[2017-08-22] Bitcoin Dips Below $4,000

[iamTom123]

The price of bitcoin is back below $4,000. Following a period of record highs, average prices across global exchanges declined at the start of trading on August 22, having already dipped more than $150 already from the day's open. At press time, bitcoin was trading at $3,894, its lowest total observed since April 15, when the price hit a low of $3,892.

However, despite the continued show of strength from the market, some traders indicated a belief that bitcoin's rally – which has catapulted the digital asset to 350 percent gains this year – might be reaching its peak.

BTC VIX, organizer of the cryptocurrency trading group Whale Club, remarked that he is losing confidence in the rally. In particular, he cited the fact that bitcoin prices have dipped below $4,000 four times since first surpassing the milestone, a sign he thinks the market isn't keen to push the price higher in the short term.

"The bulls are tired," he told CoinDesk. Elsewhere, market observers predicted that bitcoin might stabilize around the $4,000 mark. Such a view was put forth by Mike Kayamori, CEO of Japan-based bitcoin exchange Quoine, who saw the dip below $4,000 as a sign of consolidation, if not a cause for alarm.

The Source.

I was wrong when I assumed that Bitcoin can be stabilizing at around $4,400 - $4,500 because the market eventually retreated back to the pre-SegWit level. Oh well, just one of the many times when Bitcoin can be so unpredictable. We just hope that days from now Bitcoin would stay afloat at the $4,000 mark which is more acceptable to many.

Now, because of this latest dip, I am sure there would be many individual and institutional buyers who are already planning to beef up their hoard of Bitcoin. It is the best time to buy Bitcoin before it makes some move again upwards.

Do you think Bitcoin can still go lower or will it now start going up again?

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[Taki]

"Bulls are tired" is the correct phrase for everything that is going on. And what you guys expected?! To see stable raise to 50k$ without falls?
Nothing from that. And I am not surprised to see such deep fall from the moment when the peak was reached. That's bitcoin's nature and I expect to see 3000-3500$ again before the price will start to climb back to the top again. Just don't panic and you will be safe.

[1Referee]

It was a well expected drop that granted me a very easy profit. I am seeing it go lower in the coming days, where a dip below the $3500 level isn't all that far away. Especially not when you consider that the overall buy support is very thin. It requires a relatively low number of coins to make the price tank 10-20%. If we look at the market from a realistic point of view, then we have to admit that the price is greatly overbought - Segwit activation can't change anything in this regard. If I had to throw a number on the table that would be a fair and reasonable price with Segwit activated, then it would be somewhere around the $3000 level. People have to understand that things can't increase in value in one straight line.

[Rahar02]

"Bulls are tired" is the correct phrase for everything that is going on. And what you guys expected?! To see stable raise to 50k$ without falls?
Nothing from that. And I am not surprised to see such deep fall from the moment when the peak was reached. That's bitcoin's nature and I expect to see 3000-3500$ again before the price will start to climb back to the top again. Just don't panic and you will be safe.

Bitcoin fluctuate is a normal thing, but a dip as much $100-$200 isn't a big deal in my opinion, if bitcoin price fall to $3000, it may consider as a correction. But, I bet it's not gonna happen, maybe $3500 will be the lowest price before rebound again as segwit activation is already in front of the eyes, 219 blocks left to be mined. It should be activated soon, but it seems slower than we expected.
I just consider every dip as a discount time before the Bulls decide to run again

[citizenh-ssd]

"Bulls are tired" is the correct phrase for everything that is going on. And what you guys expected?! To see stable raise to 50k$ without falls?
Nothing from that. And I am not surprised to see such deep fall from the moment when the peak was reached. That's bitcoin's nature and I expect to see 3000-3500$ again before the price will start to climb back to the top again. Just don't panic and you will be safe.

Bitcoin fluctuate is a normal thing, but a dip as much $100-$200 isn't a big deal in my opinion, if bitcoin price fall to $3000, it may consider as a correction. But, I bet it's not gonna happen, maybe $3500 will be the lowest price before rebound again as segwit activation is already in front of the eyes, 219 blocks left to be mined. It should be activated soon, but it seems slower than we expected.
I just consider every dip as a discount time before the Bulls decide to run again

I do not understand the relationship between segwit and price reduction.
From a technological point of view, bitcoin always has something going on in the network, but this does not always have an impact on the price. Many users do not understand what it is.

[Zicadis]

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I do not understand the relationship between segwit and price reduction.

Basically all protocol implementations on the bitcoin network in one way or another does affect bitcoin negatively or positively and that includes segwit which could trigger fear and panic in bitcoiners i.e you, me , whales, everybody and could result in money being withdrawn for fiat or other cryptocurrencies

From a technological point of view, bitcoin always has something going on in the network, but this does not always have an impact on the price. Many users do not understand what it is.

Price is always at the centre of all bitcoin related innovations...probably segwit activation is the current reason for the bitcoin dip

[richardsNY]

I can't say that this dump came unexpectedly, but as we speak the price has recovered nearly in full. I am however expecting the price to tank further in the coming days. Currently there are less than 2 days to go before we see the SegWit activation become reality, and from that point the speculation and hype will come to an end. I just wonder how low it will go in the short term. If we look at the buy support, then the $3000 level should hold, but there obviously aren't any guarantees. If we do happen to test $3000, I will be buying back my coins at these discount levels without hesitation.

[veleten]

it is a simple correction,nothing too scary
also made analysts from one particular investment company proud
they predicted the drop,but said it would be up to 1800$ low,glad it wasn't
at the time of the post the price is 4100$ and going up after a dip to almost 3550$ at some exchanges
once again-trying to preict the market is almost futile,hold and enjoy the ride
BCC had something to do with the price drop as many of the users sold to be able to play with their super volatile rate,IMHO

[digdugg67]

The price may drop to $ 3,000, this is a normal move, given that the past minimum price was around $ 1800

[hatshepsut93]

This is really interesting, despite 35% of miners switching to Bcash, the price is still in $4,000, after a short dip. Previously, we had a huge dip before SegWit signalling period, due to uncertainty regarding voting outcome and fears of August first, but now the price is much more stable. It looks like investors started caring less about miners and hashrate, and more about technology - successful activation and usage of SegWit, followed by launch of Lightning Network can boost price even further, although maybe it was already priced it already.

[Kemarit]

This is really interesting, despite 35% of miners switching to Bcash, the price is still in $4,000, after a short dip. Previously, we had a huge dip before SegWit signalling period, due to uncertainty regarding voting outcome and fears of August first, but now the price is much more stable. It looks like investors started caring less about miners and hashrate, and more about technology - successful activation and usage of SegWit, followed by launch of Lightning Network can boost price even further, although maybe it was already priced it already.

Well despite what had happened in recent days when the price plummeted to a low of $3600 which for me is very unexpected, and later I found out the miners are switching to BCH I found it quite amusing to see the price goes back to $4100 levels again. It bitcoin that resilient already that no matter what the issue comes along, it will recover and sound go to another bull run? Or it is just new set of investors coming in from different continent resulting in a influx of cash flow that push the price to this level or more in the coming days? So let's see how it goes If bitcoin will really tank out or will continue to caught steam and go with this bullish trend again.