mind that the market can be unpredictable and do what you feel is best for your financial interests.

I know it's the key one as no one of us is fortune teller and it may happen anytime. That's why i've posted it.

Asking this forum if you should worry about bitcoin price would be like walking into a timeshare convention and asking the hosts if you should worry about your timeshare investment.

What do you think these idiots are going to tell you?

i notice your signature says "Cut your loose before it's too late!" it's spelled "loss". normally i wouldn't mention something like that, but this one kind of bothered me.... ;)

Cut your loose... cut loose from the bitcoin "cult"! I'm trying to save you from loosing your hard earned money!

I'm a little worried too about the low price but I'm confident about a recover.

Hold on!

http://www.youtube.com/watch?v=uIbXvaE39wM

Make up your own mind! See what you're willing to invest and hedge accordingly. There's always a possibility that Bitcoin may fail completely! See what you're willing to lose and keep that invested!

You could, but it wont help. Try not looking at the price til December.  :D

Ha, but what if it goes down? I think it's a healthy thing to ask as many people as possible and gather some opinions before you make up your trading decisions! In December we may very well be at $250 - calling it now! (Yet, I remain optimistic and hope for the best)

Only if you cant afford to lose in the short term , Medium to long term hold. can see price volatility for the next two to three years still early beta.

I think everyone worries when we start to see drops like this. It's only natural to worry especially since we have invested in to it. Best way to be is only invest what you can afford to lose if you have any doubts, that way if things do go really bad you do not lose a lot and if things turn good you can more than likely make a nice profit. It's all about being responsible and not going over the top.

price goes up an down all the time.

But it is dropping more then going up..

Um, no, it does not.

correct, you see the point!

Unless you are an idiot who does not know what lower and higher means, if that's the case then everything is possible in your world :)

That's good advice, it depends on how much you invested and how much you can afford to lose.

Well, both time I guess it has recovered. If you have faith in bitcoin, hold it for the long term. Don't be worried by these swings.

There's a good chance we'll go to the 300's near-term. We might even go lower.

relax.

No. Peer to peer protocol will not die easily.

It only takes a few peers for the whole system to exists. And price will recover if the system survive.

Price is going up now. Going down 30 is just part of the normal fluctuation.

If you are investing in BTC for short-term and get worried by daily fluctuation in price , then better invest in something else.

You should not base "worrying" or not worrying on short term price moves. What is your long term expectation of the value of bitcoin? Have you done enough research to form a valuation or estimate of any sort? Do you believe it is currently overvalued or undervalued? If you believe bitcoin is a system that will gain greater adoption and relevance over time, then you should keep holding it. If you believe bitcoin is a temporary fad that will lose value until it becomes irrelevant, then you should get out while it's worth something. Or if you're just here to do short term trading, you shouldn't need to ask as you should already have a trading strategy that you are following.

In the last 2-3 months, yes, in any other time frame at all, no, not at all. Generally one should look at more than 10% of the history of something before deciding its overall tendencies

Just tiny asss market noise. Relax and wait.

Look at the weekly and daily time frame. We are still in a down trend. We have been in a down trend for (going on) 9 months now. That is nothing to sneeze at.

I'm much worried about the downtrend, I can't see its endline.

You never can  ;D

What the fuck, wake up, downtrend was broken (convincingly) in May. Are you looking at the same charts we all are looking? We never hit April lows since then, been in a 400-700 sidechannel for 4 months. Downtrend is if we hit 300.

I don't thibk you should worry.
Just don't sell for fiat.
Use bitcoins only to buy goods or hold.
Don't trade, holding is better.

Chill out. Agree to disagree. The downtrend surely cannot be broken until we break though (and hold) 530s. You can't make lower high after lower after lower high and still say the "downtrend was broken (convincingly)."

I am mid-/long-term bullish as well, but no way we're in a bullish phase right now. I wouldn't call this an uptrend anymore. It's more of a sideways trend with a decent dump here and then. If this is an uptrend or bull-market for Bitcoin, I may want to leave :D

correct, bitcoin is going to nowhere but down, lower and lower!

Btc is holding up remarkably well at 475-500 price level. There are traders willing to buy up price below that level.

So, betting from this price level has little risk.

go for the long run, if you think bitcoins gonna fail, just get out now, and go down the drain with other thing...

Sideways is not down. Downtrends have lower highs and lower lows. While we're not making higher highs (except for one rather significant one at the end of May), we are making higher lows. Although, it all depends on your point of reference and how far back you go.

If you're point of reference begins any time in or before April 2014, which would be a good reference for establishing a long term trend, then we have an ultimate low at $340 on 4/9 followed by $420 on 5/3 followed by $442 on 8/16 followed by $470.42 yesterday. This suggests a sideways trend. As piramada said, downtrend continues if we break below $340.

If you're point of reference begins around May 2014 or later, good for establishing short to medium term trends, then yes, we are in a down trend.

Long term charts look healthy. Short term is a harder call, but I won't be surprised if we test $450. Either way, it's a great time to buy. Fundamentals are better than they've ever been.

I think that you are the right person to be asked about this question. How much will bitcoin be worth in the end of the year?

I can't agree to what I don't see sorry :) We convincingly went to 650 (and held, since we didn't go below 400 since then).

Nope don't worry friend just be happy and trust in the decision you made when you bought.  Don't let the fud and day to day price get in your head just think about the fundamentals behind your decision and ask yourself what has changed that would make you sell something you believe in.  It's a good thing to question your decision it shows your being open minded and looking at it from all angles.  This is part of vetting an investment and shouldn't worry because you made a conscious calculated decision.

You should not, this is mere market noise, relax and go out.

Keeps dropping every week. In your opinion will btc be worth $600 by the end of the year?

$600 will be the bottom, but this is a rather pessimistic prediction.

What is your optimistic prediction?

$600 might be a more realistic guess.

If you are a long term Holder than you shouldn't worry.

Of course you should worry. If the technology doesn't make it (hacked, bugs, product life-cycle) or is replaced by one officially regulated then the long term value is 0.
If it's a naturally occurring ponzi scheme like some theories suggest then same result.

Sometimes it is better to get your money and laugh all the way to the bank watching others burn. Take action.

What worries me is that bitcoin doesn't seem to be getting out of this range.
I hope people don't lose interest because of this.

Impatient speculators may lose interest, but they are minor force and minor capital, nobody really cares. This is the time when infrastructure is being built, price helps but it does not have to grow rapidly to support infrastructure development plans.

They will lose interest because the increase of bitcoin users is very impossible.

Dont worry.. Bitcoin will not go down without a fight.

Only very few people exit the market forever! Most at least continue to watch it from the sidelines and as soon as there's another bubble approaching or the media coverage skyrockets again, they'll be coming back and put their money back in Bitcoin. They still have their Bitstamp accounts, their Bitcoin wallets, and know how to use it!

If you are worried about a $30 move then you really are in the wrong business.

Invest in blue chip stocks instead. They aren't as volotile.

So in your opinion what 'range' should we be at? Face it, we're at the stabilizing stage where bitcoin will not have drastic velocity as we did last  november. Even if the people lose interest, it doesn't change the fact that bitcoin has the first mover advantage, that it'll always be the one that all other altcoins will be based at.

Over the last weeks we're approaching more and more support lines, though... The more we break, the more dire the situation gets. Some people claim that we're currently even leaving the long-term support and uptrend. This may become really really dangerous. The trick is to catch a falling knife and know when this is the case, and it isn't prudent anymore to wait for a recovery!

very impossible? first time i heard such thing

be worried. be very worried. bitcoin is going nowhere but down.

https://ip.bitcointalk.org/?u=http%3A%2F%2Fs29.postimg.org%2Frj0zmf2s7%2Figorr.jpg&t=544&c=nHzif-FPUaapdg

Why don't you draw a perpendicular line, it's as realistic as the above chart :)

if btc continues down trend, miners could drop out as they cannot pay upkeep, then it's downward spiral.

Why? Could you elaborate? Some miners, most likely those with the oldest gear, will drop out. The total hash rate will then go down of course, and thus others will mine again at a profit. But what would this have to do with the Bitcoin price? We don't need an ever-increasing amount of miners or hash-rate for Bitcoin to function!

Why not post a completely crap trendline while your at it.....  ::)

Like...
http://i57.tinypic.com/2q1fp0x.png

if hash-rate would to start to decrease time between blocks would increase, this could lead to problems, feather coin faced this problem, and hacked a solution.

if this does happen i could see some " bitcoin is borken selling " going on.

but i dont think so, hash rate is / always has been depreciating very fast, its only natural the hash rate is always going up, i don't see this change ever, might start to increase more slowly, and eventually level off.

Well, I don't think that this is a problem. Sure, it needs to re-target first, this may take some days, but even with half of the miners turning their gear off, we'd still be at a 20 minutes block time, which isn't catastrophic. Miners can only do one thing: Keep their gear running, it will never be more profitable than today. Therefore, they will most likely take the gamble and keep it running nevertheless!

say it does happen

i'd like to see the devs purpose we retarget difficulty immediately and the mining community agree.

i agree with you its no big deal, but so is implementing a minor change we can all ( more then 51% )agree on.

in my view bitcoin was made to evolve this way.

downward spiral means? Bitcoin ends?

No, the difficulty level of mining Bitcoin drops until it's profitable to start mining again. The miners wait until it costs less electricity to mine a Bitcoin than they can sell one for.

If a lot of miners stop, the ones left will get a bigger piece of the pie, which will allow for them to invest in more hashing power, which will allow for bigger gains as they can monopolize the mining game, so if you are in the mining game and you have a big name stablished and leave, you are basically an idiot, thats why nothing wrong will happen. It's a self sustained system.

Wrong. If a lot of miners stop right after a high difficulty adjustment all the other miners are pretty much fucked with an unfair mining difficulty. And no, they don't get more bitcoins. Please inform yourself about mining and difficulty.

In the altcoin section a few coins almost died(very! long block times) because a big mining pool switched the coin after a high difficulty change and only came back when the difficulty adjusted way lower again.

go for the long run, if you think bitcoins gonna fail, just get out now, and go down the drain with other thing...

i believe it will go further down, thats why i backed out and am waiting
for price to settle lower, then ill rebuy.
Even if that doesnt happen now, it will soon.

So you sold your btc?

Calm down. :) Everything that goes up must come down and go up again. Thats life. Dont sell. Hold it.

FIAT is doomed for sure, with BTC at least you can have HOPE.

Why is fiat doomed? Are you stupid or what?

Only thing you should worry about at these prices is having enough fiat to buy all these cheap coins from the panic sellers.

If you are asking this on a Bitcoin forum you must be really stupid or what?

 ::)

The sky is falling sell sell.

I hope OP listened to my advice and cut his looses. It's hard to do the responsible thing when all the other idiots are telling you to HODL!, but sometimes you need to accept reality.

Go buy some "cheap" coins then, idiot. Many idiots did and now is in deep red.

Bitcoin is on the upwards stand right now with paypal news all over the board. Wohooo!! $10,000 here we come!

HOLD! Do not worry.