Is Bitcoin Down Because of SegWit2x or Bubble?

[RamesesLabs]

As everyone has probably already heard, the SegWit2x is cancelled. After such controversy surrounding the way it was done, it seems as if Bitcoin is going to stay the same for the time being. While Bitcoin is down in early trading on the day after the announcement, so are other Bitcoin tied cryptos. BitcoinCash seems to be resilient. Does the botched attempt at trying to make blocks bigger make investors want to leave Bitcoin for newer blockchain technology?

Looking for insight for a news article I am writing for The Wall Street Bitcoin Exchange. If you haven't heard about the SegWit2x cancellation yet, we recommend you check out our article at: http://www.wallstreetbitcoinexchange.com/segwit2x_cancelled_by_bitcoin_news_headlines.html before voting. We look to do a more in depth piece based on feedback from our social media channels. Thanks in advance for the responses.

[Xavofat]

It's not that significantly down, but I'd say it was largely due to a bubble which was amplified by SegWit2x.

The incorrect notion that people could just get "free money", sell it and suddenly see an increase in their portfolio was irresistible to a lot of participants in the current bubble, because they're very new to investing (as are most people who take part in bubbles this deep in).

Perhaps stagnating hype may have an adverse effect on price over the coming weeks, but for now the fall hasn't been as significant as I was expecting.

[gamerfan]

It's not so down, just a little correction. But it's still over 7k. Also consider many altcoins are on the rise from yesterday, so many people are buying altcoins instead of BTC these days...

[Mrengage]

Segwit2x news will definately have an effect on the early bubble,would not be surprise if the price falls the more in the coming weeks

[winspiral]

If this is "down"...what will be the word if it is falling at $4000?
...where it should be.

[dothebeats]

Everyone was hyped about Segwit2x and bought tons of coins to make sure that they'd receive their S2X coins after the fork concludes and sell it after. The hype from the cancelled fork somewhat formed a small bubble which pushed the price to $7700+, but shortly after it was announced, the bubble popped and lo, we drove back down to $7200.

It's not as if the drop was the end of bitcoin, it's just a small correction happening after people bought loads of bitcoin due to the assumption that they'd make a quick buck on S2X. More and more people are getting into bitcoins lately. Watch out for insane price increases.

[Harlot]

Bitcoin is already a bubble but that is not the main reason why Bitcoin is down, I suspect that  it is the cancellation of the Segwit2X that made Bitcoin's price to decrease. It is really a significant news for people who have bought Bitcoin in order to participate the upcoming fork and it had created a minor correction as I see Bitcoin's price going back to 7200$ soon.

[Washball]

The price dropped a little after the announcement, but that does not matter. Bitcoin will go up again, when people realize and see the value. Actions may profit from all this, but Bitcoin remains the most important crypto and will be 10K this year.

[Anonylz]

I dont know why it has been dropping since the morning, but i am sure that it is going to recover soon, this whole dump can not be forever. It was more than $7,7k yesterday, it can still recover if there are some good news or anything else thate can pump the price for a while.
But $7,2k is not a good price if we think about it, it is almost over the all time high from last week, so it is not a bad price, but yes, it is very low compared to $7,7k.
But it will go up once that all this mess gets clarified.

[bamboylee]

Actually I was expecting it to drop after the hardfork when holders got their segwit2x and they would take advantage of the low price of altcoins. It just got pushed ahead because of the cancellation of segwit2x. Not it is just profit taking and getting hold of some cheap altcoins. The money will roll back to bitcoin after this phase.

[coiner495]

This is not down, it's rather flat. One may say it's down if the price goes under $6800.
If something related to the word "bubble" starts to happen, you will see BTC around $3000. Bubble burst is when nobody believe in future of Bitcoin. But for this kind of scenario something dramatic should happen.

[bitjoin]

Im pretty impressed its still where it is because i was under the impression people were buying up the market for the free airdrop coins. Next week will be very interesting.

[Don Pedro Dinero]

If this is "down"...what will be the word if it is falling at $4000?
...where it should be.

I think exactly the same. We have had 1000% return in a year and it seems that we are “down” because it has fallen some hundreds since last ATH.

People who think like OP expect bitcoin to go constantly up and are the first to panic if it goes down, not like now, but for example if it fell to $4000, as you say. In that case, many people would see an opportunity to buy, whereas the others would panic and sell.

[dewi91]

Up and down the price of bitcoin is not a big problem because the value of bitcoin is fluctuate.. sometimes the prices a little down and Will be rise up again.. now bitcoin is more strongly, don't worry about the price

[scottykarate]

It seems to me like Bitcoin is actually doing great considering the huge move into alts. I thought it would dip toward mid $6k USD, so I'm actually highly impressed with it's resiliency.

[Faroxx]

I think that now bitcoin is falling because of the abolition of the S2X. Until the end of the year, the bubble still have time to swell to 10 000$ . IMHO.

[bitart]

If this is "down"...what will be the word if it is falling at $4000?
...where it should be.

I think exactly the same. We have had 1000% return in a year and it seems that we are “down” because it has fallen some hundreds since last ATH.

People who think like OP expect bitcoin to go constantly up and are the first to panic if it goes down, not like now, but for example if it fell to $4000, as you say. In that case, many people would see an opportunity to buy, whereas the others would panic and sell.

It's not a real problem, as long as there are a bit more opprotunity buyers  then panic sellers... There are so many possible problems that could come up until the mass adoption happens (government regulations, banks returning cashouts via wire transfers to exchanges, etc), that if the price will fall to $4000, most people will not be sure that the way forward is still the up... and this is why the price is still very volatile.
Just imagine, a lot of people invested this year, the price was around $2000 or $3000, so they won't care about $4000, but if someone invested at $6000... I would prefer a slower but steady increase instead of the "to the moon"...

[Reid]

It will be the recent. The segwit being cancelled.
We know a lot of people have been hoping for a good airdrop after it and now that it will not come true it is time to go back to the altcoins that they have been suporting to.
With new ICOs that came this could also be a good reason they are exchanging their bitcoins.

[Crypdon]

Investors are still in the wait and see mode, but when it goes under $7000 then the bear run will really begin.

[xBitHodler]

Give it a few days. The price will quickly recover and reach $8000. I'm quite surprised how the things turned out. What a shame I don't keep any money on the exchange so I couldn't sell some of my BTC. If I had had some, I would have earned a lot. SegWit2x was indeed one of the reasons why the price has increased.