Why Bitcoin price crushed?

[Avantikakaur]

Not just Elon actually.  If you follow Mark Cuban or Raoul Pal both of them are betting on ETH after they discover the massive network it has as a platform. They didn't realize yet how much its gas fees are. Still, I think its one cause that made investors shift to other investments than BTC. If you take a look at BTC dominance right now its just 39.1% two days ago it was more than 40%. ETH is increasing and so are BNB, ADA, DOGE and the rest.

So you are saying that the market will go back to its previous position but the market may take some time or you are saying that bitcoin will go back to market previous position very quickly? Now if we talk about time will the market be back to its previous place after 2 or 3 years or will market take a few months? Is there any way to understand this market?

[Timelord2067]

People new to crypto bought into Bitcoin and alt coins in the leedup to Christmas pushing the price upwards (especially those receiving Covid related govt benifits) by the end of March people were starting to see the price falter.

Then, at the start of May people found the price wavering and they also needed cash so they cashed in their crypto forcing the price back down to more realistic prices.

[aysg76]

There is no proof that Elon Musk has sold his Bitcoin, so he is in the same sinking boat with us. I dont believe that Tesla suspended accepting Bitcoin due to mining influence on the climate. Perhaps that excuse was only for the public, and real problem are legal issues. His decision made Bitcoin lose 10% of its price; same amount it gamed after Bitcoin as a payment announcement. But he did not say anything yesterday, and we see a -$5k drop. Who is responsible for that?

He has given hints that Tesla might sell its Bitcoin holdings in future which lead to price fall further as his latest tweet was reply to one of the person saying can Tesla sell btc to which he replied "Indeed".These days crypto market is directly associated with his tweets and he solely manages to handle the price change.He has pumped doge so much that it has surpassed $68 billion valuation.And this for just meme coin with no technical development after founder left it.Who might know Tesla or Elon planning to invest more funds at this dip because Elon is a genius and we have to agree upon this as he has hyped crypto within a year so much making profits for his own.

But second reason which might have caused this fall is China suspending financial sector to offer crypto related services.Major hashrate for Bitcoin mining is concentrated in China.

Under the ban,such institutions including the banks and online payment channels,must not offer clients any service involving cryptocurrencies so ch as registation,trading, clearing and settlements three bodies said in joint statement on Tuesday

All these factors combined are pushing btc more downward trend and charts turning red.All altcoins are following the same rally but remember it's the best time to invest to enjoy later on.

[lixer]

Many speculated that Bitcoin would be much more upward than its $50000 team, so why is bitcoin price downward?
Can we then assume that the market is now moving at its own pace and that it will return to its previous position? We've already seen that every bit of Bitcoin's precious moments come back again and again and make a better position than before. What are the current situation and the location of Bitcoin?

There must be other reasons as well but I think the main reason was the news that tesla no longer accepts bitcoins as payments because of the wastage of resources that comes with bitcoin mining.

What follows with those news is the domino effect. Once a particular group of investors starts selling their coins and the market drops a small margin, small investors also start panicking and hence the market keeps falling. The same happens when a company invests a big amount, the market moves up and everyone else also buys which again contributes to the growth. Nothing to worry about because these swings are common in the crypto market so don't expect growth all the time.

[justdimin]

well, a decline in the price of bitcoin is a natural thing when a high rise occurs. however, we can't just see prices continue to rise. if there is a reason behind this, maybe it is Elon Musk who is withdrawing bitcoin from Tesla again, and after that the price has corrected to date. however, once this decline occurs, I think there will be a rebound. i hope the price can hit $ 55k back or higher.

As someone in this bitcoin bubble for years now, I can comfortably say that the bounce back will happen at some point but needs some time to reach there again. Last year we touched the bottom and the price was not even 10% of what it is now. So, just have faith and remember you are investing in the value of bitcoins not it's market price.

Every share or any crypto has lots of money putting by traders to make profit and when its touched high price some traders will definitely take this profit out. Everybody can't hold till last days. Crypto up and down game goes and investor will convert their money with high prices.

Likely a reason and a lot of people do short selling of these assets which might be another reason. If you have a big bankroll then you can easily play with the market by short selling and long selling because you know you have the power to control the market. Who loses in these market fluctuations are the small-scale investors who neither have the capital nor the patience to hold their coins.

[Review Master]

Many speculated that Bitcoin would be much more upward than its $50000 team, so why is bitcoin price downward?
Can we then assume that the market is now moving at its own pace and that it will return to its previous position? We've already seen that every bit of Bitcoin's precious moments come back again and again and make a better position than before. What are the current situation and the location of Bitcoin?

First of all, market is on downtrend because of so many fuds and more new users are nervous as they didn't face the bear market and also don't know, how this type of correction is great for bitcoin rebound. As a result, market is taking huge correction more than our imagination. But it's true that bitcoin will again surge to make another new ATH soon. So, don't need to panic and act like diamond hand hodlers. 

[Bitum]

Elon Musk was just a catalyst, then everyone started selling everything in panic. At the moment there are good prices to increase positions, I don't think that's the end, although everything is possible in this market

[rhodelmabanal]

Elon Musk was just a catalyst, then everyone started selling everything in panic. At the moment there are good prices to increase positions, I don't think that's the end, although everything is possible in this market

I think so panic selling is maybe now happening that is why we are into dip, or maybe there is a correction but i think the market will soon recover, patience is now really needed to avoid loss panic sellers are always loser because they are afraid to hold when price is slowly dropping while for those who are in crypto for years dip is an opportunity to buy and hold.

[Smitty Werben Man Jensen]

Elon Musk was just a catalyst, then everyone started selling everything in panic. At the moment there are good prices to increase positions, I don't think that's the end, although everything is possible in this market

I think so panic selling is maybe now happening that is why we are into dip, or maybe there is a correction but i think the market will soon recover, patience is now really needed to avoid loss panic sellers are always loser because they are afraid to hold when price is slowly dropping while for those who are in crypto for years dip is an opportunity to buy and hold.

It's usual to panic selling happens, look at the 1 to 4 hour Time frame candle, it's very extraordinary the wick that happens,
of course this is a bear trap, because we are still in the bullish season, yes if you have more funds, I suggest you buy 100 % altcoins at the current price,
I'm sure in the future you can get 1000%, mark my words  

[Silberman]

30-40% crash is normal in bullish market. And it’s buying opportunity. Hope,soon we see it on 51k again ❤

It is normal that is true but at the same time we cannot deny this is the kind of things that get investors really nervous about their investments as they know that such a crash can also be an indication the bull market is coming to an end, in any case be ready and have some fiat in hand because if the price keeps going down then this will be the perfect opportunity to buy all the bitcoin you can and then wait for an even bigger price increase.

[lixer]

Many speculated that Bitcoin would be much more upward than its $50000 team, so why is bitcoin price downward?
Can we then assume that the market is now moving at its own pace and that it will return to its previous position? We've already seen that every bit of Bitcoin's precious moments come back again and again and make a better position than before. What are the current situation and the location of Bitcoin?

Yes the price has been going down and a lot has been said about the decrease in price, and you can’t actually tell why it is going down lately. Some have said that it has to do with Chinese governments' change of policy towards Bitcoin related business. And there has been some speculations online that he has led Tesla to sell their $1.5 billion investment in Bitcoin, and that, possibly led to the fall in price that we have been seeing as of lately.

I don’t know what to believe as of now, but anyway, I was already expecting that the price will have a correction before testing $100k, and that’s what is happening right now. So let’s just say that it is just the market that is moving on its own and this is the time for it to go down. And as you have said, it will still go back up.

[onecall123]

China, again and the market killing me now. There’s going to be another crash as China Crack down on Bitcoin mining and trading, yet I ain't selling. I'm gonna sit this dip out. Can't be predicted what's coming next but its golden chance now.

People keep asking -when is the best time to buy? Here's the time now, demonstrate your trustworthiness.

[DU18]

Many speculated that Bitcoin would be much more upward than its $50000 team, so why is bitcoin price downward?
Can we then assume that the market is now moving at its own pace and that it will return to its previous position? We've already seen that every bit of Bitcoin's precious moments come back again and again and make a better position than before. What are the current situation and the location of Bitcoin?

even now the price of bitcoin has fallen far short of the speculation you say , now the price of bitcoin has reached $36K and it looks like the price is still going to move downward, despite the fluent nature of bitcoin, of course the impact of elon musk's tweet is also true really devastating the price of bitcoin and other crypto in the market, especially now that there are reports that the Chinese government has officially implemented regulations for its citizens not to invest in crypto and of course this is further aggravating the condition of crypto in the market today, to be honest I hope bitcoin will not go down more than $30K, because if that happens you can be sure that the price of bitcoin will drop very low later and it will even return to the price of $10K again.