This price (~$575) is normal and good, and here's why...

[g-unit]

So we had the halving hype and lot's of people pouring money into bitcoin in anticipation of the halving. This pumped the price to $785 a coin which was pretty much expected or at least not surprising. Once people realized that the "halving run-up" was over, they profit-booked, causing an expected correction. It took a while to find a consolidation range, but it seems we may have finally found it ($550 to $600). This has happened with all other halvings in other cryptocurrencies.

So why is everyone freaking out about a "low price"? We are up $350, give or take, from the price at this time last year.

[a7mos]

I believe last summer the price was even less than $350 as you said. the price was very low before the big pump that happen at the beginning of October and November

[g-unit]

I believe last summer the price was even less than $350 as you said. the price was very low before the big pump that happen at the beginning of October and November

I meant the price was approximately $350 lower at this time last year, as in, actually price was in the low 200's .

[amacar2]

May be this price suggesting accumulation phase going on before big usual november pump this year also lol.
However the large dump on early of august is due to bitfinex hack rather than natural price correction.

[Vhern]

May be this price suggesting accumulation phase going on before big usual november pump this year also lol.
However the large dump on early of august is due to bitfinex hack rather than natural price correction.

A lot happened back then because of that some folks are not interested in BTC because of hacking.
Even though BTC is nice to be your investment.

This price for me is much higher I remember when I discovered BTC is only a 230$ something back in 2012 or 2013 can't remember it well however I can't buy a whole BTC if the price is this.

[mindrust]

Tell me, would you be happy if you bought bitcoins after the hype while the price was like 750$? There are many people who bought from 700$+ and i am pretty sure they are not happy at the moment. If the price doesn't rise in a few months, they will say "fuck this shit" and they won't come back again. When we have enough of those people, bitcoin will be as dead as my shoes. With every pump/dump those people rise in numbers.

[0day]

Only those are freaking who are newbie to the field of bitcoin and who were in the expectation that the price of bitcoin at the time of halving will reach to thousands of dollars, and those people are freaking who saw the price of bitcoin at $700 and increasing above that and they started to buy at $700,

[babyjesusftw1]

I'm not worried at all about the price. The fact that it immediately shot back up after nose-diving below $500 is a good sign for bitcoin. It shows that the minimum value most people give bitcoin is roughly between 500-600 dollars, and once it fell below that threshold, bitcoin began rallying immediate support. I think something drastic would have to happen for the price to plummet again and remain at that much lower price.

[chronoscorrosif]

It took a while to find a consolidation range, but it seems we may have finally found it ($550 to $600)

consolidation yes but the price will not stay a long time there with the known volatility of bitcoin, the bitfinex drama have a negative impact but it start to be solved a little bit

[richardsNY]

So we had the halving hype and lot's of people pouring money into bitcoin in anticipation of the halving. This pumped the price to $785 a coin which was pretty much expected or at least not surprising. Once people realized that the "halving run-up" was over, they profit-booked, causing an expected correction. It took a while to find a consolidation range, but it seems we may have finally found it ($550 to $600). This has happened with all other halvings in other cryptocurrencies.

So why is everyone freaking out about a "low price"? We are up $350, give or take, from the price at this time last year.

You are absolutely right that the price has gone up a lot already. However, only smart people have been able to benefit from the jump to where we are now. People panic/are freaking out because they bought at +$600 prices. That's why they don't care about the fact that the price has gone up like $300 already. It has zero value for them. All they care about is that the price must go far above the $600 level again.

[talks_cheep]

Sure, but only if price stays in-between 550 and 600.

Because it's surely going to drop further down, your theory will drop like stone.

Folks, don't listen to these bulltards who keep telling you this is the good times and better times are ahead, they're telling you to be their bag-holders. The truth is bitcoin is turning into a failed experiment, it's had 7 years to develop and mature into a stable technology but it failed. Just look at the transactional limits that cap bitcoin at 2-3 transaction a second; compare to 2 million transaction a second capability of Visa and MasterCard. The core bitcoin developers have known about this critical limitations and yet they have failed to lift it, not because they can't but because they won't. There's an inside conflict among the developers and leaders, these internal squabbles have paralyzed the bitcoin development. There's no end in sight regardless of what these bulltards try to mislead you into believing. It's a tragic flaw in the whole scheme. Bitcoin is poised to collapse soon.

[th3nolo]

certainly the number of transactions is something that impacts in the price. if not achieved improvement. the bitcoin dies. as g-unit says this is an experiment. apparently many forget this little detail.

[Leonard2016]

this is a good point but the reason for this low price at this level is that the price was pushed down not a normal decline after a big rise.
you forgot about the bitfinex hack and the okcoin situation, these things keep the price down and if they weren't available the price would have risen by now.

[angaper]

Yes, I also think it is a good price because three months ago bitcoin was struggling to break the $400 level and these days its price has increased around 50% from May to August. It is a clear sign of stability which is always positive.

[pooya87]

Tell me, would you be happy if you bought bitcoins after the hype while the price was like 750$? There are many people who bought from 700$+ and i am pretty sure they are not happy at the moment. If the price doesn't rise in a few months, they will say "fuck this shit" and they won't come back again. When we have enough of those people, bitcoin will be as dead as my shoes. With every pump/dump those people rise in numbers.

you know nothing jon snowmindrust
there were many people who bought bitcoin at $1100-$1200 and kept holding it like fools until some day they said fuck this shit and left bitcoin, but as you can see bitcoin is still alive and regardless of those group's idiocy it is still strong and rising.

[bamboylee]

this is a good point but the reason for this low price at this level is that the price was pushed down not a normal decline after a big rise.
you forgot about the bitfinex hack and the okcoin situation, these things keep the price down and if they weren't available the price would have risen by now.

Maybe. But I was also expecting this consolidation to take effect after the halving hype. The hack of bitfinex just hasten the process. After a few months, this consolidation will be over and a new push for a price hike will happen, if this is a normal trading. But it is bitcoin  so anything goes.

[1Referee]

Tell me, would you be happy if you bought bitcoins after the hype while the price was like 750$? There are many people who bought from 700$+ and i am pretty sure they are not happy at the moment. If the price doesn't rise in a few months, they will say "fuck this shit" and they won't come back again. When we have enough of those people, bitcoin will be as dead as my shoes. With every pump/dump those people rise in numbers.

you know nothing jon snowmindrust
there were many people who bought bitcoin at $1100-$1200 and kept holding it like fools until some day they said fuck this shit and left bitcoin, but as you can see bitcoin is still alive and regardless of those group's idiocy it is still strong and rising.

Well, yes, if you open the all time charts, and ignore peaks and massive dumps, then you can clearly see the price has been going up in a nice manner. People keep complaining about the price to be boring and stuff, but this shows that Bitcoin is in fact growing year after year.

[Finestream]

Tell me, would you be happy if you bought bitcoins after the hype while the price was like 750$? There are many people who bought from 700$+ and i am pretty sure they are not happy at the moment. If the price doesn't rise in a few months, they will say "fuck this shit" and they won't come back again. When we have enough of those people, bitcoin will be as dead as my shoes. With every pump/dump those people rise in numbers.

you know nothing jon snowmindrust
there were many people who bought bitcoin at $1100-$1200 and kept holding it like fools until some day they said fuck this shit and left bitcoin, but as you can see bitcoin is still alive and regardless of those group's idiocy it is still strong and rising.

Well, yes, if you open the all time charts, and ignore peaks and massive dumps, then you can clearly see the price has been going up in a nice manner. People keep complaining about the price to be boring and stuff, but this shows that Bitcoin is in fact growing year after year.

This year alone we already have a great progress and with that alone we should be thankful, maybe some are losing their money because they are expecting to see the price to rise as much as $1,000 this year and was able to buy during the price spike in the previous month.

[Fatanut]

So why is everyone freaking out about a "low price"?

Because everybody thought bitcoin halving = doubling difficulty = doubling the price of bitcoin. I'm one of them to be completely honest with you guys. When it pumped to 785$, I was all like "Okay, the pump is just starting." Until it went lower and lower and now we're stuck in this price which is much better anyway compared to the price before the pump.

[Wind_FURY]

OP, that is a good assesment. It is also a reason to think that BTC will stay below $600 until the end of the year or more. The problem now is when will BTC rise again? According to your assesment it was because of the anticipation of the halving that BTC rose to $700+. So maybe the next rise will be after 4 years in anticipation of the next halving?