Is there any good explanation to this dip

[mrust_mobile]

I read that FTX liquidated $1 billion worth of GBTC has been the main reason for the price of bitcoin that fall.

It's not a thing of surprise anymore to see bitcoin dip about 10 to 20% from its previous price of $48k on it's price within the late December to earlier January

Bitcoin spot ETF was approved on 10th January 2024. Bitcoin got to $49000 on the 11th of January 2024. The fall did not started in December of last year.

That’s the right answer, almost. Yes the price dropped because of the GBTC liquidation but people didn’t make this decision without a reason.

The thing is, GBTC shares were nearly 10% cheaper than the market prices. That means whoever sold their shares recently, have seen a ~10% jump in their GBTC net worth right after the ETF approval.

GBTC used to have its own independent pricing and now it is connected to the other ETF’s, they can’t manipulate the prices no more.

[Ricardo11]

If the market price of Bitcoin dips further, understand that this is another buying opportunity. Don't panic if the market dip. We always have to believe that after a market dip, it will pump again later. This always happens, when the market dips, it pumps up more. So don't panic and don't stop your holding in any way.

[Casdinyard]

Stuff like this sorts the men from the boys.

Expectation was built up in regards to this ETF decision and the price went up.

The decision was positive, so time for the men to take profits as all looks good.

Now just wait until all the boys panic and sell and then see where it bottoms out.

Then the men start buying again.....

Bro calm down, OP's pretty much just asking what could be the reason why it's dumped like that much over the past few days which is a valid question to inquire whether you're a "boy" as you put it or a "man".

It seems that the answer has also been given by @Oshosondy and that is the basic cause so that the price pressure is very consecutive, similar to the FTX pattern during the crash some time ago if you look at it.

If you trade, of course you will be a bit surprised to see conditions like yesterday, the more you buy, the more the price goes down to the point that you have to sell below the price you bought previously to get the lowest price again. Of course, it really drains your energy and makes you feel dizzy if you control the price.

Exactly, just cause bitcoin marinated on the 42k price point for too long doesn't make it any more immune against the tides of the market as the rest of the cryptocurrency market. It's pretty much still liable to follow market mechanics and its behavior regardless of its standing in the echelons. People's misconception against bitcoin makes them think it was this end all be all jesus of the crypto and financial world that they could use to maximize their earning potential with little to no risk involved. The reality couldn't be any farther from the truth. I reckon most people here who stuck until now have lost just as much money on the crypto industry as the biggest winners, if not more.

Understand that things like this are a regular wednesday thing for bitcoin and it would recover just as much as it would lose eventually.

[wtsimis]

The value of any asset skyrockets when it attracts a large number of investors and large whales. Since cryptocurrencies are highly volatile as digital assets, Bitcoin is no exception. The arrival of large whales has boosted the value of Bitcoin, which can suddenly cause the market price to drop significantly after the whales sell. It can be a factor in normal erection. Since its price cannot be controlled, you should buy as slowly as possible so that your purchase price can come down significantly.
You can definitely consider investing in Bitcoin after going dip. Because devaluation is a natural way to adjust the value of Bitcoin.
     

[Zanab247]

If the market price of Bitcoin dips further, understand that this is another buying opportunity. Don't panic if the market dip. We always have to believe that after a market dip, it will pump again later. This always happens, when the market dips, it pumps up more. So don't panic and don't stop your holding in any way.

Whenever you see bear run in the market, you don't need to wait for people to tell you what to do at the moment when you have the money with you, which is the best period to buy BTC from the market and hodl for a brighter future to come.

 And bear season will continue happening in the crypto market and, whenever you see bull run and bear run in the market, learn how to take advantage of them to do the right thing that will bring good results that will make people to believe in your strategies in the community.

[Baki202]

The value of any asset skyrockets when it attracts a large number of investors and large whales. Since cryptocurrencies are highly volatile as digital assets, Bitcoin is no exception. The arrival of large whales has boosted the value of Bitcoin, which can suddenly cause the market price to drop significantly after the whales sell. It can be a factor in normal erection. Since its price cannot be controlled, you should buy as slowly as possible so that your purchase price can come down significantly.
You can definitely consider investing in Bitcoin after going dip. Because devaluation is a natural way to adjust the value of Bitcoin.
     

I feel like there is a lot of manipulation in that market and they will always manipulate it to there own favor. And since the whales hold a larger share of bitcoin they will always look for means to crash the market to too be able to buy more. And if the price should go up and the volume of selling is higher than that of the buying then it will affect the entire market and whales don't care much since they are  element of manipulation to the market. And with the situation of the price coming down will also help other buy. So when ever the price is down its beneficial to a lot of people. And after the dip then people will start to plan against there investments so the way you run it clear depends on you.