Where is the floor of this drop?

[CryptoKeeper98]

Where do you think Bitcoin will stop dropping at? I know it's in a correctional period currently.

[Rozita]

I really didn't expect bitcoin price to fall that much. At the first my opinion was 4000 dollar. I was completely wrong and now it is difficult to predict. There a lot of panic sellers. But sure that after this falling finish, the price can reach 5000 dollar again quickly.

[Decoded]

I would've thought mid 3000s, but I think people saw the price dropping and the China news, and all started selling. It's just mayhem right now.

But now, more than ever, is an exceptional time to buy. Bitcoin is almost half it used to be, and people will always find ways around China's restrictions.

[samus.aran]

I've been speculating that the floor is around $3200, and looking at the chart right now, it's close. Not sure if it will hold, but it's definitely too late to open a short position.

[stupid_seb]

depends...

best scenario: bleeding stops at $3,300

most probable scenario: China is waking up... weak hands short their positions, we drop below $3,000 which triggers a cascade of Stop-Loss to $2,850

worst case scenario: Goldman Sachs theory on Eliott waves is true and we head to $2,200


We know for sure that
1- Chinese traders are prone to panic...
2- Goldman Sachs knows A LOT about money...

--> I sold 25% of my BTC into USDT at $3,500 and put a buy order at $2,850.

[LTU_btc]

It mostly depends on what further news we will get from China. If such bad news will continue, bitcoin can continue to drop. Worse scenario in my minds - $2500. Now situation is unclear and China looks unpredictable
In any other case I would say that's great time to buy more btc. But China actions can affect bitcoin into negative side in long term. Now I just HODL. If you in panic, maybe diversify your funds can be a good solution.

[cjmoles]

Where do you think Bitcoin will stop dropping at? I know it's in a correctional period currently.

According to the charts I'm looking at there's shelf around $3350 (+- 150). I am expecting it to level off around there for a time. Hopefully, the negative news slows down --> we can't let the big bank's FUD campaign succeed. Hopefully, people see right through it and start re-qualifying their support. I think it's possible their FUD has the opposite effect ---> we'll see! China will come back around to their senses....they always do.

[mevmike]

Hopefully it will stabilize at 3000usd.
Even though the situation right now is beneficial for the bitcoin community in the long term since weak hands and panic sellers will be eliminated.
I am afraid that going lower than that will make fudders  think that they have won against onion.
This could drive them to even create more criticism towards bitcoin.
And such situation could escalate further and make bitcoin fall even lower since more weak hands will be forced or tempted to let go of their coins.

[jekjekman]

Maybe the floor that will end this is the floor when most all of the Chinese investors takes out their cryptocurrencies, I can't really say what is the price of that as we know that most of the miners are Chinese so logically they have a great amount of different cryptos. Of course not all of them will opt out but most of them plus the issue that this Jamie Dimon did told the world.

Let the weak leave and the brave lasts, it is a bloodshed indeed in cryptocurrencies right now but it will soon clot and after that it will make it stronger more than ever. For those people who are old enough in this forum will surely knew about this and it is just another event that will go away.

[DKFL]

News out of China is not bad and cannot be bad. China is completely irrelevant because Chinese investors will continue to buy Bitcoin, but they will buy more Bitcoin if it gets banned. I was born in the Soviet Union. I remember when it was illegal to own or hold US dollars (and you could not have more than $500 per family member if you had to leave the country). And you know what everyone desperately wanted? Dollars.

Relax. There have been no bad news. Just irrational panic selling.

Jamie Dimon's comments are not bad news either. Only a person really afraid and emotional would make such violent comments about an investment (trust me, he is not speaking out against Bitcoin because he is worried about his fellow man losing money on a bad investment). He is scared shitless that banks will become extinct because of it. He is scare for a reason. It means BTC is a very important technology for the world. Just load up. Don't worry about how much you pay. $500,000k or more per coin in a few years...

[numismatist]

I would've thought mid 3000s, but I think people saw the price dropping and the China news, and all started selling. It's just mayhem right now.

But now, more than ever, is an exceptional time to buy. Bitcoin is almost half it used to be, and people will always find ways around China's restrictions.

BTCChina, Huobi & Bitkan should be moving into one of these special administrative regions like Macau or Hong Kong. Wolong in Sichuan province, a minor possibility. Technically those are in China, but a capitalist economy isn't frowned upon over there.
The saying goes "One country, two systems".

[stupid_seb]

apparently the floor is gonna be $2,500...

https://www.yicaiglobal.com/news/all-cryptocurrency-trading-platforms-china-shall-be-closed-source-says

[2gbgwin]

strong support at the 3k area so this may be the floor, if it goes lower then next could be 2500...my two cents

[swiftblade]

Based on short term history. It always drops on Late night and rise again early morning. Stay awake until sunrise to view the peak

[TheJuice]

Still lots of US interest from institutional investors. Suspect this will head up slowly over the next 6 months. Bottom probably 3.1k or so.

[iv4n]

apparently the floor is gonna be $2,500...

https://www.yicaiglobal.com/news/all-cryptocurrency-trading-platforms-china-shall-be-closed-source-says

I'm reading the news as well, they claim that Chinese exchange BTC China will be closed before 30 sep. And that Chinese are cashing out before that happens. Bitcoin, or better to say crypto market because other alts are going down as well, is losing money in this moment and price is going down. Where we will see the floor is hard to say now, bitcoin can go back on 2000 dollars if Chinese people hold half of the market in what I doubt.
In the end of this month things will be more clear, and I don't believe that Chinese will give up on bitcoin that easily, they will find the way to get back in bitcoin. When you think about that its sounds like great strategy they wish to bring down the price and when they do that they will buy again, why not to expect something like that from them?

[stupid_seb]

I don't think that they manipulate anything. They are coeaning a big mess.

I like the idea of regulation.
The method (stop everything) is brutal, but the goal is neat.

A regulated China in Exchanges and ICO, plus a CNY tether = $10k BTC