bitcoin is supposed to go up of this corona! people are doing it wrong

[enhu]

Corona isn't here to stay. China's weather will soon warm up for Spring and COVID19 doesn't survive in warm weather. The spread will slow down giving experts time to develop a vaccine for it so hold your horses. Its not doomsday, you'd be homeless if you sell your real estate properties today.

This corona virus will force countries to also go cashless and will probably adopt cryptocurrency, it will speed up the adoption but may not make the price moon all of a sudden.

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[tbterryboy]

I have said exactly the same thing somewhere else as well, there is really nothing that could make bitcoin go down regarding this corona virus deal and people are still selling their coins for some reason we will never know.

I mean every single fact and data shows that bitcoin should be going up right now, every single one, yet the price is going down and I assume the only reason for that is the fact that we are actually in a bear market everywhere else in the world so people assumed we would be in bitcoin as well and they sold and since this is a decentralized and unregulated market that caused a bear market here as well, no other logic comes to mind. Halving is just around the corner and I still think this is a great moment to buy as much bitcoin as we can before it goes off.

[fabiorem]

Its not people doing it wrong, OP. Its the whales who had joined forces with the legacy system. Now we have bitmex, futures, options, all those tools which were used by TPTB to destroy the gold and silver markets. Now they are being deployed against bitcoin.

So, with or without virus, it will keep going down. From what I have been observing, first it have lower highs, then higher lows, then it go sideways for some days, and then it goes down to the level below. This pattern is repeating itself in a systematic way, which indicates heavy manipulation over it.

People, then, have fear of buying it, and see it losing value in the next month. People have bills to pay, they cant go all-in like the bishops of the hodl cult wants them to do.

[exstasie]

Its not people doing it wrong, OP. Its the whales who had joined forces with the legacy system. Now we have bitmex, futures, options, all those tools which were used by TPTB to destroy the gold and silver markets. Now they are being deployed against bitcoin.

So, with or without virus, it will keep going down. From what I have been observing, first it have lower highs, then higher lows, then it go sideways for some days, and then it goes down to the level below. This pattern is repeating itself in a systematic way, which indicates heavy manipulation over it.

Ignoring the coronavirus for a moment, there is a school of thought who believes CME futures whales are consistently pushing the BTC spot markets around to benefit their positions on CME. There are even traders I have immense respect for who speculate about this.

It ends up being a very circular sort of logic: price moves and we assume the CME whales are responsible, so we look for evidence to confirm the theory. The problem is even if it's true, we could never know what those positions are and when they have been closed.

All we can do is speculate based on price action, contract settlement times, and volume. So we are currently looking for a notably bullish reversal candle, on very high relative volume, preferably close to settlement time. This would indicate the CME "composite group" (as you might call them in Wyckoff terms) has re-positioned themselves for a market reversal. The aqua arrows point out some previous examples:

[inanilujimi]

You say as if the world is almost doomed.
we know if the world economy crashes, are you sure that crypto continues to grow ??

there is nothing wrong because for me right now the market is undergoing correction to get a new quality improvement again.

[pooya87]

bitcoin was supposed to go up but for a dozen other reasons none of which were directly related to Corona virus. for starters bitcoin has been in a bull mode and the rise was expected, with halving coming there is a lot of hype that warrants a big rise. on top of all that we have numerous bullish news with countries accepting bitcoin every day! under normal circumstances that would have meant at least a  40% rise.
then there is all the other markets crashing which means there is a ton of money exiting those markets and looking for an alternative asset to go into. bitcoin has always been among those "alternatives" even if at a smaller scale.

that leaves only one logical explanation for the drop: manipulation.

[exstasie]

on top of all that we have numerous bullish news with countries accepting bitcoin every day! under normal circumstances that would have meant at least a  40% rise.

Not sure how accurate that is. It really depends on market sentiment. In a strong bull market, bad news selloffs quickly get bought up and good news triggers rallies. In a strong bear market, good news doesn't mean shit.

I'd say we're in the early stages of a bull market but sentiment is still very fearful, so good news has very little effect.

then there is all the other markets crashing which means there is a ton of money exiting those markets and looking for an alternative asset to go into. bitcoin has always been among those "alternatives" even if at a smaller scale.

Those markets are crashing because investors are dropping risk assets for cash and bonds. BTC is a risk asset too.

that leaves only one logical explanation for the drop: manipulation.

You're not alone in that conclusion, but I'm skeptical. I think this is just a normal correction, no need to blame manipulation. Plenty of people were expecting a big pullback from the $10K area. It's only the ones who didn't see it coming who are complaining about manipulation.

[imstillthebest]

 what i only like with your sentence is the last one  .  indeed stocking up something you need can help you to not to go outside on public and risk your self from the on going epedemic but other than that i wont agree on the rest that you said  .

why you blame people  ?  for not letting the btc up ? thats not right bro , that isnt thier fault but its yours if you bought btc and expect something extra ordinary   . yes there is a virus issue and with that ,its expected that all of the market including crypto are going to be affected    .

[Reid]

That is not what happened when I went to the grocery. They are now hoarding everything.

My own hypothesis.
They sold their bitcoins to buy those supplies but they don't want to move their money from the bank.
It looks to me like they will jut entrust the banks for now thinking there will be nothing soon.
No miners, no bitcoin holders.

Just my own opinion though. No facts to back it up.

[Jeremy Franklin]

Guess people are putting too much expectations with how Bitcoin is. A crash in economy would hit naturally hit BTC as well and nothing can stop that. Even if we did say hold BTC and kept buying them, if the economy crashes, the hodl'ed BTC would go nowhere,especially with how what is needed in that crash would be safe assets/havens. Yes, BTC is one of them, but it isn't at that state where you can completely trust it as one right now, maybe after a few years or more, but currently? Nope. I guess people are taking into account long term problems and solutions instead of short term ones.

Yea agreeing with you on that topic. It's still to early to call Bitcoin a safe haven, but you are right, Bitcoin is on the right track. Maybe in a few years the ordinary Jimmy will realize and Bitcoin can enlarge his position as 2nd biggest safe haven, right after gold. But for now crisis will hit Bitcoin the same as it hits the stock markets.

[hahay]

Yes, that is what should have been realized to be carried out in real action although indeed, buying food supplies or other things in this matter is like a panic buying but that's what happens because the corona virus outbreak is getting worse and of course, with this economic instability will make bitcoin becoming a preferred choice for many purposes which is safer than spreading any virus. But, I did not expect much about it, because after all wiping out this virus would be very important from any case.

[el kaka22]

I guess when there is something much more scarier than money, its health. Think about it when your life is in danger and you need to think about surviving, do you really care about the money part of the question?

There has been literally 500 thousand people in USA just in 2019 who went bankrupt and lost everything just while they were trying to recover from sickness and that is USA, when you think about the whole world there must be millions of people who go bankrupt every year just to stay alive. So, it is expected that this corona virus deal has made people make bad financial decisions because they were scared they would be one of the people who have lost all of their money during this situation if they get corona virus. Even the tests are not really easy to get hands on if you think about it.

[Oasisman]

bitcoin was supposed to go up but for a dozen other reasons none of which were directly related to Corona virus. for starters bitcoin has been in a bull mode and the rise was expected, with halving coming there is a lot of hype that warrants a big rise. on top of all that we have numerous bullish news with countries accepting bitcoin every day! under normal circumstances that would have meant at least a  40% rise.
then there is all the other markets crashing which means there is a ton of money exiting those markets and looking for an alternative asset to go into. bitcoin has always been among those "alternatives" even if at a smaller scale.

that leaves only one logical explanation for the drop: manipulation.

So, do you think the Plus token scam that might be the cause for Bitcoin to dump, a part of the manipulation?
I mean, I also have the same thoughts. I knew the bullrun is about to happen anytime as the market shows a good sign of an upward trend, but then suddenly came falling gradually.
Yet, as days passed by and the worse has come for the corona virus, I realized how this global pandemic have affected the traditional market, thus causing a slight effect in cryptocurrency as well. Though, the corona virus does not make a direct effect on cryptocurrency, but the people are already panicking, and bought necessary things for a possible lock down survival. So, the money that should've been diversified for crypto investment has been spent for the preparation of the pandemic. Some are hoarding massive number of sanitizing kits and sell it to a much higher price than the suggested retail price.
This are just some minor scenarios I believed that could affect the current Bitcoin price.

[adaseb]

Seems nothing is trading like it should. Trump gave his speech and markets went down hard, and BTC followed. Gold on the other hand you can see it traded sideways, so I am surprised here.

Basically I think one reason why Gold hasn't rallied hard yet is because we are technically not in a recession yet. However depending what happens on tomorrow's open, it might get ugly fast. So many people are panicking right now especially the retail investors.

[stompix]

this global pandemic is here to stay
cash will carry virus, so bitcoin is the way..

Stop spreading panic!

economy is falling down, stocks in red , bitcoin is the way.
people are selling crypto like any other asset. you have to believe, the days of crypto has come..
sell all your stocks and buy bitcoin

Yeah, how did that work out for you?
Crypto all the way..hammered exactly 40% in the last 30 days.
How many times does it have to happen to understand that everything that is bad for the economy, it is going to be bad for bitcoin also?
People that are laid off, that are in quarantine, that see their funds running out, their business crumble will not buy bitcoin!
I've been telling all those apocalypse lovers for years this, when something really bad will happen, bitcoin will just follow the others.

Because BTC is not a magic pill, it's not the holy grail, it's not Jesus, BTC is money, and look how things are turning out.
Ironically BTC needs more than ever a healthy economy, not some mad max doomsday world to thrive.

[fabiorem]

Actually, the fact that bitcoin is not going up, and instead is following the stock markets on the way down, proves two things: a, bitcoin price is under control of the same guys who gamble in the stock markets (futures, options, etc) and b, coronavirus is fear porn to make the masses obedient to a upcoming global police state.

In the option a, if some whales had not joined forces with TPTB, the price would be going up. They are shorting it to make money out of bitmex, CME and BAKKT, and they are not re-buying crypto.

In the option b, if coronavirus was a real pandemic, and not fake, people would be buying bitcoin to avoid paper money. Since any death from pneumonia (whatever the cause) is being computed as part of the pandemic, its easy to imagine people believing anything governments tells them, including buying their own cryptocurrency (which will not be bitcoin) at the end of it. And before any of you thrown media bullshit here, know that I had pneumonia in the past, and I know very well you can die from it.

[FanEagle]

The reality is, companies are trying to actually get liquidated these days because they feel like all the money they reinvest into their jobs may not get back to them with profits during this time and that is why they are actually keeping it on cash. It means all those trillion dollar investment companies are not really likely to invest into anything these days. They want to get rid of all the stocks they have and that causes stock prices to crash. What else can they sell with very ease for billions of dollars?

The crypto they were holding, they can cover the losses they made from stock prices with the profits they have made thanks to crypto which increased 2x in the last 1 year, so that is what they are doing right now. Simple as that, nothing more to it.

[shoreno]

pandemic is here to say ? no fckin way.  seems like you like it when you say that itl stay . i believe governments and higher people are now inventing a way to destroy this epedimic . no virus epedimic remains on this world so far except from common virus and other individual normal disease . and how do you say that bitcoin suppose to go up ? how can you be so sure that corona is related to bitcoin but one thing im sure of is that people are scared and selling thier investment so that they can stock up a cash that will be using in times of hard ship because its hard to go to work right now

[Sanitough]

this global pandemic is here to stay

No it isn't, it will be contained soon, this is a global emergency so the smart people in the world are definitely looking for the cure that they will be releasing soon. Bitcoin is supposed to rise but not when its result is tied with the global situation, people panic so they are cashing out, same thing happens here, it would only be okay if its not a global pandemic, but it is, a serious struggle for all of us and at this time, our needs matters most than an investment.

[Wilhelm]

Corona isn't here to stay. China's weather will soon warm up for Spring and COVID19 doesn't survive in warm weather. The spread will slow down giving experts time to develop a vaccine for it so hold your horses. Its not doomsday, you'd be homeless if you sell your real estate properties today.

This corona virus will force countries to also go cashless and will probably adopt cryptocurrency, it will speed up the adoption but may not make the price moon all of a sudden.

Wishful thinking

1. Corona is here to stay. We need to manage it.
2. Weather argument is fake news. In Australia and Africa it is spreading and it is hot.
3. A vaccine will help prevent future spread. Natural immunity needs to be built up.
4. Bitcoin has the anarchy of cash. Countries will go cashless but never 100% bitcoin.
5. 100% germ free will kill you. So getting sick is part of normal life and gives immunity.

Bitcoin is the honey badger of money and doesn't give a shit about corona