Bitcoin Price Dropping - Are You Scared?

[rijaljun]

I'm not scared of bitcoin price drops, but more like I was surprised because I though Bitcoin will start pumping from this early September but in fact it wasn't.

Me too, as long as Bitcoin is alive I will keep it. I am not a daily trader so I don't care too much about the price fluctuation of Bitcoin, my goal is to try to earn a lot of bitcoins and keep it until the end of 2020.

What if at the end of 2020 Bitcoin price is lower than today? Still you want to sell them off? No one knows what will happen tomorrow, even though there are so many analysis, price predictors, still they don't really know the exact price. That's why you should care even a bit, to understand this so you won't miss any moments.

[Saint-loup]

So you didn't hear about the Lightning Network hack and you didn't hear about the FUD of the Google exploit?  
Have you heard about the low volume on Bakkt at least?  

it's always adorable when people try to explain price moves with news. the "lightning network hack" (if you could call it that) happened a month ago and the google news came out 3 days before the crash. obviously no one cared about either story.

you really think the market crashed because bakkt didn't have high enough volume?

you realize that rallies and crashes occur with or without news stories, right? the most important factors are price and commitment of traders. traders were heavily long heading into the dump. so when price dropped a little bit, it triggered stops, causing new lows and triggering more stops and margin liquidations, inducing panic selling as price quickly dropped 15% in a matter of minutes. that's what price does---it creates feedback loops. lower prices beget lower prices as traders and investors are squeezed into cutting their losses. news pales in comparison to these market pressures.

And what triggered this feedback loop according to you? This is not a spontaneous phenomenon, it doesn't come from nowhere, there is an origin, you can't deny that.

you really think the market crashed because bakkt didn't have high enough volume?

In one word : yes

[rizkyrz]

I'm not afraid of that because bitcoin has fallen in price not just once but very often and that's normal, this is a bad moment for those who buy when prices are high. on the contrary, this is a good moment for those who will buy.

[fabiorem]

Unfortunately, there are some reasons to be scared : the Lightning Network hack, the failure of Bakkt launch and the Google quantum computing exploit.

How realistic is the Google quantum computing exploit though?

In the same way that BCash, BGold, BSV and any other bitcoin fork is.

This news about the Google quantum computer is primitivist FUD. If they break the code, they will hard fork. As simple as that.

Bitcoin code has been broken several times. Each time someone breaks it, a new fork comes up.

Failure by the majority to understand how a decentralized network operates is the reason why the price is so low. Google would need to hack thousands of computers and break each wallet inside them to steal their coins. A impossible task, even for a quantum computer.

[Pab]

Scared and worried is never good thing
Press,You Tube vids want us to sell low
i have learned from Peter Brandt importance of 18 MA and 114 Ma.It works you can drawn and look
Dump came after bearish cross on those two MA
Currently weekly 114 MA is on 7350$ level
In a case of any weekly close below 7350 K i will be very worry
Maybe the best is some longer accumulation on current level but whatever will happen bitcoin will rebound

[bitcoinposts]

Bitcoin price dropping is correction from previous cme future exit from future contracts now bakkt launch cleared those gap from the industry

[STT]

Me too, as long as Bitcoin is alive I will keep it. I am not a daily trader so I don't care too much about the price fluctuation of Bitcoin, my goal is to try to earn a lot of bitcoins and keep it until the end of 2020.

2020 isnt especially long term but I agree with the general statement, buy when people are scared and be wary when everyone cant shut up about the price must for certain goto 100,000.
   The only way BTC is going higher is by surprise and after many gave up and believed it was a lost cause.   It cant go to a very high price all at once, the only real way it will happen is by wide distribution and hopefully usage which means we keep going up and down continually until people find it useful to keep exchanging the coins regularly not fearing lower or resisting spending by thinking it will always be worth more.   The churn in pricing is very much something required for good health on the blockchain, so in that respect no I'm dont fear or mind a lower price at least longer term.

[Yamifoud]

What makes crazy and even worrying so much if we could see market trends straight going down but it is not, and therefore we don't need to be worried nor to think about crypto is drying. There is no reason why we have to be in the situation that the market will collapse. The massive crypto adoptions are enough to hold the market from drowning. We can't decline this from happening cause in the first place, we can't ever saw it become stable but rather to see them always in up and down scheme.

[rdluffy]

I'm not scared, when you are here for some time, you'll get used to this kind of fluctuation in price, there's nothing to fear
I don't believe we are in market of FUD and pessimism, some time ago we are at 3k USD range, and look now, we are good, just wait and be patient

[teosanru]

Bitcoin's price has dropped significanty, and there is a great deal of FUD and pessimism in the market.

The Fear and Greed index is at 12 today https://alternative.me/crypto/fear-and-greed-index/ - close to as low as it has ever been.

Strangley or not though, I'm not worried. For me this just seems like part of the plan.

I'm not interested in wha the price of Bitcoin is today, this week, this month, or this year. I'm interested in what the price of Bitcoin is going to be in 2, 3, 5, 10 years time.

This could be a great buying opportunity for additional accumulation (not advice).

The majority of sentiment on this forum seems to be positive, but I am seeing some uncertainty.

So it would be good to ask people - Are You Scared or Worried? And what worries you? Or why are you confident?

There is nothing to worry about we had a moving average crossover on the daily chart which has led to this bearish move for the time being. But I think there is nothing to be scared of. Moreover the Bakkt trading hasn't done anything great for bitcoin the volume has been quite low. And it hasn't justified the hype which it was creating earlier. Price was dumped so many times when SEC delayed its approval decision so many times. I think even this dump was due to the ETF delay.

[Digitalbitcoin]

Many get scared just because of rumors. The crypto market is highly volatile and makes big moves according to demand and supply, slabs, buy wall and a few other factors.

People who just get involved in getting returns are in loss because of the lack of information and updates of the market. Also, many other trust issue and economic affairs also lead to a price drop of BTC. As BTC is decentralized peer to peer digital asset can be divided into smaller identical unit parts due to this specification trading is done with higher volume against a lower price.

[matchi2011]

I'm not scared, when you are here for some time, you'll get used to this kind of fluctuation in price, there's nothing to fear
I don't believe we are in market of FUD and pessimism, some time ago we are at 3k USD range, and look now, we are good, just wait and be patient

That's the spirit mate, this current situation will changed up after this fall, look at the positive side since the beginning of the year. You need to fine things that will keep you to stay positive, most the time being scared will result losing your money. Make a good research in order to sort things out and not to fail with any decision making that you'll going to take.

[figmentofmyass]

you realize that rallies and crashes occur with or without news stories, right? the most important factors are price and commitment of traders. traders were heavily long heading into the dump. so when price dropped a little bit, it triggered stops, causing new lows and triggering more stops and margin liquidations, inducing panic selling as price quickly dropped 15% in a matter of minutes. that's what price does---it creates feedback loops. lower prices beget lower prices as traders and investors are squeezed into cutting their losses. news pales in comparison to these market pressures.

And what triggered this feedback loop according to you? This is not a spontaneous phenomenon, it doesn't come from nowhere, there is an origin, you can't deny that.

the origin is sellers selling. you think the only reason people sell is because they read a news story? if that were true, there would be no such thing as "stop loss orders"---people would only sell if they heard bad news!

in reality there's a multitude of reasons why people sell. capital preservation, taking profit, selling out of necessity, etc......the biggest reason is because they expect lower prices. the entire market was piled on the long side, waiting to sell if prices made new lows. so price made new lows and everyone sold at once, largely because of automated stop losses and liquidations.

maybe news "triggered" a few people to sell. we could never know either way. but the reason the crash occurred was because the market was extremely bullish and long and lower prices forced them to sell.

you really think the market crashed because bakkt didn't have high enough volume?

In one word : yes

what proof do you have?

i contend the market would have crashed no matter how bakkt performed. once it launched, the hype was dead and everyone was already long = lots of supply and no demand. those are the perfect conditions for a crash, especially with everyone's stop loss orders waiting at $9k-$9300.

[Febo]

Bitcoin Price Dropping - Are You Scared?

It is as it is planed. Bitcoin price should reach $10000 only at the end of the year but we allready had $10000 Bitcoins in June. That was a suprise. Those 5 montsh of constant price increase. A big surprise I would never predict. What is happening right now is totaly normal. Price can easily go down to $6000 before recovering. But can also stay where it is right now. We are not hihg or low right now. Just perfect.

How can you say that Bitcoin correct price for December 2019 should be 10,000 ? I do not see any logical reasoning behind it. I am sure bitcoin will be either 1- 3K above or below 10K on December this year.

And Yes, the bitcoin falling is very scary as after the dump it takes a lot of time in recovering the bitcoin price.

That is what I predicted at start of the year. Considering Bitcoins price in last 8 years. What has happening from March untill June was an anomaly. Price was groving to fast. Well price was groving normaly, but there was no corecction. That was an anomaly.  

[Saint-loup]

you realize that rallies and crashes occur with or without news stories, right? the most important factors are price and commitment of traders. traders were heavily long heading into the dump. so when price dropped a little bit, it triggered stops, causing new lows and triggering more stops and margin liquidations, inducing panic selling as price quickly dropped 15% in a matter of minutes. that's what price does---it creates feedback loops. lower prices beget lower prices as traders and investors are squeezed into cutting their losses. news pales in comparison to these market pressures.

And what triggered this feedback loop according to you? This is not a spontaneous phenomenon, it doesn't come from nowhere, there is an origin, you can't deny that.

the origin is sellers selling. you think the only reason people sell is because they read a news story? if that were true, there would be no such thing as "stop loss orders"---people would only sell if they heard bad news!

in reality there's a multitude of reasons why people sell. capital preservation, taking profit, selling out of necessity, etc......the biggest reason is because they expect lower prices. the entire market was piled on the long side, waiting to sell if prices made new lows. so price made new lows and everyone sold at once, largely because of automated stop losses and liquidations.

maybe news "triggered" a few people to sell. we could never know either way. but the reason the crash occurred was because the market was extremely bullish and long and lower prices forced them to sell.

you really think the market crashed because bakkt didn't have high enough volume?

In one word : yes

what proof do you have?

i contend the market would have crashed no matter how bakkt performed. once it launched, the hype was dead and everyone was already long = lots of supply and no demand. those are the perfect conditions for a crash, especially with everyone's stop loss orders waiting at $9k-$9300.

Ok but now, today, how do you explain that people are still selling under $10k while Bitcoin cost above that since several months?
How do you explain that so many people are selling at those prices? For me, it's because they are disappointed by Bakkt, they observe that institutional money is not coming.

[exstasie]

Ok but now, today, how do you explain that people are still selling under $10k while Bitcoin cost above that since several months?
How do you explain that so many people are selling at those prices? For me, it's because they are disappointed by Bakkt, they observe that institutional money is not coming.

This market is pretty thin. When tens of thousands of BTC get dumped on an exchange, there isn't necessarily corresponding demand to send prices right back up. In a bubble there is, but the lack of bullish reaction to this selloff suggests we definitely aren't in a bubble.

In other words there is no demand left at higher prices like the $9,000s and $10,000s. That's the sad truth. We need to find a new equilibrium in a lower price range where sellers don't outnumber buyers. I'm hoping we find that equilibrium in the low $7,000s but we have to wait and see.

[STT]

people would only sell if they heard bad news!

I will just state my experience from trading main markets which is the news is written after the market moves and they try to describe why its done that.    There is a tiny cutting edge of sellers who will have a direct feed on reuters brief breaking news releases and sure some might act in that way but most of us are not selling for this reason as we cannot justify sitting by a ticker machine watching even an expected decision.  
  Its always going to be a combination of factors, this current sell off was predictable as early as July when we peaked and lost the previous months trend up.   The trend where we gained was so aggressive we quickly went from 3k to 13k and it could not continue in any sensible way as markets never move in one direction perfectly simply unless they are broken, it would add up to free money.   We'll have an adjustment up again some time in future and this recently has been some adjustment down and its a good thing because BTC is more real when it does both, long term its positive Iam sure of it.     Thankfully BTC is not broken and its adjusted, eventually after some months we have a final wave of doubt and the worst prices are observed.   I would compare this to the tail end of a bull whip, the most rapid movement comes at the end but the wave first started a while back.  
  News doesn't really describe market moves, some stories grow and there is an iterative effect perhaps but there is no one story imo.

[Darooghe]

Are You Scared or Worried? And what worries you? Or why are you confident?

Everytime it drops a bit down I hear my cash screaming "we want more BTC".
Bitcoin has been in the spotlight this week largely due to two unfavorable developments. The first one is the underwhelming Bakkt launch that failed to impress the cryptocurrency community. Second, the largest cryptocurrency finally broke down from a descending triangle after months of consolidation, prompting calls for a bearish dump to $4,000 or even lower but i am still positive about Bitcoin. It still can be a speculative investment people are interested about. Gold has failed so many but it still has value. Bitcoin certainly has utility. This is not investment advice but best time for buying.
By the way, Did you know BTC dropped 10% on the last Friday of every month for the last 5 months? If No, well you do now.

[rizkyrz]

I'm not scared, when you are here for some time, you'll get used to this kind of fluctuation in price, there's nothing to fear
I don't believe we are in market of FUD and pessimism, some time ago we are at 3k USD range, and look now, we are good, just wait and be patient

yes, for those who are in the crypto ecosystem must be familiar. for someone who is really new, it must be considered very negative when a BTC price value is dumping.

[magneto]

Not worried.

I've always insisted that the cycles would recur around 4 years at a time following the halving. I still carry that sentiment with me to this day.

Markets were irrational to begin the year in my opinion, overbuying and making quite unsustainable growth in the short run. If we take into account the fact that the peak of bitcoin usually comes around at the year of halving or the year after (following 2013, 2017), then we aren't in that timeframe just yet.

Just sit back and relax. The fundamentals have not changed a bit.