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

[Wilhelm]

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.

Indeed, we all need to work with this virus hand and hand in order to find the best solution to contained the virus. It's globally issue now and it's affecting everything especially all the business sectors.
We need to focus with how we can help not with how to find the actual curement but in it's most smaller contribution by following the government rules.

+1 it will never be contained. We need to manage it...

Look at polio, measles, etc. we have vaccines but once we stop vaccination it is bound to pop up again

[STT]

It seems a positive reaction to bottom pricing here.   I do expect some retest but its possible we are still going to see BTC turn around and even be more used in any lock down scenario.



To stay elevated in this area I count as positive.   A retest of the lower price in 3000's would be more serious, but till then despite the prior falls I count BTC as acting relatively positive going forward.

[Sanitough]

+1 it will never be contained. We need to manage it...

Look at polio, measles, etc. we have vaccines but once we stop vaccination it is bound to pop up again

Then we do the vaccine again, the most important thing here is to find the vaccine for this virus so people will not anymore panic, as long as they get cured when they get infected, this virus is not going to be a serious threat to our life.

[milewilda]

this global pandemic is here to stay

cash will carry virus, so bitcoin is the way..
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
use 90 percent of your cash to invest in bitcoin.
sell all your real estate , they will be seized by government for free for building hospitals, just like in china.

so sell everything as fast as you can and buy cypto...

buy supplies and food for atleast 3 months. fill gas in your vehicle.

I know isnt bad to have these kind of optimism when it comes to global adoption of Bitcoin but it wont really be enough even we are on a very serious problem.
Do you really believe that fiat would vanished as easy as that? It might one of the cause of transmission of covid but doesnt mean that it would really be removed so
easily.Just like other markets we've seen the worst atm where everything is on read and not all people would have that same mindset on accumulating cheap coins,
consider out the panic and hesitance in regards on investment decisions.

[Triffin]

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.

Yes people are in serious problem and not only single person but the whole world is suffering. So we should all be together and fight against this issue. About bitcoin we can see the price is dump so its better to keep holding and waiting for it. Those who have money they should try to keep buying and later on you will get chance to have more profit.

[CaVO32]

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.

Yes people are in serious problem and not only single person but the whole world is suffering. So we should all be together and fight against this issue. About bitcoin we can see the price is dump so its better to keep holding and waiting for it. Those who have money they should try to keep buying and later on you will get chance to have more profit.

We can't blame those crypto users that are selling some of their portfolio as they may have urgent needs to address. With so many businesses closed, they need to prepare themselves for the worst and not be trapped without a fight. if someone can afford to buy crypto without hurting anything, like their financial capability during this crisis, i guess this is a good opportunity for them. but for those who are selling, it is understandable actually. We all have different needs so you can't tell someone that you are doing something wrong with your decision.

[adaseb]

Today is actually the very first day when BTC no longer follows stock indicies. If you go to trading view and click the + button and add BTCUSD and US30, you will see they were correlated for a while however for the last day, bitcoin traded sideways while stock indicies went lower. So its looking good.

I think if stocks got a decent bounce then BTC could really rally all the way up to $8000 very fast however with all the stimulus and QE doing nothing, I think the only time when stocks will rally is when maybe a vaccine is out. However who knows how far away that is.

[DevilSlayer]

It seems a positive reaction to bottom pricing here.   I do expect some retest but its possible we are still going to see BTC turn around and even be more used in any lock down scenario.



To stay elevated in this area I count as positive.   A retest of the lower price in 3000's would be more serious, but till then despite the prior falls I count BTC as acting relatively positive going forward.

If there will be a retest in $3850 where the price bounce back, then we can say that there are now buyers in that area. If you will use darvas box, you will see that the price is still consolidating. We should just wait if there will be a breakdown or breakout that will happen. But the chances of breaking down is much higher because there are still panic in the international market.

[yanto@1977]

sell all your stocks and buy bitcoin
use 90 percent of your cash to invest in bitcoin.
sell all your real estate , they will be seized by government for free for building hospitals, just like in china.

so sell everything as fast as you can and buy cypto...

buy supplies and food for atleast 3 months. fill gas in your vehicle.

You are in panic mode, please stay calm and think again before doing something bad. People will choose to sell their bitcoin into gold and property for saving, both have regulation and protect by currency and fundamental history. But supplies and fill gas is important because panic can create chaos and supplies/ gas will become expensive. I agree with last but not with the first.

[Findingnemo]

$6200 and still increasing,feels good to see a huge upward curve.

Seems people started to realize what they have to do with bitcoin at the financial crisis, better use this opportunity and create panic buying button guys.

[thecodebear]

Everything gets sold in a market-wide panic.

Last week was the panic, so stocks, gold, oil, bitcoin, everything crashed.
This week the realization of an incoming recession is starting to hit, but combined with the expectation of lots of debt fueled money flowing out of thin air and quantitative easing coming. This is all good for Bitcoin. Bitcoin doesn't care about recessions because it isn't a company. But if lots of money starts flowing, that makes fiat currencies less valuable (making Bitcoin more valuable in comparison) and also that means more money being passed around, a little bit of which will flow into Bitcoin, especially as people look for hard money stores of value while companies are floundering.

And what do you know, today we have a 20% bump in Bitcoin! I expect stocks to stay low in the coming months, propped up from significant further crashing to a degree by money printing efforts and QE by governments and central banks. Meanwhile I think Bitcoin will look pretty strong in the coming months. I could definitely see Bitcoin going back to yearly highs in the next 6 months while stocks still being down around today's levels (Dow at 20,000) in 6 months. Seems 3800 was likely the bottom of the crash for Bitcoin, I'd expect stocks to continue to slip a bit more even with massive injections of cash, unless of course we turn a corner on the pandemic soon and things go back to normal everyday life in the next few months.

[exstasie]

Everything gets sold in a market-wide panic.

Last week was the panic, so stocks, gold, oil, bitcoin, everything crashed.
This week the realization of an incoming recession is starting to hit, but combined with the expectation of lots of debt fueled money flowing out of thin air and quantitative easing coming. This is all good for Bitcoin. Bitcoin doesn't care about recessions because it isn't a company.

Of course it does. Recession means declining businesses and job losses. It means everyone has less disposable capital. That means less investment into anything (including BTC) and increased pressure to sell off assets (including BTC).

Plus, BTC has never actually experienced a recession. We probably shouldn't be overconfident about its performance. BTC falling 63% in this episode (vs. much smaller losses in stocks, gold) is something to consider.

The big question for me still: is this a short term contraction (months) that does not coincide with a larger recession, like 1987?

[tbterryboy]

Bitcoin is not "supposed to" do anything if we do not force it. It is we who are responsible with the price of bitcoin and if we sell it goes down, so we are the ones dropping the price.

Definitely, it makes more sense that gold and bitcoin should go up, but I guess people didn't want anyone else to have their moneys control so they withdrew cash a lot, many people literally carrying big amounts of banknotes now, there has been surge in withdrawals all around the world.

Even in health approach that makes no sense because we should not be touching each others money in case any one of us have corona but for some reason banknotes saw a surge even with that in mind. So, I agree that it doesn't make sense, but we are the ones that cause that no sense thing on bitcoin right now.

[pooya87]

Everything gets sold in a market-wide panic.

Last week was the panic, so stocks, gold, oil, bitcoin, everything crashed.
This week the realization of an incoming recession is starting to hit, but combined with the expectation of lots of debt fueled money flowing out of thin air and quantitative easing coming. This is all good for Bitcoin. Bitcoin doesn't care about recessions because it isn't a company.

Of course it does. Recession means declining businesses and job losses. It means everyone has less disposable capital. That means less investment into anything (including BTC) and increased pressure to sell off assets (including BTC).

it is not possible to predict how bitcoin price is going to react to recession.
but another way of looking at it is that for example last recession that started in 2008 was caused by banks and their deep rooted corruption as centralized "money handlers". bitcoin was created as a decentralized money to battle that. considering the fact that absolutely nothing has changed today compared to 2008 regarding banks and their schemes, we may see bitcoin becoming hundred times more interesting if another recession was caused by them again...

[coinfinger]

I do not understand the mockery of the people who think the bitcoin price should not be affected or should be going up in a world crisis. I can see we could have bears and bulls in the market and that is understandable but picturing the bull callers like some idiot moron but picturing the bear ones smarter somehow doesn't help at all. Where was this call when price moved from 3.5k to 14k last year? Where was it when it ended with x2 profits for the whole year?

Where was it when the year started with 7k and moved as much as 10k as well? Nowhere to be found. You have figured out that after 400+ days the price finally dropped and bear ones are smarter because of it? I am sorry but if you are right just once every 400 days, that is not really the smart person in the room.

[Viscore]

I do not understand the mockery of the people who think the bitcoin price should not be affected or should be going up in a world crisis. I can see we could have bears and bulls in the market and that is understandable but picturing the bull callers like some idiot moron but picturing the bear ones smarter somehow doesn't help at all. Where was this call when price moved from 3.5k to 14k last year? Where was it when it ended with x2 profits for the whole year?

Where was it when the year started with 7k and moved as much as 10k as well? Nowhere to be found. You have figured out that after 400+ days the price finally dropped and bear ones are smarter because of it? I am sorry but if you are right just once every 400 days, that is not really the smart person in the room.

OP's reason is very simple on why bitcoin should go up, it's here below:

cash will carry virus, so bitcoin is the way..
economy is falling down, stocks in red , bitcoin is the way.

IMO, that should be the basic, though cash or paper money carry virus but buying bitcoin is not the best way for the majority since not everyone knows how to transact bitcoin and we know that majority of the world are still using paper money for their medium of exchange.

OP just underestimated the adoption process, it would not happen instantly, it will take time though.

[Ailurophile]

this global pandemic is here to stay

cash will carry virus, so bitcoin is the way..
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
use 90 percent of your cash to invest in bitcoin.
sell all your real estate , they will be seized by government for free for building hospitals, just like in china.

so sell everything as fast as you can and buy cypto...

buy supplies and food for atleast 3 months. fill gas in your vehicle.

Sure put your money first before your health.
Secure your investment not your family?
It is a great time to buy but not everyone could afford it because of the corona virus.
The price of crypto drop down because they need cash for necessities.

[Dart18]

But how are you going to eat?
Not all countries have merchants which bitcoin is accepted without a problem.

I will still prefer cash. We are not yet in the time for bitcoin usage by now. I do hope I live in Japan. 
It cannot be stopped because there is still no option for that kind of payment so people will need cash. That is the easiest method for now.

[JohnBitCo]

But how are you going to eat?
Not all countries have merchants which bitcoin is accepted without a problem.

I will still prefer cash. We are not yet in the time for bitcoin usage by now. I do hope I live in Japan. 
It cannot be stopped because there is still no option for that kind of payment so people will need cash. That is the easiest method for now.

I think in this situation bitcoin is best for investment. If you have local currency, it value may decrease over the time because of corona virus, so if you buy bitcoin now (which is cheap too), there is a very good chance that you will double your money when this virus disappears.

[fabiorem]

But how are you going to eat?
Not all countries have merchants which bitcoin is accepted without a problem.

I will still prefer cash. We are not yet in the time for bitcoin usage by now. I do hope I live in Japan. 
It cannot be stopped because there is still no option for that kind of payment so people will need cash. That is the easiest method for now.

I think in this situation bitcoin is best for investment. If you have local currency, it value may decrease over the time because of corona virus, so if you buy bitcoin now (which is cheap too), there is a very good chance that you will double your money when this virus disappears.

Actually, the price would go up with the presence of the virus, as governments would be printing more money, thus causing inflation. This would compensate with bitcoin, which was a deflationary asset.

But since now bitcoin is part of the legacy system, and just another asset for paper speculation, it will go down together with it, thus being useless against financial crisis. So it will only recover when the fiat system recovers, that is, when the "virus" go away.