Bizarre crash! What cause bitcoin crash??

[akmal1984]

The only reason it crashed is because of the panic sellers though it is just a temporary decline. You shouldn't have to waste your time expecting a reason why the market drop. Why don't you just buy during this dip since the price is a little cheaper back then. Stop believing those news saying it's because of this country, that person said this and that. It's useless not unless some whales really dump quite a lot of his bitcoin.

Sometimes emotions can defeat our common sense friends. We all actually know this is just a market game. But when prices go down they still appear even though there is little sense of panic or anxiety in us. Especially for people who want to buy with little capital.
I, who did not buy it, also raised the concern whether the price will go down again.

[clickerz]

the only bizarre thing that i see here is your being about 1 week late to talk about the "crash" that has already happened and ended and we are already in the recovery mode.
not to mention that there are dozens of topics already talking about the crash starting when it actually happened.

Yes, we are now on the consolidation/recovery phase. Though still lower than expected, I hope this is a good road to recovery but a long December holiday is coming.I hope this will not result in massive cash out.

Though the market is crashing as @OP says, there is an opportunity here.

[Febo]

Its second major crash in 3 days going below $7000. What you guys think what cause bitcoin crash because i think uncertainty  of market makes bitcoin crash. I think many of investors should holding there coins and hoping for the best because bitcoin is a fighter and somehow manage to came back at number 1. What you guys thinking about this?

I dont see no crash. There was crash on 21th November when Chinese president explained again what he said few weeks ago. After that price of Bitcoin stays same. Today is totally same as on 22th November.

[AliMan]

Its second major crash in 3 days going below $7000. What you guys think what cause bitcoin crash because i think uncertainty  of market makes bitcoin crash. I think many of investors should holding there coins and hoping for the best because bitcoin is a fighter and somehow manage to came back at number 1. What you guys thinking about this?

There's no exact and concrete reasons for this crash, one thing I realize about this with bitcoin was I am thinking that people always referred with predictions. It really contributes with our decisions, because it could somehow create a mindset. Early users can't handle their pressures and will easily get influenced on some news, making their own predictions without conformity on the recent market updates. That's how I view the current market, in contrast with the probable reasons why it crashes badly these few weeks ago.

[Pearls Before Swine]

after price reached $10k exactly a month ago and couldn't break it completely and continue the rise, the trend was reversed. but as price came down back to $8k levels to consolidate and reverse back up, a panic sell started with a big dump on 22th which is probably manipulation that caused the big crash you are talking about that day.

That's a lot of technical analysis jargon, but I wouldn't necessarily disagree with you about it.  I'm not sure what op is talking about exactly when he's referring to the last day or so, because bitcoin hasn't exactly crashed since it dipped below $7000.  At the moment its holding steady, more or less.

As to why it happened, I just think there's been a lot of selling by hodlers who got impatient with the market and perhaps got scared when bitcoin started to dip and then sold in a panic.  That's a noob mistake, but a common one.  I won't be selling a single satoshi, tho.  Bitcoin will probably have a great year in 2020 and I'm hoping that it gets back to $10,000 at least.

[barota]

i agree with you that everyone should keep their bitcoin and stop dumping because no one will benifit from crash for sure . if doubt spread in the market bitcoin value will find dificult for grow in the future . and number of investors will decrease too . i hope prices to recover 10000 usd per btc very soon

[figmentofmyass]

I think many of investors should holding there coins and hoping for the best because bitcoin is a fighter and somehow manage to came back at number 1. What you guys thinking about this?

that sounds like bagholder talk.

i think everyone who wants to sell should sell. the market can't move up until we shake out the weak hands. let the bottom sellers capitulate!

after 3 days of down trend and panic sells price reached a bottom where there were no more sells left so it reversed and now it is coming back up for about 2 days now.

so you're calling the bottom then?

I dont see no crash. There was crash on 21th November when Chinese president explained again what he said few weeks ago. After that price of Bitcoin stays same. Today is totally same as on 22th November.

ok, but on october 26th the market was trading at ~$10500. we hit ~$6500 yesterday. so the market dropped 38% in a month---if you don't call that a "crash" fine, but it's a whole lot of blood!

[wheelz1200]

Its second major crash in 3 days going below $7000. What you guys think what cause bitcoin crash because i think uncertainty  of market makes bitcoin crash. I think many of investors should holding there coins and hoping for the best because bitcoin is a fighter and somehow manage to came back at number 1. What you guys thinking about this?

Could be a multitude of things but it's quite possible that people are trying to indicate a weakened market to dip the price down.  There are never any clear cut reasons why something happens in the market unless you are the one forcing those market prices.  If someone does tell you a reason and stands on it I'd be weary of that information.  Just look at it as a buying opportunity 

[LeGaulois]

So many things to speculate on but as an interesting fact Bitcoin Has Been Dropping an Average of $110.43 per day since October 25th (Until Today)
Anyway, if Bitcoin doesn't start showing positive signals before the end of the week, I think we'll stay in the $7000 range until the end of the year. Nothing more to expect in 2019. With even a possibility to touch the $6000. And to make things worse, everyone started selling en masse.

[carriebee]

i agree with you that everyone should keep their bitcoin and stop dumping because no one will benifit from crash for sure . if doubt spread in the market bitcoin value will find dificult for grow in the future . and number of investors will decrease too . i hope prices to recover 10000 usd per btc very soon

No accurate reasons why btc decline below $8k. Indeed with this current price better keep or hold for the meantime their btc, or for some they can accumulate when this decline happen. This is not surprising to all users since btc come up in this situation of price. Well, hopefully we will see a sudden spike of price on btc.

[karanggatak]

I think the decline of bitcoin is not a bitcoin crash, it just fluctuates and that is a normal thing to happen to bitcoin. so I think we don't need to panic and say bitcoin crashes. bitcoin can definitely pump up again we just need to be patient waiting.
from the beginning until now bitcoin will still be the number 1 and main crypto in the cryptocurrrency market.

[adaseb]

There is also speculation of that PlusToken ponzi being sold off on Chinese exchanges. No idea if any of this is true but from what I understand the Ponzi was live for a while and it targetted many Chinese mainstream people. Basically it was being promoted in public places and regular Joe's invested in it. They would be invited to seminars and the seminars would teach them how to make a Bitcoin account and buy PlusToken with it.

They actually seized operations in June 2019 when the top was created this year. And one reason why it might of been one source of the rally. Since people had to buy BTC first to buy PlusToken, it led to a higher BTC price. Similar to how ETH went epic in 2017 because people needed to buy ETH to buy ICOs.

Now there is word they are selling like 1000 BTC a day and been doing it for months. Again no idea if any of this is true, heard it on Twitter somewhere.

[gabbie2010]

I think the decline of bitcoin is not a bitcoin crash, it just fluctuates and that is a normal thing to happen to bitcoin. so I think we don't need to panic and say bitcoin crashes. bitcoin can definitely pump up again we just need to be patient waiting.
from the beginning until now bitcoin will still be the number 1 and main crypto in the cryptocurrrency market.

I agreed with with your reason for the dump in the price of bitcoin which is not a massive dump and this is not the first time we are experiencing such a decline and obviously it will not be the last time, personally I see the decline as a pullback of the price regardless of some of the stories we heard about China closing down some exchanges I don't believe the closure would have any significant impact on the price based on the numbers of bitcoin hodlers outside China thus there is no need to spread FUD and avoid panic because there is the tendency that the price would pump again which is synonymous with price behavior of bitcoin.

[jossiel]

Its second major crash in 3 days going below $7000. What you guys think what cause bitcoin crash because i think uncertainty  of market makes bitcoin crash. I think many of investors should holding there coins and hoping for the best because bitcoin is a fighter and somehow manage to came back at number 1. What you guys thinking about this?

There's no need to look for any other reasons, a whale probably sold tons of bitcoin but we have no idea who could that be? Every time the market plunges there will be no other reason why it moves downward.

From whales to smallholders following the trend who are scared of the FUD that the media shows.

[watergold]

It is the number one. No altcoin comes close to BTC as a crypto. Its not really a crash anymore, BTC price has stayed at around 7k by almost a week now with no signs of comeback to 8k. The crash already happened when BTC dropped down to 6.5k but the bulls resisted and brought it back to 7.2k. Its a fight from now on whether BTC would continue to drop to 6k with Bears bringing the momentum back or bulls retaining the momentum and charging for 8k once again.

I think this happened last year even bitcoin at that time was under $ 6000 so this is purely not an accident or crash but this is indeed the condition of the market is going down and it has nothing to prevent it,
The current bitcoin of $ 7,100 could be that it will go back down to $ 7,000 but I'm sure this won't take too long as this will definitely make progress in the future $ 8,000 in December will be achieved.

[Wysi]

It is the number one. No altcoin comes close to BTC as a crypto. Its not really a crash anymore, BTC price has stayed at around 7k by almost a week now with no signs of comeback to 8k. The crash already happened when BTC dropped down to 6.5k but the bulls resisted and brought it back to 7.2k. Its a fight from now on whether BTC would continue to drop to 6k with Bears bringing the momentum back or bulls retaining the momentum and charging for 8k once again.

I think this happened last year even bitcoin at that time was under $ 6000 so this is purely not an accident or crash but this is indeed the condition of the market is going down and it has nothing to prevent it,
The current bitcoin of $ 7,100 could be that it will go back down to $ 7,000 but I'm sure this won't take too long as this will definitely make progress in the future $ 8,000 in December will be achieved.

But what is causing these crash? Don't you think this looks like a pattern as there will be a sudden pump and with couple of days the market will gradually go bearish then it will have a pump of say like $100 then there will be three dumps of $50 each. Basically there are no immediate dumps but rather gradual dumps to make sure users don't sell off and those manipulators can easily benefitted from these pumps and dumps which they creates.  We need to look at the bigger picture of it.

[danherbias07]

You already have the answer.
It is uncertain. It is volatile. That is all the reason which is needed and it is final.
All the ruckus that is happening with different countries have just little effects on it.
New buyers might be shaken by this down trend and might have also sold in bulks. But that doesn't mean they could put it all the way down.

[btc_angela]

It is the number one. No altcoin comes close to BTC as a crypto. Its not really a crash anymore, BTC price has stayed at around 7k by almost a week now with no signs of comeback to 8k. The crash already happened when BTC dropped down to 6.5k but the bulls resisted and brought it back to 7.2k. Its a fight from now on whether BTC would continue to drop to 6k with Bears bringing the momentum back or bulls retaining the momentum and charging for 8k once again.

I think this happened last year even bitcoin at that time was under $ 6000 so this is purely not an accident or crash but this is indeed the condition of the market is going down and it has nothing to prevent it,
The current bitcoin of $ 7,100 could be that it will go back down to $ 7,000 but I'm sure this won't take too long as this will definitely make progress in the future $ 8,000 in December will be achieved.

You can't compare last year's crashed from $6k-$3k, there was a hash war going on that time between Ver's BCH and CSW Bitcoin SV. This time the news comes from China itself. We're just a couple of days before the end of the month, and I don't see $8k in the horizon. Maybe we could finished the year at a positive note on $8k-$10k, but it remains to be seen as the market price is really volatile at this point.

[philipma1957]

36 of 39 posts earned coin for posting here.

why did we drop to 6500 price?  that is a supporting number for major mining companies.

 a big player with 70 watt gear turns a profit mining at that price.


so there is a push towards  5000-6500 price level as it is the break even number for big miners.

10k 20k 30k numbers are speculative numbers for traders.


so we have two forces one is always pushing to the breakeven price level.

the other is always pushing to the moon.

[barbara44]

Its second major crash in 3 days going below $7000. What you guys think what cause bitcoin crash because i think uncertainty  of market makes bitcoin crash. I think many of investors should holding there coins and hoping for the best because bitcoin is a fighter and somehow manage to came back at number 1. What you guys thinking about this?

You can't really tell what is causing the price of Bitcoin to fall. But, mainly it has always been supply and demand. Most people believe that when the price of Bitcoin is low then it means that there is a lesser demand for it than there is to supply - when there is an increased demand for it the price will go up as well. There are lots of people that are trading Bitcoin every day, so anything can happen at anytime, there are times supply can get higher than demand.

There are other factors that can influence the price of Bitcoin - like regulatory changes, a decision that is made by the government. Next is political events and the media. Explaining all these is another long story, would be better for you to do your research on it.