Bitcoin Forum

BTC might rally to 7200 in the short term but 6,000 is the likely outcome!
The reason for the slump is not the exchange hack: Opinion
Whales that manipulated the futures contracts are running for cover and selling. Think about it. They need to sell because if the SEC pursue them they could work a way to freeze their Bitcoin. The SEC and Justice Department are tracking these entities. The whales will liquidate to FIAT and re-enter most probably doing cloaked pumps and dumps on coins!
This is my opinion!

This guy wants a cheap buy, I would lean towards your view of 6k being wrong

6K is the overall sentiment

I also believe the SEC are investigating the relationship between Tether and Bitfinex, the world’s biggest bitcoin exchange by trading volume. The two entities share the same operators, Phil Potter and Giancarlo Devasini, the New York Times reported. Potter is chief strategy officer at Bitfinex and a director at Tether. Devasini is a director of both companies, according to Bloomberg.
The shit will hit the fan soon!

Too much things are going on in the crypto world right now and it's impossible to make any predictions, short or long term. As of now, we are just here to enjoy the ride and hope for the best. It's all part of a bigger picture,too many events affect the market and the prices can go in any direction in any time. Be sensible and careful with your investments and most importantly - don't believe everything you read on the internet, because a lot of people will try to trick you into making wrong decisions. Good luck !

This can be true because government are making way to regulate this thing and its possible that they are doing investigation now so whales are trying to protect their money. I think this is just a temporary dump and government will still not succeed to control this market, whales will always be playing around this market but we must believe that time will come and cryptomarket will be a big thing in the future.

i agree with preshpr1nce, you sound like someone who wants $6k to happen so that he can buy cheap coins and sell on recovery for tiny profit!
and the overall sentiment is that nobody knows what will happen. and if you believe in manipulation so much as you claim you do then you also agree with this sentiment!

Lol i think many investors have set their buy orders at or around $6k per btc that is probably the readon im seeing the shouts of 6k by many people on social media as well as this forum.

I've seen the price yesterday and I wasn't aware on what's really happening. I thought that big amount transfer was the real cause and that whale eventually sold but the exchange was more accurate than it if we will base the past hack incidents too.
That's why traders are active during this price decrease, they have automatically set those buy orders.

I agree with you it is very likely but if I trade bitcoin now, I would stop trading it because it is very risky at these prices right now, as a holder $6000 does not give me a scare.

I too think we'll see 6k or even below before we get some sort of movement. Espeically with all of the new news coming out all the time about different exchanges/websites getting hacked and coins stolen. It puts people off to know that their investment could be stolen at any moment.

this period need to be very speculative and careful.
If you believe, hold it without moving.

People wait for that 500 $ drop more and in that time btc starts rising and will reach 8k +. then again people will think it will fall and may not fall and bull run begins and crosses 10k+. So those who waited for 500$ drop actually looses 3000$ +  on just 1 btc. Which is actually a good profit for few months. So invest smartly and buy on dips regularly.

That's right, there is a lot of possibility about the whales are getting worried due to the CTFC news about that. It looks like the majority of people are seeing it as the main problem right now. I hope that we can see another jump again in the future, US is really strict to the cryptocurrency right now and that doesn't seem good.

I don't think he is trying to spread FUD, what he is trying to do is to let you be aware of what could be, and you should prepare for any case scenario. When BTC was around $18k someone on twitter said it is going to correct around $6k, I was thinking this is crazy that BTC won't go below $10k, we have been below $10K now for months.

Thanks

Well there are tons of factor that could influence on the price action
I believe the factors you are saying including exchange hacked, SEC pressures and tracking on entities contributes towards it

However, judging on now, it is likely for market to consolidate awhile

We can see it if the bitcoin actually goes down to 6k $. But, I think this will not happen because bitcoin can still come back. This is my personal evaluation.

Im not saying that you are wrong because possibilities might really happen along the way but talking on whales would opt out already due to SEC then i dont know if this do have the chance to happen. $6k is a considerable price for us to dropped yet we are already 700usd ahead on that range but it doesnt mean that this would be the end.We are still young and developing ending up anytime soon isnt still considerable.

If you are not yet into crypto and still waiting on the sidelines now is the time to buy in imho.

Do not make the mistake and try to catch the "real" bottom.

I agree with your opinion.
The market is not stable. The SEC can freeze the assets of speculators. They are not profitable, that's why everyone is selling now.

But SEC has influence on the USA based markets only. How they can stop other exchanges? I understand that it exist much ways to make bad. But actually I don't think that SEC or CFNC are reason for today's dumping

Even if I did not want to believe it we are already below 6800 so any bad news could make the market drop to that price and if something as big were to happen it is possible we will see lower prices than that, I could take advantage of those prices and make money that way but right now I'm very short on funds so I cannot afford any longer to buy even more bitcoin.

its bad time for crypto for sure. no one wants to believe that price and no one can predict btc price now. can go 6k or lower or can reach 10k soon. everything is possible in this moment. i dont think its about sec. investors dont want to buy now but dont know why. the big problem is btc kills other alts too so there is no chance to make profit from alts right now.
hopefully btc recover soon otherwise cryptos will go down and down.

I think this is one of the most critical terms of the crypto world. Everybody should be very careful about their next strategies. In my opinion, this term is a great time to have more coin, and an awful time to sell your coins.

well his opinion quite make sense, who wants their investment/asset getting seized by the government? of course non, i heard there is a whale that move thousand of bitcoin into exchange, coincidence? guess not.

In my opinion
The reason for the decline is not the exchange hack: Opinion
Whales that manipulate futures run for cover and sell. this is all the politics of the whales, Think about it. They need to sell because if the SEC chases them, they can work by freezing their Bitcoin. The SEC and the Justice Department are tracking these entities. The Pope will liquidate into the FIAT and reenter the most likely possibility of a disguised pump and this is beyond expectations.

Those are some terrible reasons for 6k BTC price. Technically speaking, it looks possible but your reasons are not why it would reach that outcome.

The market plunged sharply as the US Commodity Futures Trading Commission (CFTC) launched a price-cutting investigation from digital forex trading platforms. This made investors worried about their properties on the exchange floor so they sold so much that the BTC and the whole market cryptocurrency sharply reduced.

anything is possible in crypto market. it can go down more. but i dont think it will. because mining costs are pretty high and it is a very low possibility to drop below mining price. an upward trend is more possible comparing with downward.

LMAO. Whales don't fear regulations or exchange investigations. It's just a convenient excuse to sell the fear. They make money out of your fear and also make money out of your greed. It's that simple.

Real flight would be large withdrawals like when exchanges go bad. Remember Cryptsy? Altcoins rallied because Cryptsy stopped BTC withdrawals as it became an obvious exit scam by the owner.

I agree with what you say maybe btc will fall below $ 6k, for now I better keep silent and not see the market.

The whales do care because they have committed a crime: if the Justice Dept link the owner of BTC wallet to a LARGE pump and dump and corresponding short and long position on the Futures exchange it is a crime ( market manipulation) This is a serious matter. These Whales are running scared!

I'm not sure that it will come to 6k, it is clear that this price will be very convenient for buying. But the maximum drop will be up to 6.5k not lower. Especially since this catastrophic period remains not so long and it is not so much as to lower prices so much.

Anything can happen with this market situation as it's has possiblity that it will go down at $6k but this will only take short period of time as many buy supports are waiting for that price.

We need to avoid generalizing, it is entirely possible some whales dedicate themselves to try to manipulate the price, but it is very likely there are many whales that are just letting their coins stand still and do nothing with them, after all since they are already whales there is not much to gain by getting more coins, and there is not a need to do anything with their coins since they already have the best currency around the world.