If Price drops after ETF not approved, it's because people are Dumb

[BitcoinBarrel]

The price shot up over a thousand months before most people even knew about the ETF. What makes you think it will make a difference?

If it's not approved, whales will dump and price will drop... but the panic sellers will send it further. Just HODL. $10k is not far away.

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[york780]

It will dump further. I am waiting...

[TrueCryptonaire]

I do not honestly care if it drops... If it drops deep enough (with or without approval) I need to find some fiat money to buy more coins because it doesn't hurt to own a few more coins when the price restarts to pump... I think Bitcoin is the second best investment opportunity in the cryptosphere - only Monero offers better bargain (but I think one should not be all in Monero though - a nice diversification between Monero and Bitcoin is a prudent way to invest into crypto).

[Raimonn]

On short time, bitcoin price will go down if ETF isn't approved, but i think it will recover in few weeks. On long, i think that bitcoin prices will go up (bitcoin don't depends on ETFs investors) and the ones that are selling now will buy bitcoins more expensive later.

[lottery248]

i don't really care of the drops as well, doesn't matter for the price if ETF is approved, all depends on how buyers think of that. probably this drop will only last a short period then a rise as buying bitcoins again.

[gentlemand]

I think we're due further falls no matter what happens in the short term.

The ETF is just another excuse for a rapid pump by the same old people a la Cyprus and all those millions, or dozens, of Greeks who bought all the coins.

If it does pass then it might be weeks or months before it's operational. When it is operational it's selling shares in coins that have been parked for years that have nothing to do with the active market. Eventually they will have to buy more but it could take years before that stage.

Like so much good news it goes in the long term bank but nothing happens right now.

[alyssa85]

I think we're due further falls no matter what happens in the short term.

The ETF is just another excuse for a rapid pump by the same old people a la Cyprus and all those millions, or dozens, of Greeks who bought all the coins.

If it does pass then it might be weeks or months before it's operational. When it is operational it's selling shares in coins that have been parked for years that have nothing to do with the active market. Eventually they will have to buy more but it could take years before that stage.

This.

The speculators look for news on which to pin their pump. The news becomes an excuse for unusual moves. Then they take profits and it is all over.

I hope some people cashed in when the price was $1270 or thereabouts. It was obvious that there would be a pull-back no matter what happened to the ETF.

[Kencha77]

Now that the price is going down, instead of selling your bitcoins, isn't it the right time to buy some?

[cengsuwuei]

much people can selling bitcoin if ETF not aproved
and bitcoin price if crash and hard dump if much people panic selling, all people selling bitcoin balance

[HabBear]

The price shot up over a thousand months before most people even knew about the ETF. What makes you think it will make a difference?

If it's not approved, whales will dump and price will drop... but the panic sellers will send it further. Just HODL. $10k is not far away.

Are you talking about the first run up to $1000? Wasn't that manufactured, manipulated by Mt. Gox?

I hope there's a huge correction from where we are right now. We need a better buying opportunity.

[Wind_FURY]

The price shot up over a thousand months before most people even knew about the ETF. What makes you think it will make a difference?

If it's not approved, whales will dump and price will drop... but the panic sellers will send it further. Just HODL. $10k is not far away.

For a Legendary member here in Bitcointalk you still do not get the whole picture. While I agree that holding is the best course of action, there are still some traders who do not care about Bitcoin at all. All they care about are the movements in price because that is where their profit in fiat comes from. So if the ETF is not approved, that is actually good news for them because they can short the market. In a way, yes they are dumb but in some other ways they are also smart depending on your point of view.

[pooya87]

The price shot up over a thousand months before most people even knew about the ETF. What makes you think it will make a difference?

If it's not approved, whales will dump and price will drop... but the panic sellers will send it further. Just HODL. $10k is not far away.

you have a very good point here but whenever price drops with random news like ETF news which has nothing to do with bitcoin price, it only means that there are still whales who manipulate the market and there are still other people who don't take this chance to buy bitcoin from the whales and force them to either have less coins or be forced to buy back at higher price and lose money.

in any case, if price drops i would take a short term loan or borrow money from a friend for short term and buy bitcoin with it and pay them back in a short while and keep the profit.

[lordquanta]

HODL is good policy. However price wont drop after ETF rejection. It is definitely going to get some correction.  Another cause we need to  check is Chinese market situation:

https://www.bloomberg.com/news/articles/2017-03-08/china-s-top-bitcoin-exchanges-extend-suspension-of-withdrawals

[iqlimasyadiqa]

I think the ETF will provide significant changes to the bitcoin price movements. on the one hand the ETF will make people more interested in using bitcoin in their daily lives. This is now evidenced by the growing price of bitcoin after the news about the ETF.

[Pamadar]

HODL is good policy. However price wont drop after ETF rejection. It is definitely going to get some correction.  Another cause we need to  check is Chinese market situation:

https://www.bloomberg.com/news/articles/2017-03-08/china-s-top-bitcoin-exchanges-extend-suspension-of-withdrawals

well thanks for this info mate, as we knew that this party got  a huge impact with its current value, we can't say what will happen right after the decision but those announcement really make a huge impact with the current value, if this only a test  i think after the correction it will bounce back much stronger.

[starblocks]

HODL is good policy. However price wont drop after ETF rejection. It is definitely going to get some correction.  Another cause we need to  check is Chinese market situation:

https://www.bloomberg.com/news/articles/2017-03-08/china-s-top-bitcoin-exchanges-extend-suspension-of-withdrawals

Who said it would be rejected?

[lordquanta]

HODL is good policy. However price wont drop after ETF rejection. It is definitely going to get some correction.  Another cause we need to  check is Chinese market situation:

https://www.bloomberg.com/news/articles/2017-03-08/china-s-top-bitcoin-exchanges-extend-suspension-of-withdrawals

Who said it would be rejected?

ETF has been rejected twice/thrice earlier. And that too based on security issue and not on price fluctuation. So there is chance of rejection this time as there is chance of approval as well.  Approval will help in gaining rise.

[aardvark15]

HODL is good policy. However price wont drop after ETF rejection. It is definitely going to get some correction.  Another cause we need to  check is Chinese market situation:

https://www.bloomberg.com/news/articles/2017-03-08/china-s-top-bitcoin-exchanges-extend-suspension-of-withdrawals

Who said it would be rejected?

ETF has been rejected twice/thrice earlier. And that too based on security issue and not on price fluctuation. So there is chance of rejection this time as there is chance of approval as well.  Approval will help in gaining rise.

I don't mind a temporary drop. In fact, I would view it as a good chance to buy a little more Bitcoin at a lower price. There's nothing wrong with some price swings as long as the long term price rises.

[BrewMaster]

The price shot up over a thousand months before most people even knew about the ETF. What makes you think it will make a difference?

If it's not approved, whales will dump and price will drop... but the panic sellers will send it further. Just HODL. $10k is not far away.

good catch. i was saying the same thing when first people were starting to talk about ETF and rise! the rise started when people were chasing their own tail and when it reached a high level everyone found out about ETF and price went a little higher.

now whales dumped when everyone were chasing their own tails and now that we are in the dip they are panic selling and chasing their own tail again and whales will start buying from them under-priced

[bamboylee]

10K is still too far away, it is better for me to ride the fluctuation of price to make more bitcoins if I can.

The ETF hype did send the price to almost 1300$. And just a few days before the decision, the whales cashed out their profit sending the price back to 1200$. They are just waiting for others to follow and the price to drop some more before they get in again.