What is happening with Bitcoin?

[NeCrypto123]

The price of Bitcoin has dropped today to almost 8.000 USD. Was this predicted? and if so why, will the price eventually bounce back up?

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[masulum]

It is very normal, this condition happen in 2017 when China bans ICO


Source: https://finance.yahoo.com/news/japan-poised-become-next-bitcoin-market-leader-174825798.html

In today's market it happen because response market about BAKKT. Many members say about trading strategy "Buy when rumors, sell when news". people who buy bitcoins before BAKKT launch, sell his bitcoins today. Or maybe something different happens, but I don't have any info about that.

Bitcoin always recover after a big dump, so some day bitcoin price will go up again. When it happens? You must follow any fundamental issue and try to learn TA, it will give you answer I think.

[TheUltraElite]

Was this predicted?

Nobody can correctly predict why a movement may take place in the market but they can speculate and predict a possible movement. If someone could predict it correctly then they would unfairly manipulate the market.

and if so why,

Prices drop when people sell. What the reason behind is being said to be a premunition to the bakkt futures trading opening up but I would take that with a grain of salt and watch what actually unfolds.

will the price eventually bounce back up?

Every pump is followed by a dump and vice versa. I have been watching the markets for the last 5-6 and this is very common to happen. This is the time of panic and possibly panic selling too. But the wise traders would wait it out and buy at the bottom if they have cash at hand provided they have utmost firm belief in the reason behind the selloff.

[jossiel]

We have the right section for bitcoin price-related topics and as well as the predictions on Speculation.

No one can predict the price of bitcoin exactly and as for the bounce back, as someone who has seen the dumps and pumps for the past few years the answer is very simple and it's a yes.

[leowonderful]

We broke downwards out of a very large descending triangle (on a mobile right now so I can't post a chart for you), and there were great amounts of stops hit afterwards and liquidations on exchanges that allowed traders to use leverage that also accelerated the dumping action elsewhere. A ton of leveraged longs, about 600 million as I saw yesterday, were liquidated on Bitmex and I'd be watching for a potential bounce or grind back up in the short to medium-term. Depends who you ask at the moment, but there are a number of people calling for an eventual drop down to $7k and a bounce from there or a potential bounce here in the lower $8ks.

If you're personally not sure of what to do, just stay out of the markets. Things are very volatile at the moment, and it may be best just to sit on the sidelines 'till you get a better sense of what's happening and how to react to this.

[tukagero]

The price of Bitcoin has dropped today to almost 8.000 USD. Was this predicted? and if so why, will the price eventually bounce back up?

it will definitely bounce back for sure no need to worry about bitcoins sudden drop. Bakkt didnt made any impacton btc price in its debut, but just wait 2 to 3 weeks , bakkt volume will increased dramatically.

[BrewMaster]

In today's market it happen because response market about BAKKT.

it can not be because of Bakkt because the timing doesn't match. the drop happened today where the price broke below the level that it was supposed to stay above (meaning $9k). but Bakkt has been open for more than 2 days now and if the drop was supposed to be because of it, then it should have happened the day it opened up.

[carlfebz2]

The price of Bitcoin has dropped today to almost 8.000 USD. Was this predicted? and if so why, will the price eventually bounce back up?

Yeah, just a typical day that can possible happen with Bitcoin anytime.Speculations?

Bakkt coincidence
Miners sell-off

We have seen lately about these news but we cant point out on whats the actual reasons and instead of worrying,
Why not consider on buying to these cheap prices?

[Oceat]

The price of Bitcoin has dropped today to almost 8.000 USD. Was this predicted? and if so why, will the price eventually bounce back up?

Yeah, just a typical day that can possible happen with Bitcoin anytime.Speculations?

Bakkt coincidence
Miners sell-off

We have seen lately about these news but we cant point out on whats the actual reasons and instead of worrying,
Why not consider on buying to these cheap prices?

Yeah right, during this dip it should be a great time to accumulate as much as they can before it goes back to its regular $10k price range. It's too seldom to see this kind of dump we should be fortunate to see and invest with it. A lot has happen lately since the launching of bakkt, Bitcoin starts to dump. I don't know if this is a coincidence but it looks like it is.

[capcaypro]

Yes there are indeed many predictions that even bitcoin will drop below $ 9k and that happens, will the price go up again? I think it will be green again even though many of these problems are but I but the focus on bitcoin will recover.

[traderethereum]

I believe it called adjustment of the price before the price can get up to a higher rate.
I think it's not very surprising because bitcoin price will always like this even if there is nothing good or bad news happen in out there.
You should know and ready that this could happen in anytime so you can prepare the money to buy more bitcoin.
It is why you should not use all of your money to buy bitcoin or altcoin, so you still have some money to buy any coins including to buy more bitcoin.
But it is interesting because before the price jumped to the lower price, we read about Bakkt launch and then it's not taking too long for the price to go down and even the price still goes down.
And now, the price stay at the $83xx and I wonder that this could be a turning point of the price so the price can increase in the next week.

[exstasie]

The price of Bitcoin has dropped today to almost 8.000 USD. Was this predicted? and if so why, will the price eventually bounce back up?

Some people predicted it, or at least recognized the possibility:
DrBitcoin: https://bitcointalk.org/index.php?topic=5181741.msg52358429#msg52358429
xxxx123abcxxxx: https://bitcointalk.org/index.php?topic=5128394.msg52495185#msg52495185
dmwardjr: https://bitcointalk.org/index.php?topic=5140701.msg52540049#msg52540049

As for the why.......typical price action, really. Honey badger being a honey badger.

The Bakkt launch worked amazingly as a "sell the news" event. At the end of the day, it's impossible to predict exactly the form corrections will take. It would have been perfectly reasonable for the market to stay sideways in the $10,000s too. You only ever know in hindsight.

I still believe the downtrend since late June is just a correction to the bull trend. I'd be surprised if we weren't back above $10K by October.

[btc78]

The price of Bitcoin has dropped today to almost 8.000 USD. Was this predicted? and if so why, will the price eventually bounce back up?

There is no sign of bouncing back this soon because some experts says we are going below $6,000 before taking the floor and bounced back as bull will finally starts before the year ends

Anyway everything is just prediction and we cannot tell this will happen or not

We have been in this scenario for so long and what we can assure is when things already happen and not by looking into weeks or months ahead

[pooya87]

I believe it called adjustment of the price before the price can get up to a higher rate.

adjustment of the price or the correction that happens is usually smaller and a lot smoother than this. meaning the drop occurs over a longer period of time instead of being a sharp drop that (on the charts) looks completely vertical. these vertical declines are indicating panic sells and are usually kicked off when price goes below the stop loss that the bots have in place to sell immediately as it goes below that mark which then starts the subsequent sell offs.

[Flor1982]

The price of Bitcoin has dropped today to almost 8.000 USD. Was this predicted? and if so why, will the price eventually bounce back up?

Bitcoin and the whole crypto currency movement are proven unpredictable that is why it was considered a risky investment too like this current market performance in which no one expected that it will crash like this but i believe that this was just a manipulation so that they could start the bullish from the cheapest value therefore it would be better if we buy more Bitcoin now while the price is cheap again.

[zhekinsp]

The price of Bitcoin has dropped today to almost 8.000 USD. Was this predicted? and if so why, will the price eventually bounce back up?

Prices will eventually bounce back more than from where it was dumped.

See some people predicted this sell of news but we might not recognized it until it became happened.

Currently over $8300 and maintaining its resistance.

[1Referee]

I still believe the downtrend since late June is just a correction to the bull trend. I'd be surprised if we weren't back above $10K by October.

I add more viability to the scenario where we do not cross the $10,000 level again this year if we don't quickly get a bounce back up. If we get that bounce, I'll wear my imaginary moon boy cap again, but I have opened quite a significant short because of how this market action doesn't look good at all.

Last year I ignored all these signs, but I'm not doing that again. Being more rational helps looking at the market without thinking about your big hodl stack. Long term speaking everything is bright af, but the short term can be very nasty, especially with how short term price action doesn't factor in fundamentals.

[Reid]

The problem with speculators is they always just look up and never go down. Not all, but mostly.

Yes, some may have been predicted it and this is quite far from what they expected.
Some said it could go until 7500 USD and that is where a lot of investors will buy back to get ready before the end of the year.
It is a lot for profit and somehow they gained more bitcoin after doing this kind of technique.

Do not expect much of a pump for now. It could very slow again.

[YuginKadoya]

I haven't seen any viable news on why the price of Bitcoin plummets down, But maybe this can be a thing for volatileness, or maybe the whales are moving to take a score, or a Chinese trade war is going on but I haven't seen any news for the meantime, The price may vertically move if there are news eventually on why this happen, Or if not the price may stay this way or worst fall down as well, let's just be patient and wait if what will be the next move for bitcoin.

[udidrone]

I still believe bitcoin price can be pumped again. Maybe it is time for correction but actually i don't have analysis about it. But what i do for not is not panic and i still hold my bitcoin. Maybe some people want to accumulate first, usually "they" create panic situation so they can buy coin with very cheap price before pump it.