Bitcoin Forum

Normal correction, much needed after this fast growth.

C'mon guys, you must be new!

The fact that txn are super slow and the fees are huge is scaring the people too, they prefer to sell regardless of what happened in the past. Although many of the sellers are not trying to GTFO but thought btc reached a nice pricing point and are cashing to reinvest

Well, we don't blame people why they are freaking out. After the fast growth, bitcoin price already dropping. How come bitcoin correction is possible? It is always happening but it will still rise after all. How about the people who invested in a huge amount? For sure they've already lose money now. A lot of people are selling their bitcoin because maybe Christmas is near. I also wanted to sell but I am thinking the future, that bitcoin price will still recover for the last ATH's.

Exactly, i'm not sure why people aren't so worried about the dumps before bitcoin even hit $10k that wre way faster in terms of speed than this, but rather just absolutely freaking out over this one. I mean we haven't even lost that much value compared to the start of last week.

A pump happened, we came close to breaking $20k, now people are panic selling.

It's really as simple as that, and when we see just a day of green people will buy in again. It's all market psychology and honestly is nothing new. Even if we don't set an all time high once again next year, which i think we will(easily), price will still go up to around $17k from this point, at the very least.

The bitcoin prices are so volatile that new players are so excited when prices rise and are so disappointed when bitcoin prices drop dramatically. In my opinion, that's why many people are experiencing panic sell.
I think, Be patient and continue learning is the key.

In my observation,, most that posted panic kind of concerns is not a newbie in reality.. You can sense the way they post and just using newbie account for cover.. And that said it all points out for one ultimate reason and that is to spread uncertainty that makes weak handed investors sell to lower the price of bitcoin.. Its working after all there is also something about the miners support on this..

Bitcoin price is indeed volatile thats why people are in panic mode to sell btc and afraid to have a big lose. If you were updated there is upcoming forks maybe this is the reasons why btc has fall down. After hardforks price of btc may rise again.

Correction like this will easily create panic in new investors and currently I think there are over 30% new investors who have bought bitcoin above $10k and now they are cashing out just because of fear of losing so much.

When all this new investors will get out and whales will take out profit, price will stabilized around $15k than after few weeks or months price might start another round of pump.

the same reason they always freak out and price is going down because they always freak out and also because everyone who has ever traded bitcoin already knows this so they dump before the weak hands to buy from them at the very bottom and then laugh at their faces. :D

it is the same patters almost every months and always after a major rise. price goes up a lot then it starts a correction course. the FUD begins, people panic and dump. price drops a little more than 30% and then recovers back up.

now the question is, is this the same as before?
I don't see any indication of why it shouldn't be.

 that is not the reason why people freak out and start to panic sell. the main reason why bitcoin drops is because it has still undergone on a correction. the other factors that i think is because we are now close to christmas day therfor people are expected to withdraw and cashout their bitcoins to be able to prepare for this season like buying gifts and buying grocies. lastly coinbase has now approve and hold bitcoincash in addition to thier wallet support, this can be another reason on why bitcoin had decrease.

You can't blame people who are just in for the good times and never experienced any drought in bitcoin and crypto yet. Been on the same both through highs and lows and never gave in no matter how rough everything goes. Still got plenty of BTC that I could have sell during $18k but I was very persistent that $20k is my limit. Also, it looks like we have entered a bear market as all other alts are already dwindling down in price. This should be good, and not as half as bad as the sell out during 2013.

People freaks out of a sudden dumped and also the transaction of btc is very slow. The transaction was more than 48hours yet still unconfirmed. When btc price falls down we think of hopes not too huge its down of price. Many of us who really believes in bitcoin that price just continue to soaring high but now the most ask until what price it will fall down.

Price went up from a few thousand to near $20,000, which people were expecting to be a bubble, and now the price has gone down, they get their 'confirmation' that this is a bubble, which is pretty pathetic.

I managed to buy myself some coins just below the $13,000 level which I am very happy with. It's like Christmas came early just for me to increase my holdings at these lower rates.

Seriously, if people haven't used this as an opportunity to buy in, then it shows how dumb people really are. Discount rates plus a much needed correction is for me a perfect bullish sign. I am fairly sure that the worst is over.

And if not, I'll buy more at even lower levels. ;D

How much are you buying at a time? if you don;t want to reveal $$, % of your hodlings...

Yup, its inevitable. Correction needs to happen. Actually correction should have happened week ago but there's so much resistance at $16K that's why it didn't fall. However, yesterday the resistance was broken, causing the price to plummet to $13K-$14K. If you didn't cash out when the price is so high, then its better to hold at the current price.

On the other side, this is a huge opportunity to enter the picture once more. Good buying point. How many of you folks, saying that bitcoin price is too high for you? Well, the price is dropping this is your moment to shine. Don't wait till the price pulls back, this might now happen again.

And I'm not freaking out, I'm cool as a cucumber. Drinking my coffee and just having a nice look at the current situation. Specially with the amount of FUD that is going around. Sometimes I'm just having a laugh, and its good to start my day.

If you bought bitcoin a few month ago then nothing to worry, but I feel sad for the people who bought it at 19k or 18k, I hope they will have a strong hand but yeah it's not easy, I understand why they freak out bitcoin I used to buy bitcoin at a high price and after that it goes down a lot because of Chinese news something like they want to ban bitcoin or ICO. But I am sure after that bitcoin price will go a lot higher 

because they start using bitcoin without plan only use it for numbers.

you must know what you doing and read more about your investment.

People are freaking out because a lot of new money bought in between $15k - $20k and they have just lost their asses.

Maybe these people are just worried about the big dip we are having right now because they lack the confidence that Bitcoin will eventually recover...and freaking out can just be normal since we even freak out for no reason at all. Anyway, this is just a normal dip for Bitcoin and something which is actually expected to happen this month. Maybe others are not listening at all and they think that growth will just continue on and on without the value going down. Based on the historical data of Bitcoin, everything here can go up into the moon and one day it can make a big correction. This kind of correction is actually serving like a cushion effect against the big bubble.

As OP says, there are a lot of newcomers, just imagine, if anyone had entered into Bitcoin since Q3 this year, they'd have seen nothing but an appreciation of value in Bitcoin. What's more, they'd have seen most of the top alts reach, break and keep making new all time highs. They've seen Litecoin boom, they've seen ETH threaten 1k, they've seen Dash do it, Monero and ZCash going into the hundreds. They saw daily dips, but they were not prepared for this.

Those who have been around when BTC crashed more than 50% and took years to recover back to 1k will remember, even I who wasn't around will be expecting this.

More pertinent, even these seasoned traders will feel the bite. Perhaps crashing from $1400 to $500 is worse in terms of percentage, but that's less than a thousand dollar drop. The psychological effect of seeing $7k wiped out in a week, now that's bound to fray a lot of nerves.

Assuming that those who freaked out were those who invested during the heights of bitcoin. Many were interested investing during that time because they wanted to join the boat. But eventually many are spending today.
Because it's holiday season and those who invested were left on the boat. But it's not right to freak out. Hold, no bitcoin value will get lost as long as you hold you know. Wait for it to get higher.
As an advice, try to hold if you really don't need the money yet. If you don't have the choice, then don't pull out all of it.

Theres a very simple reason people freak about drops during the bubble. During the bubble, the rise is occuring because of new participants, and the majority of participants are now new. These new participants have all gotten in at high prices and only have a view of the past week or so of trading. They were not here for the rise or for the history of bitcoin. Therefore when it drops, the drop is very new and real for them, and all they see is red, because their chart is zoomed into the week where they got in, and they are down.

bubble? i dont think were on the bubble phase now. bitcoin is not on a bubble phase rather it is called a correction and as far as i know a bubble is something serious drop or an instant dip that bitcoin cannot recover anymore but so far i see that bitcoin is still recovering little by little and soon it'll then increase again to reach its new all time high. people were not freaking out , they are just selling thier coins because they need the money to prepare for this holiday season ( i.e christmas and new year) but as soon as they settle it and sortted the thing out, for sure bitcoin could recover again faster than usuall.

its up 2000% from ATH without the crash and you dont think this is bubble phase?

Because they are never going to understand that the price is pretty high, and they are just selling because they are afraid of it. They are just afraid of lossing a few bucks, nothing more.
Why do you think that there are huge green walls on GDAX right now? Because they want to buy again.

Exactly. I think that people who invested in the past month or so thinks that bitcoin is something that will amke them a profit no matter what situation. They haven't seenany major crashes during that time, and now they're panic dumping thinking that it's all downhill from here. These new, inexperienced investors are the ones that are mostly panic dumping at this point.

Truth is, this seems just fine. Around a 30-40% loss of value is going to be a big hit on traders but that's definitely not the end of the bull run for sure.

Keep in mind that we were inches away from breaking $20k per bitcoin, and it is extremely likely that in a few weeks we'll see the trend reversal, and by that point the same people who dumped right now will be the first ones buying back in at a higher price.

yeah thats right but maybe they freaking out because of some reason which is if they dont sell immediately they will lose much profit so some of the bitcoin holders panic selling now adays and also maybe that is the common reason why bitcoin fall hard nowadays.. So perhaps this scenario is not normal even it always happened cause it takes alot of profit when we dont sell.

I have had at least 3 people telling me to get out now, this time is different, etc....

For me this is comforting because I know
 - the weak hands are running for the door
 - the big investors want you out

This is the first place I would actually consider using the term "FAKE NEWS"

And a salmon doesn't get offspring by swimming down stream  ;D
If you got rich by doing what others said then we would all be billionaires.

because they always think price is going up every time.

new users always want to gain and green color.

That is just the way things are, my supposition is that those people are investing money they cannot afford to lose and that is why whenever there is a correction there is panic, I have some money invested in bitcoin but I do not care if the price goes down since I'm in profit anyway.

Well since bitcoin in demand there are new hodlers are afraid to lose their investment. even the fee huge they are still sold their bitcoin just to be safe of their investment but the fact they didn't know actually the movement of the price just like what happen before that happen again this this year except for last year that actually the price was continues to increased just years ago where we are always seeing panic selling..

People join during the bubble thinking the price will not stop going up and as we know that is simply impossible so the bubble burst and then they panic, so if you want to make money with altcoins you need to be prepared to invest when things do not look so good, if you do you can make a lot of money.

Just people are afraid of the unknown, they do not understand whether bitcoin will grow or fall and this scares them

In other words people are gambling with their savings. I have even read articles about how people take out mortgages and loans to invest in Bitcoin. Seriously, I have never seen people be that stupid where they expose themselves to such insane risks. Of course these people will sell their coins in panic when the price is going down, they never sleep well with the thought of potentially having to pay their entire life for the mistake they made. In a way these shake-offs clean up the market from these people, but they will just buy back in again at higher levels, so it will continue till they run out of funds, because this practice is nothing more than capital destruction.

True. I think it is due to a lot of weak hands exiting the market, and not necessarily institutional investors going short. Bitcoin has attracted a lot of new users in the last few months, seduced by the prospect of multiplying your money in quick time. Some of them exiting the market now will be good for Bitcoin in the long run.

A lot of new money has come our way, new investors are putting their hopes on bitcoin, but as you said the problem is they have not experienced any crashes before so they lack experience, while I was not around when the price crashed on 2013, I have been in bitcoin since 2015 and I have seen the price go up and down many times so I know these kind of movements are normal for bitcoin so I do not panic anymore.

The market correction normally happens in the cryptocurrency world not even on bitcoin alone but all cryptocurrencies.