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The price correction is a norm when it comes to bitcoin price movement, especially now that the halving event is over. I believe that what happened in 2017, is what we are seeing here, when after the halving, the price of bitcoin dips before it pumps again.
Hong Kong bitcoin ETF approval is not the cause but just nature taking place with the way bitcoin was designed to be volatile. The current dip should be an advantage for us to buy more Bitcoin and stop worrying about what caused the dump, because in bitcoin when there is a pump or dump people relates it to an event that is happening or that just occurred, which is not true in most cases. The dump is to help the price of bitcoin go higher than the highest price which we saw as 73k before the halving.
These are very good points, and I agree with them. As I am becoming more and more experienced with trading as I have been doing it for over 5 years now and mostly in the stock market. I started to just buy more bitcoin into this dip because I feel it is just a normal dip that is needed before we go higher. It also seems normal after a bit event, like the ETF's, the halving, that bitcoin always drops after those events, but it should come back with an even higher price. |
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I am still holding those 2 coins, although getting worried about bitcoin dropping after the halving. I was also worried about bitcoin dropping after the ETF's came out also.
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I have been thinking about when to start selling my 2 bitcoins I purchased for $21,000 each average price during 2022 lows.
I keep hearing things like we could spike to 200K really quickly and stuff like that, maybe in just weeks.
My question is when will you guys start to sell if we have a major spike?
I used to think I wanted to sell at 100K, but this is rising so fast I have been thinking more like 150K to start selling.
How will you sell, slowly into a spike or wait for a set price and just dump.
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To me, this is mostly the bitcoin ETF doing this. We all knew for years that a bitcoin ETF would make it so easy for people to buy bitcoins and I believe this is causing a shortage of available coins.
The other thing is, and I have always noticed this is that bitcoin holders are die hard holders and are all just mostly holding. Since it takes time to get the coins on the exchange to sell them, people will also not rush into selling them quickly and will hold them while the price keeps rising.
There is a serious supply issue caused by the ETFs.
Either way, I'm glad I purchased my 2 bitcoins for 21K each in 2022, it was not an easy buy at that time as I thought 10K was possible, especially since I was down so much in the stock market at that time, but I knew it made sense to buy bitcoin when it was down so much from the highs.
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Wow Bitcoin $60k now! Up $9k in the past 48 hours lol, that's insane. And less than $9k to go to the ATH.
MicroStrategy bitcoin holdings up over $11.5 billion now. As we all knew, and everyone outside the bitcoin community mocked and derided, Saylor's strategy of putting his company on a bitcoin standard and DCA'ing consistently is incredibly successful.
Elon yeah he's kind of an idiot outside of being an entrepreneur. He promotes a useless meme coin, while buying Bitcoin with Tesla only to dump it fairly quickly. Tesla still has I think like a fifth of what they bought 3 year ago, while they should have held on to everything they bought and picked up more during the bear market (if Musk was smart). He also bought Twitter on an pure ego trip only to immediately crater it with his hairbrained ideas. He's also a right wing conspiracy nut when it comes to politics/culture now. When it comes to cryptocurrencies he's nothing more than an altcoin shill. Outside of the realm of entrepreneurship the guy isn't very bright. He's kind of a joke/disgrace these days, just a very rich one.
Anyway back to price action....up $9k in 48 hours, I gotta think we're gonna see a solid pullback in March. I'd expect a trip back down to low $50,000s at some point in March. Maybe then going for the ATH in April around the time of the halving.
I wouldn't call him a nut because, what has he said that is nutty? Using conspiracy nut is just a way to discredit him without any hard facts. I actually agree with his thoughts and conspiracies as they make logical sense. I'm sure you will not be able to tell me what you consider nutty or conspiracy about his thoughts. You probably just don't agree with him having conservative views or questioning your liberal world views, so that is why you don't like him. Like I have said to others, if you don't like him because of his politics then say it, "I don't like musk because he is conservative and I'm a left wing leftist", as that would be the honest thing to say. But don't try and push it off as he is a nut, or a conspiracy theorist without backing it up with facts. That being said, I think he was a nut for selling all his Tesla bitcoin at the time and not buying any back, although his reasoning I believe was that he went through bad market declines in the past and did not want to go though it again with little money, so he sold his Tesla bitcoin at what he paid for it, for safety reasons, to make it through a recession. He isn't stupid, he has probably purchased a lot of it towards the lows and has not told anyone about it. |
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I'm not complaining as I purchased 2 bitcoins in 2022 at 21K each, near the lows.
However, is something wrong with the bitcoin markets. I figured this would happen because those ETF's need to use exchanges to purchase coins and how is coinbase going to have the liquidity to deal with the current ETF demand.
What do you think, is there a liquidity crunch and it makes sense to sell now because sellers will come in soon to take advantage of these high prices? Or does it make sense to just hold at this point?
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I bet Elon Musk is feeling stupid that he sold it all or most of it at $20K. I thought this guy was supposed to be smart? Anyone with half a brain knows when prices are low that is the time to buy not sell. The moral of the story? Don't have lettuce paper hands like Elon Musk.  I like Elon, but I thought that was a stupid decision when he sold. I believe it was around 30K and he sold TSLA bitcoin at that price to help deal with the bad markets at the time. Someone else told me that Tesla still holds a lot of bitcoin and he didn't sell all of it. |
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We can see the price crashing since its release.
I would think that it will take a while for the ETF's to have any impact because they were just released.
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Just wondering as I have a bunch of wallets but have to go into each wallet to check each balance individually.
I was just wondering if there was a safe way to display my total bitcoin balance easily in one total.
Thanks
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Does anyone know if there is a chance that the USA government will ban crypto or not allow any exchanges to sell bitcoin?
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I would be surprised it if would go lower because I am still under the belief that whales control the price and the whales decided to push it so fast to 30K that they are simply not going to let it drop again so easily.
Also, if we go back to 20K, so many people are probably ready to buy again, I would probably add another bitcoin because we all know that bitcoin with the halving coming in will definitely make it back to 30K+ again.
I purchased 2 bitcoin recently around 20K because I knew that it was the safest investment anywhere at the time.
With the markets improving and inflation getting more under control, the markets should start to get better, the worse is behind us.
I think its a win win for me either way, if we go back to 20K, I'm going to add another bitcon.
If we go higher, than my 20K bitcoins will be worth even more money.
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I know most people downplay the Mt Gox payout and most will say it will have no bearing on the price. This is why I am curious if anyone actually thinks this is keeping the bitcoin price down.
When Mt Gox payout goes into effect, they will sell a lot of bitcoin to get the cash needed for the claimants who wanted fiat instead of bitcoin. This will be a huge amount of coins hitting the market. Then you have all the bitcoin being sent to everyone, will they cash in those bitcoins for cash?
This adds huge risk into the price, nobody really knows what this is going to do and you can only speculate. Will Mt Gox sell all of these bitcoins in a day and crash the market? Who knows what could happen.
This causes a a lot of uncertainty, why invest in bitcoin when there could be a huge amount of coins hitting the market. Better to just wait for the payouts to happen after March 10th and see how it goes.
I'm looking for anyone who agrees with me that this is probably causing the bitcoin price to be held back at the moment until this gets worked out. To me it seems mostly everyone says its a non-issue.
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Not really bearish but not also bullish. I think the month of December and therefore the year 2022 will be closing with Bitcoin less than $20,000.
All those predictions above are probably not happening. Coinpedia's $43,959.19 is impossible within the year already. Even van de Poppe's $30,000 is very hard to happen. Not even $23,218.00 will happen in December. I'm expecting Bitcoin to just maintain within its current price range for the rest of the year. So that's $16,000 - $19,000.
I agree with this also, probably 15K to 19K. The big issue is that the FED is just reducing the money supply, there simply isn't all this money out there flowing around with their quantitative tightening. The money supply is being contracted so much that it really impacts how much money is available to push asset prices higher. You would then think the world would have some influence, but I think most of the price of bitcoin is because of the USA. |
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Right now I have my wallets in cold storage on a laptop that has no internet access.
I also of course have my seed written down.
I was wondering, if I should stash a USB drive someplace very hidden with my electrum wallets on them, where I will remember the passwords. This would be just another backup where if anyone finds it, they wouldn't be able to access the wallet without the password. I would stash the USB drive someplace safe.
What I'm worried about is someone finding my written down seed and being able to use it, while, if they found a thumb drive they would not be able to use it without the password, which only I remember.
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When I read the comment section of any news article about crypto, its mostly people calling a ponzi scheme, a scam, do not invest.
There is so much negativity to crypto out there right now, especially with FTX, that its hard to see how 16K a bitcoin price can even hold. Most people that know nothing about bitcoin and how it works, but keep talking about the FTX scam and the fake monopoly money, the Ponzi scheme, I'm sure you heard it all.
In order to sustain these high 16K prices, high when you consider bitcoins were so much cheaper just a short time ago in the past, you will need a lot of people buying it and becoming interested in it.
I own close to 2 bitcoin now, purchased in the last few months so I'm under water on my investment, and am worried that bitcoin has run its course and now its just all downhill from here. I slowed up my bitcoin buying at this point because I see all the negativity out there.
I may purchase more at 10K though as that is what most people think we are heading to, even on this forum.
To sum up my point here, everyone hates bitcoin and crypto right now and I don't see it changing. I've never seen more negativity and FTX made everything a lot worse.
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What do you think of the Mt Gox dump? I know this has been talked about but I also know a lot of people are requesting cash instead of bitcoins.
Will the Mt Gox coin selling pressure be enough to push this down?
I think there are probably some people staying away because of this huge amount of coins that are going to hit the market and many have to be sold because there is a good portion of people who requested cash.
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Stop this panic, everyone should be aware that the exchange is not a safe depository for their assets. Therefore, they don't have to withdraw their funds because of FTX, but rather the safety of their assets.
Somehow I think the impact of FTX will continue to spread, but don't let it turn into FUD for crypto. I will be making withdrawals not because of FTX or anything else going wrong, but purely because I care about the safety of my assets in the long term.
You are right, panic is not appropriate here. It has always been known that exchanges are not a safe place to store crypto currencies, which was warned many times, but most ignored it until the crash of FTX. Now all of a sudden everyone is fussing about it. This is another hype, but if earlier it was hype for the growth of the price of crypto currencies, now it is a hype for the withdrawal of crypto currencies from exchanges. It was necessary to prepare for this in advance, and not when exchanges freeze funds and block withdrawals. Yes I agree, when I started to buy my crypto this year, I constantly read the recommendations from people here to not store any crypto on an exchange. I made sure to remove my crypto right away but I may not have done it if I didn't read all the people warning about it. This is after I lost 2 bitcoin on the mtgox exchange. |
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Not everyone expects the bottom to be $10k-$13k. I personally expect that the Bitcoin price can survive above $15k, I think it is enough to be the bottom. Considering the last ATH is around $68k-$69K, it is already decreasing more than 75%. However, we can't determine what the bottom will be. It is something impossible to know, it can be above $15k but it is also possible to drop below $15k. But since the first year of bearish is almost over, ideally we reached the bottom already or almost reached the bottom. The bottom won't be far from the current price.
IMO
Its hard to believe also it will go much lower than 15K. Things are just about as bad as they get right now. The FED is raising interest rates, the stock market is collapsing, mass layoffs coming, global recession, global inflation, world energy crisis, major wars and potential wars, FTX doom and gloom FUD. Things are pretty bad right now and as bad as they can get at this point. Not only that bitcoin dropped a massive 70%+ since the all time high. I'm slowly adding a little bit down here, but I am really scared too add to much so I am buying all the FUD. However, I did hear that these scary times are the best times to buy so I am trying to override this fear and buy even though I sometimes wonder if bitcoin should have never reached as high as it did, or even 15K and could just correct back down to $1000 a coin. |
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What I have learned with bitcoin is if you think the rock bottom is 10K, it will just not reach 10K, but probably a little higher than that.
I actually learned my lesson with this a few times with bitcoin since it was in the single digits.
When bitcoin was $30, I was waiting to buy bit in at $1.00, it got to maybe $1.98 and never looked back.
Then when bitcoin was $1000, I was thinking $100 was the right price when it tanked, but it never got there but close.
This is why, if you think 10K is the rock bottom, Its probably only going to 15K. This is why I'm adding a lot more bitcoin from the last bitcoin I purchased for 23K, doubling my position almost.
I think things are just so bad right now, you have the economy tanking, the stock market tanking, there is so much fear with bitcoin. Everyone is very bearish. These are the best times to buy, I mean how much worse can things get?
Yes, I'm scared as heck right now buying, but I've been through this enough to know that the best times to buy are when there is max fear and we have well more than max fear right now.
Yes, the whales will pump bitcoin again very easily when things calm down globally.
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I'm not sure anymore, lets be honest, Bitcoin keeps going lower and lower.
I'm a bit worried as I purchased a bunch of bitcoin recently, probably average of around 21K.
To me it seems it is inevitable bitcoin will reach 10K, or what most people seem to expect in this downturn.
10K and why not? That would still be a large increase in bitcoin and put it back tot he 2019 price as what most people expect the stock market to hit.
What I think is, we will definitely hit the bitcoin 2019 price point, and the stock market will also hit 2019 levels.
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