Huge drop happening within 48 hours! (Update: BTC Price on Sept 5th)

[DrBitcoin]

and I am NOT a trader.

if you are NOT a trader then you have no understanding of short term movements of bitcoin and you don't get to "predict" them either

I honestly wouldn't be surprised if random guesses from amateurs performed better than predictions from Brian Kelly, Tom Lee, and other prominent "experts."

I can read the charts somewhat. Every analyst is pointing out right now that there is a descending wedge, coiling price, and dropping volume. They are also claiming a symmetrical triangle. A lot of them are expecting a break to the upside because we are technically in a “bull market.”

"every analyst" was also seeing these descending wedges when price wasn't going up and was stuck in $3k range and they were "all" predicting price to fall down to $1000. the rest is history

Descending wedges are a bullish pattern, perhaps a weak performer though. This is what Tom Bulkowski has to say about them: http://thepatternsite.com/fallwedge.html

The OP is saying everyone else is bullish and he's taking the contrarian position.

sentiment is confused and undecided. it is neither positive nor negative.

I more or less agree, and that's one of the reasons I don't think we're ready to go up yet. Longs are high, shorts are low, and sentiment is not bearish. If anything it's leaning bullish. These aren't the usual conditions from which a significant upside breakout occurs. It's usually when everyone expects down that we go up. We're not there yet.

Possibly. I’ve been in this space since 2014 and check my history here. I am definitely an amateur but I go with my gut

[mindrust]

We are still not in $8k range and this very well may jump back above $10k+ but I still merit'ed you because of the recent action.

Don't act like nostradamus, yet. Come back when we see 8k.

[DrBitcoin]

We are still not in $8k range and this very well may jump back above $10k+ but I still merit'ed you because of the recent action.

Don't act like nostradamus, yet. Come back when we see 8k.

Fair enough. I think at this point I should be given another 48 hours to reach 8K. I got the time and direction right, and while there still is time to hit 8K in the original 48 hour period, hitting it a day or two later wouldn’t be that off. Of course if it doesn’t hit 8K during this time I was flat out wrong about that.

[Leon83]

We are dropping like a rock. $9800

Too early to dismiss my prediction.

Your prediction was 48 days. You deleted the post where you said it was a typo and you meant 48 days.

[1Referee]

Would you also write in the title of this thread 'I WAS WRONG' if we broke out to the upside? I guess not.

A breakout was imminent, the direction was more of a bet call with a 50% probability of being right. I do expect a bounce back up to $10,000 in the coming days rather than a further decline, but that's if we respect the descending triangle for the time being. If not, then we can see the price dip below $8000 fast. In that case I'm looking to be a buyer in the lower $7000 area.

We'll see where it goes. Bitcoin never fails to disappoint. 

[mindrust]

We are dropping like a rock. $9800

Too early to dismiss my prediction.

Your prediction was 48 days. You deleted the post where you said it was a typo and you meant 48 days.

Saw that too. Backpedalling like this killed most of your credibility sadly.

I made lots of wrong predictions in the past. Just take it in the butt and move on. You are not the first one who made a wrong prediction.

[DrBitcoin]

We are dropping like a rock. $9800

Too early to dismiss my prediction.

Your prediction was 48 days. You deleted the post where you said it was a typo and you meant 48 days.

That was a joke. I thought 48 hours wasn’t going to happen, so I made a joke “I meant 48 days.” But it was intended as a joke responding to someone else’s comment. I deleted it because the drop happened as predicted so it no longer made sense.

The original post was 48 hours. NOT 48 days. Read the first few responses it confirms this.

[LFC_Bitcoin]

Dude, it needs to drop more before you can claim & victory on this prediction. If we go to $8500 then you can claim to be a visionary

[DrBitcoin]

Dude, it needs to drop more before you can claim & victory on this prediction. If we go to $8500 then you can claim to be a visionary

Dude. It’s all kind of a joke. I’m not claiming to be a visionary. I get a lot wrong. Probably more wrong than right.

[buwaytress]

I honestly wouldn't be surprised if random guesses from amateurs performed better than predictions from Brian Kelly, Tom Lee, and other prominent "experts."

As a former winner of micgoosen's prediction game, you know better than most how this happens!

And didn't someone in the last round almost win with a random Q2 price guess of $12345?

Experts have too much skin in the game, to borrow from someone's theory about Bitcoin value. When you got too much in the game, you can't think clearly. Random guys with no wool over their eyes more likely to aim truer.

I know I just said a bunch of nonsense. But that's how it is.

[cryptokwuk]

Don't worry DrBitcoin, it your prophesy will come true, and then some. Long term support levels were just broken pretty hard, and with big volume that is too. The slaughter will not end here, i can tell you that.
Technically the bears are back in control.
Add to that the sell-off that is coming from the Craig-Kleiman case. We're set for a 3-4k range by the end of September.

[STT]

12345 ftw    simple logic works, remember the SPY low after Lehmans failed was 666 which is probably because half because its so easy to type and also memorable.      Any common factor matters if its shared by those in the market, the problem BTC has is the price is global not in dollars really or thats how I see it.



Decent drop but not huge by BTC standards.    Lets see it confirm the break of trend, its already failed to challenge 50 day moving average and its suffered a loss because of that partly I think.     Really we now enter into the daily bars argument and it can come back, I'm a wuss I want to see it whipsaw up and then bet it goes down because that gives me the cheapest chance to be right.
    Right this moment you might get some pain if trying to jump on the band wagon as theres many people who buy in wanting another bounce.

After this huge run up I expect a break down to like 8K or lower.

I read back the OP and I still dont grasp the reasoning, you seem quite certain.   Sentiment ?   hard to gauge this and in which areas, the whole of twitter out weighs anything we think, 50 cent could pipe up and say something and make us all wrong.   Only thing I trust is the charts because it contains all opinions to some extent and historic momentum, volume.   I gave a merit anyway for the audacity to make an outright call in the speculation forum.   8k would be significant.

[Febo]

We are dropping like a rock. $9800

Too early to dismiss my prediction.

Your prediction was 48 days. You deleted the post where you said it was a typo and you meant 48 days.

That was a joke. I thought 48 hours wasn’t going to happen, so I made a joke “I meant 48 days.” But it was intended as a joke responding to someone else’s comment. I deleted it because the drop happened as predicted so it no longer made sense.

The original post was 48 hours. NOT 48 days. Read the first few responses it confirms this.

You are a joke. I saw it to.  But it dont really matter, huge drop can also happen in 48 weeks.

[BitHodler]

Dude. It’s all kind of a joke. I’m not claiming to be a visionary. I get a lot wrong. Probably more wrong than right.

It's a 'joke' people don't seem to be keen on accepting as such with all the clowns we have predicting the price to go up and down. They only show up and claim being right once they are lucky enough to actually be right.

Honestly speaking, you seem to be leaning towards one of these type as well. Also, you being right holds no significance if you don't put your money where your mouth is. So convinced yet nothing you did to benefit from this 'obvious' drop.

[DrBitcoin]

Dude. It’s all kind of a joke. I’m not claiming to be a visionary. I get a lot wrong. Probably more wrong than right.

It's a 'joke' people don't seem to be keen on accepting as such with all the clowns we have predicting the price to go up and down. They only show up and claim being right once they are lucky enough to actually be right.

Honestly speaking, you seem to be leaning towards one of these type as well. Also, you being right holds no significance if you don't put your money where your mouth is. So convinced yet nothing you did to benefit from this 'obvious' drop.

Been HODLING since 2014. That’s the only “right” thing I’ve done.

[DrBitcoin]

Don't worry DrBitcoin, it your prophesy will come true, and then some. Long term support levels were just broken pretty hard, and with big volume that is too. The slaughter will not end here, i can tell you that.
Technically the bears are back in control.
Add to that the sell-off that is coming from the Craig-Kleiman case. We're set for a 3-4k range by the end of September.

I’m hoping things tank. I want to buy more.

[stomachgrowls]

Im not really a fan on listening others vision or predictions but honestly when i do read up this thread i luckily closed up my long position on leverage. Good call 

[Searing]

Lol!!!!! If you really know how to read the charts “somehow” then you know the descending wedge pattern is not a bearish pattern but a bullish pattern when it is coupled with a decreasing volume shows that it's a healthy correction that you don't have to worry about it going down even further. I don't know if you really made this thread purposely to be negative and see how others will correct you but hopefully you still learn how to read charts properly before you mislead yourself.

Yep, every day I look at the BTC price and say, its gonna go down. Eventually, I've been right!

Some days I say BTC is gonna pump! Also some days I'm right also!

The problem with Bitcoin is like the drop today, some say it was because of this whale, doing this buy, in order to keep the price of BTC high as he sold down

from other BTC addresses.

https://eng.ambcrypto.com/bitcoins-130-million-buy-wall-on-bitmex-is-either-an-actual-whale-helping-bulls-or-a-spoof-trader-trying-to-profit/

As long as BTC Whales can move the market, (the billionaire class of BTC whales) with the 'ease' that I could manipulate some altcoin/sh*tcoin for say

$1,200 (of which $200 is risked) as a comparison to how it would affect my finances and I assume how he feels about the 130 million affecting this.

Well, you are gonna have 20-40% variations in price. This is where Boom and Bust came from. This was the common way to make and lose fortunes before

the early 1900's, hell until the 1930s and beyond. We are back to these times with all currencies virtual or fiat.

In the 1800s and this was common, it was due to NOT having enough info. (Ships at sea, no one knew what was on them...thus 'speculation' or educated guesses)

Now we are in a time, where there is SO much info you can spin any story anyway and speculate accordingly.

So with the BTC market and whales and bots and a little finesse, you can make pretty good coin. Perhaps 'chump change' for fun to a Billionaire Bitcoin Whale, but

hey, they can have fun too I guess.

Get used to this, this is not gonna go away any time soon, if ever.

The game will continue to murky the waters with too much 'real' info, not enough facts and big players messing up the grass, along with the usual FUD.

Bitcoin: This is how we roll! (tm Bitcoin)

Brad

[pooya87]

08.24.19
Current price: $10,162
Prediction: huge correction within 48 hours (8K range)

We are dropping like a rock. $9800

where?!!!
this is the same thing that has been happening over the past 30+ days. price goes to $10k+ range then comes back down to $9k+ range and the goes back up again. the minimum that was reached this time is not yet as big as last two times for you to get excited

your "prediction" is not a correction by the way, you are expecting a crash to $8k which has not yet happened and this drop is not "like a rock" as long as it is the same thing as before inside the same range as before!!

[Wind_FURY]

OP, you are not right yet! The drop to $9,000 might solidify support if that doesn't break, maybe? Haha. It was already tested twice since July. It might become an opportunity to buy, not sell.