Bitcoin Forum

Yeah, it's a correction--or a dip.  This is exactly what happens when any given market rises too high, too fast.  I have not been following crypto for the past week and was actually very surprised that bitcoin hit $10k--and then I heard it touched $13k!  The $13k level at least is unsustainable for now, and it indicates to me that there are a LOT of speculators in the market right now, and they're blowing bitcoin up past the point of rationality.

The same thing happened in 2017.  A similar thing happened in 2014, although Mt. Gox had a hand in that debacle.  Right now I just think there's too many people with too much money getting in and buying.  IMO now is not a good time to be buying bitcoin.  I'm just going to wait and see what happens.

The logic is we went up so quick so don't think that it will stay like that forever. There's also another reason and it might due to Coinbase's recent issue.

https://cointelegraph.com/news/bitcoin-falls-by-1-400-after-crash-of-major-crypto-exchange-coinbase
https://www.coindesk.com/coinbase-hit-with-outage-as-bitcoin-price-drops-1-8k-in-15-minutes

The market situation are similar like in the past and the price was moving higher without any breaks breaking every resistance and it looks like the market was looking for some major news for the correction and that happened in the form of coinbase having issues with their site.

@OP this is not the biggest drop in price for bitcoin, if you check the historical price data you might understand it.

We are wondering why it goes like this unexpectedly but we are all aware of how this thing possibly happens again. Yeah, it's a little worrying if it drops down hard just like it happened last 2017 and take a pause.
Let see how it change the course in a few hours from now if this is just a simple dump or going down deeply.

Don't be bothered worry about that quick and fast drops its normal because of volality, we should know it after we enjoy the fastest amazing price pump we also to be always ready for possible price drops.
But I think is normal movement of bitcoin better to relax and don't panic after that drops correction possible price react to hit 15,000$😀😀😀

This is a very fast increase in the price of Bitcoin and that increase occurred only within a few days. So it is now at the hit to keep backward and now the price is $11.274. I've lost quite a lot of money because of the current market corrections. I hope that the market can go back up again.

It's not surprise to have some big drop like this because some other investors can't wait for the price to go up even more so they sold their Coins as soon as it rises up to nearly 13K$. but sometimes when we have a fall like this it goes up again and mostly higher from what has been dropped just like last month's 8k down to 7k.

I will like to ask if you buy Bitcoin above the current price? because you only lose if you sell below your entry price. It is a normal thing in this market and the pump that happens for the past few days will not be sustained and the market has to return to its price pattern that started in February. It will resume its upwards movement once the traders take profit from the recent gained.

The correction was due to come

The present dump is due to correction bitcoin grow 3000 dollars in just 24 hours now bitcoin is trying to find the support once btc prices stabilizes we can expect btc to touch again 13500 dollars by next month

I'd concur. Any rise needs a period of cooling off and relative stability, or it's unsustainable. Look at what happened in 2017. The markets rose continuously, and the result was that when they inevitably started to fall, no-one knew where they should fall to because there hadn't been any period of cooling off and price consolidation during the rise. The result being they kept falling until finally this February everyone reached a consensus that we had hit bottom. If the late 2017 rise had been more gradual and with new support levels established, it's likely we wouldn't have fallen so far or for so long.

As for why this current fall started - it had become clear that the rise was unsustainable, and when this happens it needs only a tiny trigger to start the huge sell-off. This time around it's likely it was the brief Coinbase outage.

That's going to happen in sooner time, and as per chart monitoring if you look at the coinmarketcap history, it's always coming back to same scenario. The trend usually occurs before spiking going to much bigger price value more than $13.5k.

this is an expected result of a parabolic move. Nothing special. And this is not a drop. it is a correction and I think it will continue for BTC.

3k to 13.5k and do you think this is going to rise forever?

For the alts: If BTC moves alts are going to the hell

Today's big drop is just something that usually happens when Bitcoin and Altcoin have experienced a substantial increase too, we should be happy if today prices drop because we can buy at a cheaper price than yesterday, and prepare for tomorrow with an increase the greater one

I think there is no reason for this drop. It is just a price correction that we have seen in the past. wait and patience till finishing the correction and We will go mone again for touching another ATH of btc.

markets still working in cycles, you can't expect a steady upgoing price. this huge dip was needed to bring people back who thinks "i buy btc and get rich quick" ... dumb money wont win for longterm. i guess yesterday a huge people got burned by leverage trading.

I don't think there was a reason for this dump. Just some whales who think it was enough profits. I think it is going to be difficult to go higher than $14000. It is not impossible, but it will depend of thoses whales, if they are going to come back or not. And if new whales are going to enter the game.

Today? The big dump was happened on yesterday. What if bitcoin get dump again after you bought it?

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And most of them should be who accumulated bitcoin when it' was still around $3k - $4k

It probably there is no shaken to those who truly believe with bitcoin, but for those who are certainly at the doubts, they are the one that first to sell their bitcoins.

The current Bitcoin price decline will give something to us an opportunity to buy more cause after this, we might be able to see big jumps and to have another ATH this year. This meant that those late comers have given a chance and never have to lose this time.

maybe also daily traders who do it. because of the decreasing position after rising they certainly secured their money and started buying again when the price of bitcoin had started to rise. Isn't that natural for crypto trading, not only for bitcoin but almost all crypto trading traders will use that method.

That is how it looks like. It felt like the reason for this big drop is because I bought a tiny bit of BTC from the pile of bids in the market. Does anyone ever also feel like they are the ones being watched by the exchange because the moment you bought back BTC, it also started dipping again?

It is to be expected, I mean the sudden increased to $13500 doesn't look normal, that's why the price went into a correction. So let's see, others have said that this is healthy because those who wanted to get in will be buying in this deep. Good thing today is that we have regain some back at the price is above $11k now.

yep, and the market will not always rising my friend
maybe the reason why the market down now is a lot of traders take their profit, and this is normal

for the OP, don't worry, everything will be fine ;)

The Crypto market will not continuously go into the same situation for long time because the cryptocurrency market is unstable so that we expect if you drop and also your future pump we need to agree everything then only we can be a investor in Crypto market.

Biggest drop?No it isn't yet this do only looks a typical price volatility on a normal day here on crypto market.Nosedive drops cant

really be seen on a fast phase or short time.It would be gradual to hide up some sort of manipulation because if things goes that way
then expect for popping out speculation surrounding.

I was simply shocked about the sudden drop but after that it again continue to develop so that I do not worry a lot more about the sudden drop but it actually overcome its development again so that I will be very happy.

but right now it continuously getting out from that so that the ups and downs are happening every time but we need to wait for sometime to analyse what is going on then only we can clearly say what is the exact thing happened before the Drop and the increment

Everybody are aware of what really happening lately at coinbase, maybe thats the reason why it suddenly drop up to the lowest level, but it  pump and return to 11k usd+ lately, and corrections and dip are happening everywhere and at any coins or tokens or even stocks, so just learn to play from it, and buy on dip and sell on news, thats the best way as a trader to earn some profits.

simple, I think because of the high increase in a short period of time, so many people held their assets up to now, then sold them when the price was high, so there was a decline after the increase. however, I think the price of bitcoin is currently stable above the price of $ 11500. this is still one of the best things.

From what i read, seems like its something that is related with this CME or CBOE btc futures
People who went short actually wanted to minimize their losses on short contract so the price were pushed down

Look at the price now, it recovered
So i am slightly believe into this news tho

There's a lot of factors that needs to consider when it comes to its sudden changes. The thing is, there is probably a huge dump of crypto wherein it really affect the market. In the meantime, let's just say that this will only keep on repeating and definitely those traders can take the opportunity to gained some benefits in it.

Some whales are cashing, they sell to profit and that market react.. :o

I saw this many times already in my long stay here in the crypto world, this isn't surprising and I don't think this dump is cause by real panic.
You see the price now, its' back to uptrend and bitcoin just hit $12,000 again then fall to be stable at sub $11,000.

Actually when the price has gone up very quickly, what will happen is that many users will sell the assets they bought before, that is a good short profit for them, the price falls because the supply is too large, that's a natural thing when price increases occur, correction will always happen afterwards

It's  still down though to $11.5k. It didn't recovered or back to $13k which happened many days ago. The reason why bitcoin was increased because of libra coin hype

bitcoin today is indeed quite difficult to predict. because the current state of bitcoin is very different from last year's bitcoin, where the bitcoin reached quite high. so of course it is different from now, besides the development is increasing, and of course the risk is increasing. so the increase in the price of bitcoin is indeed difficult to predict, because sometimes it rises and sometimes falls.

The recent correction that just happened days ago is healthy correction and the market needs it.

If the market continues to rise without any correction, it is more risky to enter in the market. Remember what happened last 2017 where what we saw at that time is continuous rise and no correction. After that what happened?? A big fall of the market. The market needs this correction now.

The major caused of bitcoin plunged is the temporarily shut down of coinbase. However, that only affects the intraday of bitcoin. As of now, it continuously moving up. Leaving the 10300 dollars in a day is a good sign that the market is still healthy. However, I think it will take again a new correction phase because it seems that bitcoin gradually moving down.

Correct! They usually look the major drop as a trend reversal. We would never enter the reversal once we have greater support under 9k to 10k dollars. It will just be stressful if you thinking out that bitcoin may become 2k dollars when it hit 12k dollars. Why do I say this? Because I have seen several speculations regarding with cryptocurrency bearish period. It won`t be happen unless there is whales conspiracy. Do not be afraid of biggest dropped, they are just experiencing correction.

I think this is only a correction because Bitcoin and some altcoins price increase too hight. And i think this is not biggest drop, because the price of Bitcoin is still high.

bitcoin has been trying to stabilize the price now. this is the chance for the altcoin to start going up. and when the bitcoin pump starts altcoin will follow its growth.

What possible reason do you think it could be other that the usual correction we normally see when there is surge high surge, and this correction we all talk about, I am sure that whales still usually contribute to it, they probably do move large amount of money they have accumulated for a while now to sell after the short pump, but I think the value we have now is the normal value we should have been before that high surge.

We might still witness another second correction before the value stabilizes, but by the time the market becomes stable after all the corrections that will be done before the next surge, I am sure we will be able to sustain at least $11k for a long period of time, but since we have once touched $13k, I am sure it won’t be long too before we finally break that barrier completely for $15k.

simply because BTC prices have grown without a reason, the whale's impact is too great and after a few days, they will also be the resellers of BTC at high prices.
This is also considered a manipulation commonly seen in the crypto market. So, if you are a newbie, be careful with the fast growing market. Don't be greedy, otherwise, the results will be as bad as in the picture.

It's really hard to tell if altcoins will rise, but let's see if they can do it, if not, I'm afraid we will see some big correction coming which we don't want to see.

It's difficult to call at the moment. Prices are still falling, but slower than they were. I would be wary about buying in now, as the odds of prices rising soon are probably 50/50. Overall the trend over the last few months has been very bullish, but its unclear whether this is now exhausting itself or is just a temporary cooling off period.

why not want to see it, now prepare our money if the market will go down. if altcoin rises, then we already have assets that are ready for us to sell. don't complicate it all because of the downturn in the market, as much as possible we can use it all.

It's still 50/50 for bitcoin will keep decreased or wil bounce back to $13k or more right now. But it seems bitcoin will be back below than $10k since the chart keep decreasing after it pumped many days ago. Seems some whales already took big profit

There is no form of big correction that the bulls are not ready to take and push back, I am talking of corrections from coins like Bitcoin and top altcoins in the market.  There is one thing for sure that we should all know, the market has already entered uptrend, and corrections are inevitable, we will always see all form of correction from now till be see the new ATH.

Some correction will be very little, while some could be so deep and scary, but whatever type of dip it is, the price will always bounce back, and that should be the best time or opportunity to take advantage of to make some cool money which is what I usually do. Therefore I don’t see any reason why a strong investor or someone who is very certain of his choice of investment be scared of correction when it is not bear market.

With a big drop in 24 hours, it could imply that whales are taking profit, and when they take profit, it result to panic which will lead to more dump and undervalued price, so they price back up again, that's them starting to accumulate again, if this trend will continue, they will become richer.

That's why crypto consider as risky investment because of it's volatile value.
But behind that, crypto can make you millionaire better than your ordinary investment.

So if you want to invest crypto, you must prepare the worst !
( currently I'm still holding )

in short words, its a corrections time for bitcoin and altcoins
a lot of traders now take their profit, so, when the sellers more than the buyers the price will drop, just like now

Always keeping ourselves ready to meet the worst market scenario will let us to be on the safer side even when the market is bearish.

User needs to learn and further make the investment into cryptocurrency, investing without proper knowledge and risk associated with it will also cause large scale loss to the investor. This way it makes millionaires as well Leads to heavy loss. The success is upon the way we move along with the market.

I found it to be completely normal. I have been in the Cryptocurrency market for 3 years and have seen it many times. It is simply a price adjustment and a rule of increase and decrease.

This correction is reasonable to see that what Bitcoin has done looks uncontrolled. now this decline will stabilize the actual price of bitcoin. may last a certain amount of time when you have stability in the market.

For me, it resembles the manipulations of the whales. Now, investors are at a loss - what to do? Simply do not be greedy and sell crypto each time you make a profit. You can buy it again when the fall time comes.

Timing the market is a tough task. Maybe its better to buy on a timely manner to overcome the big swings and increase your stack.

the market may be confusing, but long-term investors have predicted that there will be future growth and therefore invest. will not be affected for long-term investors. but for traders, it might be very confusing to see how this market moves. whereas if trade can take advantage of this market condition, they can get a lot of profits, especially for bitcoin assets.

the same as what I have in mind with my friends. I see bitcoin charts in the period of 2013 to 2017 that are all almost similar in the current movement. And I'm sure after the correction is complete bitcoin will fly to the moon.

well I never heard any bad news of cryptos or FUD that can bring down of the market maybe investors sold their cryptos you know they already gain profit.

In this instance it appears the market has simply corrected after a decent rally that took it up to a more reasonable valuation, and further events globally may lead to increased value being realized as Bitcoin becomes more recognized as a store of value

for people who are confident and brave with this market situation, of course he can benefit. but if he only sees and is afraid to come to the market, he won't get the profits. This market continues to attract investment and the bitcoin trade becomes a very big magnet.

The current market situation is a correction because the price of bitcoin has been pumping very high. But we don't need to panic because it's like this time that Bitcoin is back up again. For me the price correction when it became a very precise time for me to return again buy Bitcoin and Altcoin. Some of the coins I bought again at the time of correction and became my mainstay for trading such as Abyss, ACT, TEN and ETH.

and i hope this corrections will not continues, just like the last year my friend
because a lot of people didn't have enough confidence because of their experience in bear market last year

that's what I fear from the current market conditions. maybe the bears will come back until the end of the year. but it can be anticipated if some altcoins can update and pump in the near future.

This is bracuse some time we are expecting too many high prices and this makes many people panic about the current situation. The market situation will change to normal when the altcoins start recovering their prices. It may take time but surely the prices of those coins will increase with patience.

It is classic market behavior, we called it correction. And correction happens everytime when there is a big move up, or down. Price needs to confirm the trend and after that everything goes back to the previous higher/lower level.  :)

we went up so much, i wont be shocked to see it back at 6000 it is possible
https://www.coingecko.com/en

The whole market is currently drop now, the drop is not specific to BTC, just whole world is lagging now.

Anything is possible. It went to $20000 and then it drops to near $3000. So $6000 is possible too. At $6000 last year, we thought it was the lowest price as bitcoin was very stable. But no, it did drop further as the volume of trading did drop a lot. I don't wish this, but only the whales and bots can decide what should be the price of bitcoin.

Yes, that is normal, but the market drop is because people are worry and panic to see the price is down in the day, so they think that the price will get down too deep. So they are selling their bitcoin instantly and not think that the down of the price is only for temporary and the price will be increased again. If they still do that, it only makes the price getting down deeper than the price before. Besides that, it will make the price hard to increase to the last higher price.

I think this is normal because Bitcoin is too fast to touch the current bullrun, real bullrun will occur in 2021.
Bitcoin fell because it was not the time to go up and the previous rise was only a market correction.
we must understand if cryptocurrency has a phase phase between 4 years.

It is funny when you see people need explanation for everything that happens to price, and again most people think the price should keep going up forward without correction, the direction of a price could be upward but it can never be linear, so get use to this.

I agree with you . This market needs time to start the new uptrend and should choose to be patient during this time because I believe that 2021 will be an important time for the market to rise again. Now the value of Bitcoin has a big improvement, but in general we cannot escape the bear market and there will certainly be more adjustments in the near future.

This stuff is a lot of psychology.. need to get rid off so e more weak hands beford the rocket can take off.

This is a common thing happening in the market, when the market price goes up in a quick manner those holder with a small amount will sell because that is their chance to do it therefore the price will do corrections and will goes up slowly.

They do easily react on what is happening, as if it has not happen in the past, and as if this market is not volatile. SMH...
Market is speculative, that's the main reason, people got hype and people got FUD.
Maybe let's look at the long term potential, volatility is good for day traders only.

That's correction on going and it won't be the last anytime soon,you can see that altcoins aren't surging yet even after few corrections so I think bitcoin corrections will keep happening till altcoins are getting advantage from bitcoin

Nothing to fear, it is certainly not going to continue, most corrections are usually temporary, and this type of correction is one that will lead to a more increase in the price of bitcoin, I guess the experience you were talking about was the one we all had after the bull run, and that one was as a result of the all-time high we had reached which made whales and many other investors dump their coin.

We are in another bitcoin uptrend and we are yet to see another bull run fully that will lead us to another new all-time high for this dip to continue to bear market. I am certain that within the next few weeks, you will see that we will break the barrier of $15k, and the moment we break that barrier, it will be certain that we will be heading towards another new all-time high.

This is drop when you see it in the short time frame but can you just see monthly or more time frames then you can understand this is just correction due to huge increase on the price over the past few months.

That's not the picture currently, price now are way lower as bitcoin has finally dump again below $10,000, but this a correction of course, soon there will be a trend to rise again.

RIght,if OP see the current 7 days graph then he can't say there is huge drop because still price of bitcoin floats around $10K

Some people started to explain the fall of the market by the temporary closure of Coinbase, located in San Francisco. Being one of the most popular exchanges, it affects the crypto world. However, no one knows the true reason for it. Bitcoin has lost over 3 thousand in the shortest period, but this fact cannot be the reason to say that the bears have returned.

After this shaking, the market will be recovered.

2021? Did you just pick this year out of the blue moon, what are the signs that you see that made you not suddenly sift from bull run of 2020 to be 2021 because these has been the most popular year that I have seen people predict bitcoin to go on bull run even before bitcoin went in this current bull run, which is why many was so surprised at the way bitcoin made that sudden change and started surging in value from the first week of April, so right now, bitcoin movement cannot be completely predicted.

We never expected bitcoin to even have gotten this far, and this current value was actually predicted by me to be end of the year, so I believe that there is still more time for altcoins and bitcoin to grow by next year after the halving of bitcoin that is due for 2020.

I think what you are saying is the reality that is happening now, but this is not unusual because the decline that occurs is still above the average which is still in the best movement. we can be sure this will pass by itself.

But on that time the situation got even worst with the tweet that already made by trump about bitcoin. When there was a bad news and more bad news will come to give more pressure to the market but this time the price of bitcoin is very stable because there was no a good news has come.

We need to learn that this is a common trend in crypto,  after a pump we should always be aware that there will be correction. Sometimes it can be a minor or major correction,  either that happen should not cause panic

There are no satisfactory reasons here. This is the market cycle and you should be familiar with it. The market is always growing fast and falling rapidly because of the impact of whales. It is also an opportunity for traders.

This is the thing that should be understood by all users or cryptocurrency traders that the decline that occurred is not something that needs to be feared or something that is big to increase in looking at a trend of this sharp decline. because this is the nature of the cryptocurrency itself which is indeed fluctuating where not everyone can read the direction of the movement.

Everyone should, but even if some people are aware of the trend, they still sometimes got disturb especially when they panic.
As a trader, it's necessary that we know the reason behind of very significant price movement so we can do the right decision making, market is volatile and we know that but investing blindly would minimize our chances of success in the long run.