Bitcoin is Falling...Is it Panic Time?

[espante]

Till now, bitcoin has proved that it has capability to recover from big down trends. So if anyone sell bitcoin with down trends, he is loosing this future anticipated profits as well as worsening the market price.

This works until it doesn't

And when it finally stops working, it will be absolutely irrelevant how many times it worked in the past since you will just lose all (unless you book profits regularly and are not reinvesting all). Just like it happens with shit coins on a pretty consistent basis. If you think that Bitcoin is somehow different, let's wait till August 1st and see how things turn out. It may happen that Bitcoin is not in fact as different from the rest of the pack as many think

Theres a saying which almost everyone ignores: "past performance is not an indicative of future results".

That being said I think it will continue to recover. In relation to UASF I think there is too much at stake for the relevant economic parties not to compromise.

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[deisik]

Personally, I'm slowly moving my monetary wealth to Litecoin. That seems to be a safer option than waiting out with bitcoins

Moving your bitcoin to other assets is a good idea and i think Litecoin is the only under performing coin in the entire market and i am not too confident with the valuation level and how it might change in the future is to be seen,hope to find other options to hold your money until everything is resolved with bitcoin.

I'm mostly in US dollars nowadays

I buy Litecoin on dips with dollars and bitcoins that I still have. In my view, right now Litecoin is the best choice if you want to stay in crypto at all. It follows Bitcoin but if Bitcoin is not going to survive or it splits heavily (with parties involved dumping the Bitcoin they don't like), Litecoin will likely profit from this train of events since traders will start to massively liquidate their Bitcoin stashes. Litecoin would be the best option for them if they are not going to cash out entirely. I don't think that many long term Bitcoin holders will ever look at Ethereum. To them, it is yet another coprocoin that is going to scam enormously sooner or later (and rather sooner than later). And I certainly second that view

[1Referee]

I'm mostly in US dollars nowadays

I buy Litecoin on dips with dollars and bitcoins that I still have. In my view, right now Litecoin is the best choice if you want to stay in crypto at all.

Interesting thought. Mind sharing what your current BTC-LTC-USD ratios in percentages are, and how you would like them to be before the situation according to you goes bananas?

I don't think that many long term Bitcoin holders will ever look at Ethereum. To them, it is yet another coprocoin that is going to scam enormously sooner or later (and rather sooner than later). And I certainly second that view

I'm in the same boat. I am not in any altcoins at the moment, and will likely not take any positions into altcoins at a later period, but the only coin that I still somewhat value is Litecoin. I still believe in the Bitcoin is Gold and Litecoin is Silver argument. Basically every coin in the 2.0 category is subject to a certain form of centralization, plus there is always something that stinks about how their coins have been distributed.

[Kimi80]

I am saving my coins and not intend to sell them. Probably would invest, buy litecoin because I find that it is a good choice. From the things that can read on forum and on internet sites, I can figure out that price of bitcoin is not going to drop much, but is going to rise again, so i am not panicking, my decision is definitely to save them.

[Rinder]

Im keep focus at bitcoin, but at this stage no one should be present at one single coin, i do have some extra investment besides bitcoin, altcoins has becamed very atractive on the last days, and their potencial is making a lot people to swith from bitcoin.

[Snorek]

Against this backdrop...are you holding on to your Bitcoin or transferring it into another digital currency?

There is no other solid options better than Bitcoin, every coin which would find itself in the position of bitcoin would suffer the same or even bigger problems.
For example Ethereum is not some amazingly technically superior coin to dethrone BTC just because ETH can support smart contracts, Ethereum can currently do around 7-15 tx/s.
And ETH's network can be bottleneck way easier than Bitcoin. Anyway - switching from BTC to altcoins seems like not wise idea at all.

[Bitvestmint]

Nope its time to buy more, silly

[btccashacc]

According to my friend preev.com, as of press time, the value of Bitcoin is standing at $2,351. Though I would say that this still considered as a feat, some are worried because it almost reached $2,800 again after the correction that happened days ago.

I have read that the decline can partly be contributed to newcomers especially neophyte traders who still have to be well-versed on the market...and can easily be ignited to do panic selling once they can fell that anything can be wrong.

Against this backdrop...are you holding on to your Bitcoin or transferring it into another digital currency?

Just holding them, i personally will not selling my bitcoin at least in this period since i trully believe that the price will be skyrocket in this year, it's ok if you want to sell them in order to get profit but don't you know that the price will be up in the future? so i think it will be better if you save them for long term investment and don't forget to buy more when the price goes down. Well I would never convert all of my bitcoins into another digital currency even though the price crashing down.

[agustina2]

On the very obvious thing, why sell when the price is falling? No one surely knows how far it will goes down. And now look, slow bounce and currently sitting and playing now at around $2,500. Patience is the key. And now because they sold coins at $2,300 for example, they need to wait for so much dips to buy again but unfortunately the trend goes upwards again.

Goodluck to those still waiting for their buying target. To those long term holders, devote your passion of holding that you will hold your bitcoin no matter what.

[hubballi]

According to my friend preev.com, as of press time, the value of Bitcoin is standing at $2,351. Though I would say that this still considered as a feat, some are worried because it almost reached $2,800 again after the correction that happened days ago.

I have read that the decline can partly be contributed to newcomers especially neophyte traders who still have to be well-versed on the market...and can easily be ignited to do panic selling once they can fell that anything can be wrong.

Against this backdrop...are you holding on to your Bitcoin or transferring it into another digital currency?

Just holding them, i personally will not selling my bitcoin at least in this period since i trully believe that the price will be skyrocket in this year, it's ok if you want to sell them in order to get profit but don't you know that the price will be up in the future? so i think it will be better if you save them for long term investment and don't forget to buy more when the price goes down. Well I would never convert all of my bitcoins into another digital currency even though the price crashing down.

I am with you , i am also holding my bitcoins and i have faith on this coin that this will go more high. their is always fluctuate in price of bitcoin but after correction the price moves high and goes for next ATH.

[shadelockme]

Bitcoin prices fall not because of panic, more to profit-taking from traders, it is quite normal if you know the stock market. And usually it only happens for a while, it will not take long

[CraigWrightBTC]

Nope its time to buy more, silly

Well bitcoins is falling doesn't mean it is panic time to sell all of bitcoins,
 in my prediction it is just correction of price before bitcoins price goes up again,
i agree with you to buy more bitcoins but it must be managed the risk losing money
 because of buy more bitcoins, there are no guarantee bitcoins will be rebounds.

[Skarner21]

Nope its time to buy more, silly

Well bitcoins is falling doesn't mean it is panic time to sell all of bitcoins,
 in my prediction it is just correction of price before bitcoins price goes up again,
i agree with you to buy more bitcoins but it must be managed the risk losing money
 because of buy more bitcoins, there are no guarantee bitcoins will be rebounds.

If you are not believe in bitcoin there is possibility that you will panic to sell your bitcoin.. just always believe in bitcoin if you are old bitcoin user you know the same thing happen from the past to the present they are just let encourage other people to sell bitcoin or they are just posted a simple article that can down the value of bitcoin those people are just like  whales.. bitcoin is always in danger and they said bitcoin is died 100+ times that i think this is another  bitcoin. to see how bitcoin strong and how people are believing and supporting bitcoin.. so we are seeing a normal price drop because they heard that segwit will be activated through BIP148. that i think this is the reason why we are seen a large price drop these days. .

[ozaeri]

Bitcoin prices fall not because of panic, more to profit-taking from traders, it is quite normal if you know the stock market. And usually it only happens for a while, it will not take long

Yes because nothing fundamentally changed with bitcoin. I fully expect price recovery or at least stability in the coming days and weeks.

[LilibethSantos]

^^ Think about the long term of Bitcoin instead of little swings in price. Only newbie traders would start panic selling right now. It should be a great opportunity to buy.

[Vikingr]

I am saving my coins and not intend to sell them. Probably would invest, buy litecoin because I find that it is a good choice. From the things that can read on forum and on internet sites, I can figure out that price of bitcoin is not going to drop much, but is going to rise again, so i am not panicking, my decision is definitely to save them.

You have to keep a strong believe on bitcoin because these are just the fluctuations in the price of bitcoin it will increase and decrease for some time and after that it will again start to increase and it will not permanently decrease because the coming future is of bitcoin age

[MingLee]

Bitcoin prices fall not because of panic, more to profit-taking from traders, it is quite normal if you know the stock market. And usually it only happens for a while, it will not take long

Yes because nothing fundamentally changed with bitcoin. I fully expect price recovery or at least stability in the coming days and weeks.

There may be no fundamental changes within Bitcoin but there can be changes outside of Bitcoin that can have a pretty significant impact on the value of it, for a long time potentially, as well. The collapse in value we saw was (mostly) caused by a law passed in congress, and while it changed nothing with the blockchain itself, it had a large impact on Bitcoin market-wise and it's recovered about $300-$400 from it's lowest point, while still being $200 below where it used to be at.

[ozaeri]

Bitcoin prices fall not because of panic, more to profit-taking from traders, it is quite normal if you know the stock market. And usually it only happens for a while, it will not take long

Yes because nothing fundamentally changed with bitcoin. I fully expect price recovery or at least stability in the coming days and weeks.

There may be no fundamental changes within Bitcoin but there can be changes outside of Bitcoin that can have a pretty significant impact on the value of it, for a long time potentially, as well. The collapse in value we saw was (mostly) caused by a law passed in congress, and while it changed nothing with the blockchain itself, it had a large impact on Bitcoin market-wise and it's recovered about $300-$400 from it's lowest point, while still being $200 below where it used to be at.

Which law is that? I thought it was due to bitmains announcement of doing a hardfork in the event uasf succeeds.

[hello_good_sir]

According to my friend preev.com, as of press time, the value of Bitcoin is standing at $2,351. Though I would say that this still considered as a feat, some are worried because it almost reached $2,800 again after the correction that happened days ago.

I have read that the decline can partly be contributed to newcomers especially neophyte traders who still have to be well-versed on the market...and can easily be ignited to do panic selling once they can fell that anything can be wrong.

Against this backdrop...are you holding on to your Bitcoin or transferring it into another digital currency?

The price is actually recovering right now. Yesterday it did go as low as $2350 or even more but now it's steadily climbing to $2500 and seems to be quite stable over there. This i think proves that a lot of people are just lining up to get cheap coins. A lot of people wants to get into the market whilst large bitcoin holders are reluctant to sell off their personal stash.

Think about the long term of Bitcoin instead of little swings in price. Only newbie traders would start panic selling right now. It should be a great opportunity to buy.

Agreed. Bitcoin is going to kill it in the long term. It actually doesn't matter if you bought at the ATH of the year because in the future bitcoin will keep breaking previous records due to the fact that there is only going to be 21 million ever created.

[Kyraishi]

According to my friend preev.com, as of press time, the value of Bitcoin is standing at $2,351. Though I would say that this still considered as a feat, some are worried because it almost reached $2,800 again after the correction that happened days ago.

I have read that the decline can partly be contributed to newcomers especially neophyte traders who still have to be well-versed on the market...and can easily be ignited to do panic selling once they can fell that anything can be wrong.

Against this backdrop...are you holding on to your Bitcoin or transferring it into another digital currency?

Is it panic time? Probably no. It's not a good idea to panic anyways, it won't make you any richer or safer.

The support for bitcoin is actually quite strong, the floor is pretty much set in stone at $2000. Just think of it this way - the worst that's going to happen in your investment in say, 6 months, is that you lose $500 per coin. That's the worst case scenario, because bitcoin price could go up, it could stay the same, or it could drop some but not much.

If you don't feel safe taking the risk, which i think is a good risk to take, then sell off 80% of your bitcoins. Keep 20% for when the price rises in the future, so at least you have something to liquidate and feel good about