Don't blame Elon musk and China for the dip!!!!!!!

[Twinkledoe]

If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

In some point one key factor why there is a dip happening are because of these two reason that is Elon Musk and China created FUDs that scares the whole crypto community especially those newbies and weakhand that turns into panic for them. Nowadays crypto enthusiasts are now just looking for the tweet of Elon Musk instead of looking at same technical and fundamental aspect of crypto analysis.

They may have contribution on why the market is behaving this way. But maybe, it is high time for correction as we saw the above 60k level for the first time. There will always be correction at some point and these factors like Elon's tweets and China's move towards crypto mining may have further instigate the correction. But whatever the reasons are, just take care of your own business because these people will not look after your portfolio. Just do what you can do to take advantage of this situation.

[Viscore]

Maybe we can still say that there is a part where they manipulated this current dip like what Elon M usk doing in tweeter. He tweeted lot that creates FUDs recently same with some news from china that shaken' the crypto community.

We all know that the whole crypto market will be affected once negative news come out in the market and having Elon Musk tweet about bitcoin and China banning bitcoin contribute much on the big dump. Ye, we may say its the reaction of the market to stay in dips from an overbought position but the FUDS that were created by Elon have more effect on the market.

But this is not the season to keep on digging with our losses as having crypto in dip is not new to us. We should be more resourceful by now and if trading is not profitable now in crypto, then find another ways how we can make profits despite of the dip.

[Darktongue]

If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

I never blame Elon Musk for Bitcoin tweets. But Elon Musk tried to manipulate the crypto market and he was unsuccessful. In some cases, I'm happy about Elon Musk because it spread out the cryptocurrency news all over the world. Now here is a very good opportunity, but even though so many people didn't heard about the cryptocurrency. I strongly believe that this dip is a part of cryptocurrency correction.

[southerngentuk]

People will not be able to blame others for their own mistakes. But keep in mind the things that impact get us all wrong, I really see Elon bringing a lot of people's interest to this market. But in general, most of the participants are experiencing sadness

[wajik-tempe]

It's a nope for me. Crypto market is really depending on the hype and the news around the internet. Every news that have much impact to crypto even it's fake news or not, it must be make the market move. Because there are a lot of whales are playing in the market just to make a quick profit. The overbought thing is also true but if you said the news are not affecting the market i'm not agree with you

[Dr.Osh]

Well, right now it's useless to blame each other, because in reality the prices of bitcoin and altcoins have dumped quite far. however, now let's start thinking about how we can get a lot of assets so that when the pump occurs, we have the opportunity to make a profit. after all, Elon Musk and China were just triggers, a lot of people panicked which sent prices falling further.

[molsewid]

We all know that the whole crypto market will be affected once negative news come out in the market and having Elon Musk tweet about bitcoin and China banning bitcoin contribute much on the big dump. Ye, we may say its the reaction of the market to stay in dips from an overbought position but the FUDS that were created by Elon have more effect on the market.

But this is not the season to keep on digging with our losses as having crypto in dip is not new to us. We should be more resourceful by now and if trading is not profitable now in crypto, then find another ways how we can make profits despite of the dip.

This is I guess a truth and the whole truth negative feedback is truly affect the market of bitcoin so the recent tweet of Elon Musk about bitcoin halting Tesla from receiving bitcoin as a mode of payment and China banning bitcoin really contribute to the recent market dropped of crypto especially bitcoin. Well there are also some factor that affects the market of bitcoin and not only this negative feedbacks because we are all know that the market will certainly go down due to its volatility and due to demand and supply of bitcoin but I'm certain that this Elon Musk tweet thing and China banning has impact on the consecutive and exponential market dropped.

[ivankoh]

Most of the new entrants will surely cry when faced with the terrible charisma of Elon, but they have forgotten that Elon has made a stain on the stock before. So they have to blame themselves for that puppet first. China has historically had a bigger impact than we think, it's not uncommon. Until we really get through this mud, the market will be strong and healthy.

[KaliLinux]

If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

The reason why Elon was blamed is because he was a catalyst to the untimely heavy dump, his tweet like you said hasten things up, to me, i think Elon's tweet have far more effect than that of china banning crypto because in the case of china, many are already use to that hide and seak game, but coming from Elon, and Tesla, it was a big news that cause chaos and immediate panic sell.

You are right. Even though we understand that the market was already overbought and a correction was imminent, the Elon musk tweet kinda accelerated the down move of it and that cannot be overlooked and even considering the way it all played out from his angle. We know the first time he tweeted about buying Bitcoin and accepting it for Tesla payment, Bitcoin pumped upward even though the market was already on uptrend and he got credit for that so he gets the blame for this too. 

[JeffBrad12]

He tweeted lot that creates FUDs recently same with some news from china that shaken' the crypto community.

he was doing U-turn by creating so many tweets that he was again supporting crypto bitcoin and dogecoin. This guy is always giving a surprise and he was indirectly affecting the market through his tweet. that's why there are lots of complaints regarding his tweet that can create pump and dump in the crypto. he must not be blamed but his follower must be caused by his followers were only following what he was saying.
So many times people have been discussing this in various groups about the impact of elon.

[macson]

If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

in fact the investment world is strongly influenced by FUD, while Elon Musk and China a few weeks ago created FUD.  Their FUD will surely be forgotten, the market will be bullish again and investors will come back without FUD.

[Zilon]

This is a very accurate analysis. Every market has three major stages

• bullish trend
• bearish trend
• range market

As investors we should learn to profit from each of this trends constantly buying low and selling high. We have had a bullish run for a long time and a whole lot of us got so comfortable with it neglecting that the market has other moves which if we aren't prepared for would take us off balance.

[KaliLinux]

This is a very accurate analysis. Every market has three major stages

• bullish trend
• bearish trend
• range market

As investors we should learn to profit from each of this trends constantly buying low and selling high. We have had a bullish run for a long time and a whole lot of us got so comfortable with it neglecting that the market has other moves which if we aren't prepared for would take us off balance.

True. I believe most times, some crypto investors don't seem to understand this, maybe they think the market will keep going in one direction "UP" while that is usually not the case for the market. We must also understand that, these dips are healthy for the subsequent growth of the market and as you said, we should be able to take advantage of all positions regardless if they were natural or influenced by someone or thing.