Will Bitcoin fall bellow 3000$ and Gold price will increase?

[naaimmd]

Today we are seeing huge dump in cryptocurrency that we have never seen Btc down by 27% and because of it other major crypto currency falling. This might be affected by a coronavirus and get worse in a few days. what do you think Bitcoin next stage is it below 3000$ or it will recover from today's fall?


Also, do you think the Gold price will rise significantly now?

Note " Maybe you all know that people are buying Gold and selling their assets in China so maybe others also doing the same"

[DarkDays]

I think today's sudden crash was just a knee-jerk response to COVID-19 being declared a pandemic.

There really isn't anything else that can be said about COVID-19 now that would produce an even worse response than we already saw today, so I think we have seen the worst of it, at least in terms of sudden severity.

We might still trend a bit lower from here since the virus is nowhere near finished, and people are looking to hold more liquid assets like cash during what idiots think is the end of the world.

Pretty stupid really, but it always happens. Smart investors know to short the market when a pandemic is declared, while the rich are going to have a field-day buying up the cheap shares and properties that result from the mass hysteria.

At the end of it, the idiots will be left poorer and the rich will be richer, as things always were.

[naaimmd]

I think today's sudden crash was just a knee-jerk response to COVID-19 being declared a pandemic.

There really isn't anything else that can be said about COVID-19 now that would produce an even worse response than we already saw today, so I think we have seen the worst of it, at least in terms of sudden severity.

We might still trend a bit lower from here since the virus is nowhere near finished, and people are looking to hold more liquid assets like cash during what idiots think is the end of the world.

Pretty stupid really, but it always happens. Smart investors know to short the market when a pandemic is declared, while the rich are going to have a field-day buying up the cheap shares and properties that result from the mass hysteria.

At the end of it, the idiots will be left poorer and the rich will be richer, as things always were.

Yes sudden crash made me worry and since there hasn't been fund any antibiotics for coronavirus it's hard to say what will happen and people are terrified about it so  there selling there asset and crypto I hope this problem resolved soon

[mk4]

What DarkDays said. The dump is hugely hugely blown out of proportion in my opinion. It crashed as if you could actually get infected with COVID-19 if you did a bitcoin transaction lmao. But yea, not that much of a surprise if we remind ourselves that a good percentage of bitcoin holders are just retail investors who really don't know what they're doing in the first place, hence easily swayed by emotions.

[The Sceptical Chymist]

Also, do you think the Gold price will rise significantly now?

Nah, I think metals will continue to get hit hard.  I hadn't checked the price of gold or silver for weeks and just did, and they're both down quite a bit.  I don't think people want their money locked up in anything other than cash right now--and nobody is spending gold or silver, right?  I'm sure the permabulls will continue to hype the benefits of owning metals during times of crisis, but the market is obviously saying otherwise.

I think today's sudden crash was just a knee-jerk response to COVID-19 being declared a pandemic.

I agree.  I'm tired of knee-jerking and irrational fear personally, but there's nothing any of us can do about it except to remain rational.

I'm not sure bitcoin will fall as low as $3k (though it certainly could), but hey....I see this as a tremendous buying opportunity.  The old maxim "buy when others are fearful and be fearful when others are buying" is perfect for times like this.  But wouldn't you know, I don't have enough money to spend on bitcoin, stocks, metals, or anything else right now.  The same damn personal situation happened in 2009 when the stock market crashed and I wanted to buy all the stocks I could get my hands on.  Oh well.

[naaimmd]

What DarkDays said. The dump is hugely hugely blown out of proportion in my opinion. It crashed as if you could actually get infected with COVID-19 if you did a bitcoin transaction lmao. But yea, not that much of a surprise if we remind ourselves that a good percentage of bitcoin holders are just retail investors who really don't know what they're doing in the first place, hence easily swayed by emotions.

Yes completely agree with you and hoping bitcoin will stabilize soon

[naaimmd]

Also, do you think the Gold price will rise significantly now?

Nah, I think metals will continue to get hit hard.  I hadn't checked the price of gold or silver for weeks and just did, and they're both down quite a bit.  I don't think people want their money locked up in anything other than cash right now--and nobody is spending gold or silver, right?  I'm sure the permabulls will continue to hype the benefits of owning metals during times of crisis, but the market is obviously saying otherwise.

I think today's sudden crash was just a knee-jerk response to COVID-19 being declared a pandemic.

I agree.  I'm tired of knee-jerking and irrational fear personally, but there's nothing any of us can do about it except to remain rational.

I'm not sure bitcoin will fall as low as $3k (though it certainly could), but hey....I see this as a tremendous buying opportunity.  The old maxim "buy when others are fearful and be fearful when others are buying" is perfect for times like this.  But wouldn't you know, I don't have enough money to spend on bitcoin, stocks, metals, or anything else right now.  The same damn personal situation happened in 2009 when the stock market crashed and I wanted to buy all the stocks I could get my hands on.  Oh well.

Actually I heard rumor that in China people are buying gold that's why thank you anyway

[rdluffy]

People sold in panic, believers are holding, nothing unusual here

We are dealing with a global crisis right now, there's no sense to think that BTC will rise, even if people consider BTC a safe store of value, EVERYONE is worried with the effects of Coronavirus in the world, such as lack of supllies, health system, financial crisis etc

But less than 3k USD, I don't believe, because if you see on another threads, that are lot of people buying

[charlesmichel1]

I don't believe and I don't want to believe that Bitcoin's price may fall even lower. Gold is recovering now, but I have no idea about its future fluctuations. However, most people consider it as the most reliable asset now.

[Youghoor]

I don't think anybody can say for sure but i doubt it will sink that low. I read from some premium trading groups that we are likely going to see a dump in bitcoin if we are not able to cross the $10K mark and I think this is exactly what is happening. I would not relate this dump with the spread of corona virus alone but the fact that market is in a bit of fear at the moment.

However, I am not ready to sell but actually thinking of purchasing some more in addition lol, who knows where the next rise would take us to.

[johnyj]

Gold is also crashing hard. It is so amazing that when the crisis comes, almost everything is sold in exchange for fiat money (which we constantly describe as a scam) or government bond. The trust that rich people place on government debts are enormous

This crisis showed what the majority's mental status are, and I just don't see how cryptocurrency will change this mental status in decades to come. Currently cryptocurrency is just another speculative asset that is played by IT nerds

[kryptqnick]

I think today's sudden crash was just a knee-jerk response to COVID-19 being declared a pandemic.

There really isn't anything else that can be said about COVID-19 now that would produce an even worse response than we already saw today, so I think we have seen the worst of it, at least in terms of sudden severity.

We might still trend a bit lower from here since the virus is nowhere near finished, and people are looking to hold more liquid assets like cash during what idiots think is the end of the world.

Pretty stupid really, but it always happens. Smart investors know to short the market when a pandemic is declared, while the rich are going to have a field-day buying up the cheap shares and properties that result from the mass hysteria.

At the end of it, the idiots will be left poorer and the rich will be richer, as things always were.

Yes sudden crash made me worry and since there hasn't been fund any antibiotics for coronavirus it's hard to say what will happen and people are terrified about it so  there selling there asset and crypto I hope this problem resolved soon

FYI, antibiotics kill infections of bacterial nature, and since COVID-19 is a virus, there won't ever be antibiotics against it. Scientists are working on a vaccine, but it seems difficult to predict how much time is required for that (from months to more than a year). In any case, I don't think that Bitcoin will be suffering all this time and will then magically recover when the pandemic is over. People just need to calm down and realize that Bitcoin has no reason to go down, unlike many other businesses, and it'll be fine. How much time it takes for people to calm down - now, that's a question. I hope it's a matter of weeks.

[mk4]

Yes completely agree with you and hoping bitcoin will stabilize soon

Unfortunately for you, it really won't stabilize any time soon. It's going to be hugely volatile for a good amount of time. Heck, I wouldn't be surprised if it was still hugely volatile after another decade.

[johnyj]

People just need to calm down and realize that Bitcoin has no reason to go down, unlike many other businesses, and it'll be fine. How much time it takes for people to calm down - now, that's a question. I hope it's a matter of weeks.

I have the same view. I try to look at the industries that are least dependant on travel or movement, they are software, gaming and cryptocurrency. All those do not need any physical contact with person. On the other hand, any industry that require physical movement of personel will be limited in a pandemic

When everybody is locked at home, what they can do? Order food home delivered, watch TV, browse internet, run software, play games and buy cryptocurrency

[rayhanazad]

Unfortunately for you, it really won't stabilize any time soon. It's going to be hugely volatile for a good amount of time. Heck, I wouldn't be surprised if it was still hugely volatile after another decade.
[/quote]

Bitcoin is right now supper violated it hit 3800$ and rise 5800$ now again 5500$ right now you can make huge profit or loss if you trade but i think bitcoin for sure will go below 3k this time

[naaimmd]

People just need to calm down and realize that Bitcoin has no reason to go down, unlike many other businesses, and it'll be fine. How much time it takes for people to calm down - now, that's a question. I hope it's a matter of weeks.

I have the same view. I try to look at the industries that are least dependant on travel or movement, they are software, gaming and cryptocurrency. All those do not need any physical contact with person. On the other hand, any industry that require physical movement of personel will be limited in a pandemic

When everybody is locked at home, what they can do? Order food home delivered, watch TV, browse internet, run software, play games and buy cryptocurrency

well I hope everyone thinks like you

[Findingnemo]

People just need to calm down and realize that Bitcoin has no reason to go down, unlike many other businesses, and it'll be fine. How much time it takes for people to calm down - now, that's a question. I hope it's a matter of weeks.

I have the same view. I try to look at the industries that are least dependant on travel or movement, they are software, gaming and cryptocurrency. All those do not need any physical contact with person. On the other hand, any industry that require physical movement of personel will be limited in a pandemic

When everybody is locked at home, what they can do? Order food home delivered, watch TV, browse internet, run software, play games and buy cryptocurrency

49% of people in the world are living from paycheck to paycheck so even a single month from not getting salary can ruin their life. But as he said one who holds cryptocurrencies no need to panic, just cash our little for emergency need and hold the everything you have got we are going bullish real soon.

[rayhanazad]

People just need to calm down and realize that Bitcoin has no reason to go down, unlike many other businesses, and it'll be fine. How much time it takes for people to calm down - now, that's a question. I hope it's a matter of weeks.

I have the same view. I try to look at the industries that are least dependant on travel or movement, they are software, gaming and cryptocurrency. All those do not need any physical contact with person. On the other hand, any industry that require physical movement of personel will be limited in a pandemic

When everybody is locked at home, what they can do? Order food home delivered, watch TV, browse internet, run software, play games and buy cryptocurrency

49% of people in the world are living from paycheck to paycheck so even a single month from not getting salary can ruin their life. But as he said one who holds cryptocurrencies no need to panic, just cash our little for emergency need and hold the everything you have got we are going bullish real soon.

well said but all depends on people who are holding huge amount btc if they dump price will fall.

[Findingnemo]

snip...

well said but all depends on people who are holding huge amount btc if they dump price will fall.

One who is holding large amount of btc can use this to manipulate the market condition more and get benefits out of it so they are not going to be in any losses on who bought them at high price and tempted to sell when they see prices getting lower and lower will never get any more opportunity to buy again at this price.

[fabiorem]

Below $3k is as hard to manipulate as above $12k. The $3k mark is the price from 1st August 2017, a historic date for bitcoin, which was when BCH had forked from it. Below $3k is the area from the other bear market, the one from 2013, and the consequent recovery and bull-run.

Those who bought above $3k will likely not sell below it, as it is too cheap.
Those who bought below $3k but didnt suffer the 2013 bear market will also not sell it, as they probably experimented the 2017 bubble and consequent crash.
Those who bought below $3k and did suffer the 2013 bear market have already sold if they wanted to. They are early adopters and if they weren't in DCA the prices from 2018 and 2019 would look high to them.

So its hard to bring the price below $3k. I read that 60 billion dollars were withdrawn from the bitcoin markets in the recent manipulation. The bearwhales will make much less if they dump it to three digits, and might not work after all.

I saw the price touching the $3000s last night, and only lasted a few minutes. People will flock to buy in.