[2018-08-10] Bitcoin Price Dives to $6,180 as Market Reaches 3-Week Low

[Vladdirescu87]

The price of Bitcoin scored another deep drop on Wednesday, August 8, forcing the value of the chief crypto to a 3-week low.

In the morning and early afternoon, Bitcoin was trading near $6,500 but manifested lacking the stability to nourish that level approaching into the evening period. Following a half-hour stretch that saw BTC/USD cast near to $70, BTC took a USD$245 dive at around 16:40 UTC, eventually falling as low as USD$6,180 on crypto exchange Bitfinex.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/crypto-twitter-bots-have-become-discomfit-beyond-expectations/

[1715018775]

1715018775

[cryptofonia]

Fundstrat expects that Bitcoin may touch $4,000

[vy99]

Fundstrat expects that Bitcoin may touch $4,000

It won't, that's just some wishful thinking by the FUD crowd.

[cryptofonia]

Fundstrat expects that Bitcoin may touch $4,000

It won't, that's just some wishful thinking by the FUD crowd.

why? It seems that institutional investors may play such game as Soros like

[magneto]

Well, I think that right now is an excellent point to buy.

Even though the prices are indeed low, which is expected as the market is still in a period of mostly bearish sentiment dominating within the market, IMO any price below $7k per bitcoin in the long haul is a great entry point.

Instead of panic dumping, doing some dollar cost averaging with any spare investment funds is going to prove to be an extremely wise decision to make, imho. However, I do think that the bear market will last at least a few more months, and the prospects of gains in the short term is very unlikely. Be prepared to hold for the long run.

[Voknap]

Yes, it's interesting to watch the top-down rally of bitcoin. I do not think that by the beginning of December there will be last year's upward rally. So far, there are many prerequisites for this. But of course the market conjuncture can and quite a different story, we must observe.

[1Referee]

Even though the prices are indeed low, which is expected as the market is still in a period of mostly bearish sentiment dominating within the market

I don't think $6000-$7000 levels can be considered low. It's a normal reflection of the market that we're in and these levels consistently find themselves under heavy pressure, which signals that these levels might even be too high in the short term. I hope that $5800 will hold, but I wouldn't be surprised if it breaks and we head straight towards $5000's.

I'm sure that if we do fall down significantly, it will probably be the trigger weak hands need to rage quit and dump their stash in one go. It may sound brutal, but this is how a market gets rid of unwanted elements (weak hands) forming a threat to a future increase. Those who manage to hold their coins in that scenario will become firm hodlers in the future.

[veleten]

Well, I think that right now is an excellent point to buy.

Even though the prices are indeed low, which is expected as the market is still in a period of mostly bearish sentiment dominating within the market, IMO any price below $7k per bitcoin in the long haul is a great entry point.

Instead of panic dumping, doing some dollar cost averaging with any spare investment funds is going to prove to be an extremely wise decision to make, imho. However, I do think that the bear market will last at least a few more months, and the prospects of gains in the short term is very unlikely. Be prepared to hold for the long run.

might be too early to think of buying now
the price does seem to be relatively low,but look at the last year's rates
if you told someone bitcoin will be worth 6.000$ back in may 2017, not too many people would believe you
the market is clearly bearish now and the low could be as low as 5k or around that
every day 1800 potential new minted coins appear on the market and that has to be absorbed , once there are no big players entering the market we will see a continuous decline in price

[Mikhail 777]

Of course, it's not pleasant to watch such ups and downs. It just confirms once again the fact that the market is manipulated by big guys, and this is no longer interesting. We do not see real demand for the goods. Some pampas and dumps. When this will be brought to account, then we will laugh.

[Samarkand]

...
every day 1800 potential new minted coins appear on the market and that has to be absorbed , once there are no big players entering the market we will see a continuous decline in price

Only if you believe that the miners actually sell all 1800 newly minted
coins everyday. I´d argue that this is highly unlikely. Some people may intentionally
mine new coins instead of buying BTC on the market, because this allows
them to build a BTC stash completely anonymous (e.g. an intelligence service
could build a shadow budget by mining cryptocurrencies). Besides, the miners are
obviously interested in the long-term survival of BTC and might therefore decide
to sell off as little BTC as possible in order to decrease the sell pressure.

Of course some amount of the mining rewards has to be sold to pay for
the various costs that are associated with mining operations, but for the reasons
that I have outlined above, I strongly believe that only a portion of the 1800 coins
is actually sold instantly (by instantly I mean relatively fast, because obviously
newly minted coins can´t be spent for 100 blocks).

[veleten]

...
every day 1800 potential new minted coins appear on the market and that has to be absorbed , once there are no big players entering the market we will see a continuous decline in price

Only if you believe that the miners actually sell all 1800 newly minted
coins everyday. I´d argue that this is highly unlikely. Some people may intentionally
mine new coins instead of buying BTC on the market, because this allows
them to build a BTC stash completely anonymous (e.g. an intelligence service
could build a shadow budget by mining cryptocurrencies). Besides, the miners are
obviously interested in the long-term survival of BTC and might therefore decide
to sell off as little BTC as possible in order to decrease the sell pressure.

Of course some amount of the mining rewards has to be sold to pay for
the various costs that are associated with mining operations, but for the reasons
that I have outlined above, I strongly believe that only a portion of the 1800 coins
is actually sold instantly (by instantly I mean relatively fast, because obviously
newly minted coins can´t be spent for 100 blocks).

certainly not all of the mined 1800 coins are for sale every day
but if there is no demand ,the price would constantly decline due to the sales of the new coins
again be it 1800 or 100 per day, doesn't matter much in the big picture
actually I would say that at the current prices only few miners are selling straight away
most of them HODL and are waiting for "to the moon" 

[Yurkov]

Of course, it's not pleasant to watch such ups and downs. It just confirms once again the fact that the market is manipulated by big guys, and this is no longer interesting. We do not see real demand for the goods. Some pampas and dumps. When this will be brought to account, then we will laugh.

I don't think that we should be worried that much cause down and pumps were on the market since it had been created so now it is just a time to become patient and believe that in soon future this situation will change.