Personal Opinion: Only a matter of time until Bitcoin will surprise us again

[thesmallgod]

I wonder why the coronavirus hysteria is so big.
After all,this is a virus with a 2-3% death ratio and only the really old and weak people die.The rest can be cured successfully.
The mainstream media and the social media platforms cause all the hysteria with all the "breaking news" and clickbait BS.
I don't think the hysteria is the only reason behind the Bitcoin price correction.The crypto whales just cashed out big profits at 10K USD price,and they are preparing to buy some cheap bitcoins right before the halving hits and the price goes up.

I share the same opinion with you. I have not even seen any concrete reason that shows that it was the coronavirus ish that made the price of bitcoin fell short from 10k. I see it as what we used to witness every day in the crypto world. The problem is that when the price went up to 10k people think we are already in a bull run and that the price will continue to go up but they have not justified reasons why the price rise from 6k to 10k. This is normal and we have witnessed this many time in the past

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[Searing]

This is also true of any crisis..imagine you are trying to prepare your likely 'emergency fund' which also likely is empty....in say Venezuela

Any of that current currency, if you have such, is probably getting even more worthless due to last week's dump of stocks/BTC/etc. So you can

dig out your hidden emergency gold and/or stocks or take out a loan (all doubtful) or you can liquidate that Bitcoin you've been accumulating

that you were and are buying food, in say Paraguay or some such, because they never will again take Venezuelan currency.

But with this handy/dandy BTC/crypto with the ability to get USD out of such back from BTC and into say USD into your phone, you now can stock up for coronavirus.

This is happening with everyone around the world due to the instant and easy liquidation of BTC/Crypto for such pandemics we may be in the process of having.

So, BTC as plan-B for emergencies this should NOT be a surprise. Was to me, just saying, it should not have been. This easy liquidation is a feature of BTC, the same

as accumulation is.

So we will see how this pans out if/when the stock market continues to fall and other things happen....currencies get manipulated around the world and IMHO

BTC  price will swing back to upward and accumulation will resume and such BTC for the same ease of use above and BTC's decentralized nature.

But this time as a store of value, for these further games by governments and the next round or two of emergencies with this crisis. Again, IMHO. This liquidation

as a phase of BTC/crypto sales and the price, dumping is just the 1st act of this whole coronavirus, again IMHO. Boom or Doom, we will be the first to know!

later

Brad

[maxreish]

It's the fear of corona virus infection. Let's face the truth, if someone infected around your country who would not panic? Especially when the infected area was located in your city. But we can always be calm and be prepared for all of this issues. In the connection of bitcoin crash, many said this crash were still connected and has something to do with the NCOV crisis, whatever is true.

 Those panic sellers and panic buyers did contribute to this massive drop though. On the other hand, this dip market can be an opportunity to buy more btc. Let's just be calm folks, every issue has a solution.

[bhabygrim]

Why would the panic of corona virus affect the market?
There is no need to sell their crypto at all since it wouldn't even affect the virus it wouldn't cure or lessen the virus spreading phase.
It would only affect the market if the victims of the virus are crypto holders and they need to convert it into Fiat in order to pay for their medications.
But for those who doesn't need medication or have enough money to buy some mask for prevention then I don't see any point for those to sell,
Unless they really want to quit or they are willing to lose some money.

[South Park]

Of course why would someone in panic mode and sell their stash because of the corona virus scare? Everything will settle down in the next couple of days. And just be checking the price today, crypto markets are in a positive, although the rest of the traditional markets are still red.

In fact it is not really difficult to understand why this could happen, while investors and traders love volatility they hate uncertainty, we do not know the true potential of this new virus to affect our lives and that is why the stock market is going down, as such in times of crisis people prefer to hold cash just in the case something important happens they have the flexibility of buying what they need, in my opinion it was just a matter of time before we saw the price of bitcoin going down because of this virus but since the decrease is being caused by an external factor the drop in the price will at most last a few months.

[serjent05]

I definitely agree with OP's opinion.  I also have seen a much worse crash than the recent one, what I witnesses after those crash were the bounce-back of Bitcoin at a greater height.  Most of those who panic sell end's up with regret.  And now we face another the same scenario, I bet most of us knows what to do, patience is the key!

[Wysi]

True this is something which is happening from a long time is we have witnessed the worst Bitcoin collapse in the past, let's take last January as an example Barren Bitcoins value drop below 5000 USD but the amount of time it recovered and bounced back. So we should not be selling a for Bitcoin in panic selling as I have made this mistake in the past and I still regret for that, I would request everyone to hold onto the Bitcoins at least until the month of June that's post halving.

[Baoo]

Personally i don't have any bitcoin but i would not be surprice if the next year or 2022 bitcoin will make the new hight! I don't think this year it would happens , bitcoin is not ready yet.

I disagree with you, Bitcoin is always ready for any development in value despite we still have not seen any high price in this year. Furthermore, remember that Bitcoin halving is coming in July, after that event there is a great possibility that Bitcoin's price will rise with a big amount like, $ 15k usd or maybe much more but It is pretty  hard to predict an accurate price well.

[BuNga_cute]

Most of us are panicked seeing the current price movements of bitcoin. Even though we should believe in the potential and the future
bitcoin. We have seen the history of halving before that succeeded in making the price of bitcoin rise dramatically, it should even now
we must be sure to approach halving, the price of bitcoin will increase. I am sure that in the near future bitcoin will provide a surprise
with a significant price increase. So my advice is better to hold the bitcoin that you have, so you won't regret it later.

[bitgolden]

I was expecting the bitcoin to act as a safe haven, but the case was different and the price fell. But I’m happy that the price still managed to recover and it has been going up slow and steady as of recent and would soon pass the $9000 price mark. Although I’m not going to say that what happened was bad because most of the assets/stocks market were affected during this time of Corona virus, it was kind of a general thing and bitcoin wasn’t the only asset that was affected.

I do strongly believe that this current situation is not going to stop what we expect from the halving. There is still going to be a bull run, nothing is going to stop that, I strongly believe this.

[bitbunnny]

Yes, Bitcoin can always surprise us both in positive or negative way but after 8 years dealing with Bitcoin I can't be so easily surprised anymore.
So, the recent correction wasn't a surprise for me, it was kind of expected but on the other hand I don't think that will last for long and that price will go down further.
Price will recover, that is for sure, however I don't expect some huge price jump.

[Twentyonepaylots]

Yes, Bitcoin can always surprise us both in positive or negative way but after 8 years dealing with Bitcoin I can't be so easily surprised anymore.

Same here mate, I'm not gonna get surprised if anything happens with bitcoin either negative or positive since it is  on the large bright spotlight now dealing with some big entities. After a couple of years with bitcoin I got all the good of it especially on year 2017 and seems like I'm ready to accept with any negative that will happen with it.

So, the recent correction wasn't a surprise for me, it was kind of expected but on the other hand I don't think that will last for long and that price will go down further.
Price will recover, that is for sure, however I don't expect some huge price jump.

As 2020 enters to our life, there are many unexpected things to happen like USA vs IRAN ( The conflict between them isn't surprising, what surprised me is the high profiled attack ) and corona virus disease. I remember how optimistic the people are on november last year  and turns out to be a hard challenge for the market when it finally went through haha. What I expected to happen next with the bitcoin market is a flat none.

[BrewMaster]

to be honest any rise even if it were big in the near future is not surprising at all, it is like last year near the same time when bitcoin was around $3k and people were surprised about the well expected rise past $4k and the follow up FOMO that brought bitcoin up to $8k before a correction happened. we are in the same situation now too so we can't really be surprised to see another development towards the new ATH this year.

[Sanugarid]

I wonder why the coronavirus hysteria is so big.
After all,this is a virus with a 2-3% death ratio and only the really old and weak people die.The rest can be cured successfully.
The mainstream media and the social media platforms cause all the hysteria with all the "breaking news" and clickbait BS.
I don't think the hysteria is the only reason behind the Bitcoin price correction.The crypto whales just cashed out big profits at 10K USD price,and they are preparing to buy some cheap bitcoins right before the halving hits and the price goes up.

I share the same opinion with you. I have not even seen any concrete reason that shows that it was the coronavirus ish that made the price of bitcoin fell short from 10k. I see it as what we used to witness every day in the crypto world. The problem is that when the price went up to 10k people think we are already in a bull run and that the price will continue to go up but they have not justified reasons why the price rise from 6k to 10k. This is normal and we have witnessed this many time in the past

As we can all notice, the market is now recovering, and we are all hoping that the bull run will happen soon. But on the coronavirus case, I can say that it has nothing to do with the price of every crypto. As of now, we should wait what's an important thing that will be occurring this year and might have a big impact on the market which is the halving of bitcoin. The past halving turns into a good result because when that really happens, the market really pumps up, but as of now we cannot predict what's gonna happen but we are all wishing that it comes with the same result.

Yes, Bitcoin can always surprise us both in positive or negative way but after 8 years dealing with Bitcoin I can't be so easily surprised anymore.
So, the recent correction wasn't a surprise for me, it was kind of expected but on the other hand I don't think that will last for long and that price will go down further.
Price will recover, that is for sure, however I don't expect some huge price jump.

No one can really predict it since cryptocurrrency's nature is its volatility, the passive changes in terms of value is there. We can only do some speculation but that might help if you guys have some statistics or proof. But still, it is really hard to prove it.

[gundala]

All of this means that Bitcoin will most likely always thrive in any negative scenario. Governments can confiscate your precious metals, but they cannot confiscate your Bitcoin as you can simply bury a piece of paper wallet inside a bottle under the ground and no detector will ever find it. Governments can make your fiat money worth ~$0 with only an announcement, but people will always be willing to pay a decent price for a scarce asset. Governments can warn you the banknotes may be infected with some bacteria, but Bitcoin existing only in a digital form will never come with this danger. Banks may close and seize your funds as if they were never yours, but Bitcoin is only stored and controlled by you and you can give anyone some BTC without a third party asking where that came from and why. Someone might give you an oz of gold and you'll have to trust the gold isn't fake, but you cannot receive a fake satoshi. Get it now? Bitcoin is simply a safety during hard times.

Your description of bitcoin makes me realize how much more bitcoin is compared to any valuable asset in physical form, in the real world. So I always believe that bitcoin is an evolutionary form, it takes a long time to be effective, just like natural selection.

My personal opinion is we should not panic or panic-sell. If you're in a huge need of cash, commodities should probably be somewhere on the second half, towards the end, of the list of stuff you're thinking to sell. Time will prove whether I'm right or not though, and I wish I could give the best advice ever during these times but I am not willing to take responsibility for anyone's assets, wealth or life. Therefore, this post serves as a summary of the accumulated thoughts I've been having in the recent days.. any critique is more than welcome, so feel free to contradict me

I totally agree with the contents of this thread as a whole. Many things opened my eyes and strengthened me to stay here. No need to worry, the bad season will end, this train our mentality to survive, of course, it must be balanced with strategy and analysis because the opposite can happen.

[milewilda]

to be honest any rise even if it were big in the near future is not surprising at all, it is like last year near the same time when bitcoin was around $3k and people were surprised about the well expected rise past $4k and the follow up FOMO that brought bitcoin up to $8k before a correction happened. we are in the same situation now too so we can't really be surprised to see another development towards the new ATH this year.

For those fellas that have been here for many years wont already be got surprised to these typical things that do happen in the market.I cant even see a reason on why we should be surprised yet it do moves on behavioral manner depending on what are the market sentiments or new that do happen around.We are moving sideways now and the price can either pump and then crashed in a short period of time.
Thing here is that we should know on how we do secure ourselves to utilize up these movements to be profitable.Just dont hurry up on things nor anticipate too much because it will just stress you out.

[South Park]

In fact it is not really difficult to understand why this could happen, while investors and traders love volatility they hate uncertainty, we do not know the true potential of this new virus to affect our lives and that is why the stock market is going down, as such in times of crisis people prefer to hold cash just in the case something important happens they have the flexibility of buying what they need, in my opinion it was just a matter of time before we saw the price of bitcoin going down because of this virus but since the decrease is being caused by an external factor the drop in the price will at most last a few months.

It would be have a lot of effect in the stock market, but I don't see it impacting the price of BTC that much although we're kinda feeling the correction of the price right now. Many could have been panicking right now that they're now gonna start selling their crypto and all. In the end people would still just keep their BTC in their wallets as long as there aren't that much of victims in their countries from the virus. We might be down to 7k at its lowest from this issue.

When it comes to this new virus I do not see how bitcoin could have escaped its negative influence, the market is made of people and there are few things that are more scary than a new virus with an unknown potential to disrupt our lives, so it made sense that some people began to sell their bitcoin not only because of the uncertainty, at the time we had already reached the same price barrier that we reached months ago so the market was ready to go down anyway and the virus was the catalyst of the drop.

[OcTradism]

When it comes to this new virus I do not see how bitcoin could have escaped its negative influence, the market is made of people and there are few things that are more scary than a new virus with an unknown potential to disrupt our lives, so it made sense that some people began to sell their bitcoin not only because of the uncertainty, at the time we had already reached the same price barrier that we reached months ago so the market was ready to go down anyway and the virus was the catalyst of the drop.

If Gold can escape the pandemic's negative influence, I do believe bitcoin can do same escape or even more impressive escape. I don't know how you observed the market, the trend, the flow of capital and price actions in last month but from what I see, bitcoin and crypto market have responsed better than others, from stocks, oil, to gold. Bitcoin and crypto market are the strongest one in the pandemic. I don't say any guarentee for them in next few months, everything can change fastly in crypto but I believe we will have next one or two years with Bull.

[verita1]

I think this is the best time for BTCitcoin. While we are trying to get out of the Covid19 Pandemic, we may have a better chance of using Bitcoin to rescue the breakdown of the economy. Many jobs are being lost but remote work is gaining some ground and that is a good space for Bitcoin. It may have the power to win massive adoption with a mutual agreement between employers and the workforce as well as payments for goods and services.
What is true is the way of managing the economy must improve after the Covid19. Because it lacked to attend to essential things, and now we are suffering from this dangerous virus.

[Jating]

I think this is the best time for BTCitcoin. While we are trying to get out of the Covid19 Pandemic, we may have a better chance of using Bitcoin to rescue the breakdown of the economy. Many jobs are being lost but remote work is gaining some ground and that is a good space for Bitcoin. It may have the power to win massive adoption with a mutual agreement between employers and the workforce as well as payments for goods and services.
What is true is the way of managing the economy must improve after the Covid19. Because it lacked to attend to essential things, and now we are suffering from this dangerous virus.

What do you mean that remote work will give bitcoin some good ground?

The world economy will truly be reset again because of the Covid-19 pandemic. Every governments around the world will probably change their perception again as to how to combat this kind of health issues. This is the first time that we have witnessed a crisis wherein no one is really immune, not even US. Regarding bitcoin or crypto in general, we just need to be smart on selling it off, might be the last commodities that we need to sell-off in this crisis, in my opinion.