What is happening?

[bitcoin31]

For this now we don't have choices and better to do is to hold our bitcoin because if we panic bitcoin will decreased more the value again. I hope the price will increase again. We really do not know what is happening in future.

[magneto]

$13billions has just been wiped off of cryptocurrencies market and bitcoin has loss about $700 in just around 4 hour.  I will like to ask the expect here what is really happening?  I believe that for the last seven months bitcoin has not gone down like e this and bitcoin is the most hit.  Ethereum has seriously getting dumped too.  Are we heading towards $3000 as speculated by some of us here or bitcoin is going to recover around $5200.
What is the next step to take? Your advice is highly appreciated.

To me, this correction would have happened no matter what.

The BCH hard fork as well as other factors simply accelerated this dip. But the main thing is that we're in a bear market, and everything that is slightly negative becomes magnified and all of a sudden causes concern within investors who panic dump due to the feeling of uncertainty. That's how I view this current dump.

I could see bitcoin going further down before its rebound, possibly to the $3k to $4k level since a 80-85% retraction before the recovery comes seems to be the common trend over the past few bear markets. Don't get caught up in the emotions, in my opinion. Right now, going against the market sentiment and buying over chunks would be my strategy.

[STT]

One person selling wont determine weakness, its only if the market in consensus agrees with the idea of the selling and reduces holdings also.   Otherwise I think this effect is temporary, the market is larger then even sizeable sale of BTC from one persons direction.     I just dont know over what duration is this fork likely to have an effect, the miners need a certain price to clear costs so there is that effect also I guess

[fabiorem]

$3000 seems pretty logical. if the current bounce ends as a lower high and the dump continues, we should form a pretty strong bearish trend. $3k is a major support level from 2017. lots of bulls will be waiting to buy there.

True. $3k is the price from August 1st, 2017. It was when BTC was forked, for the first time.

[Pumapipa]

While your observation is true, it can also be noted that BTC's value is steady at $6400 ish. Unlike before its value was close to $5k, i think it will not come down to ashes because there are still more people believing in BTC and also have come to still transact using bitcoin.
So what do we do now?
You can opt to purchase BTC now but be on the watch for possible losses , but i think lonng term investment is feasible for BTc. If on the other hand you chose big returns you can invest in other coins but the risk of massive loss will be there, it is okay provided there is a big chance of returns (researching first before buying will be critical on this part). All in all, we cannot really do anything but to watch and act based on the movement of the market.

[Herbert2020]

$3000 seems pretty logical. if the current bounce ends as a lower high and the dump continues, we should form a pretty strong bearish trend. $3k is a major support level from 2017. lots of bulls will be waiting to buy there.

True. $3k is the price from August 1st, 2017. It was when BTC was forked, for the first time.

not really! you can never predict these things. if the dumping pressure on the market continues then the final bottom can be literary any number. there is no reason for it to stop at $3k just because it was the price at some arbitrary time in the past.
all we know for sure right now is that the large scale dumping so far couple only push price in $5k levels and failed to push it any lower. and also right now price is BELOW the real bottom.

[stelee68]

For me, best time to buy BTC, is to buy on dips!

What better time than this now?

Buy buy buy now and sell sell sell when BTC moons / bull-run!

[St4yInTh3D4rk]

$13billions has just been wiped off of cryptocurrencies market and bitcoin has loss about $700 in just around 4 hour.  I will like to ask the expect here what is really happening?  I believe that for the last seven months bitcoin has not gone down like e this and bitcoin is the most hit.  Ethereum has seriously getting dumped too.  Are we heading towards $3000 as speculated by some of us here or bitcoin is going to recover around $5200.
What is the next step to take? Your advice is highly appreciated.

The price didn't fall too much and the price loss maybe recovered in some hours of time so I don't think it will reach $3000 level speculation because we can see that the price are at the range of $5500 now and hopefully it may cross $6000 again in few days.And this all due to the BCH hard fork as others said since our investors are not having enough knowledge between BTC and BCH.

[maxamus]

$13billions has just been wiped off of cryptocurrencies market and bitcoin has loss about $700 in just around 4 hour.  I will like to ask the expect here what is really happening?  I believe that for the last seven months bitcoin has not gone down like e this and bitcoin is the most hit.  Ethereum has seriously getting dumped too.  Are we heading towards $3000 as speculated by some of us here or bitcoin is going to recover around $5200.
What is the next step to take? Your advice is highly appreciated.

The price didn't fall too much and the price loss maybe recovered in some hours of time so I don't think it will reach $3000 level speculation because we can see that the price are at the range of $5500 now and hopefully it may cross $6000 again in few days.And this all due to the BCH hard fork as others said since our investors are not having enough knowledge between BTC and BCH.

Yes the price is around $5400 means it is not went as low as BTC was because BTC value was $3000 once. There is some huge amount withdrawn from Bitcoin which made btc value lower but this is just temporary and again it will raise back to more than $6000 just wait for few days and watch it will increase. Lot of investors having the hope in BTC it cannot be easily decreased or ignored in the market.

[wuvdoll]

$3000 seems pretty logical. if the current bounce ends as a lower high and the dump continues, we should form a pretty strong bearish trend. $3k is a major support level from 2017. lots of bulls will be waiting to buy there.

True. $3k is the price from August 1st, 2017. It was when BTC was forked, for the first time.

That is actually the price that if we manage to hit right now, I will pretty much be going all in on the market and even with anything lower than that, I might even end up borrowing to buy more . Just kidding with the last part though! However, there might be some temptation to want to do that. Nonetheless, what is happening right now is what I believe as a manipulated movement as honestly that was not expected at all, but of course, we all know this market is practically a whole lot speculative, so in a way, I won't be surprised to see the whales trying to make a further attempt to make the weak hands get lost.

[gabmen]

$13billions has just been wiped off of cryptocurrencies market and bitcoin has loss about $700 in just around 4 hour.  I will like to ask the expect here what is really happening?  I believe that for the last seven months bitcoin has not gone down like e this and bitcoin is the most hit.  Ethereum has seriously getting dumped too.  Are we heading towards $3000 as speculated by some of us here or bitcoin is going to recover around $5200.
What is the next step to take? Your advice is highly appreciated.

The price didn't fall too much and the price loss maybe recovered in some hours of time so I don't think it will reach $3000 level speculation because we can see that the price are at the range of $5500 now and hopefully it may cross $6000 again in few days.And this all due to the BCH hard fork as others said since our investors are not having enough knowledge between BTC and BCH.

Yes the price is around $5400 means it is not went as low as BTC was because BTC value was $3000 once. There is some huge amount withdrawn from Bitcoin which made btc value lower but this is just temporary and again it will raise back to more than $6000 just wait for few days and watch it will increase. Lot of investors having the hope in BTC it cannot be easily decreased or ignored in the market.

I agree that the decline had  lot to do with people not having enough knowledge in btc and bch's difference. And it can be very confusing especially if you haven't been that long in this industry. It happened already before though so i'm quite positive that it will positively correct itself pretty quick.

[guoyu78]

$3000 seems pretty logical. if the current bounce ends as a lower high and the dump continues, we should form a pretty strong bearish trend. $3k is a major support level from 2017. lots of bulls will be waiting to buy there.

True. $3k is the price from August 1st, 2017. It was when BTC was forked, for the first time.

not really! you can never predict these things. if the dumping pressure on the market continues then the final bottom can be literary any number. there is no reason for it to stop at $3k just because it was the price at some arbitrary time in the past.
all we know for sure right now is that the large scale dumping so far couple only push price in $5k levels and failed to push it any lower. and also right now price is BELOW the real bottom.

I believe anything that possibly manages to make us get lower than $3000 will not last as there would be a very huge bounce from there.

Nonetheless, I am not always bothered about the future in most cases though, what is important right now is to always see the market as an opportunity to be buying as much as you can or as long as you have some free cash to spare, or just be patient if you do not, and if you can trade, it even makes it a whole lot interesting I must say. As long as it is a dip, there is always one thought that comes to mind, and that is BUY!

[ethereumhunter]

I guess many people become panic right now because they see bitcoin price still getting down and there is a red candle that is happening in the market. But I hope that this will be only for temporary, and the price can bounce up in the next hours but still, this situation makes some people be afraid and worry, and I see that the market is moving so fast. I wonder what will happen in the next hours and I want to know more about this. But I still believe that the bitcoin price will increase higher, so I still hold some bitcoin.

[jimbo2000]

I guess many people become panic right now because they see bitcoin price still getting down and there is a red candle that is happening in the market. But I hope that this will be only for temporary, and the price can bounce up in the next hours but still, this situation makes some people be afraid and worry, and I see that the market is moving so fast. I wonder what will happen in the next hours and I want to know more about this. But I still believe that the bitcoin price will increase higher, so I still hold some bitcoin.

It doesn't make sense for it to be people panicking. After the initial crash the price was stable around 5600, why today would people start to panic and sell again? It's got to be something else, what exactly it is, I don't know.

[believe in BTC]

$13billions has just been wiped off of cryptocurrencies market and bitcoin has loss about $700 in just around 4 hour.  I will like to ask the expect here what is really happening?  I believe that for the last seven months bitcoin has not gone down like e this and bitcoin is the most hit.  Ethereum has seriously getting dumped too.  Are we heading towards $3000 as speculated by some of us here or bitcoin is going to recover around $5200.
What is the next step to take? Your advice is highly appreciated.

Everyone keeps talking about how the hash rate got down and there was a lot of money sold and the war in bitcoin cash world is ruining the bitcoin world and so forth and so forth. Everyone keeps talking about the same thing like it is a news worthy thing, yeah we all got it, we know there is a bitcoin cash war going on and there is a big sell off on bitcoin side to cover the expenses of such things, however that is not the only reason this happened.

There is no more interest in bitcoin, look at the volume, no one is buying bitcoin, when was the last time there was a good reason to buy bitcoin, look around you, people are bored of bitcoin and all crypto, the hype seems to be over. This is why when some rich man decides to sell his coins there is no buyers that covers that and the price goes down, the real problem is the lack of interest into bitcoin and crypto in general.

[Boysisig207608]

Due to the decrease of bitcoins market value which is the based point value of all the other crypto currency which is also the reason why many of our crytpo currency holder and bounty hunters dumps and sell their crypto currency as soon as they received their bounty payment before its market value will go down and become useless.

[Hilly]

$3000 seems pretty logical. if the current bounce ends as a lower high and the dump continues, we should form a pretty strong bearish trend. $3k is a major support level from 2017. lots of bulls will be waiting to buy there.

True. $3k is the price from August 1st, 2017. It was when BTC was forked, for the first time.

I think don’t count that prices now. Or if you are mean to continue this discussion then must consider the level of development at that time too. There is big difference where bitcoin is standing right now in technological market.

[jimbo2000]

$13billions has just been wiped off of cryptocurrencies market and bitcoin has loss about $700 in just around 4 hour.  I will like to ask the expect here what is really happening?  I believe that for the last seven months bitcoin has not gone down like e this and bitcoin is the most hit.  Ethereum has seriously getting dumped too.  Are we heading towards $3000 as speculated by some of us here or bitcoin is going to recover around $5200.
What is the next step to take? Your advice is highly appreciated.

Everyone keeps talking about how the hash rate got down and there was a lot of money sold and the war in bitcoin cash world is ruining the bitcoin world and so forth and so forth. Everyone keeps talking about the same thing like it is a news worthy thing, yeah we all got it, we know there is a bitcoin cash war going on and there is a big sell off on bitcoin side to cover the expenses of such things, however that is not the only reason this happened.

There is no more interest in bitcoin, look at the volume, no one is buying bitcoin, when was the last time there was a good reason to buy bitcoin, look around you, people are bored of bitcoin and all crypto, the hype seems to be over. This is why when some rich man decides to sell his coins there is no buyers that covers that and the price goes down, the real problem is the lack of interest into bitcoin and crypto in general.

The interest won't come from people on the street this time around, they've had their chance, now it will be from big institutions, you only need 1 or 2 major institutions and bitcoin can be return to its former glory, a few years on from that and the people on the street will be interested again.

[andrei56]

$13billions has just been wiped off of cryptocurrencies market and bitcoin has loss about $700 in just around 4 hour.  I will like to ask the expect here what is really happening?  I believe that for the last seven months bitcoin has not gone down like e this and bitcoin is the most hit.  Ethereum has seriously getting dumped too.  Are we heading towards $3000 as speculated by some of us here or bitcoin is going to recover around $5200.
What is the next step to take? Your advice is highly appreciated.

It is impossible to know exactly what is happening, I'm sure that even the whales are not completely sure about what is happening, but I really do not think they care about it because now they have the possibility of getting bitcoin for an even cheaper price and unlike many they are going to take advantage of it, so if you have any money you can try to do the same