What is happening with Bitcoin?

[exstasie]

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.

Down to $7K was always potentially on the menu. I'm looking for a capitulation bottom that quickly reverses this week's losses. That's usually how historic bottoms are made on the BTC charts. Panic selling into low liquidity followed by panic buying into low liquidity.

Based on xxxx123abcxxxx's chart, we've probably still got one more brutal leg down coming.

Last year I ignored all these signs, but I'm not doing that again.

Recency bias is a killer. That's all I will say about that.

[The Sceptical Chymist]

Based on xxxx123abcxxxx's chart, we've probably still got one more brutal leg down coming.

Yeah, we just might--and I'm not even basing that on a chart but on the downward momentum that I see looking at the changing preev price.  Right now bitcoin is below $8k, which I didn't think was going to happen.  Not the first time I've been wrong about price predictions, though.  Bitcoin never fails to surprise me.

Down to $7K was always potentially on the menu.

Ick.  I'm hoping it doesn't drop that far.  Then again, I'm hopeful that it'll rebound back to where it was and then perhaps move higher.  I won't be silly enough to actually make any predictions, though.

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

Sure, now that bitcoin is getting hammered people are making all sorts of bearish calls.  It's not hard to do when it's had a few days of decreases--it's just like predicting the weather.  Sunny today, probably sunny tomorrow.  But hey, even if bitcoin does crash to $6k, it's still higher than it was for pretty much all of last year. 

[Capt00]

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?

No! Everything that will happen around seems to be unpredictable and we know that since from the very beginning. Every price changes come into its market volatility. This drop isn't been controlled by someone nor we know what exactly the cause for this.
This thing happens in several times that makes me no wonder. And we don't need to have some complain cause we have nothing to put some blames. 

[el kaka22]

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?

To be perfectly honest with each other here, we should literally say we have no idea. Anyone who makes a guess is just making stuff up from their minds or stuff they read somewhere but in reality nobody really knows whats going on.

In order to fully know what happened you have to track every single sale during this bear run and find who it belongs to, talk with them and find out what happened, there is literally no technology that is capable of doing that let alone actual human being who would actually spend time doing it. Hence there is really no point of asking why something is happening or happened. It just happened and now we should focus on the future instead, no point dwelling on past and trying to figure out what happened or why it happened.

[bitgolden]

I didn’t expect this time, but not that I never actually saw this coming, if you look at it since when bitcoin was $13000, we have had so many people that has already predicted that the value of bitcoin may bottom to $7000 again, which is expected to be the lowest before the bull run, and I guess this is one of the prediction, and this drop may actually encourage lots of investors once the market is clear, and the moment the coin starts rising back again, there is likely to be FOMO depending on the speed for which the coin is using to increase in value.

I would not want you to really Pay attention to this crash, and if I will even advise you, see it as another opportunity for you to buy the coin lower and invest again if there is still some fiat to play around with, you will be happy to have made decision to do so when the price start rising back soon.

[fudster]

Normally the bottoms are usually the previous resistance and also the support. $8k must have support which now is the bottom. Its not guaranteed to be accurate but all these are speculations in the chart. No trading system has won it all, prices changes drastically specially when a news from regulators are going to affect the trading decisions of the traders.

[Silberman]

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?

I'm pretty sure that some people probably predicted what was going to happen but it was probably just luck since there are millions of predictions made every month about what bitcoin is going to do, so by probabilities some of those predictions have to be right, now it is very clear that at some point the price will recover, what we do not know is if it is going to happen immediately or if we are going to see another decrease in the price of bitcoin, if you are not sure what to do then do nothing and do not enter the market right now.

[senne]

The recent drop is being linked to the underwhelming response of bakkt. But now we need to watch the lower $7000s levels to see where this market is heading as there is significant buying volume there. Bitcoin made significant gain of 8% from the bottom of $7600. But still the picture isn't really clear. There is a chance of 78.6% retracement which will take the price to $5400. We need to see whether bulls can exhaust bears or descending triangle gets breached. There is significant volatility ahead as both bulls and bears will try to takeover.

[Silberman]

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?

That was just a normal because bitcoin was design as volatile and it always depend on supply and demans or buyers and sellers. The more people buy bitcoin the higher the price and if more people are selling there bitcoins then the price will surely drop down.

Bitcoin is not volatile by design what it happens is that since the supply of bitcoin is fixed to a certain formula it cannot be adjusted to match the demand like what it can happen with fiat currencies, so the demand has been always been the indicator to watch to try to tell what the price will do during the next days or weeks, if the demand is low you can be sure the price will go down and if it is high then the price will begin to slowly go up.

[gandame]

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?

The price of bitcoin is so normal its been drop then eventually goes up again.
Bitcoin price are not stable goes down and up so its normal to us that the price of bitcoin is gonna be up and down.

[perla]

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?

The price of bitcoin is so normal its been drop then eventually goes up again.
Bitcoin price are not stable goes down and up so its normal to us that the price of bitcoin is gonna be up and down.

If not up and down maybe bitcoin wouldn't attract traders to do trading activity. When bitcoin up and down so people can get profit from it and maybe they think it is better because stable coin will really hard to make big profit.

[Wexnident]

One must be a professional trader for you to be able to identify the bottom so that they can buy at the cheaper price and wait until its value reaches the height of the upword trend before placing a sell order.

Professional? I don't think so. You just need to have the basic qualities of someone who is a trader. You don't need to be a professional about it. You can be a professional artist and be a part-time trader at times and you can still trade as well as professionals without being one of them. Research and predictions are all that is needed when trading and well pretty much luck as well. No matter how extensive research is, sometimes it just doesn't go that way. Luck can be a huge factor to trading after all.

[AliMan]

No one can predict the exact price of bitcoin, maybe if there is then he is a truly expert in trading and has mastered the market situation carefully. But only a handful of people can. But the increase and decrease in prices is entirely a decisive market, not someone, maybe a big whale can in this case raise and lower prices! Prices will rise again because after a big drop, people want to buy them at cheap prices, then prices go up, then many people sell it, the cycle is like that

After the huge fall and crash of bitcoin price there's always an opportunity for everybody who wanted to hold bitcoin. People who wants to buy bitcoin feels confidently that it will give them chances to own crypto at their own risk. Hopefully this motivations could give us more chance to acquire more profit once the market goes back to green days. That's up to the whales if they'll make another hype, and I think this is the best time for all of us.

[Wysi]

One must be a professional trader for you to be able to identify the bottom so that they can buy at the cheaper price and wait until its value reaches the height of the upword trend before placing a sell order.

Professional? I don't think so. You just need to have the basic qualities of someone who is a trader. You don't need to be a professional about it. You can be a professional artist and be a part-time trader at times and you can still trade as well as professionals without being one of them. Research and predictions are all that is needed when trading and well pretty much luck as well. No matter how extensive research is, sometimes it just doesn't go that way. Luck can be a huge factor to trading after all.

Just a small correction, nowadays it's not sometimes it's most of the times that the prediction does not go the way it's supposed to be. As you have rightly mentioned luck does plays major role now and there are professional traders who are extensively involved in the trading wherein they have a set of algorithms which they follow like they have threshold for selling/buying and the price, profit margin etc. They operate like a small scale BPO with a fixed plan to achieve the profit against a unplanned trade.

[Herbert2020]

One must be a professional trader for you to be able to identify the bottom so that they can buy at the cheaper price and wait until its value reaches the height of the upword trend before placing a sell order.

Professional? I don't think so. You just need to have the basic qualities of someone who is a trader. You don't need to be a professional about it. You can be a professional artist and be a part-time trader at times and you can still trade as well as professionals without being one of them. Research and predictions are all that is needed when trading and well pretty much luck as well. No matter how extensive research is, sometimes it just doesn't go that way. Luck can be a huge factor to trading after all.

you need to have experience in this market to be able to successfully make profit. whether you do it as a job (a professional) or as a part time thing (as an amateur) doesn't make a difference. both of them require equal amount of experience.
"research" that you mentioned helps but only a very small amount. traders must actually trade and analyze the market themselves to gain experience. otherwise you'll end up filling your head with a lot of abstract theories that you don't know how to put to use.

[gabbie2010]

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.

One must be a professional trader for you to be able to identify the bottom so that they can buy at the cheaper price and wait until its value reaches the height of the upword trend before placing a sell order.

Yes professional traders used their technical analysis techniques to spot bottoms and zones for buying at a cheaper price it requires a lot of expertise and experience to be able to identify those area however some times their analysis might go wrong ie price defying their analysis and move the other way but in most cases their predictions usually come to pass.

[Wexnident]

Professional? I don't think so. You just need to have the basic qualities of someone who is a trader. You don't need to be a professional about it. You can be a professional artist and be a part-time trader at times and you can still trade as well as professionals without being one of them. Research and predictions are all that is needed when trading and well pretty much luck as well. No matter how extensive research is, sometimes it just doesn't go that way. Luck can be a huge factor to trading after all.

you need to have experience in this market to be able to successfully make profit. whether you do it as a job (a professional) or as a part time thing (as an amateur) doesn't make a difference. both of them require equal amount of experience.
"research" that you mentioned helps but only a very small amount. traders must actually trade and analyze the market themselves to gain experience. otherwise you'll end up filling your head with a lot of abstract theories that you don't know how to put to use.

I might not have clarified myself that well with what I meant as "research". What I meant was the same as you mentioned, Analyzing and studying the market themselves. I wasn't pertaining it to simply searching the web or looking up charts and reading them like that. Simply googling about is like asking a student to study when in a sense, all he/she is doing is memorizing it and after that year, it would be forgotten. What I wanted to point out was studying in a sense where you experience it, analyze it, define it in your own world. Forget about your predecessor's analysis since you yourself have your own analysis.

[huu78]

I think the bitcoin price dropped due to the many scams and the many bad news from different countries that banned bitcoin.
The predictions rise not necessarily because the market is now bad. Many of his scams make investors afraid to invest against new Altcoins and choose to hold bitcoins.
When Bitcoin drops they sell to secure the money. Bitcoin will rise which is very likely in relation to Bitcoin is now more popular in the first appeal.

[STT]

News explains price moves better then just accounting for the speculation and the matching of sellers and buyers, at some point we have more sellers and price adjust downwards for a while.  Because the price is moving lower it brings about further selling, at some point we will get an adjustment and balance back to favour price ascending again but this whole cycle is normal.    Sure theres news and reasons but mostly I think of it mostly as profit taking and normal.

We failed to hold higher over night and again BTC is weaker today.   I wonder where it can resolve properly downwards and challenge support to properly put to bed the weakness in the price.   While the possibility of downwards is still there, every rise brings more selling and attempts to short probably.



Just a basic view is best and weekly bars, I think the yellow line is unlikely target though we touched that at the bottom almost a year ago.  I doubt thats occurring now but a touch of the blue line which is yearly pricing seems reasonable for a move down.   We already got capped by 200 day average and left its vicinity and have been weak since pretty much, so some flush downwards could help resolve the idea.   8k to 7k move as two rough areas of volume I think would be good to see more then just sideways or repeats.

[Wysi]

I think the bitcoin price dropped due to the many scams and the many bad news from different countries that banned bitcoin.
The predictions rise not necessarily because the market is now bad. Many of his scams make investors afraid to invest against new Altcoins and choose to hold bitcoins.
When Bitcoin drops they sell to secure the money. Bitcoin will rise which is very likely in relation to Bitcoin is now more popular in the first appeal.

The negative news like counties banning bitcoin is having lesser impact on the market than it was expected to be,  due to the fact that we are used to these news and now we are going through a phase of correction from the long time after the massive bull run at the end of 2017, I am sure the value will increase as there will be some fresh investment before the halving for the fact that the value will increase post halving. We just need to avoid panic selling in order to avoid any further dump.