Bitcoin in Freefall, What to Do?

[Bitcoin_Arena]

So bitcoin is down $3,000 today and it seems to be getting worse.  Do you think this will be like 2018 again when it went to $18,000 then tanked and went to as low as $5,000 in the next year or so?  What would you do in a situation like this now or in the future?

As soon as Bitcoin went slightly past $19K and the momentum dropped, I kind of expected a correction to happen. This happens all the time in markets. Now what matters is your strategy and your entry point in the markets

1. Anybody who bought BTC along ago at $3k wouldn't be bothered by the dropped as compared to someone who bought it recently at $10K or $14K

2. If you were in for short term, you should have sold off at as soon as momentum dropped at $19K and waited for the deep, It's obvious there's going to be very strong resistance on Bitcoin's way past $20K because it's a historic level.

3.  If you are in for long term, then there's no need to be bothered at all, $20K will be breached. What matters is, how long patient you are willing to be.

[fortunecrypto]

So bitcoin is down $3,000 today and it seems to be getting worse.  Do you think this will be like 2018 again when it went to $18,000 then tanked and went to as low as $5,000 in the next year or so?  What would you do in a situation like this now or in the future?

Back then there were a lot of reasons why Bitcoin crash to that low, the community is not yet prepared,d and now and back in 2017 so many things have happened, we don't have DeFi, PayPal is still attacking Cryptocurrency and adoption is still low, but now things are looking good, Bitcoin got the attention of the people and companies and any news about Bitcoin is always big news, so in the next all-time high we are all ready.

[lukikato]

So bitcoin is down $3,000 today and it seems to be getting worse.  Do you think this will be like 2018 again when it went to $18,000 then tanked and went to as low as $5,000 in the next year or so?  What would you do in a situation like this now or in the future?

yes it will definitely go down maybe it will be $ 23000 then it will drop a few months later or it will be able to bounce even higher, hopefully we get a $ 4-5k moment to buy it

[michellee]

So bitcoin is down $3,000 today and it seems to be getting worse.  Do you think this will be like 2018 again when it went to $18,000 then tanked and went to as low as $5,000 in the next year or so?  What would you do in a situation like this now or in the future?

yes it will definitely go down maybe it will be $ 23000 then it will drop a few months later or it will be able to bounce even higher, hopefully we get a $ 4-5k moment to buy it

It's already down to $17,300 after it reaches the $18k level, but it will increase again in the next week in the next month. But I am not sure if the price can jump to $23k in the next month because there will be many barriers that bitcoin price needs to break, and it is not easy to do that. This time will be a good time to buy more bitcoin if you want to increase your bitcoin amount, but you don't have to go all-in for all of your money because we don't know if the price will not go down after this. Maybe you can divide your money into three order buy, so when the price is down again, you can buy bitcoin at a lower price. Many people now still buy more bitcoin because they want to make a profit in the next month, but still, be careful if you're going to buy bitcoin now.

[LogitechMouse]

So bitcoin is down $3,000 today and it seems to be getting worse.  Do you think this will be like 2018 again when it went to $18,000 then tanked and went to as low as $5,000 in the next year or so?  What would you do in a situation like this now or in the future?

No. Not this time.

Although I'm not saying that what happened in 2018 will not happen this time again, I don't think that it will happen this year. I expect for Bitcoin to reach a new ATH again possible December or next year before it go down again or possible too that it will not go down like what happened in 2018.

What will I do? Just accumulate more Bitcoin . That is what most of the investors do when Bitcoin is going down right .

[Fundamentals Of]

To get away from this cycle, let us try not to panic and keep hodling even if the price corrects hard. If we are to sell because the price corrects by $3,000 then we are indeed bound to face $5,000 again. This cycle would then not end. We cannot get past $20,000 if we are this emotional about a correction and start panic selling.

2018 was far behind us. Things were very different way back then. This is 2020. And we have many more supporters and hodlers today than in 2018. $5,000 is a thing of the past. If we keep strong hands.

[FanEagle]

I do not think that it will be like 2018 where it goes down. Look at the price right now, we are hanging on and still trying to go back up, which shows you that we are not done with the bull momentum just yet. Also 2018 had a lot of different stuff that caused the price to fall, I doubt that would happen again.

In 2017 there were tons of companies like steam and amazon and many other places that started to accept bitcoin as payment, and they removed it when it started to fall, which caused a lot of lack of buys, there was bch vs bsv type of war that caused it to go down as well and most importantly there were mt.gox trustee selling 30k+ bitcoins type of situations as well. This year or in the future we do not have those type of situations that could cause it to go down that much that quickly.

[Lucius]

I bought at around the $10,000 mark a few months ago.

Anything is possible when it comes to Bitcoin, but I think you’re pretty confident with your investment given the current price. The fact is that you are not at any loss (currently), and you have the choice to continue to hold or to take quite a nice profit that you have made so far.

As others have said, in the short term we can expect such corrections to happen - this is perfectly normal. In the long run, BTC has always shown that it is profitable, especially in the time after the halving we are currently in. Consequently, next year should be one in which great things happen - but that is only an assumption based on what has been in the past.

[KTChampions]

It is simple, catch the falling coins and have the patience to hold for a few months, the market will recover and i am sure we have not seen the rally everyone is expecting. There were huge institutional investment that rallied the price and what do you think they will be doing, book the profit and then reinvest again and there is nothing to be surprised here.

For the most part I agree with you, but it should be noted that these few months sometimes turn into few years. At least for those investors who entered at levels close to ATH. However, I think that now there is only a small correction, but the trend remains the same.

[milewilda]

It is simple, catch the falling coins and have the patience to hold for a few months, the market will recover and i am sure we have not seen the rally everyone is expecting. There were huge institutional investment that rallied the price and what do you think they will be doing, book the profit and then reinvest again and there is nothing to be surprised here.

For the most part I agree with you, but it should be noted that these few months sometimes turn into few years. At least for those investors who entered at levels close to ATH. However, I think that now there is only a small correction, but the trend remains the same.

Lets wait up for  some weeks or for months before we can able to make up some conclusion.We wouldnt know if this one will be the same just like before but as far it goes where
the price did really stop in 17k level and holding strong at the moment.If the trend do still continue then we might be seeing some ATH soon and you do got the point though that
several months presumptions might really be ending up on more years just like on what happened into those investors who do entered the peak in previous year.
So making up decisions neither to stop loss or would completely tend to hold no matter what.

[arwin100]

It is simple, catch the falling coins and have the patience to hold for a few months, the market will recover and i am sure we have not seen the rally everyone is expecting. There were huge institutional investment that rallied the price and what do you think they will be doing, book the profit and then reinvest again and there is nothing to be surprised here.

For the most part I agree with you, but it should be noted that these few months sometimes turn into few years. At least for those investors who entered at levels close to ATH. However, I think that now there is only a small correction, but the trend remains the same.

We shouldn't be so calm and be careless about the situation there are possibility that the history will repeat itself these days remember what happen before where we think that the price will soar for more and those dumps is just correction so from this event maybe it's good to hold our positions and sell to cut loss and buy again to possibly regain again.

[JimboToronto]

I wouldn't call it a freefall now, freefall is what we had during the initial coronavirus hit, when Bitcoin reached lows no longer thought possible. Right now it already started recovering, which is a good sign, because it can mean that the bullish momentum might still be maintained. Previous bull runs weren't exactly a straight line from X to Y, they had corrections and drops too, and people got really worried at those points, but the price always recovered and kept growing.

Exactly.

It was closer to freefall in April 2013 when it dropped from $266 to $50 in a matter of minutes. Less than 6 months later it was up over a grand.

I could give other examples but I'm too lazy to look up the dates and details. I seem to recall it going from a dime to a penny in a 1 day crash in 2010 and later that year going from almost a dollar to a dime. 4 months later it was over $30.

My first big dip was that April 2013 one. Never flinched or considered selling. Really glad I had the sense to hodl. I knew it was just a matter of time. Luckily it was only half a year that first time and not multi-year like after crashing from $1100 or $19666. By then I was a hodling veteran.

...there are possibility that the history will repeat itself...

It's almost inevitable. Some day we'll be seeing how long it takes to reach a new ATH after crashing from $400k back down to $80k or whatever.

The important thing is to not sell unnecessarily.

[cryptomaniac_xxx]

I do not think that it will be like 2018 where it goes down. Look at the price right now, we are hanging on and still trying to go back up, which shows you that we are not done with the bull momentum just yet. Also 2018 had a lot of different stuff that caused the price to fall, I doubt that would happen again.

It's because we are still in the bull run, this is just another healthy correction, as you can see, there is no free-falling, just consolidating around the $17k.

In 2017 there were tons of companies like steam and amazon and many other places that started to accept bitcoin as payment, and they removed it when it started to fall, which caused a lot of lack of buys, there was bch vs bsv type of war that caused it to go down as well and most importantly there were mt.gox trustee selling 30k+ bitcoins type of situations as well. This year or in the future we do not have those type of situations that could cause it to go down that much that quickly.

2017 is also the year when people discover bitcoin, so there are a lot of emotions initially and fomo and irrational buyers. But as we mature, I don't see any future sell offs or liquidations on a massive level. This is a healthy price correction as investors can buy cheap bitcoin again.

[ethereumhunter]

So bitcoin is down $3,000 today and it seems to be getting worse.  Do you think this will be like 2018 again when it went to $18,000 then tanked and went to as low as $5,000 in the next year or so?  What would you do in a situation like this now or in the future?

I don't think that people will know what will happen later to bitcoin, but if we see what is happening on the market, the correction still happens, but the chance to go up will still wide open. The price is trying to increase, and even if that is difficult, the price will increase at the right time. The bitcoin price does not yet reach the new ATH, and what we saw yesterday is a new start for bitcoin price to reach the high price. The bitcoin price can make a new ATH for more than $20k, but we never know when it will happen. We can only wait and see.

[Oasisman]

So bitcoin is down $3,000 today and it seems to be getting worse.  Do you think this will be like 2018 again when it went to $18,000 then tanked and went to as low as $5,000 in the next year or so?  What would you do in a situation like this now or in the future?

Typically a newbie question. Can't blame you though.
First thing to do is don't panic and make an assessment whether it's the right time to sell or to hold still.
I'm assuming, before someone enters the cryptocurrency market or buy Bitcoin, he should set a specific target range before selling. Without the target, you might be putting yourself at risk of lossing specially when you're panic selling while Btc is falling down hard.

At this current rate, I don't see Btc going below $15,000. It might bounce back stronger after this short market correction. Extend your patience for a little while.

[Mahdirakib]

Currently we are going through bitcoin price correction not a freefall. So there is nothing to worry about a huge price drop now. If you don't need money urgently just hold your investment for few more months. Bitcoin price will have another big run after this correction. I believe that bitcoin price will be more high in future. That's why I like to hold.

[Jating]

Too much exaggeration though, this is not a free fall, if this is considered like that then we should be seeing bitcoin around $10k already. But it's not and the drop stop at $17k. What do to? Nothing, just wait till the market bounce back and not to panic sell.

Maybe the drop really freak out a lot of newbies in the market, but still an incredible year for bitcoin.
So just keep on holding, and for those who missed the boat, right now is your chance, when the price is still at $17k and BTFD.

[XCANA]

So bitcoin is down $3,000 today and it seems to be getting worse.  Do you think this will be like 2018 again when it went to $18,000 then tanked and went to as low as $5,000 in the next year or so?  What would you do in a situation like this now or in the future?

I will say this over and over again, the old days when Bitcoin fall to the detriment of traders and holders is gone, this current downward moved from Bitcoin just confirmed this and it stand perfect. Barely some days when the said Bitcoin fell below $16,380k and back to $17k+ for this confirmation. We are really close to the global adoption we'll have been clamoring for and nice to see Bitcoin resistance @$16,400+ which is a good start for another bullrun. 

[Casdinyard]

Currently we are going through bitcoin price correction not a freefall. So there is nothing to worry about a huge price drop now. If you don't need money urgently just hold your investment for few more months. Bitcoin price will have another big run after this correction. I believe that bitcoin price will be more high in future. That's why I like to hold.

Actually we are not certain whether this is just a correction or a price fall already because no one knows if the market price will recover eventually or the downfall will be continuous for the following days or months. With that being said, the decision is in your hands whether to hold-still or to sell already in order to save your investments. It depends on your market analysis since no one knows what will happen next. If you'll choose to hold, patience is a must because it is impossible to determine when will the price recover. And if you will sell at this point, avoid having regrets once recovery occur in a sudden.

[KTChampions]

For the most part I agree with you, but it should be noted that these few months sometimes turn into few years. At least for those investors who entered at levels close to ATH. However, I think that now there is only a small correction, but the trend remains the same.

We shouldn't be so calm and be careless about the situation there are possibility that the history will repeat itself these days remember what happen before where we think that the price will soar for more and those dumps is just correction so from this event maybe it's good to hold our positions and sell to cut loss and buy again to possibly regain again.

To my great regret, I got out of bitcoin at the level of 12600  So now I am calm. In any case, I adhere to the strategy that it is better to save than to miss the profit, so I have no sorrows. At the moment, I do not understand where the market will go, so my capital is diversified and in fact I don't care what happens.