If whales were to prematurely dump 500000 btc right now, where would support be?

[TERA]

I know some of you think the coins have shifted hands and there are no longer any such whales or none that are willing to ever dump. I also know that in the past the whales wait for higher ATHs and for support to grow before dumping.

However, for purposes of discussion, let's say they went completely out of phase and surprised us by starting to dump 500,000 btc right now. Where would support be? Where would the bulls really dig their war trenches in?

Based on the walls I think about $150.

[Nemesis]

god damn why this forums is so full of idiots.

I hope you made this thread when you're high

[SheHadMANHands]

You could extend this kind of paranoia to nearly any market..

[mvidetto]

More importantly where are the coins coming from? And how would you spread across all exchanges evenly?

[TERA]

Why so much hostility? I didn't say this was going to happen. Most likely it won't. I'm just curious as to what price this hard support level is at right now, which will absorb an unlimited amount of selling.

[firstlast]

You mean if Satoshi himself woke up from his grave and started dumping? I don't think all the bulls present and future would save us.

[kireinaha]

Why so much hostility? I didn't say this was going to happen. Most likely it won't. I'm just curious as to what price this hard support level is at right now, which will absorb an unlimited amount of selling.

Didn't you realize? Those who dare question the strength of the bitcoin market (even hypothetically) are guilty of practicing cryptocurrency blasphemy and shunned around here. Too many people on this forum and on reddit have a financial stake in bitcoin and are thereby led by their emotions.

I'd imagine if Satoshi unloaded his hoard of bitcoins all at once it would bring buy levels down to zero temporarily, as it ran through each buy order one by one (that is, if it didn't outright crash the markets).

[TERA]

Not all in one market order but over the course of a day or two like in April.

[mrjeff]

This is a really strange hypothetical to me but if they were to dump 500,000 coins then I'm sure the price would be really really low.  For them to dump all 500,000 coins at once with no regard to price would mean they are forced to get rid of them for cheap cheap cheap.  It would be a firesale, where every coin must go.    

Afterwards the price would creep back up to where it is now because lets face it, we all love owning BTC.

[derpinheimer]

Not all in one market order but over the course of a day or two like in April.

Definitely in the lower double digits. $30-40 I'd imagine.

Best case high double digits. 500,000 is way too many, even across all primary exchanges and 2 days.

[antimattercrusader]

This would be bad. Or would it? I'd sell my testicles in order to buy and buy fast... but then again a drop from 400 to 30 might look bad lol... might take a while to recover from that.

Then again again, if you have a whole horde of people like me selling their intimate body parts in order to buy this cheap bitcoin, it'd probably go from 400 to 30 to 850 in a span of 3 days.

Only one way to find out.

[oakpacific]

500,000 BTCs dump is for wimps! 10 million BTCs dump would be way cooler, oh wait.....

[Tzupy]

In such an extreme case, you couldn't talk about support at a certain level, because the volatility would be huge.
Based on historical data, I'd guesstimate a drop to 20$, followed by a rebound to 40$ and further drops to 10$ - 15$.
And if the very low price would persist for months, most speculators would leave for good, it could be the end of bitcoin.
So, big whales, please think twice before dumping too many coins. Cheaper coins are nice for bears, but not that cheap.

[TERA]

Jeez look at all these bears saying "double digits", "$0", "the end of bitcoin". Nobody is getting angry at them. I said $150! I guess I'm actually the most bullish person here.

[wachtwoord]

500,000 BTCs dump is for wimps! 10 million BTCs dump would be way cooler, oh wait.....

Indeed. What do you think would happen if someone market sold 1/42 (2.4%) of all outstanding shares of any company (including XOM)?

[Zangelbert Bingledack]

It would be the best thing to ever happen to Bitcoin. Massively more equal distribution of coins, causing a massive price rise shortly after.

Bring it on!!

[BitchicksHusband]

The FBI could very well do this in such a stupid manner with their BTC 174,000.  Everyone else is too smart not to crash it.

So how about the case against DPR is over and the FBI sells their 174,000 at market?  This is the only realistic possibility close to the OPs question.

[Morbid]

i bet there is a bunch of people up the pyramid already deciding who willl get the sr stash to keep. i doubt that gov will dump those coins into exchanges... ultra rich folk with tight connections are also looking for slice of the pie.

[BitchicksHusband]

i bet there is a bunch of people up the pyramid already deciding who willl get the sr stash to keep. i doubt that gov will dump those coins into exchanges... ultra rich folk with tight connections are also looking for slice of the pie.

Are you from the US?  If not, I think you don't understand the gross stupidity of FBI auctions.  If you happen to catch one, sportscars can be had for 10 cents on the dollar.  I met a guy with a Lamborghini once and talked to him.  He got it from an FBI auction for $50,000.

Yes, they are that stupid just to dump them on the exchanges all at once.

[NUFCrichard]

I expect that the price would be pushed very low and bounce back to about 80% very quickly.
We'd be back where we are now within a week, it's like a juggernaut!