Another Great Decline

[LoyceV]

In times like this I like to convince myself it's normal, because it happened many times before. I like to remind myself that $7800 is still a lot of money for a Bitcoin, and I like to look at https://bitcoinaverage.com/en/bitcoin-price/btc-to-usd in Log view:

If I'm very optimistic, I like to convince myself that it looks a lot like 2013, right before the rally to a new all-time high.

Note: this is not investment advice, it's largely hopeful thinking, but long-term I have high hopes for Bitcoin.

[FrueGreads]

Another great decline in the price of Bitcoin as it goes below $8k. The price was around $8600 yesterday and as the price went down it touched as low as $7770  which is almost a $1000 price cut in BTC.
How long do you guys think the decline will continue and how less the price could go ? What might be the reason behind all of this after the statement from MtGox trustee that his selling is not responsible for the decline ?

I guess that we don't really need a reason for the price to decline any more. At least the markets don't seem to need a reason based on development news. Big players are dumping coins, and crashing the market. We all know that in 2017 what we got was mainstream awareness and not adoption, so the markets are still very thin, and easily manipulated. Right now, I think they are preparing themselves for another bull run, because of the release of the LN that should bring adoption along with it.

Just imagine, every bit of "bad news", or something that could be interpreted as bad (like the adds ban by facebook, google and now twitter) are getting followed by a dump. This will keep bringing the price lower and lower, because "money people" know that most retail investors don't have a clue on what bitcoin is, or what it's real price should be. Most of them bought close to the top, and don't have the necessary knowledge to hold their coins because of the current dumps. They are now facing huge sell pressure, and end up selling with a huge loss.

After a big cool down, bitcoin will probably stay stable for a while, until the LN gets fully deployed. By that time, big investor will start buying in again, the price will come up, everyone will start saying that BTC is truly amazing because of this new thing the Lightning Network, that wasn't available before, and that changes everything. The mania will come again, the price will hit new ATH, and the cycle will repeat.

Don't get my words wrong. I think bitcoin is great and I'm a holder. The problem is that most people in the space are in it for the profit, and will just follow the trend. People with money will be able to manipulate bitcoin price, because most investors are not informed, and these cycles will just keep repeating until a real market is built around bitcoin, with people using it on coffee shops and normal daily things (or at least for online shopping and international transactions). Until we get that type of adoption, we will keep seeing these bumps and dumps, and people getting burnt.

[proTECH77]

It is actually a normal phenomenon that a rise and fall in price occur at one point in time, which are usually caused by certain factors. But I believe after this current decline, there would be a massive increase in price.

[rockie87]

Another great decline in the price of Bitcoin as it goes below $8k. The price was around $8600 yesterday and as the price went down it touched as low as $7770  which is almost a $1000 price cut in BTC.
How long do you guys think the decline will continue and how less the price could go ? What might be the reason behind all of this after the statement from MtGox trustee that his selling is not responsible for the decline ?

Right now I don't think their is anyone who have the exact reason for the decline in the prices.But the fluctuation is great and probably heading towards another crash of the year.As far as MtGox Statement is concern,I don't agree fully with it as though he is not doing intentionally but he is selling very large numbers of bitcoin and there are no buyers in the market,which makes market cap to fall and thus affecting the prices of bitcoin.

[Tavarez]

In times like this I like to convince myself it's normal, because it happened many times before. I like to remind myself that $7800 is still a lot of money for a Bitcoin, and I like to look at https://bitcoinaverage.com/en/bitcoin-price/btc-to-usd in Log view:

If I'm very optimistic, I like to convince myself that it looks a lot like 2013, right before the rally to a new all-time high.

Note: this is not investment advice, it's largely hopeful thinking, but long-term I have high hopes for Bitcoin.

yes we can expect another price correction. People got excited about 9k breakthrough for no reason.... It was dumped two or three times from this level in recent weeks. 9K looks like a trap for newbies and whales won't to suck in their money in. 7800$ is still strong resistance.

[Red-Apple]

In times like this I like to convince myself it's normal, because it happened many times before. I like to remind myself that $7800 is still a lot of money for a Bitcoin, and I like to look at https://bitcoinaverage.com/en/bitcoin-price/btc-to-usd in Log view:

If I'm very optimistic, I like to convince myself that it looks a lot like 2013, right before the rally to a new all-time high.

Note: this is not investment advice, it's largely hopeful thinking, but long-term I have high hopes for Bitcoin.

the $20k was officially another bubble in bitcoin and at this point i think it is clear to everyone and it can not be denied but also i believe that this bubble is now over since we went nearly 70% below the ATH after the big drop happened which is already as big as most of the drops and bigger than the rest of them after each bubble that bitcoin had.

for that i don't think it will take that long to come back to start the rally all over again this time.

[Verona25]

Bitcoin (Bitcoin, ฿) is a virtual decentralized crypto currency that does not have a single control center. It does not depend on the weather, nor on governments with banks and the army

[Razick]

Market prices always rise and fall at different points and this is not just peculiar to cryptocurrency, prices will always drop at different times and there is no reason to panic, the price will not stay down forever and there is still a long way for us to go in this market. It's just that for now, the supply far outweighs the demand as there are not enough buyers in the market but that won't last for very long.

[moynul2050]

In times like this I like to convince myself it's normal, because it happened many times before. I like to remind myself that $7800 is still a lot of money for a Bitcoin, and I like to look at https://bitcoinaverage.com/en/bitcoin-price/btc-to-usd in Log view:

If I'm very optimistic, I like to convince myself that it looks a lot like 2013, right before the rally to a new all-time high.

Note: this is not investment advice, it's largely hopeful thinking, but long-term I have high hopes for Bitcoin.

yes we can expect another price correction. People got excited about 9k breakthrough for no reason.... It was dumped two or three times from this level in recent weeks. 9K looks like a trap for newbies and whales won't to suck in their money in. 7800$ is still strong resistance.

Good predictions, currently too much panic so bitcoin holders are not confident to invest.
many issues that make them the biggest doubt is the G20 issue.
worth the wait in July.

[AntonKrutkov806]

Bitcoin users can also protect their money with backups and encryption. Transparent and neutral - All information regarding Bitkoyn's money supply is always available to everyone in the chain of blocks, it can be checked and used in real time.

[LoyceV]

many issues that make them the biggest doubt is the G20 issue.
worth the wait in July.

So there's this tiny little coin on something that we call the internet, that barely anyone uses and barely anyone^* has. And yet, despite it's totally insignificant scale, the 20 most powerful countries worry about it! I didn't realize the G20 isn't just governments, but also central banks, until just now (Wiki), and that explains a lot.
Think about what this really means: powerful central banks worldwide, who have been creating money out of thin air for more than a century, are suddenly very afraid of this tiny little hype that someone created 10 years ago. That can only mean they're afraid to lose their own power, and that can only mean they fear/think/expect Bitcoin is going to be very big.
I can't think of a single other reason why they would even care about it. "My" government is warning against Bitcoin a lot since a few months. They don't care if citizens lose money (my government runs the biggest casinos and lottery in the country!), which leaves only one reason: they're afraid. And that tells me holding some Bitcoin for the long future can pan out big.


^* With only 20 million funded addresses only a fraction of a percent of the global population currently owns Bitcoins