RED is spreading like a wildfire

[CryptoBry]

Right now, the cryptocurrency marketplace is colored RED as the correction is setting in. Bitcoin lost around 10% of its price after touching the $8,000+ level the other way and is now steadying at $7,300+ for now. Other major altcoins followed the same trajectory as they also shed some   of what they gained the past few days. Interestingly, just a huge single transaction triggered this ongoing "crash" if I am allowed to use this term.

Just another turn of events confirming how volatile bitcoin and the rest of its gang is...one day we are all excited as it passed the $8K level and then soon we saw the red spreading like a big wildfire. However, volatility is a two-edged sword...soon it is back on the game and on track to win over the $10,000 prize.

[pakhitheboss]

Completely agree with your statement " However, volatility is a two-edged sword...soon it is back on the game and on track to win over the $10,000 prize". This was suppose to happen and it happened fast. I predicted that Bitcoin will touch $8500 level and then correct itself to $7500. But, as we all know. it is hard to predict Cryptos. The next resistance level is $6800 -$7000, if Bitcoin can hold at that level, then I am sure it will touch $10000 very soon.

Expecting Bitcoin to reach a all time high by this year end. 

[jseverson]

Interestingly, just a huge single transaction triggered this ongoing "crash" if I am allowed to use this term.

Could you elaborate on this point?

I'm a bit disappointed as I didn't expect the run to be so short lived. I mean, I was expecting a correction sooner or later, but I thought it would go higher (I was so ready for the Vegeta memes again) -- can't complain about nearly 50% growth though. Hopefully, this also signals the beginning of the drop of fees.

[okala]

I have not for once expected price to keep increasing because we are in a volatile market where we can not predict the future but we can only speculate about it but not accurate. The market today is not in a good state however correction is part of the market and at that we have to go through this phase.

[bitzizzix]

This has become part of the nature of the market and not all goes straight and continues to increase and there is time to go down, the market fluctuates and prices can change significantly from time to time which cannot be predicted.
and now the price of bitcoin is around $ 7,000 and in my opinion it's still in a pretty good price situation compared to prices in the previous month, it's just a correction and the market or bitcoin is likely to recover and rise again.

[CBANX Ltd.]

After a green candles Bitcoin is in the mood of gaining red candles   The price of BTC has fallen to $7.2K and on the contrary other cryptos, the price has shown a good move. Now for BTC, it is important to gain stability and sustain it for a particular time.

[bhabygrim]

The price are now having a correction so it is normal in crypto market .
You should already know it by now everytime we would experience a huge pump on the price there would always be a correction so the price would be drag down.

[stompix]

Interestingly, just a huge single transaction triggered this ongoing "crash" if I am allowed to use this term.

Could you elaborate on this point?

There was no single crash that dropped the price this morning.
I saw it going down live at coffee time and on bitfinex it took about 15 minutes to reach the bottom and about 10 on bitstamp, probably on some other exchange it was a single drop but it took a long time to replicate though all exchanges.

Hopefully, this also signals the beginning of the drop of fees.

I doubt that will happen soon, huge backlog, a bit of fomo, a few chains on top of blockchain, for a while we can forget about under 10 cents tx.

[Slow death]

when price falls a lot, analysts are coming in to do their market analysis, so as soon as I saw the price drop I went to see the news channels related to bitcoin to see the pessimistic analyzes that always do when the price drops a lot and see what I found:

DataDash Analyst Gives Brief Market Outlook

And there’s really three different price ranges that I’m watching for a correction here at the moment… It’s really three different levels: $6,000, back to the $5,000 range – this would be a very neutral view in this case. But as I still hold, I think there’s a very good chance that over a longer-term decline, we could still come back down to this line of support [at $4,200]. It’s not something that would happen overnight, so I wouldn’t be too eager to go short Bitcoin or be bearish on it. But there is a very good chance as well that we could possibly hold here at $6,000.”

 

[edisystem]

I'm not surprised to be honest, it's normal to happen after a big pump then a dump will happen, it's like a correction on the crypto market.

Luckly i already sold my ethereums yesterday before the crash happened. In my opinion it will go up again, so i'm ready to buy back later.

[xvids]

I'm not surprised to be honest, it's normal to happen after a big pump then a dump will happen, it's like a correction on the crypto market.

Luckly i already sold my ethereums yesterday before the crash happened. In my opinion it will go up again, so i'm ready to buy back later.

It is true it is not surprising anymore only the newbie's would be surprised by this,
But if you have been trading for a long time it wouldn't be new to you or even if you have been around since 2017 this kind of thing wouldn't be new.
Remember back then the price was being pump for whole year then the next year it face a huge correction that made the market go down again.

[klaaas]

We all waiting for a bigger bear movement and here it is. Now the question will be, Can we hold it or pop further down ?  Interesting how it will play out today.

[Jamjamz30]

This is the reality of bitcoin and cryptocurrencies. So there's no need to worry as of now, because bitcoin are getting its recovery for that sharp fall. It is going up a bit. You worry if the downward trend continues for longer time, but it's not.

[BlackFor3st]

This is only natural for me, as I observe the market almost daily therefore I am very familiar on how the market usually flow. This kind of scenario is only temporary and after you wake up again, you will surely see an opposite of red which is green market.

But to those who are not familiar about the market, I am pretty sure that many of them are in rattle mode on what to do whether to hold or sell their investment. But one thing that I can make sure about the current situation of our market is it will surely continue to increase and this kind of decrease is only natural.

[AjithBtc]

Each and every altcoin in the market is depended over the growth of bitcoin, as the bitcoin so will be the altcoins other than few exceptions. Based on the same now the market has been experiencing a crash. We don't know to which extend this trend will continue marking the correction. Until then users need to be prepared to bear it.

[buwaytress]

Hey, no one was complaining when Bitcoin jumped 10% multiple times in a row, right? Eight weeks in a row, upending the most optimistic estimations, and no one was lifting any eyebrows.

Wildfire? Compared to today, that was nothing. But anyway, enjoy these prices gentlemen. Once Bitcoin goes 10k, whether it's this year or next, you'll miss these times. I know I will.

[Haunebu]

Hey, no one was complaining when Bitcoin jumped 10% multiple times in a row, right? Eight weeks in a row, upending the most optimistic estimations, and no one was lifting any eyebrows.

Wildfire? Compared to today, that was nothing. But anyway, enjoy these prices gentlemen. Once Bitcoin goes 10k, whether it's this year or next, you'll miss these times. I know I will.

I agree. When BTC surges in value, people ask whether $10K is next or $100K or maybe even a million. When BTC falls in value, people go crazy and think that the crypto market is dead or the bear market is here etc.

This is basically a way of life owing to the extreme volatility of this market and I have gotten used to these things with time.

[Ailmand]

We are expecting too much out of bitcoin which makes us feel disappointed with the sudden changes. We should all know that Bitcoin is volatile and we're not in control of it. We should know how to deal with the ups and downs of the market. It could crash or increase depending on the supply and demand of the market.

[Genemind]

I wonder why some people are complaining over the simple crash when they have already experienced the bottom before.
This value is already a good price compared to a year of facing the bear market last year. It's something that we should be grateful for instead of panicking

[FlightyPouch]

We are expecting too much out of bitcoin which makes us feel disappointed with the sudden changes. We should all know that Bitcoin is volatile and we're not in control of it. We should know how to deal with the ups and downs of the market. It could crash or increase depending on the supply and demand of the market.

We all are in control of the price of Bitcoin, the price chart is proof of it. Also, as I said on the other thread, Bitcoin is volatile and we are all aware of it. Other investors sold some of their BTCs and corrections are been made. I don't really make anything out of the sudden changes, Bitcoin is volatile, we should all be aware of the possible price of BTC in the near future.