[2018-11-22]What may Have Caused a Sudden Drop in Bitcoin Price Last Wednesday?

[Vladdirescu87]

Bitcoin started to lose its value a week ago, on the 14th of November. The crypto market is surprised by an astonishing change in the price of the virtual coin which dragged many altcoins down as well. Furthermore, experts can’t explain what is going on because there are no strong reasons for such a critical decrease.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/what-may-have-caused-sudden-drop/

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[Slow death]

Bitcoin started to lose its value a week ago

it was a very bad week, we saw a big dump in the whole market, had altcoin that got to fall 30% of its value and now bitcoin is struggling to stay above  $4000 and no one knows if it will not fall to $3000 what goes generate more panic

experts can’t explain what is going on because there are no strong reasons for such a critical decrease.

these "experts" were saying that by the end of this year the price would be more than $20,000, they created so many expectations in people that people bought bitcoin when the price was too high and today people are with losses. I know that each person should do his own research. But these experts exaggerate much in their predictions. And now they can not tell the cause of the dump.

[shamc]

There are no experts in crypto, just people that got lucky by investing early. The drop occurred at the same time as the bitcoin cash battle so that was the trigger that started the panic dump

[milewilda]

these "experts" were saying that by the end of this year the price would be more than $20,000, they created so many expectations in people that people bought bitcoin when the price was too high and today people are with losses. I know that each person should do his own research. But these experts exaggerate much in their predictions. And now they can not tell the cause of the dump.

We can just even call ourselves to be experts.I dont know why people do really value on what these people say or their predictions and being popular doesnt signify that
they do already have good predictions on what would be the possible prices ahead.We are all speculators and i dont see the reason on hardly relying with those words.
20k for this year is too much basing on what we have saw on January of this year upto now.

[dreamhouse]

This happens when the market ready for it. From tech analysis the Bitcoin is very week and no buying is there. And Bitcoin Cash issue just added as a catalyst.

[rodskee]

Yes it's very sadness happen to all of us
This sudden price drops are proof there nothing expert in cryptocurrency
expert expect before end of this year price will increase
But i think isn't more than a month year is end
Only god wheels can tell if bitcoin goes up again before end of the year

[pixie85]

Great article. I've learned so much 

Some experts associate the crypto market crisis we are observing now with a new version of Bitcoin having been released on Thursday.

The author of this article should be voted the idiot of the month. He has no idea what's going on to the point that he calls a fork of Bitcoin Cash the new version of Bitcoin. How much did he get paid? You should ask for a refund!

[Elijah Jackson]

I don't think it's a highly regarded web, but anyway, the article is pretty interesting.
As for me, sudden drops are related to big sellers who start to buy or sell or do nothing. These things cause big price gaps.

[Kakmakr]

This is a perfect example of what happens when people confuse Bitcoin <BTC> with Bitcoin Cash.    We knew this was going to happen and we predicted this when Bitcoin Cash forked from Bitcoin <BTC>

I am amazed that Crypto currency content creators, still make mistakes like this and that this is allowed to be published. It might not be one of the most reputable Crypto currency sites out there, but it is still amazing that this passed scrutiny from the site owners. 

[InvoKing]

I don't think it's a highly regarded web, but anyway, the article is pretty interesting.
As for me, sudden drops are related to big sellers who start to buy or sell or do nothing. These things cause big price gaps.

The losses in bitcoin price is approaching 50% since last few weeks price ($~6400) which is huge.
Big whales are playing dirty or they are preparing for a big surprise in December as always 

[pinkman12345]

Most of the comments above are bullshit :/ {Sorry for being harsh}

If you look from the chart point of view then you can see that it is the fundamental failure of btc to attract new investors. What holds your bitcoins to grow?? May be the other buyer after who buys btc pays higher, thats it.

The inability of Bitcoin to bounce back this week lowest in-spite of oversold conditions shows that traders have no interest in making it a dead bounce but they wanna hit it hard.

[hatshepsut93]

This is a perfect example of what happens when people confuse Bitcoin <BTC> with Bitcoin Cash.    We knew this was going to happen and we predicted this when Bitcoin Cash forked from Bitcoin <BTC>

I am amazed that Crypto currency content creators, still make mistakes like this and that this is allowed to be published. It might not be one of the most reputable Crypto currency sites out there, but it is still amazing that this passed scrutiny from the site owners. 

There's no way so much people have confused bcash with Bitcoin that it made the price crash this hard. If the price has dropped 1-2%, that would be believable.

The real explanation is that every market has cycles, and Bitcoin cycles are very noticeable - we have euphoric bull runs when "moon" seems to be within a hand's reach, or bear markets when it seems like Bitcoin is going to zero. There's no need to come up with conspiracy theories of sophisticated explanations when there's an easy explanation.

[veleten]

this is what you get when you listen to internet "experts"
people bought coins on the peak and then the price began to correct itself
this is not something extraordinary at all, the price drop is 80% and those who bought this year ( any time this year literally)are trying to sell now, driving the price even lower
we haven't found the floor yet, I think and 2000-3000$ levels are very possible
current situation is dream come true to traders and speculators, volumes are through the roof
not so much for the holders, but it will get better this year I'm sure

[1Referee]

If you look from the chart point of view then you can see that it is the fundamental failure of btc to attract new investors. What holds your bitcoins to grow?? May be the other buyer after who buys btc pays higher, thats it.

The inability of Bitcoin to bounce back this week lowest in-spite of oversold conditions shows that traders have no interest in making it a dead bounce but they wanna hit it hard.

Fundamental failure of Bitcoin? I think it's more so that we can talk about the fundamental failure of speculative tourists who inflated the market beyond the moon last year.

Last year I was literally thinking, ok this is the top, $4000 this is it, $8000 it can't go higher, $10,000 yup, we're done for sure, etc. We're rolling back the bull run and start clean with prices that are healthy, and more easy to support. I'm certain that investors with sense are near the point of wiring money to an exchange to enter the market.

$3000 looks like the only serious level at which the market can bottom out once and for all.

[Dilerium90]

I can not say that there was no reason for the market to fall. These reasons have been forming for months in a very noticeable trend. If we analyze the Bitcoin chart, we will see that the fall is the most natural way out of the situation.

[varusisog]

There are no experts in crypto, just people that got lucky by investing early. The drop occurred at the same time as the bitcoin cash battle so that was the trigger that started the panic dump

I think Calvin Ayre caused this. https://mobile.twitter.com/CalvinAyre/status/1064928118065061889
He said"
@ProfFaustus
  has any interest in chains that do not scale. Accepting my offer would have Craig completely out of the ABC chain. If not, hash war continues until the cheating transient hash is gone. "

After the BCH hash war is over, he will attack bitcoin.

[Betwrong]

I can not say that there was no reason for the market to fall. These reasons have been forming for months in a very noticeable trend. If we analyze the Bitcoin chart, we will see that the fall is the most natural way out of the situation.

I disagree. I think it was impossible to predict the fall by analyzing the Bitcoin chart. While reading many of technical analyses lately I've noticed one thing, that overall around 50% of predictions based on them eventually come true. It means that all those TAs are basically like Horoscopes, in some cases they "work" and in others they don't. And when they "work" it's simply a coincidence which might not happen just as likely.

[squatter]

There are no experts in crypto, just people that got lucky by investing early. The drop occurred at the same time as the bitcoin cash battle so that was the trigger that started the panic dump

I think Calvin Ayre caused this. https://mobile.twitter.com/CalvinAyre/status/1064928118065061889
He said"
@ProfFaustus
  has any interest in chains that do not scale. Accepting my offer would have Craig completely out of the ABC chain. If not, hash war continues until the cheating transient hash is gone. "

After the BCH hash war is over, he will attack bitcoin.

That's not my reading of it. Anyway, what makes you think he has the resources to attack Bitcoin? BCH is orders of magnitude easier to attack. I don't think they're dumb enough to try. What would they accomplish besides lighting a bunch of money on fire?

[BitHodler]

After the BCH hash war is over, he will attack bitcoin.

It's disappointing actually, we haven't seen much of a hash war at all. These suckers contacted nearly every miner, even Roger, hoping to rent mining gear to make themselves look like they are capable of messing things up.

In total, and it's probably way more than what they really have, they account for 2EH. Most of this hashrate belongs to Calvin Ayre, and he will eventually run into problems with Craig Wright, and it will result in another fork.

It's just a matter of time before Calvin either forks off, or points his hashrate to BTC or BCH. Craig Wright as silly as he is with his fellow nChain losers will be left alone for ever. nChain itself might fork as well.

[magneto]

I completely agree with 1Referee here.

The prices were overly inflated last year from all the speculators and a bubble was obviously forming for sure. I don't know why anyone would not expect prices to be going lower this year given that the bullish sentiments have wore off in the market, and this is exactly what happens when market conditions are bearish.

It could have occurred based on news that came out on the hard fork, regulatory concerns, etc. All of that is possible, but I think that at the end of the day, the maximum these events can be are catalysts. The drop was going to happen no matter what, and in these market conditions, people are geared to panic sell when things to start going south. That's just my take on the matter.