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Author Topic: Bitcoin is Dropping, and Experts Can't Agree Why  (Read 206 times)
bbc.reporter
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February 23, 2018, 01:37:33 AM
 #1

I reckon all of last year's exorbitant predictions about bitcoin going up to over $100,000 for 2018 will not come to fruition in the next 12 months.

The bull market is over. We need to start accepting that fact.

But that does not mean we shouldn't start buying some for the next bull market hehehe. Also, how would it affect the altcoin market? Will some altcoins take advantage and try to chase more value versus bitcoin?



“$10,000 is a plateau for Bitcoin only as long as profit-taking continues,” Trevor Gerszt, CEO of crypto investment service CoinIRA, tells Inverse. “Investors who bought the dip nearly doubled their money when Bitcoin got close to $12,000, so a little bit of retrenchment was not unexpected. Once that’s over, we expect Bitcoin to continue its long-term price appreciation.

Not everyone agrees. An analysis last week from Bespoke Investment Group claimed during its rise that the price would find resistance at the $11,000 mark. If it stays around that level, it could signal a stabilization for weeks, but a drop could signal a plunge to even $6,000.


Read in full https://www.inverse.com/article/41554-bitcoin-price-dropping

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February 23, 2018, 05:03:04 AM
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 #2

I reckon all of last year's exorbitant predictions about bitcoin going up to over $100,000 for 2018 will not come to fruition in the next 12 months.
yeah, i don't think we are going to see the same big rise as last year. but that doesn't mean there will be no ATH this year.

Quote
Also, how would it affect the altcoin market? Will some altcoins take advantage and try to chase more value versus bitcoin?
so far there are more dumps in altcoins than there are any rises. the thing is, most altcoins followed bitcoin with it like LTC or after it when it became stable but they did follow it up. so if you think bitcoin's bull market is over and there is no rise, then the same should be true about altcoins too!

i think we will see the same pump and dumps in altcoins. and we will surely see some new small coins get huge pumps this year and take a position from the top coins.

Quote
If it stays around that level, it could signal a stabilization for weeks, but a drop could signal a plunge to even $6,000.[/i]
i am interested to see how this will turn out to be like but so far we are having higher highs and higher lows which indicates a slow rise. and i don't see $6000 be repeated if this trend continues.

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February 23, 2018, 07:18:57 AM
 #3

I agree with pooya, it's not going to rise in the same sort of magnitude as last year, but doesn't mean that there won't be any rises at all. I would be a little more careful in my speculation, though. I'd actually say that ATH from this point is going to be hard.

If we continue our drop downwards, then the price could indeed end up just like last time, at around $6k due to panic selling within the markets. But I don't think that's going to be the case this time.

We're simply seeing a retracement back to around a week ago. Doesn't change the overall momentum for bitcoin, long term speaking. As adoption goes up, BTC should continue its way up, but we're definitely not as bullish as last year.

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February 23, 2018, 07:26:37 AM
 #4

"experts" are usually biased and because of the they can not agree with each other. they always promote what gives them the most profit. if they want to sell, then they will say price will reach $100,000 and if they want to short they will say it will plunge to $6000.

and bitcoins volatility makes them both come true at some point. we already saw the $6k despite it being impossible after the strong buy support at $10k!!! and right now another dip again despite the same strong buy support at $10k! ....unpredictable....

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February 23, 2018, 07:30:22 AM
 #5

I reckon all of last year's exorbitant predictions about bitcoin going up to over $100,000 for 2018 will not come to fruition in the next 12 months.
yeah, i don't think we are going to see the same big rise as last year. but that doesn't mean there will be no ATH this year.

Quote
Also, how would it affect the altcoin market? Will some altcoins take advantage and try to chase more value versus bitcoin?
so far there are more dumps in altcoins than there are any rises. the thing is, most altcoins followed bitcoin with it like LTC or after it when it became stable but they did follow it up. so if you think bitcoin's bull market is over and there is no rise, then the same should be true about altcoins too!

i think we will see the same pump and dumps in altcoins. and we will surely see some new small coins get huge pumps this year and take a position from the top coins.

Quote
If it stays around that level, it could signal a stabilization for weeks, but a drop could signal a plunge to even $6,000.[/i]
i am interested to see how this will turn out to be like but so far we are having higher highs and higher lows which indicates a slow rise. and i don't see $6000 be repeated if this trend continues.

I agree with that first point. There's always a chance that there will be a form of stability to come to bitcoin. In this case, it might even be some steady growth towards an ATH. Altcoins are an interesting subject especially as of now. It seems like most bitcoin supporters don't really like altcoins, but most blockchain supporters are not opposed to the ideas of having companies try out using the system in their own unique way. I think altcoins inspire innovation and will stick around for this year.

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February 23, 2018, 08:18:14 AM
 #6

I reckon all of last year's exorbitant predictions about bitcoin going up to over $100,000 for 2018 will not come to fruition in the next 12 months.

The bull market is over. We need to start accepting that fact.

But that does not mean we shouldn't start buying some for the next bull market hehehe. Also, how would it affect the altcoin market? Will some altcoins take advantage and try to chase more value versus bitcoin?



“$10,000 is a plateau for Bitcoin only as long as profit-taking continues,” Trevor Gerszt, CEO of crypto investment service CoinIRA, tells Inverse. “Investors who bought the dip nearly doubled their money when Bitcoin got close to $12,000, so a little bit of retrenchment was not unexpected. Once that’s over, we expect Bitcoin to continue its long-term price appreciation.

Not everyone agrees. An analysis last week from Bespoke Investment Group claimed during its rise that the price would find resistance at the $11,000 mark. If it stays around that level, it could signal a stabilization for weeks, but a drop could signal a plunge to even $6,000.


Read in full https://www.inverse.com/article/41554-bitcoin-price-dropping
People said that bitcoin would go to six figures last year. I think that most of the people that were sane in their minds and didn't get caught up with the FOMO buying going on in the market at the time knew that it's probably not going to happen this year.

The cause of the crash is probably just due to profit takers. People taking their profits when they have made double their money back within like 3 weeks if they bought at the lowest level of the dip is nothing but surprising to me.

Best strategy in this case is probably to buy given the opportunity to, when BTC gets to an all time low even though I'm not asying that it would happen yet, do some dollar cost averaging and start accumulating for the next bull run.

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February 23, 2018, 08:30:48 AM
 #7

If it stays around that level, it could signal a stabilization for weeks, but a drop could signal a plunge to even $6,000.[/i]
i am interested to see how this will turn out to be like but so far we are having higher highs and higher lows which indicates a slow rise. and i don't see $6000 be repeated if this trend continues.

The price right now are quiet high volatile and it drop so fast, If bitcoin hit that price again I'm sure many investors will come in and then take profit when its already doubled. I hope that bitcoin can break the resistance and never come back again at $6k level, bitcoin should remain strong after all for bitcoin to survive.

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February 23, 2018, 09:33:45 AM
Merited by bbc.reporter (1)
 #8

But that does not mean we shouldn't start buying some for the next bull market hehehe. Also, how would it affect the altcoin market? Will some altcoins take advantage and try to chase more value versus bitcoin?

It's possible, but I'm not seeing any promising ones right now. Litecoin had its moment thanks to the hype around Litepay, but it looks like it has calmed down. I'd say the bearish trend extends to the crypto market as a whole.

As far as experts go, educated speculation (likely with some hidden agenda sprinkled on top) is still speculation, so it's best not to let their opinions sway your actions, especially if it involves money. No one would have been able to predict that Bitcoin would go on the run that it did last year, showcasing that it defies logic. I personally doubt it, but I didn't see last year's coming either, so it's still possible.

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February 23, 2018, 09:52:28 AM
 #9

I think we accepted the bull run being over months ago... or haven't you been keeping up with all the threads since December? Haha.

But yes, experts can't agree because experts only advantage over the non-experts is they can come up with more possible explanations to explain market movements AFTER they happen. It's probably early days anyway, we can look forward to the amazing insights and expert opinions about 2018... in 2019. Right now, important to remember that experts are no better than us in their ability to predict Bitcoin price.

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February 23, 2018, 09:53:22 AM
 #10

"experts" are usually biased and because of the they can not agree with each other. they always promote what gives them the most profit. if they want to sell, then they will say price will reach $100,000 and if they want to short they will say it will plunge to $6000.

and bitcoins volatility makes them both come true at some point. we already saw the $6k despite it being impossible after the strong buy support at $10k!!! and right now another dip again despite the same strong buy support at $10k! ....unpredictable....

Well, what can we expect? They are just humans and just like you and me they are just speculating too and just expressing their own opinion on the matter. In fact, there is such a thing called s self-fulfilling prediction when the people hearing the projection will act according to the suggestion they received. Everything will boils down to the market and how it will be behaving...whether it will listen to the many predictions, projections, ideas and opinions all around the net or not.

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February 23, 2018, 10:19:57 AM
 #11

"experts" are usually biased and because of the they can not agree with each other. they always promote what gives them the most profit. if they want to sell, then they will say price will reach $100,000 and if they want to short they will say it will plunge to $6000.

and bitcoins volatility makes them both come true at some point. we already saw the $6k despite it being impossible after the strong buy support at $10k!!! and right now another dip again despite the same strong buy support at $10k! ....unpredictable....

Most of the experts in the press are just journalists making stuff up on the fly because they have a deadline to hit and they need to put in reasons for the price move to pad out their article.

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February 23, 2018, 10:50:44 AM
 #12

i am interested to see how this will turn out to be like but so far we are having higher highs and higher lows which indicates a slow rise. and i don't see $6000 be repeated if this trend continues.

Yeah, I actually missed out on the 11700-12000 range, after delaying a much-needed sell for over a week, and being forced to do it today means I lost out on about 15%, but it's really good to see that the lows are getting much higher now. I know it's only short term and in the end I would have liquidated just as much today as more than a week ago, but because I'm lining up a few more sells over March, this kind of behaviour is pleasing.

I won't be surprised if Bitcoin tests 6k again soon and it'll have many chances to do just that before Spring fully arrives. Now that the regulatory movements are being clarified, and newcomers have seen indeed that short term profit taking is possible with Bitcoin's insistence on volatility, the volume across the board seems to be approaching levels that encouraged last year's boom

ATH this year is not unlikely, but I'd really like for Bitcoin to stay firmly above 10k for more than two or three months before feeling comfortable to readjust my "psychological" price of Bitcoin... which actually is still above $5k. Call me pessimist, but I like being proven wrong with Bitcoin!

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February 24, 2018, 03:45:59 AM
 #13

I reckon all of last year's exorbitant predictions about bitcoin going up to over $100,000 for 2018 will not come to fruition in the next 12 months.
yeah, i don't think we are going to see the same big rise as last year. but that doesn't mean there will be no ATH this year.

Quote
Also, how would it affect the altcoin market? Will some altcoins take advantage and try to chase more value versus bitcoin?
so far there are more dumps in altcoins than there are any rises. the thing is, most altcoins followed bitcoin with it like LTC or after it when it became stable but they did follow it up. so if you think bitcoin's bull market is over and there is no rise, then the same should be true about altcoins too!

i think we will see the same pump and dumps in altcoins. and we will surely see some new small coins get huge pumps this year and take a position from the top coins.

Quote
If it stays around that level, it could signal a stabilization for weeks, but a drop could signal a plunge to even $6,000.[/i]
i am interested to see how this will turn out to be like but so far we are having higher highs and higher lows which indicates a slow rise. and i don't see $6000 be repeated if this trend continues.

so if you think bitcoin's bull market is over and there is no rise, then the same should be true about altcoins too!

But if you look at bitcoin's dominance in the cryptospace, it is clearly continuing to go down.



That chart signifies that some altcoins are slowly gaining some value versus bitcoin and that trend will not stop any time soon, I reckon.

Also, if ever there was a flippening, what altcoin could you see replacing bitcoin as no. 1?


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February 24, 2018, 01:59:14 PM
 #14

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Bitcoin is Dropping, and Experts Can't Agree Why
I have yet to come across a bitcoin "expert" that has been correct more times rather than wrong with his predictions. Grin

I reckon all of last year's exorbitant predictions about bitcoin going up to over $100,000 for 2018 will not come to fruition in the next 12 months.

I'm happy with $95000.And with $50000.
And in January last year a prediction of 20k$ would also have been considered "exorbitant".

The bull market is over. We need to start accepting that fact.
No we don't.

But that does not mean we shouldn't start buying some for the next bull market hehehe. Also, how would it affect the altcoin market? Will some altcoins take advantage and try to chase more value versus bitcoin?

The altcoin market has shown us in those two months that all that matters is BTC.
During this let's say bearmarket altcoins have been hit far worse than bitcoin, and even with more tokens and altcoins injected in the market , the so called "bitcoin dominance" went only one way, and that's up.

But if you look at bitcoin's dominance in the cryptospace, it is clearly continuing to go down.

That chart signifies that some altcoins are slowly gaining some value versus bitcoin and that trend will not stop any time soon, I reckon.
Also, if ever there was a flippening, what altcoin could you see replacing bitcoin as no. 1?

They were gaining in when launched, after the hype is over, BTC is slowly returning up.

"experts" are usually biased and because of the they can not agree with each other. they always promote what gives them the most profit. if they want to sell, then they will say price will reach $100,000 and if they want to short they will say it will plunge to $6000.

Exactly, most of the time they want us to believe they are expert while in fact they are trembling at the thought they've made the wrong move.



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February 24, 2018, 08:52:21 PM
 #15

As the poster above me alluded to nobody foresaw 20k happening prior to years end not even in October or November, thus we have lots of time and even if we don't hit 100k I am quite confident we will land in the 50-70k at minimum based off some graphs I was messing around with. Of course McAfee could also be correct and we could see a price of 150k or something by years end and be one step closer to 1 million in 2020, nobody knows that is the beauty of it.

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February 24, 2018, 09:17:55 PM
 #16

Bitcoin is going to be in trends for very long time and we are to prepare for this. Bitcoin bullish is however not over and I am thinking that any moments from next two months I expect bitcoin should be above  $20,000. I really disagree with some of the speculators that said Bitcoin is going to be below  $10,000 for the remaining part of 2018. I know that Bitcoin has been limited in price since the beginning of this year but I expect bitcoin to push up from the second quarter of the year the way it happened last year.

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February 24, 2018, 09:22:38 PM
 #17

One thing I have learned and I try to stick to it even though its hard is that nobody can specifically predict the next price of any cryptocurrency or tell why it periodically or suddenly dumps or pumps. Every now and then we hear an expert say one thing and another thing happens. Those who were close to it was just coincidental. Someone told me crypto investment is like gambling. I just hold my coins and hope for the best.

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February 24, 2018, 09:24:11 PM
 #18

Yes, I definitely agree that we cannot achieved the exponentially growth that we have seen in previous years specially the craziness and irrational buyers in the last quarter of 2017. But it doesn't mean that bitcoin cannot go up and reaches all-time-highs. This time with so many factors pulling the price (governments regulations, banks anti-bitcoin sentiments), we can still grow but don't expect something dramatic this year.

That's why I don't put high expectations for this year and I seriously doubt the $100K target that so many of us would love to see at the end of the year. $20K-$40K would be 'OK' price for me.

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February 25, 2018, 12:29:57 AM
 #19

Who are these "Experts" and what makes them experts or more qualified than any of us here who actually have a long history with bitcoin and a track record of good trades?

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February 25, 2018, 01:27:51 AM
 #20



The bull market is over. We need to start accepting that fact.
No we don't.

But if you look at bitcoin's dominance in the cryptospace, it is clearly continuing to go down.

That chart signifies that some altcoins are slowly gaining some value versus bitcoin and that trend will not stop any time soon, I reckon.
Also, if ever there was a flippening, what altcoin could you see replacing bitcoin as no. 1?

They were gaining in when launched, after the hype is over, BTC is slowly returning up.

If there's a great number of people who says no we don't, then I reckon the market might still be in the stage of denial, which also means that it might go down further.

Also, bitcoin's dominance is clearly not slowly returning up. The fall has been going down every year. Look at the graph. You are undoubtedly in denial.

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