Bitcoin Forum

A sudden price drop in the crypto markets along with the deepening points loss in the dow jones point to a a slow and steady downward trend as of late. Is the bull run of 2021 over? Are these the marks of the beginning of something much worse to come? A major recession, a new crypto winter? What could possibly be next? Any comments and thoughts are more than welcome.

You can blame Elon Musk for trolling the entire crypto community and the whole market for the sudden crash. He announced that Tesla will no longer accept Bitcoin payments because according to Musk, cryptocurrencies are hurting the environment. Moreover, environmentalists were claiming that Bitcoin mining was taking a large toll on electricity, which is solely based on fossil fuels, especially coal, and were against Tesla's option to receive Bitcoin payments.

What an irony, the large scale of battery production isn't that environmentally friendly either, but no one is commenting on that.

Well given the fact that the company he is associated with supposedly invested in bitcoin and seemingly sold at profit can only make you think this is the start of such problematic behavior. Not all too recently it was also seemingly announced that SpaceX may be accepting DogeCoin as one of its payment options. Given the current state of more specific state of stocks i.e. Tesla plummeting in the recent weeks and pushing for acceptance into crypto markets makes you wonder if this will be a good thing for the whole crypto market side of things or something else?

We should not even focus on environmentalists now, we should focus on Elon Musk, he only wanted to use the opportunity to manipulate the market. Let us take a look at the scenario, he knows if he make go against bitcoin, that other crypto price will crash, that is just the reason he did it, but using bitcoin electricity consumption as an excuse, he only want the bear market of 2021 to begin.

I don't think that we are on the winter yet, this is a sudden and I believe that by the week the prices will probably recover. This drop was unexpected though, one day the prices are running high and I sleep and the prices took a plummet.

Just because we have a sudden crash today means that the bull run is over. In January-February, we've seen the price goes to an average of 25% and yet the market recovers, established a new all time high of $64k.

So I don't think we can consider the end of bull run, probably investors are cashing out, and for sure they will come back, no need to panic here. The year is not over yet, we have a lot of rooms to grow.

We have seen this is the past, even in a bull run.

I'm sorry but it looks like you are in a panic mode, just relax, this is not a sign of worse things to come.

We will know if we are in the crypto winter if we are already on it. This is just a day of the price decreasing, maybe tomorrow we will have a bounce back.

I do not believe the sudden drop in the crypto markets will be the end of the bull run. This is not the first time a bearish correction would happen and will eventually retraced to form a bullish run.
I do believe that a dip is actually the best time to buy more and hodl. Dips like this give one the opportunity to buy these coins at a very low price because the bearish move would be corrected and it will instead turn back to a bullish market.
I don't know what could have caused it, it could have been Elon Musk's tweets and all because of his influence but I'm sure he doesn't control the market.

I acknowledge that environmentalists are just an excuse, Elon Musk is the main issue here. He's using the environment excuse for his own profit. I wouldn't be surprised if he is currently buying Bitcoin, Dogecoin and other coins, under the radar of publicity, taking advantage of the lower prices. This situation of market manipulation is starting to annoy me, Musk acknowledges that if such thing was happening in the stock market, he'd now be sitting behind bars.

He doesn't control it but he can influence it just like what happened today and how he made dogecoin popular. I just don't understand what type of people sold their bitcoin just because of his tweet. I sleep last night with the price at $57k and when I woke up I was shocked that it dumped all the way to $46k. It is just hard to believe that retailers can bring that price that low. I'm sure that there are many buyers who are waiting to buy at a lower price especially $50k but still able to bring the price lower than that.

Everyone is afraid of the downturn but some people are looking forward to buying crypto at a cheaper price than before. With the decline that occurs is not the end of all virtual currencies because this is a normal thing that should happen to crypto. A lot of people conversing on this forum about dropping due to the Elon Musk tweets. You better not believe it too much, this will be a big mess in the market.

It's clearly market manipulation, and I despise what he did because, if he really supports bitcoin in the first place, he should've known what effect bitcoin mining has on our environment, right? It's not an excuse to say he just did some research because he has a lot of good people or experts who can look into those details.

But.. he also clarify that he didn't sell his bitcoin but still, people should learn from this that he's not the icon for cryptocurrency.

https://www.reuters.com/technology/tesla-stops-taking-bitcoin-cites-fossil-fuel-use-mining-cybercurrency-2021-05-12/

That could be a somewhat valid point, look at what happened with the XRP-Ripple situation. The SEC clamped down on them, drove the price down to around .30- .40 and now its well above 1 dollar. Sheer coincidence maybe and maybe market manipulation.

Probably cause of Elon and Tesla. AS much as most people hate it, Elon has quite an influence in the market (at least, some newbie investors do base their stuff on his opinions), and Tesla is a big corporation. Seeing that they dropped Bitcoin as payment may send negative signals to investors, hence why the sudden drop (although fr, it's not like we forced them or anything). It's also quite stupid how Elon's reasoning for the drop was about the economic reasonings and stuff like that.

Market volatility is normal and you should be accustomed to it so if you cannot afford a 10% loss then this market is not a suitable place for you.
Everyone says that Elon musk is the reason for this volatility it is the nature of the market and there are several factors that may lead to price fluctuation, and one of them may be that Tesla stops accepting cryptocurrencies.
Relax, it is an opportunity to buy cheaper.

Elon Musk statement have negative impact in crypto world, after the release of his statement many altcoins are drop down. But this is reality in crypto world, when they hear some good or bad news for sure it has effect to crypto world movement. Social Media has great impact to whatever plans they're going to do in the next future.

No one can directly manipulate the market but it will be easily affected out from positive or negative news outside. And Elon Musk they say maybe one of the reasons.

But if you think how volatile the market is, a sudden price drop is just natural. Coins will eventually have their own pump and dump moment and not just because of a celebrity who keeps on making tweets about crypto. Prices will definitely change from time to time and this is the reality of crypto.

A major recession could happen because our biggest supporter - Elon Musk - decides to turn his back on bitcoin. Tesla, thus, will no longer accept bitcoin as a payment method. This is a disastrous impact on bitcoin, forcing the price to decrease lower than $50000. I hope that bitcoin can maintain this price for months, otherwise we have to think about selling our bitcoin

Tesla's act of stopping accepting Bitcoin as a payment unit caused Bitcoin to plummet today. The drop in value is just one of the correcting waves.

We are in the midst of economic recovery from the pandemic. America was safe when vaccinations COVID-19 were done across America. This can affect Bitcoin as the money may flow to other investment channels for profit.
I'm not worried because Bitcoin is now becoming the world's new store of value. The market's rally will continue as businesses are continuously buying into bitcoin.

I do not blame Elon at all, you know why? Because if people give him that much power, then he will definitely use it, why not use that kind of power when you have it? It is every single person who makes trading decisions based on Elon that is the problem and as long as those people exist, we will keep having this kind of problem for sure.

We are not going to have any type of problem with crypto if we could just ignore Elon and any other person who might want to talk about it, but if we keep trading based on what Elon says or someone else says, that is not going to change and we can't blame Elon for "dropping the price" because he wasn't the one who dropped the price, it was the people who sold their bitcoins because of his tweet that we should be blaming, they shouldn't have sold their coins based on what Elon says but they did and they are the ones to blame.

Given the state of all that is going on, is it a feasible idea to think that we may see a sub 45k price point for bitcoin?

If this is the end of the bull run then I'd say that it's still a good start for a bear market then but I don't think that it's already the bear market. There will be more drops if we're really thinking that we're now entering into a bear market.
Next is that keep observing the market or if you don't want to, buy.

Its all thing happen because of marker manipulation and the manipulator are 2 person 1 is Elon mask who distory the bitcoin and because of bitcoin distroy the whole markets cap gose down. As a result full market distroy. And another person is The ethereum creator vitalik who has removed 13000 ethereum from a biggest meme coin Shib as a liquidity and then donate $1B+ to indian covid relief fund. His intension is good and reason is great but because of the liquidity removed the whole meme market crush and we saw the crush sceneray. Its my opinion others can defind it in different way thank you.

This is indeed the case. It seems that this time Elon Musk provoked a general decline in the cryptocurrency market with this statement. Usually, such negative news affects the market for several days, after which the cryptocurrency recovers in price. Prices are already starting to rise, but there is great volatility. I see that even the price of some tokens is jumping like crazy. I think that soon everything will return to normal and the market will continue to grow.

Just woke up this morning and saw that bitcoin price drop down to around fourty-five thousand.It  is an alarming thing to see a sudden downtrend just because of Elon Musk announcement that Tesla will no longer be accepting Bitcoin because of the effects of mining to the environment.The good news is that we are still in a bull market don't think this news is enough to pull us back into the bear market as prices seems to be rising now.

It's slowly recovering and is now at almost 50k once again. The Tesla news definitely caused a lot of uproar and disappointment from some of us. Although contrary to what most of the guys here suppose, I don't think Elon is trolling or memeing this time. He knew the detriments that bitcoin could cause to the environment, especially given the fact that most of us still get their internet and electricity from the burning of fossil/unrenewable fuels, which is directly opposite of what he wants.

I highly doubt it that this is the case here, Musk is known for having a real influence on the market, looking at Dogecoin is enough to set the example. He already knew that before getting involved in Bitcoin, the environment issue is just an excuse to further manipulate prices, since his status is sufficient to have a massive effect.

Just the words and actions of Elon Musk lay on fertile ground, overlaid with the news from the stock market. The market is a bit overheated, especially with the sharp bullish rise of alternative cryptocurrencies, so any reason can serve as a trigger that can trigger a correction and force players to lock in profits. I am not so pessimistic about the market prospects for the year, but I would not be surprised if in the coming summer months we will be in a sideways trend or in some correction, because it is not for nothing that there is an old stock exchange rule that in May you need to sell.

The bull run already ended before the crash. The price of bitcoin was somewhat stable. The sudden drop is because of the recent announcement by tesla. That was a shit move by Tesla and Musk, but you can't blame them for the crash. They are party responsible, but then people are more responsible for the crash. When tesla announced that they won't be accepting bitcoin, probably everyone started to panic. Some people maybe thought that Tesla will sell the bitcoins that they were holding and cause the market to collapse. And then there is this fear of the regulators.

I don't really think this time around the bearish gonna be like 2017 though but it is definitely possible, as to the question, I don't think the bullrun is also over either. Take it simply, many company still trying to make an entry to crypto, every week there's a brand new news coming out regarding some company making an investment not to mention the defis that's so used it burdens ETH's network as well, that also could affect bitcoin market. if any it's probably down -25% of current ATH in my opinion.

Depends on many factor, sub 45K definitely possible but the market is solid enough to make people buy around the dip, some people definitely gonna find the dip as an opportunity to buy because with institutional investor also holding big bag of bitcoin most of people gonna feel more secured I guess.

What doesn't kill you makes you stronger. Bitcoin is in such a strong position now, thanks to its strong resistance when powerful people tried to destroy it. Elon Musk is not the first billionaire who tried to destroy Bitcoin and he will not be the last one. But the earlier ones realized that it is impossible to destroy Bitcoin, since it doesn't exist in the physical form. The decentralized nature of Bitcoin means that you can't destroy Bitcoin by taking down a central server or organization. And now Elon Musk will be taught a lesson which he will never forget in his life.

As it should be, I expected it to recover since the news was just an exaggerated reaction of many people as if bitcoin is forever gone when Tesla suspended their bitcoin option for payment. People find his excuse a bit flimsy so they are irrationally mad at him like Elon took something from them so they have to be mad at him on the Internet as if Elon is going to consider your emotions, did you expect a businessman is your friend?

Well if thats the case he might revert to exploiting dogecoin for his future spacex programs which in turn might pump up the price. I think one of his "friends" mark cubano is already starting to accept dogecoin for his dallas mavericks team.

The price drop that occured is definitely correlated to Elon Musk's removing of bitcoin as a mode of payment in Tesla. He has a huge influence to investors considering that he is a billionaire that's why the price of bitcoin was hardly affected by his decision. He is currently supporting dogecoin and no one knows yet what is his plan with it. So far, bitcoin's price has finally recovered and at almost $50k once again. Bitcoin is a strong currency that's why we should never give up on whenever it experiences a struggle, just like what it always does, it will soon recover and exceed more ATH in the future.

That drop was something special. I mean I am not saying that drops are good, but I feel like people ended up buying because of tesla news and sold because of tesla news and that increase back in the day was now negated by the decrease today. It is not really that bad, we are still at 50k+ right now and that is cool, corrections are a big part of bitcoin these days, we dropped from 64k to under 50k very recently and still managed to go over 58k after that, now we are down to 50k again but I am sure we will have a moment where we will move beyond 60k once again.

These types of falls are only hurting two people; first is the person who has a long futures with a high leverage (well even low leverage because of how much it dropped) their position will be liquidated for sure, and secondly people who panic sell and get out thinking it will crash, when in fact it recovers. Nobody else gets hurt from corrections.

Every drop gives an opportunity to buy the dip, if we are not give a count to all the drop btc has made since the last decade, the list will go on and throughout all this drop btc has always find a way to come back strong, we should be patient for the market because it always recover eventually.

This is a little correction for bitcoin and I could this time will pass away in the history of Bitcoin but with investors coming for it in a bad way I just hope the dip will not stay too long for correction to take place. We will continue to hold till we see the moon.

It is too soon to say the bull run is over, the price is too close to the all time high and it has remained at those levels for too long for the current all time high to be the highest point we are going to reach, the market is just gathering strength, now it is going to be more difficult for bitcoin to grow up with all of those altcoins receiving a lot of attention, but eventually enough interest n bitcoin will raise again and we will see bitcoin producing new all time highs in no time at all.

It is time for the market to mature then because it should not be possible for a single person to move the whole market like that.Good to se it is on its way to full recovery. Hopefully we will have some new all time highs with a lot of excitement.

this is not the sudden big drop in the crypto market yet. the massive dump is yet to come. we are just seeing a small drop in bitcoin price because of the recent FUD which obviously led to a lot of bloodshed in the altcoin market like it always does.
the biggest dump is going to start when the altcoin pumpers run out of money and start reversing their pumps then you see the real "sudden drops".

Sure, Elon Musk can't shirk responsibility when this is basically a deliberate act, he wants people to adopt a new product in payment and that could be dogecoin and very quickly, we will realize that Elon Musk's absence is sometimes a good thing, someone who causes too much trouble should disappear. Dogecoin should also go down the same path when Elon Musk has put his hand in, this cake won't taste as good as many people think, bitcoin is still better according to the community's opinion.

I get what you are saying, but I wouldn't call a 13% drop small either though. The sudden crash was a result of Tesla and Musk, stopping Bitcoin payments for purchases, claiming that Bitcoin is hurting the environment due to mining operations. However, I don't see where you are coming from, claiming that a bigger market crash is on the way. Where's the source for that? I can't really understand what you want to say by mentioning that those "pumps" will start reversing when altcoiners run out of money.

Crypto investors are already wiser than before, it's been an experienced that whatever happened there are always a newcomers

that will provide, bounce is already happening now and we are again seeing good market movemets, after that dip another green

are showing to the whole market. It's not Musk alone but there are many investors around this market they'll not going to let this

manipulations to continue, but they are good riding with it. Be very careful and observant.

I think this happened for a number of reasons but mainly because of the tweet Elon made recently about not accepting Bitcoins. The crypto market is now held strong by a lot of new investors and unlike earlier, now the non-crypto community leaders like Elon do influence our market. Other reasons might be as always a big and strong bull run is always followed by a minor bear run so nothing much to be worried about. Big whales like Elon are playing and a small investor like us as a community should just hold and stay away from trading until the market becomes stable again.

Not sure why suddenly Elon is trying to manipulate the whole market because he first said tesla purchase BTC worth 1 Billion and surely he knew how BTC is mined and then he said Tesla even accepts Bitcoins and then he went ahead and started promoting dogecoin with no real explanation and now he is trying to dump the market, these moves look very fishy, to say the least.

Sudden drops arent solid indications that we are already on a bearish market and we cant able to tell it when its already happening and to know that this market is always been like this

on where it can rise or go down without any viable reason for you to look at.This is why you should really be preparing yourself into these kind of circumstances on where
price volatility is really high compared into other markets.

Dont let yourself easily get dragged with your emotion because sudden drops are just normal.Thing here is that the price do eventually recover after that.

I think the Elon Musk announced also influence the sell of greatly, btc has witness a tremendous price rise since last year end to this year and if it dip a little I don't see why that should be a problem. But unfortunately some investors don't know about the market situation except to panic sell.

The reality might be that whales are manipulating the market and the tweets from Elon Musk are nothing but a distraction because people need a reason to assure themselves why the bitcoin is falling down.

But, I don't think he wants to kill bitcoins at all. In my opinion, he is just helping some of the billionaire friends earn huge by making a series of tweets as per their requirements.

I don't know why people start to worry and make speculations just after a small drop. I don't even check the price of bitcoins anymore because it only creates chaos and leads me to doubt my own decisions. The best way to avoid being impacted by these drops and rise is that you invest for the long term and don't check the price daily.

The problem is that people are ungrateful as to where bitcoin is now, and they want to get back their capital with a lot of profits as fast as possible so they are mad that the prices go down because they have to wait again. It's good that they panic sell, the market automatically weeds out the undeserving people.

I don't think that we are already in the bear market, the sudden drops of the bitcoin is all because of Elon Musk who is playing the market, he announced that Tesla is no longer accepting bitcoin as payment, and by that announcement we have seen a huge impact of it with the market especially with the value of bitcoin. We knows how influential Elon Musk is, so by just posting a tweet he can really do something like this, I am still hoping and believing that Bitcoin will still recover within this month.

In terms of percentages it will become more stable with higher prices but it is still volatile. When Bitcoin prices were low it was way more volatile and could quadruple in price or lose 75% easily. That's not going to happen the same way with Bitcoin's price increasing more and more.

We are definitely not in a bear market. We had a correction which dropped the price, but then we had Elon making excuses for not accepting bitcoin and that's about it, there was nothing to worry about. These things dropped the price a bit but the reality is that we are not going to see anything substantial in the future, we are going to see bitcoin prices going up again.

Remember just in 2021 we had corrections for few times, I think it was about 5-6 times already where the price reached ATH prices and then had a correction and dropped like 20%+ and even more which resulted with price going back up and that is what we have right now. Price dropped and that is a sad thing but we had drops before and each time we went back up again and moved higher, that is what we are going to have once again in the future and that is why I am not worried about a potential of bear market start right now.

I don't think there's much to worry about, as you've also mentioned, quite a few corrections had already occurred during 2021. Don't forget the largest of all, during March. Bitcoin had plummeted to approximately $40.000 if I remember correctly. There's no need to panic, it's probably a result of Elon Musk playing monopoly, along with a possible market correction.

We are not but this might be the trigger to the bear market. Most people are buying with the FOMO hype and those people are probably following Elon's step so as the result of his controversial tweet, most people sold their crypto. We are currently in downtred thanks for that . Bitcoin hit below $47k currently as I post this, I havent really see the price below $47k as $47k should stand for the support level

For some people they'd probably be panicking by now, so yeah we might get to see some sell pressure soon

I agree investing isn't for you if you can't handle volatility, but I can understand people's frustration when an eccentric billionaire causes the market to crash. Not really a "may" regarding Musk and his announcement of Tesla and Bitcoin. It flat out sent the markets crashing.  I think it was a clear example of a pump and dump (not like I have any proof), but the only silver lining is that it'll dissipate the Musk cult's formed with him and Tesla (and doge).

Why would you think Musk is trying to destroy bitcoin? Because he said something that you didn't like, so you ascribed all your emotionality onto it? Tesla won't accept bitcoin, so clearly this is evidence that Musk is trying to destroy it!

And yeah, the second richest man on the planet is sure about to learn a lesson for not praising bitcoin to the moon, lol.

Bitcoin price dump few days ago which also affected the price of other altcoins which i believe is caused by the current post by Elon musk that tesla won't longer accept bitcoin which I really believe that they are trying to use Elon musk just to destroy bitcoin price. The post really affect bitcoin price because there was a dump and now bitcoin price is still dropping gradually but I believe with time bitcoin is going to be balance again and other altcoins can also pump.

He is one of the most successful businessmen and entrepreneur currently. He's a genius, he wouldn't want to destroy Bitcoin even if it was actually feasible. Musk is taking advantage of his status, being a person of influence, which can lead to twists and turns in the cryptocurrency market. On top of that, he's probably exploiting Bitcoin's volatility for his own personal gain.

P.S This is my 1000th post!

When I said this, everybody thought I am bearish but I just tried to warn everybody for the correction that was inevitable. It happened, and it happened just in a way I told my friends and also the community here. There are now more probabilities of btc getting dumped by retailers and also check the patience of institutions if they can handle the heat, or this correction will flush out another wave of weak hands and a new, more stronger bull run will begin.

if you have been here since 2017 maybe you already understand this condition. this is a cycle, when ATH has been reached after that there will be a tremendous drop. be prepared because this will happen in the near future !

So Bitcoin is at sub 45,000 usd whats next> Will it maintain its 44-45k range, go higher or drop even further?

It is the hardest thing to do to make a statement that the bull run for this year is over. Because bitcoin price or even all crypto price movement are so volatile. You can judge that now the bull run market is over but in few time a head the coin price increasing drastically, so we have made a false statement for bull and bear market.

Ans yeah there is a worry thing that will come to all crypto user, if bull run for bitcoin is over then we will see a huge dump that will happen. Many people will see to the previous bull run where bitcoin just dropped a lot and I think the situation is not much different with the previous bull run. So, yeah just be carefull for thoss who still hold bitcoin, for thoss who have intention for long term investment you should make a daily analyst to avoid it.

Unfortunately the crash is getting bigger by the day and we may be headed towards the 40k level, it seems to me many people lost their leveraged trades and we are seeing an effect that we did not wanted, I really expect the free fall to stop because if it does not then panic is going to overtake the market and when that happens the price has a tendency to go down no matter what it happens, also this could create an incentive for new institutional investors to sell and we do not want that either.

I know people don't probably want to hear this but I seriously don't think we are going to see the 64k-65k usd price point for bitcoin again anytime soon.

Elon Musk can pump or dump bitcoin prices on his own when it suits his interests. It's no surprise that Telsa subsequently announced it was selling some bitcoins and causing the sell-off to become even more fierce. Tesla may have made the US $ 101 million from bitcoin sales in the first three months of this year.

May be but if Bitcoin is able to get back to or above $48-51K then it is likely that it will continue up to that target but as it is now that is going to be some hard Bulls work to get Bitcoin back up there from this current $43k+ position. 

It actually recovered to $45.000 today, however, I also believe that returning to previous price levels will take a while. The whole incident with Tesla and Musk really took a hit on the market. It will recover though, I'm sure about that. My guess would be even before we enter June.

- After reaching a few fundamental recovery levels, the price continues to dump with deeper lows, it's hard to believe that the crypto community is trying to sell more bitcoin at cheap prices, whether this will be a fundamental strategy or this will be a scattershot of profit taking and the end of a bullish season. The recent upheaval has caused a disconnect between the community and bitcoin, need some big hands in the market to be more active with bitcoin accumulation, for Elon Musk and Tesla to continue to influence, lots of other problems with bitcoin could happen

Also not alot of people are pointing this out but the bitcoin dominance is well below the 40% mark. Should this be any cause for concern?

Well, the thing about bitcoin is that the things we consider hard end up being very easy for it as well. I personally think that price going back above 60k was nearly impossible during the first time (a few months ago I suppose) when we dropped from 58k to 43k, that was a horrible fall and it stayed around 43-45 levels for a while as well, it was really not good at all. Then it broke over to 64k because that is bitcoin, it always does that.

I had the same thing during this period as well, when it bottomed at 50k I said it would be a miracle for it to go down even more because it already dropped and now it was at the recovery stage, and then BAM! something happened and its lower now. So, things that look very difficult to happen tend to be not that difficult all of a sudden, it is the crypto world and it has always been like that I do not know what to expect anymore.

Judging by the current situation, it has actually worsened since I made the previous post, I strongly believe that it might drop even further, reaching $40.000 in the next few days. I'm starting to believe that the recovery phase will be longer than I initially anticipated. Negative influence stemming from Musk and Tesla are still affecting. There is actually a larger background on the sellout which is currently happening. We've already seen how simple it is to manipulate the market, when you have money and power.

Eh, everybody seems to think like that--bitcoin drops a few thousand dollars in a couple of days and all of a sudden they're crying "bear market!!!".  But movements like that don't mean we're in a bear market at all.  The way I see it, bitcoin just had a big dip and it's way too early to start calling this a trend (which is what a bear market is).

I do agree that Elon Musk is responsible for all of this, though I don't agree that he's trolling anyone.  You might not like what he's been saying, but I don't think his intention was to crash the bitcoin market.  I don't know if he didn't think things though or what, but his comments about bitcoin not being "green" are just stupid.  He had to have known all along how bitcoin works and how much electricity the network consumes.  And it's not like dogecoin isn't a PoW coin itself.  It's all very strange.

many think like that, but famous people have a big influence on psychology, especially for those who are new to trading or just join in to follow the trend

Even if the price drops in the future it will not go down as much as in 2017. If the market goes down for correction it will go up again the bull run is not over yet by looking at the trading signals traders can predict that the market will recover maybe going down for some bad news. If the risk is high for newcomers it is easy to get information by doing market research.

we all here believe that the future of bitcoin will be better than today. if we invest, then we must prepare psychologically for long-term hold, and if we are trading, then we have a lot of experience with taking advantage of price fluctuations to get a profit

Recently the cryptocurrency market suddenly dropped due to one of the reasons because of Elon Musk who made a statement that his company no longer accepts payments using bitcoin, so that some investors and traders panic selling which makes the cryptocurrency market decline every day, and today I also see information that China has banned its citizens from making all transactions using cryptocurrency, I hope this is not the end of this year's bull run

I want myself to get panic because of what is happening right now but I still can't do it :|.
If you are hear at the start of 2018, that is even worse than what we are seeing right now. Price of Bitcoin at that time went from near $20,000 to around $3,000 in just a span of months.

Remember that we went from $10,000 to around $60,000 in just 8 months so what are you expecting?? The crypto market will just go up and up. Sudden price drops are inevitable since we can't predict the future but what we can only do is predict what might happen base on the price movements of the past.

Is this the end of the bull market? I don't think so. I want to think that it is the end already but it seems that there are still some bulls waiting for a specific price before they will enter.

Let's hope you are wrong! But what can we say now? This is a hefty drop in prices and I don't see the market recovering quickly. I think this will go for a while. So many profits have been taken and those who see their profits threatened may now still decide to sell. This is a tough turn around in the market, w'll see if this is going to be another so called crypto winter. 

no need to worry - i sold my assests today so i am sure everything will go up from now on  :)

That's a relief. Everyone please thank Mark-o-Polo for helping to save the market.

I do my best!

Well guys i wouldn't say we're in a crypto winter more like a crypto Fall.. Anybody, Anybody!?!?

The sudden drop in prices in the crypto market is giving all of us a headache ... maybe this is the effect of twet elon musk and Tesla ???
but I firmly believe that after the red will come out green ''
maybe it's just a matter of time, we need to be patient and continue to be patient ...

I think there's no need to worry about the sudden price drop. This is just normal, we all know that one of cryptocurrency's nature is volatility. It's just a phase for now, tomorrow or the next few days, surely the prices will recover and bounce back. It's too early for bearish market. No need to panic, mate. I suggest that instead of worrying without factual information, do a background check and compare the past records of market movement so that you'll know what to respond if ever any unexpected circumstance arise.

Events in the last 5 hours
1. Reuters published a misleading article about the crypto ban in China
2. The process of mass retweeting of this news has begun.
3. The market fell on fake "news"

As of now Bitcoin is around 38-39k usd do you guys think its about to rebound or fall even further?

Eventually this had to happen. I mean we have been going up for so long and I did expected it to go up a bit more before it dropped, I was expecting 100k to be reached because we got so close, but apparently other people had other ideas. It is fine really, I am sure it will bounce back one day, I do not suggest selling and getting out right now if you do not need the money right away.

The smartest decision right now is to wait for it to go back up, even if you bought at 64k, if you can afford to wait (which you should, if you joined with money you need you made a mistake from start) eventually it will go up. Maybe it will take a month, maybe a year, maybe a few more years but eventually one day it will reach above 64k once again and I am sure of that. Which is why I believe this is going to be the period where "loss" and "potential profit" will show the differences.

Bitcoin is now more than 10 years of existence and due to a volatility we already know about the sudden price drop in the crypto market because it has happened so many times. Actually many people will take this dump as an opportunity to buy because of this dump we can earn profit. But not all are happy specially those who are newbie in crypto space and doesn't know about the movement of the market, they will panic selling while the whales are waiting.

Bitcoin is pushing the 35-36k borders if it gets lower than 35,000 is it likely to further drop to around 30,000?

No surprise there. Given your rank, I was expecting something like that. Whenever a dump occurs, it is the inexperienced users who first rush to sell their coins at rock bottom prices. And the whales and the institutions use this opportunity to accumulate more coins. It has been posted manytimes not to fall in to the trap of panic selling, but hardly anyone listens. The prices seems to have plateaued out and those who sold their coins now are going to regret about their decision later, when the next rally takes BTC above the 100K level. 

This could be a bad decision unless you have started to buy again, as prices have now started to pull back and close to 40k now. So slowly it has started to recover and if you not buying and suddenly prices again jump quickly then you end up having nothing or will buy at higher price later on. It always the buy time in the falling markets.

You didn't get the point here... call it bad luck, or a bad day, sometimes the market just fucks with us, and does the opposite from our plans! After buying the price drops, or after selling it rises... it's something that happens to all of us from time to time! And I guess to some people that happens often! So this comment is actually very funny!

Interesting year for all of us! It was hard to not cash out at some tops, and take the profits! I believe many expected some bigger drop, and it finally happened! And maybe at the beginning of this bull run was similar to the one in 2017, I think this was totally different! So it will be very interesting to see new bottoms, or maybe this now is the bottom?!

Experienced traders understand everything inside this market, the season for bull and season for bear,
take profits when bull start to pumped up, and collecting time when bear start to dominates.

More on those people who believes that after this downfall the rise will bounce back and it will be
more stronger than before.

Newbies will earned experienced and they will got use to it, if they proceed they'll managed to understand
the flow and begin their journey to this industry.

The fall in prices in the cryptocurrency market will always be sudden, no matter how many people warn about it. Cryptocurrency has been growing in price for six months, many of its types have grown in price hundreds of times. A correction and a fall was obvious and inevitable.
The question now is how deep this fall will be and how quickly the market will recover. So far, I do not see any forecasts in this regard. Today we saw the first ray of hope. In the morning I saw the price of bitcoin $ 38,172, after a few hours its price rose to $ 39,595, and now it is $ 40,035. Is this a temporary spike in price or have we already passed the bottom of the fall?

Probably yes, but the downfall seems to have stopped for now. At the moment bitcoin is back above 40,000 so there are definitely still buyers in the market. I was really afraid that we would just see a complete sell off back to 20,000 levels. Personally,I am holding my coins but what does one small investor matter. If we go below 30,000 I think it would be a good idea to start buying again.

First of all bull and bear runs in crypto are not seasonal, I mean they can come and change anytime. You might see a bull inside a bear run and vice versa. I am least concerned with the drop in the prices of Bitcoins because it just makes the market more stable. Having a solid 45k is better than having a hollow and hyped 55k.

You can understand it by the Doge example. As a long-term investor would you like to see where dogecoin is now or you would like to see a natural growth and doge sitting at 10 cents (although there's no room for natural growth in Doge). Right now, the price is just hyped and everyone knows it. Bitcoin is going to become rarer in future so no reason to panic or even.

Market has shake weak hands like Elon out of the system, now the market seem clean from bad energy for a healthy growth, the market was suffering from toxic energy which needs to be thrown out, soon market will gradually recover back to normalcy, even now we can already see some signs.

I feel bad about those idiots who dumped their coins yesterday at $34,000 per coin. The prices have gone up by 24% since then. This is a lesson to anyone. If you want to profit from Bitcoin, then you need to do two things - 1. avoid panic selling 2. hold your coins for the long term (>3 years). Those who are unable to do eithter of these two need to make their exit from Bitcoin market. In a way, I believe that these corrections are beneficial for the health of Bitcoin. They help us to get rid of the less serious investors.

Setting your target and stay with it whatever happened around the market gives you the advantage,
those who panicked and rush to sell their coins are now regretting.

Not knowing that fuds really hit them and makes them to decide unknowingly, now that the market is again moving upwards those wise who continue to buy more coins while the price is cheap are already getting even with those old assets that they've hold before this huge fall happened.

They can sell it out and wait again or add it up with their holdings for much higher profits once the strong bull pumped back.

Panic is everywhere yesterday and I can't blame them to react like that since heavy fear happens on the market since there are so many fuds scattered everywhere, but as always happen to bitcoin after the dump the pump follows so its a lesson for paper hands people to not panic once this kind of situations appear in the market since if to dump our baghold we will lose our money for doing this early decision.

In these massive selloffs do you guys think people sell at major losses?

no one will ever know for sure what will happen next. but I wouldn't say the 2021 bullish period is over. Maybe now is an opportunity to buy and always believe that the market will definitely go up again. everyone certainly does not believe what is happening at this time, and I myself do not know exactly what is the cause of all this. But I still believe that the market will be bullish again.

Well guys sadly i think we might see a sub 40k again real soon

from 2018 we saw a bull market until 2021 and starting 2018 many people were frustrated because of the dump, will this year happen again? no one knows for sure the future movement, for sure we have to believe in ourselves, so that if the market is not according to our wishes we will not be too frustrated with the path we choose

Lol, the price of bitcoin has nothing to do with Elon being in or out of bitcoin. The guy is the second richest person in the world; imagine thinking he has "weak hands" as if the price of bitcoin actually impacts his life at all.

Although that there are some people who defended Elon Musk by any means necessary, I believe his statements played a huge part in manipulating the market and bringing the price down even further along with China’s latest crackdown. His value in BTC also wiped out worth billions! His absurd statement along with China’s news completely erased all-time high gains from the day he tweeted about buying $1.5 billion worth of BTC.

We are in the recovery stage, trading sideways between $39,000 to $41,000 per BTC. The second wave of Bitcoin’s bull run would actually begin when it breaks the $42,000 resistance level. Just my opinion.

The reasons that are speculated for why the market fell are many, but I think that both Elon Musk, as well as the huge FUD in China, the Binance problem has caused or added this effect, although in my personal opinion I do not think there has been lowered because of this, only a percentage I attribute it to Elon Musk, but the main reason I think was for those traders or investors who wanted to buy BTC, and the best way to buy BTC is cheap (at least that is what millionaires do) and that is why they entered "Short" to take advantage of the moment that was the ideal of panic on the part of weak hands, I think it has given some result if it was like that, but already the BTC is reacting and now it is recovering by more than 9 % ... I think the reason was merely speculative.

Most provably majority yes since many cannot take the risk on losing more while the market is crashing but therr are other traders who execute their cut loss so that they can buy again on its cheapest rate and guess many are now earning since the price has pump up and maybe we can see more. So its a lesson need to learn by newbie traders since if they sell without doing anythinh tk retrieve their losses then they totally lose their initial capital.

Yes, it can't be expected, because they don't have strong fundamentals. when the market crashes, there will be panic, instead of looking for a way out, they will immediately panic and sell it to minimize their losses, it has happened very often and is even normal among beginners

We experience this drop real quick because of the negative comment made about Bitcoin recently and this has given a bad toil on the coin. Nobody knows what is coming next but we know that all this won't last before people realized what is right.

It's not the negative comments about bitcoin that made the prices dip, at the end of the day, those are just words. The reason for the drop is the prohibition of China of crypto services and Elon's suspension of bitcoin payment for Tesla cars and also add the panic sellers.

Well the good news and bad news out of all of this is the probable obtainment of more mainstream markets. With that seemingly somewhat accurate observation, that in turn might be a postive thing hopefully in the long run of things for the financial markets as a whole.

I totally agree with your opinion, those idiots need to get away from the crypto world. On the other hand the market needs to stretch but the beginners don't realize this, all they think about is profit. The stupid thing that is happening right now is panic, as if everything has collapsed, FUD everywhere just adds to newbies to panic.

Panic always puts people at risk those who see the market drop now will sell their currency. It is nothing but nonsense the reason for the market going down is that it will have to wait patiently for it to go up again newcomers are more at a disadvantage because they have less knowledge about the market the market will improve. I think if you keep investing this time if the price goes up and the market goes up the price will double and the traders will be profitable again.

I don't think the bull market will be over because of the sudden price drop. Correction like this is necessary and part of crypto's volatility due to the effect of some events. I guess there will still be a big boom in the coming days because it's still early to end the bull market. There are still things that are yet to happen so we shouldn't panic about the price change.

Yeah, while some people would say it's because of Elon and some will make other theories but I think the latest drop happened because mainly a whale must have dumped their coins. There was absolutely nothing that was happening in the market for a while and suddenly price going down and that too by so much must have surely been a whale dumping their coins.

I even saw Justin Sun, founder of Tron tweeting that he bought 4145 BTC for a grand total of $152,818,183 and there were others who also bought Bitcoins so I can only dream how big of a whale must be that cashed bitcoins so much that even with so many billionaires buying BTC with full force cannot still lift BTC back to the point where it was before the dump.

Nothing other than Elon was happening???
What about the China news? The crash from some days ago and the drop today was 100% the China wants to ban crypto services news, nothing else.

It's only May now. In the summer, usually in the second half of it, business activity in all markets traditionally dies out. Therefore, if the market does not recover in the next month, then it has a period of summer time to consolidate the uptrend. The first half of this year was very good for the participants of this market, then I expect the next wave of price growth in the autumn-winter period anyway. Just by this time, several stages of the ethereum update will occur and this coin can serve as a catalyst for the next wave of price growth.

Over the past few months, cryptocurrency has been going to observe different oriented behaviors. Almost all types of cryptocurrencies, including Bitcoin, have surpassed all previous prices and are now on a downward trend. The current downward trend is somewhat influenced by the market as well as the attitude of prominent personalities towards cryptocurrency. Featured Elon Musk's Various Statements Opinions on Bitcoin and Cryptocurrency This has led to some mixed reactions from the public about cryptocurrency. It is hoped that Bitcoin will quickly overcome its effects and accelerate its upward trend again.

Hard to tell whether the bulls from two month ago are still the bulls from today. I am sure that some guys really took big time profit off the table and are now more observers than traders. I would like to see Binance's balance sheet and exactly check how much of their cryptocurrencies they now sold right into the bull run. I think they sold a lot.

bull market is over, now the question is to what extent will bitcoin price go down. in 2017 after the tremendous price increase bitcoin lost in price by up to 50%. will this happen again this year? I will wait for this

Its just the bad timing of the both which fueled the greater fall and then we have panic sellers in the market which make the things more worst. But on other hand visionaries look for opportunities in such market, and price fall is what the best thing to buy more at lesser value also exist now.

As of this time the price of Bitcoin is around the 33-34k usd range. Will it drop to sub 30k or rebound to a higher price point?

I thought Binance was going to delist XRP?

The problem during bull runs is that they take us away from reality and we start thinking this time will never end just like how a winner feels when they win a bet in gambling without realizing that good times won't last forever. I was aware that this bad run will start soon but just even knowing that, I didn't sell my coins at the right time. I am sure another bull run will come soon though.

Yeah it's like everyone knows they won't earn from gambling yet everyone does it.

Yes, sudden drops comes every time in the market ones it get high prices. If you buy crypto at high prices don't sell crypto at the sudden drops. Surely it will have a good time if you buy a good coin.

A lot of people are for some reason shocked about the price drop, but those people forget or are just unaware that we had the same situations in previous cycles and the pattern in this one is more or less the same (this is the fourth cycle). Maybe we can take into consideration that this is not a small cycle but a megacycle and we are just climbing our way up, but it's hard to get behind that theory as evidence suggests otherwise. So in the end, it's just another cycle doing its thing. It's not Elon's fault, it's not the government's fault, it's not your fault, it's just the way it is.

Easy to say but it would really be hard for those who had just recently jumped into this market on where dealing with volatile price isnt something easy that you can deal with if you dont have much experience on it.
Price drops are inevitable but majority been seeing this as a negative stuff without minding the opportunity that it gives where you can buy cheap but i cant really blame off that you would really hesitate on times
like these because we dont know on whats the actual bottom on this one this is one of the most common factor on why we do miss out opportunity on making profits
and for those who do took risk then they are the ones who are really making money.

The electricity spent for bitcoin has reached enormous sizes. According to the Cambridge Center for Alternative Finance (CCAF), Bitcoin currently consumes around 110 Terawatt Hours per year or roughly equivalent to the annual energy draw of small countries like Malaysia or Sweden. Certainly, something must be done about this. But I don't think Elon is trying to find a solution for this problem.

Source :  https://hbr.org/2021/05/how-much-energy-does-bitcoin-actually-consume

This is why it is not advisable to jump on what is the current hype in the market if you are new. Just like with most meme coins, most of them are just crappy projects riding the hype of doge. I believe a lot of these buyers will be screwed from these meme coins. Crypto is a very volatile and very risky investment, they should have known that even before jumping on this train. And they should not blame the market if they lost on this market. If they can't wait, then, I guess, this market is not for them.

Many people will blame Elon musk for the entire bitcoin dip that took place even though him and China contributed to the downtrend the market was already in need of correction after the uptrend that occurs since last year I 'm just afraid to see btc break under twenty-eight thousand which typically will indicate a bear market.But if that did not happen then there is hope of going up again.

If you analyze more deeper then you'll see that it's just repeating itself, if you don't want to lose you investment best not to do

anything or if you still have spare fund, you can buy more from this current market.

Everything is unpredictable, a lots of changes can happened along the way, but in the long run those who believes and continue to support
will able to maximize all the benefits from this investment venue.

No one but the investor itself, he should take all the responsibilities while working with this market.

I agree with the opinion that the biggest contribution to the cause of the fall in crypto prices is Elon Musk and China, because both spread FUD which
makes many investors panic. But fortunately now the Bitcoin price and some altcoins are starting to recover, even Bitcoin made it back to $ 40k.
This is a sign that the bear market has yet to come, hopefully in the next few days the crypto market will get better. I really hope Bitcoin can return
to above $ 50k again, but it looks like it will be difficult to come true in the near future.

the statement of ellon and china had an influence on the decline of bitcoin. although currently prices are ranging, but I think we still have to be careful, because bull traps may occur, bitcoin prices may fall back down and break support at this time, but no one really knows what the market will expect in the future

If we look at the current Bitcoin price dropping back to the price of $ 36k, your fear of bull traps could happen. The market is really very difficult
to predict, I think after making it back to $ 40k, Bitcoin can continue going higher. It turned out that my guess was wrong, the Bitcoin price is
still decreasing again, if this happens we really have to be careful. Because there is a possibility that Bitcoin could suddenly drop even lower.

I think we will enter an uptrend from the 30-32 k range for the last time. Later, as interest rate increases will come as a result of high inflation in the economies, money will flow to the general markets. And after, a long bear awaits us.

Elon musk is one of the suspect why the market is down, but this is for short time only many investor now learn how crypto work. They said after this dip price, Bitcoin and other crypto will rise again, we will see again green market if this is true.

He start the fud but don't blame all to him there are series of fuds shared and seems those are coordinated attacks but now I believe the bear strike done as we can see some good articles are now rotating in the medias maybe thpse manipulator bought again at the dip so we need to be careful for the bull trap and always pay attention to the market if we already placed our position.

If we look at last 10 days, the prices of around 33k and the the rebound has generally happened and even crossed till 40k. So this give me cushion that prices can rebound well. So any fall like again btc is now at 35k gives me a chance to buy some and sell when it rises back as per my short term strategy. So I am happy with that as these momentum gives you money as well, if you are ready to invest in short period.

$40k is the big barrier, how many times then we attempt to break it and failed? I count 3x already.

I'm not saying that we are in a bearish cycle, but the price keeps on fluctuating around $30k-$39k and it might take some time before we finally see a break out run. Possible to break to sub $30k, but it's slim, we have a support like around $32k. So let the price fluctuates though, it's very volatile in the last weeks or so, we just need to take advantage of the current market conditions. It could send a signal that we should buy more.

The increases are sudden as well so I do not think that it is really that much of an important thing. The suddenness will always be there but the fact that some people do not realize how great it could be if you could calculate "how much" it is instead of "when" that would be the real thing. I have seen people selling as low as under 35k dollars for example, which already bounced back, so if you want to leave even leaving after the bounce would have been smarter decision whereas some people completely forgot to do that.

This is why I believe it is very important to focus on how much instead of when. Like let's say we are at 36k or so right now right? Do not try to guess when it will go up, just try to guess how much, if you can do that you can make profit, if it goes to 55k again, buy now and put a sell order at 55k and that way you can profit, doesn't matter when if you know how much.

Honestly it has been over 36k more often than not in the past 10 days. Sure we had a bottom of 30k at some point but then everything corrected and we went as much as 40k and now we are at a bit over 34k which is understandable to be honest.

So yeah, things did went low very much but things are also doing better as well, it goes down but then goes up, those recoveries stand a lot longer than the falls, the moment it goes down there is a good recovery and goes up and when there is a recovery eventually it goes down again but for just a short period of time.

This is why I think it is quite good right now and there is nothing to worry about, things are still not that bad. I think buying now and selling later is a great method, it is down now and what do we always say? "buy low sell high" right? Well, it is low now and it is going to get higher again later so it is a good idea.

But today the fall in the bitcoin rate has stopped. And even the rate went up. I think the best time for traders has begun. You can make good money on such waves.

I think that the falls are when very few see it coming, some mostly falls by surprise, but they tend to be at the least expected moment, the last fall was not so sudden, because all the correction that is currently being experienced in BTC is practically the fault of Elon Musk, after he made a great Fud, a lot of news was released that was not very good, and the weak hands began to sell, this is normal in all markets, you just have to stick to the falls of the markets is the most normal thing in the world.

But the recovery is not waiting, some technical analysts are just waiting for the price to start its bullish sense, for now what reigns is great market uncertainty, but it is nothing so serious that it cannot be handled, there is only to wait a bit to see how things continue to develop.

I like you, who always motivate and always believe in the existing market conditions. We know that many people always "buy low sell high", but when the price is below, they seem unsure and afraid that the price will go down again, then after missing the moment they just buy. therefore we have to take advantage of the big correction to buy

I think we all know about the sudden drop of the crypto market prices, others are saying it's because of Elon's Recent Tweets but that's not it. There are bigger issues concerning example of these Are FUD because of the  many Ransomware  popping  and people are blaming bitcoin for this one, also add upcoming bitcoin ETF.

no one knows for sure what will happen next. for traders every moment is an opportunity. an opportunity to buy or sell. but for investors who trade long term, maybe the current situation is the right time to buy and hope prices will return high. confidence and patience are the main capital for long-term investors.

I guess there are surely some, and there are some that left there is no doubt about that for sure.
However, the real question is that how much money does the bulls have that they can recover and increase the price a lot? That is the important question and most probably the answer is that there is not enough left.

I believe we still have a ton of bulls who think that the price will go up and they would love to buy more but the fact is that they do not have enough money that could help us go up.

For example, I am not a rich person but I think it will go up, if I had a million dollars just to invest I would definitely buy bitcoin but I do not have that money so I can't. This of course goes higher up than me, someone who normally buys 1 million, buys 100k, someone who buys 10 million buys 800k. When the bulls end up with not enough money this is the result.

Different approach from different people, but for most traders they'll keep finding ways to see the market in a

positive perspectives, knowing that whatever it is inside there's always opportunities to earn, either for long

term or short term process, as long as you know what you're doing it's still best to continue investing from this

market.

Well seemingly the markets have gotten alot worse in some specific markets seeing over 30% drops in prices. Will this go down any further or will it rebound? Any thoughts or comments are more than welcome.

This decline has already been going on for about two months, so we can assume that the bull market has long since ended. In addition, now we are approaching the middle of summer in time, and the second half of it has never been distinguished by a serious price increase in this market. Therefore, it is likely that somewhere even before October prices will be approximately at this level, with the volatility inherent in this market.
After such a long and high price growth, the market should traditionally fall, although this may have happened a little earlier than expected.

Traders will definitely wait for the market to become stable again so they would not end up trading with a huge loss. But good traders always find good ways how to be in profit even when the market is bullish or in bearish trend.

The market has already been in a couple of months seeing prices in low value but this will not be permanent for sure. Once positive news and other great promotions for crypto will come, we will see the market back into normal again. Eventually there's always a rainbow after the rain.

Some signals are correct, so we risk investing, but we can't really predict the exact price movement; players and some situations that control or affect the market is unforeseeable. According to some traders' forecasts; the correction might stay longer for months. This is a great time to buy some coins.