Bitcoin is Crashing!

[CryptoBry]

Right now, Bitcoin is experiencing a major crash as an effect of the cancellation of the hard fork called SegWit2x. In the past weeks leading to the supposed hard fork, the demand for Bitcoin soared because people bought Bitcoin in anticipation of getting their share of the free coins once the fork is activated. Now, since it was cancelled, people pulled and converted their Bitcoin into cash or other coin like Bitcoin Cash (the beneficiary of this recent movement).

What is your opinion of this recent crash? And how deep will it affect Bitcoin?

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[andthereyou]

The decreased in price of bitcoin is expected. Even if the fork is not cancelled still it will decrease after implementation. For the price I think it will reach above the last support. 

[CryptoBry]

The decreased in price of bitcoin is expected. Even if the fork is not cancelled still it will decrease after implementation. For the price I think it will reach above the last support. 

This is just actually one of the 'normal' Bitcoin crashes nothing to worry about. Soon, Bitcoin can be back surging again...as  many are saying what does not kill Bitcoin will really make Bitcoin stronger and more ready to face the future. Right now, there is a some kind of a FUD spreading and they call it as FLIPPENING...want to say anything about it?

[Lucid717]

This is not even a "crash" at all... it is a correction, that was actually overdue quite a bit.  Many people believed it was overvalued a bit and there was a bubble and that any day this was going to happen... most likely after the next milestone was passed since people generally cash in their chips (figure of speech) during these times.  And that recent milestone was passing 7K.  That's why when I saw someone in here ask several days ago if he should invest right now with the price just above 7K I said it was a terrible time to invest.  Most people familiar with the inner workings and the trends saw this one coming, and it has little to do with the hard fork... though I wouldn't presume to say it has "nothing" to do with it it's a very minor player.

I predicted that it was roughly 1100-1200$ overvalued and that we'd see a correction to that tune.  When the price was at 7K I said it'd probably drop just below 6K, to 5800-5900 before stabilizing, and then surging ahead with a full head of steam (and it will, rest assured).  Well it got up to over 7400 unless I'm mistaken (I don't have the figures right in front of me here), and now sits at around 6200.  IMO the correction has now run it's course and we're ready to see it begin to stabilize now.  This was actually healthy believe it or not.  If this hadn't happened it could've really blown up in our faces later on, and left people with a false sense of both security and the value and integrity of their investments.

But if history has shown us something it's that the vast majority of the John & Jane Q blue collar share holders have tremendous confidence in the future prospects of BTC.  Not many doubt that it will reach 10K, maybe not by the end of this year but in 2018.  And I personally believe it will reach into the multiple 5 digits, like 30+K in the next few years.  And because people believe that they're willing to invest no matter what is going on at the present time whenever they have extra cash to spare because they feel that in the big picture this will just be a small blip in the radar down the road.  Some pick their times to get in & out... some like myself keep a certain percentage in at all times and move a certain percentage.  But I believe that most BTC investors hold for the long haul regardless of the situation, making it different from most securities in that regard, and that is a major strength of BTC and why it's able to not only weather storms like this better than expected but bounce back strong as well.

If you're one of the types that move your money around I'd keep a very close eye on the price chart in the coming days, maybe even the coming hours, and look for the value to stabilize... for a few days.  That's usually a precursor to a rebound, and I expect a fast & furious one this time.  And I believe it will stabilize right around where it is now... around 6200, possibly 6100.  When you see it hover between 6100-6300 and change for a few days straight it's time to get back in the game.

[Bellator]

The decreased in price of bitcoin is expected. Even if the fork is not cancelled still it will decrease after implementation. For the price I think it will reach above the last support. 

This is just actually one of the 'normal' Bitcoin crashes nothing to worry about. Soon, Bitcoin can be back surging again...as  many are saying what does not kill Bitcoin will really make Bitcoin stronger and more ready to face the future. Right now, there is a some kind of a FUD spreading and they call it as FLIPPENING...want to say anything about it?

It's nice idea about bitcoin to crash  for the main time and it gives chance to the alts to be diverted from bitcoin investors like buying more alts in order to gain bigger amounts of btc then invest again. It was just a matter of decision making, and I agree that bitcoin price surging will happen again due to more new investors will be given a chance to buy for another investments. This is already happens before we reach that price of $7000 and that is normal situation for bitcoin because its a part of it growth progress.

[CryptoBry]

This is not even a "crash" at all... it is a correction, that was actually overdue quite a bit.  Many people believed it was overvalued a bit and there was a bubble and that any day this was going to happen... most likely after the next milestone was passed since people generally cash in their chips (figure of speech) during these times.  And that recent milestone was passing 7K.  That's why when I saw someone in here ask several days ago if he should invest right now with the price just above 7K I said it was a terrible time to invest.  Most people familiar with the inner workings and the trends saw this one coming, and it has little to do with the hard fork... though I wouldn't presume to say it has "nothing" to do with it it's a very minor player.

I predicted that it was roughly 1100-1200$ overvalued and that we'd see a correction to that tune.  When the price was at 7K I said it'd probably drop just below 6K, to 5800-5900 before stabilizing, and then surging ahead with a full head of steam (and it will, rest assured).  Well it got up to over 7400 unless I'm mistaken (I don't have the figures right in front of me here), and now sits at around 6200.  IMO the correction has now run it's course and we're ready to see it begin to stabilize now.  This was actually healthy believe it or not.  If this hadn't happened it could've really blown up in our faces later on, and left people with a false sense of both security and the value and integrity of their investments.

But if history has shown us something it's that the vast majority of the John & Jane Q blue collar share holders have tremendous confidence in the future prospects of BTC.  Not many doubt that it will reach 10K, maybe not by the end of this year but in 2018.  And I personally believe it will reach into the multiple 5 digits, like 30+K in the next few years.  And because people believe that they're willing to invest no matter what is going on at the present time whenever they have extra cash to spare because they feel that in the big picture this will just be a small blip in the radar down the road.  Some pick their times to get in & out... some like myself keep a certain percentage in at all times and move a certain percentage.  But I believe that most BTC investors hold for the long haul regardless of the situation, making it different from most securities in that regard, and that is a major strength of BTC and why it's able to not only weather storms like this better than expected but bounce back strong as well.

If you're one of the types that move your money around I'd keep a very close eye on the price chart in the coming days, maybe even the coming hours, and look for the value to stabilize... for a few days.  That's usually a precursor to a rebound, and I expect a fast & furious one this time.  And I believe it will stabilize right around where it is now... around 6200, possibly 6100.  When you see it hover between 6100-6300 and change for a few days straight it's time to get back in the game.

This is a very good analysis and just confirmed what I have in my head. I also subscribed to the idea that Bitcoin has to be resorting to corrections inorder to avoid that predicted big bubble...meaning what is happening now is really for the good of Bitcoin and its future. This is in fact the best time to buy already or maybe wait a little bit when the price can be hovering around $6,000-$6,100.

[Tankdestroyer]

This is a very good analysis and just confirmed what I have in my head. I also subscribed to the idea that Bitcoin has to be resorting to corrections inorder to avoid that predicted big bubble...meaning what is happening now is really for the good of Bitcoin and its future. This is in fact the best time to buy already or maybe wait a little bit when the price can be hovering around $6,000-$6,100.

If this haven't happened I am sure we will be seeing a bloody market this Christmas or this new year because of bitcoin being overvalued for too long. For now it will build up momentum before rising back again and looking at the 6 month chart did it look like bitcoin was building up momentum every time it falls? Dips like this occurs every 1500$+ price increase of bitcoin from the last dip and looks like it is manipulated a little at times. Will this pattern continue?

[Givebirth]

The decreased in price of bitcoin is expected. Even if the fork is not cancelled still it will decrease after implementation. For the price I think it will reach above the last support.  

This is just actually one of the 'normal' Bitcoin crashes nothing to worry about. Soon, Bitcoin can be back surging again...as  many are saying what does not kill Bitcoin will really make Bitcoin stronger and more ready to face the future. Right now, there is a some kind of a FUD spreading and they call it as FLIPPENING...want to say anything about it?

Agree with this we know that bitcoin price is not stable or fixed whether the fork will go or will be canceled. This is just a sign of market panicking and traders and investors have panic and so on the value of bitcoin in the market suddenly decrease.

[JCO05]

Right now, Bitcoin is experiencing a major crash as an effect of the cancellation of the hard fork called SegWit2x. In the past weeks leading to the supposed hard fork, the demand for Bitcoin soared because people bought Bitcoin in anticipation of getting their share of the free coins once the fork is activated. Now, since it was cancelled, people pulled and converted their Bitcoin into cash or other coin like Bitcoin Cash (the beneficiary of this recent movement).

What is your opinion of this recent crash? And how deep will it affect Bitcoin?

That is unfortunate and might probably caused by the cancellation of the segwit2x this month. But we should look.on the positive side. Now that its market value is falling, this is a good time to buy and invest to Bitcoin becsuse surely, weeks from now, its value will again rise just like what happened on the past backdrops or what usually happens since it is volatile.

[mrjoy15]

Likely final attempt from miners to kill BTC, as result keep falling. Day candle still red. Lets see how long Bitcoin Cash will pump or overtake bitcoin legacy. I think, BTC price has been falling for a while. Massive short opportunity! Good trade. Enjoy the profit.

[EtihadBitcoin]

This is a result of a fork.
It is in less than 13 hours from now till they release it to be available to trade in with on their site.

What did you think would happen to the value of bitcoin when this actually happened?
Nothing will change?

[margarete11]

Likely final attempt from miners to kill BTC, as result keep falling. Day candle still red. Lets see how long Bitcoin Cash will pump or overtake bitcoin legacy. I think, BTC price has been falling for a while. Massive short opportunity! Good trade. Enjoy the profit.

yup lets see how far they could manipulate this bitcoin cash pump , This was a planned pump so when devs has already rich it's maximum pump they all gonna dump there bitcoin cash and take away youre money so better be careful , much better if youre gonna put a lot of investment today in bitcoin and enjoy a high profit in the near future

[gandame]

The decreased in price of bitcoin is expected. Even if the fork is not cancelled still it will decrease after implementation. For the price I think it will reach above the last support. 

Yes bitcoin price down but i think its all investor ready for the dump for buying more bitcoin. And after a week or month bitcoin price will go up again.

[bitjoin]

When you see loads of people calling for huge lower prices you know we have a bottom in for the time being. That normally means a rally and recovery then we see what happens from there.

[ArIMy11]

Right now, Bitcoin is experiencing a major crash as an effect of the cancellation of the hard fork called SegWit2x. In the past weeks leading to the supposed hard fork, the demand for Bitcoin soared because people bought Bitcoin in anticipation of getting their share of the free coins once the fork is activated. Now, since it was cancelled, people pulled and converted their Bitcoin into cash or other coin like Bitcoin Cash (the beneficiary of this recent movement).

What is your opinion of this recent crash? And how deep will it affect Bitcoin?

Now I know what is the reason why bitcoin price is dropping. I think this temporary, sooner or later will pump again. I just do not know how big or how deep will be the effect of it. I am not good at estimation at all. I just observe bitcoin cash demand is going high that is why it’s price is now the second highest price. It surpass ethereum that fast. Last time I know bitcoin cash only takes place last August when bitcoin dumps its price too. Now it is happening again. But bitcoin is still strong, so it will just repeat what happened.