Will the Bitcoin price ever drop back down to $500?

[deisik]

Vast enormous piles of chinese and worldwide cash have no place to go
bitcoin is becoming the only safe option for more and more people globally
it will also be used as a hedge for those in the first wiorld who are already wealthy
in conventional assets and cash

Wealth is not money

Many people seem to be confusing them. Wealthy people are not storing their wealth in money. They are storing it in assets which are constantly generating money. Even Bill Gates was said to be spending the proceeds from his ownership of Microsoft to buy shares of silver mining companies. It is usually governments and central banks who are holding piles of money and other monetary assets (e.g. Treasuries), wealthy people tend to buy yachts and other luxuries. I don't think they would be particularly interested in Bitcoin

the price would probably  not be where it is today if it were not for wealthy chinese divesting their stacks of cash
wealthy people horde money in all its forms including assets ,i think bitcoin is slowly becoming recognised as a safe
store of value and hedge against market volatility with the added bonus it can be kept away from prying eyes fairly easily ......

yes ,a few wealthy persons may be yachts ,but they would represent  a tiny number on the top of the pyramid of wealth ,akin to the persons who buy private jets and such ..........

We should look into this question with a sharper eye (probably, using a microscope). What I mean is that if Bitcoin market cap is only around 12B dollars, how many wealthy people should have invested their stacks of cash so that we could reach that cap? I don't think that many. So I'm still sticking to my opinion that wealthy people don't hoard money or any other passive assets like gold or Bitcoin. They understand it better than anyone else that the only way to keep their wealth is to make active investments like investing in companies, scientific research, technological break-throughs and such things...

Less wealthy people just buy smaller yachts

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[Tanic]

Unless everybody leaves bitcoin, then probably. But I don't think it'll happen anymore as bitcoin has been getting more and more popular this days. Also there is no other clear alternative that would surpass bitcoin and in effect replace it. Plus the number of bitcoin in the world is just limited and the demand is rising up each day. So I think this will not happen anymore.

Why can't it happen again? I think in the case of new hacking attack it's pretty possible. And I think it will happen soon again after bitcoin will cost around 1000$.

[xIIImaL]

It could drop significantly even if it is on solid footing. Don't depend on it dropping to 500 though.

I do not think drop will work because always looking forward for the price pump only. Price rise only will provide the good adoption rate in businesses and individual. Hoping for Christmas pump in upcoming days.

[wxa7115]

Unless everybody leaves bitcoin, then probably. But I don't think it'll happen anymore as bitcoin has been getting more and more popular this days. Also there is no other clear alternative that would surpass bitcoin and in effect replace it. Plus the number of bitcoin in the world is just limited and the demand is rising up each day. So I think this will not happen anymore.

As soon someone is willing to sell their bitcoin there is someone willing to buy as soon as possible, the price is going to keep strong for a long time since it does not seem to present the signs of a bubble forming, and that is good for all of us that have some money in bitcoin.

[DrGuns4Hands]

if you could see the graph of bitcoin its possible it could drop back down to $500 i think its because theres a lot of users that cashing out their money from bitcoin wallet so its one of the reason why bitcoin price suddenly dropping down . but if we could maintain our money on our bitcoin wallet maybe thats a good chance to prevent this to happen.

[JimboToronto]

if we could maintain our money on our bitcoin wallet maybe thats a good chance to prevent this to happen.

Hopefully English is not your first language and you inadvertently used the singular "wallet" instead of the plural "wallets".

Keeping all your coins in just one wallet is asking for trouble. Never keep all your eggs in one basket.

Whenever you receive bitcoins you should create a new cold wallet. If you have more than a very few coins in any single wallet, you should consider splitting them up into multiple wallets.

Besides being much more secure, it allows you to separate your fully anonymous coins from those associated with your identity.

[radamiel]

if we could maintain our money on our bitcoin wallet maybe thats a good chance to prevent this to happen.

Hopefully English is not your first language and you inadvertently used the singular "wallet" instead of the plural "wallets".

Keeping all your coins in just one wallet is asking for trouble. Never keep all your eggs in one basket.

Whenever you receive bitcoins you should create a new cold wallet. If you have more than a very few coins in any single wallet, you should consider splitting them up into multiple wallets.

Besides being much more secure, it allows you to separate your fully anonymous coins from those associated with your identity.

a very good suggestion, we certainly should not keep all your eggs in one basket, a lot of possibilities that may occur and we have to remain cautious

[coynedterm]

Do any of you that follow the price of Bitcoin closely think that the price will ever drop back down to $500 or something close to it? And why or why not?

I think anything may be happen in the Bitcoin , because history of rates of Bitcoin directly saying that nothing is fixed in Bitcoin price .
We already seen in the year 2013 the fall in price was unpredictable and also growth in the price was unbelievable .
So anything may happen .

[pawanjain]

Do any of you that follow the price of Bitcoin closely think that the price will ever drop back down to $500 or something close to it? And why or why not?

yes , Ofcourse this will go Down because in every year we are seeing that price of Bitcoin remain constant in the beginning of the year for 3-4 month but after that big fluctuations arise .
So it is possible not closely but still somewhat near of $500

[pooya87]

Do any of you that follow the price of Bitcoin closely think that the price will ever drop back down to $500 or something close to it? And why or why not?

I think anything may be happen in the Bitcoin , because history of rates of Bitcoin directly saying that nothing is fixed in Bitcoin price .
We already seen in the year 2013 the fall in price was unpredictable and also growth in the price was unbelievable .
So anything may happen .

it is possible the 100th time i am saying this in this board. and i say it again.
DO NOT compare bitcoin in 2016 with bitcoin in 2013.
that pump that everybody keeps referencing that caused the big and long dump is because back then MtGox had more than 70% trade volume in the whole world so they could easily manipulate bitcoin price, the whales back then were not an numerous as today.
today the biggest exchange out there with mad trade volume only has less than 13% of the world's total volume and it is decreasing (because of spread) each day eliminating chances of manipulation.

[Indrawan77]

bitcoin market has growth so big, and there are new members every month, if there are more member used bitcoin then the price wont fall down, so as long as the user keep on using bitcoin the price wont go back 500$ anymore

[deisik]

Do any of you that follow the price of Bitcoin closely think that the price will ever drop back down to $500 or something close to it? And why or why not?

I think anything may be happen in the Bitcoin , because history of rates of Bitcoin directly saying that nothing is fixed in Bitcoin price .
We already seen in the year 2013 the fall in price was unpredictable and also growth in the price was unbelievable .
So anything may happen .

it is possible the 100th time i am saying this in this board. and i say it again.
DO NOT compare bitcoin in 2016 with bitcoin in 2013.
that pump that everybody keeps referencing that caused the big and long dump is because back then MtGox had more than 70% trade volume in the whole world so they could easily manipulate bitcoin price, the whales back then were not an numerous as today.
today the biggest exchange out there with mad trade volume only has less than 13% of the world's total volume and it is decreasing (because of spread) each day eliminating chances of manipulation.

Let's leave MtGox alone

But we still should not forget the dramatic consequences that its collapse led to. History never repeats itself, so, as you say, we can hardly see the replay of what had happened in 2013. But that doesn't itself mean that we are completely insured from the events that would be as serious or even more serious in their consequences that those that the fall of MtGox caused. On the other hand, the hack (or scam) at Bitfinex this summer drastically affected the prices, so can the events similar to what happened to MtGox in 2013 not really happen again?

[CoinCidental]

Do any of you that follow the price of Bitcoin closely think that the price will ever drop back down to $500 or something close to it? And why or why not?

I think anything may be happen in the Bitcoin , because history of rates of Bitcoin directly saying that nothing is fixed in Bitcoin price .
We already seen in the year 2013 the fall in price was unpredictable and also growth in the price was unbelievable .
So anything may happen .

it is possible the 100th time i am saying this in this board. and i say it again.
DO NOT compare bitcoin in 2016 with bitcoin in 2013.
that pump that everybody keeps referencing that caused the big and long dump is because back then MtGox had more than 70% trade volume in the whole world so they could easily manipulate bitcoin price, the whales back then were not an numerous as today.
today the biggest exchange out there with mad trade volume only has less than 13% of the world's total volume and it is decreasing (because of spread) each day eliminating chances of manipulation.

Let's leave MtGox alone

But we still should not forget the dramatic consequences that its collapse led to. History never repeats itself, so, as you say, we can hardly see the replay of what had happened in 2013. But that doesn't itself mean that we are completely insured from the events that would be as serious or even more serious in their consequences that those that the fall of MtGox caused. On the other hand, the hack (or scam) at Bitfinex this summer drastically affected the prices, so can the events similar to what happened to MtGox in 2013 not really happen again?

To see another mt gox situation in 2016/17 is not impossible but it becomes more unlikely every day that goes by...

I have set aside a big pile of cash this time in case it happens and I am sure not the only one who wishes to buy a shitload MOAR Bitcoinz...... But I think the support is too strong and no matter what gets hacked any dip will get picked up almost  immediately.....

If the current price were to drop by 50% people would sell their homes  to buy in and some already are taking loans to buy at the current price so I just don't see it happening....

[deisik]

Let's leave MtGox alone

But we still should not forget the dramatic consequences that its collapse led to. History never repeats itself, so, as you say, we can hardly see the replay of what had happened in 2013. But that doesn't itself mean that we are completely insured from the events that would be as serious or even more serious in their consequences that those that the fall of MtGox caused. On the other hand, the hack (or scam) at Bitfinex this summer drastically affected the prices, so can the events similar to what happened to MtGox in 2013 not really happen again?

To see another mt gox situation in 2016/17 is not impossible but it becomes more unlikely every day that goes by...

I have set aside a big pile of cash this time in case it happens and I am sure not the only one who wishes to buy a shitload MOAR Bitcoinz...... But I think the support is too strong and no matter what gets hacked any dip will get picked up almost  immediately.....

If the current price were to drop by 50% people would sell their homes  to buy in and some already are taking loans to buy at the current price so I just don't see it happening....

And this is really dangerous

Since it may be just about time to cash out. People selling their homes and taking loans to buy bitcoins strongly remind me of the events happening just prior to the onset of the Great Depression, when folks had been doing basically the same buying stocks in violent frenzy. There was some rich guy back in those days, Joe Kennedy (farther of John Kennedy), who allegedly dropped his stocks after a shoeshine boy gave him advice what stocks to buy. He correctly figured that the market had become too popular to be sustainable. Although this whole story might have been invented (by the man himself), there is still substance behind it

[kwukduck]

If it can go from 1300 to 200 there's no reason it can't go from 800 to 500....
You don' need a complex analysis for that.
We have less active traders now, demand is shrinking, weaknesses of the system have been exposed for some time now and alternatives are on the rise. Hell it could even go to 50 in a matter of hours once one whale starts dumping.

[vasrasus]

Do any of you that follow the price of Bitcoin closely think that the price will ever drop back down to $500 or something close to it? And why or why not?

I think anything may be happen in the Bitcoin , because history of rates of Bitcoin directly saying that nothing is fixed in Bitcoin price .
We already seen in the year 2013 the fall in price was unpredictable and also growth in the price was unbelievable .
So anything may happen .

Of course , we can't really never tell what may happen soon. Since there is already a history that it happens before then probably it will be. But for as long as its increasing in value now. The fall down will not happen so soon.

[warwar]

if we could maintain our money on our bitcoin wallet maybe thats a good chance to prevent this to happen.

Hopefully English is not your first language and you inadvertently used the singular "wallet" instead of the plural "wallets".

Keeping all your coins in just one wallet is asking for trouble. Never keep all your eggs in one basket.

Whenever you receive bitcoins you should create a new cold wallet. If you have more than a very few coins in any single wallet, you should consider splitting them up into multiple wallets.

Besides being much more secure, it allows you to separate your fully anonymous coins from those associated with your identity.

a very good suggestion, we certainly should not keep all your eggs in one basket, a lot of possibilities that may occur and we have to remain cautious

I do agree because if something wrong happen then all of your eggs would be broken. WE should be cautious now a days because now a days many hackers and also they can decrypt your password without your knowing so lets just be cautious no matter what happen

[deisik]

If it can go from 1300 to 200 there's no reason it can't go from 800 to 500....
You don' need a complex analysis for that.
We have less active traders now, demand is shrinking, weaknesses of the system have been exposed for some time now and alternatives are on the rise. Hell it could even go to 50 in a matter of hours once one whale starts dumping.

That's why people should be careful when investing their lifetime savings into Bitcoin

The same is fully applicable to any asset which is used primarily for speculation and profiteering (e.g. gold, stocks, whatever) or doesn't have any value of its own (e.g. fiat money), but with Bitcoin, which has basically nothing behind it, that should be obvious and straightforward without any reservations. It is not even so much about future price as about easiness and simplicity with which wealth kept in bitcoins can be lost, for example, due to theft or plain carelessness and neglect

[TrueCryptonaire]

If the price drops there, I am definetely going to buy a few more bitcoins for the purpose of buying more Moneros and also store some of btc in the bitcointrezor. 

[butcherboss]

Well bitcoin price has never been stable and it keeps on fluctuating. I would it there is a chance that the price drops back to $500 in case of a dump due to some reason. But the sure thing is that the price will bounce back up after the fall as it always has.