Bitcoin in Freefall, What to Do?

[thecodebear]

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?

If you have cash sitting on the side you should be buying this correction. That is the only smart thing to do. No this is not 2018, this is the next market cycle, $18k/$19k/$20k is nothing for this market cycle. The main part of the bull run hasn't even begun yet. OP, check out a long term bitcoin chart sometime, you'll notice that bitcoin grows exponentially each market cycle, it doesn't just go up to the old peak and then crash again, if it did Bitcoin would still be at like $20 haha

[sana54210]

Correction is in the playbook of trading and it will always happen when the price gets too big. We should not be scared of what is going on right now because it is not something unexpected neither. Plus look at the price movements and you will see that it has already started to recover as well, it is not like it is going down to levels we can't recover from and the bottom has worked very well, support levels are holding and it is bouncing back over it very easily.

All of which says the same thing; bitcoin bull run is not over yet and it will start back up very soon with $20k+ coming along nicely and easier this time around. The other part was harder, we were near $19.2k levels and that was harder to push it higher because we already worked so hard for it, we needed a break and now that we have it, it is going to be easier.

[STT]

Wait out the unknown is the simple thing to say and hard to do because when isnt BTC an uncertain thing.     Right this moment I'm looking at the chart and I dont estimate here is a place to take judgement, wait till market decides to favor one side or the other and let others take that hard choice.      So my take is we complete the formation, come full circle as it were with price now underneath the ice we fell through if you can get my meaning.   By that I mean we're under the prior trend and I personally expect its best to wait for clarity and typically I go with days during working weeks though Bitstamp says today is good volume, Bitfenix is the larger exchange afaik.

The whole sale last week is under some doubt by that same reasoning, its not a normal or full week.   Of course globally we do have alot of national holidays at various times to disrupt but some have more significance in possible influence overall and its fair to say we were due a pullback.   However I presume we do check back on prior prices, 18k level might be that area.

[kapalmabur]

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?

down to $ 3000?, are you kidding?, mate is not 2018 anymore or the beginning of a pandemic,
we have entered a new era, where Bitcoin has mass adoption, several large institutions like Google or Paypal are already using crypto currency,
of course more demand a lot and the holder of the institution is also more, we will see the price of Bitcoin fall in terms of volatility.

[Cherylstar86]

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?

When you see a good opportunity while it's falling down, we should quickly response to it. Don't let it go, because every drop is our potential profit to harvest. Don't let the past ruin your capabilities as we move forward on our goals for bitcoin holdings. Every second counts, don't you waste a valuable time which counts on and on.

[adaseb]

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?

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.

This is not always a good idea. Trust me. I was around Dec 2017 and basically had a limit order at $10K which filled shortly after it peaked $20K. And from $10K it didn't come close to $20K again that year. And later eventually in the New Year it broke $10K and then you only had a few short hours to sell to get out before Nov 2018 crash to $3K. Most ended up bag holding and sold at either $6K or $3K.

So buying the dip isn't always a good idea. People sell when BTC goes up and buy it back maybe 5% cheaper. Which is great however not great if price eventually reverses. Because then instead of selling at a profit you can end up selling at a loss instead.

[maydna]

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?

When you see a good opportunity while it's falling down, we should quickly response to it. Don't let it go, because every drop is our potential profit to harvest. Don't let the past ruin your capabilities as we move forward on our goals for bitcoin holdings. Every second counts, don't you waste a valuable time which counts on and on.

We can buy more bitcoin when the price is down because that will help us have the bitcoin at a low price. But some people worry if the price will go down, which makes them not do anything except for watching the price movements. We don't have to force ourselves to buy if we don't get any sign to buy because that can lead us to get another loss. But even if we are losing this time, we can turn it back into profit because the price will increase in the future. Perhaps, you can buy bitcoin in any lower range to reduce your losses if the price is down.

[carlisle1]

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?

First you are already Wrong of thinking that the Fall will last more than or even the same as 2018.
Bitcoin drops 3k in 1 day but in thee Midnight the value recovered and now almost sitting at %18,000 againd,These scenario is not what Happen in the pick of Bitcoin Bullrunning ''.

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?

down to $ 3000?, are you kidding?, mate is not 2018 anymore or the beginning of a pandemic,
we have entered a new era, where Bitcoin has mass adoption, several large institutions like Google or Paypal are already using crypto currency,
of course more demand a lot and the holder of the institution is also more, we will see the price of Bitcoin fall in terms of volatility.

Sometimes Understanding the Thread carefully will save us from becoming Noob.

What OP says the price of bitcoin Lose $3000 meaning from $19,000 level It fell down to $16,000 level.

[lienfaye]

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?

It might happen, the price can drop unexpectedly even it seems we are already in bullish market. Its just shows that we cant certainly predict the next movement of bitcoin because anything is possible to happen, it can soar high further or turns down.

Thus in situation like this always be on the side where you can take advantage the market. Dont be greedy and have a concrete strategy to maximize your profit.

[profullstack]

its going back up. just give it time.

[jaberwock]

Keep calm and continue to buy bitcoin. If the price falls even more, you would be able to buy and drop the DCA and next time bitcoin is over $19k you will be capable of selling it for a lot of profit, if the price starts going back up and this was short moment of fall, you will profit even quicker, there is really nothing you need to question about the situation.

People who do not panic and get involved during the falls are the ones that make a lot of profit. Remember all those institutions who got into bitcoin nearly a billion dollars combined got into bitcoin when everyone was selling. They weren't afraid of getting in and they almost doubled their money because of it, and these are huge companies, you have to start thinking like they do when you are making a decision.

[KTChampions]

Keep calm and continue to buy bitcoin. If the price falls even more, you would be able to buy and drop the DCA and next time bitcoin is over $19k you will be capable of selling it for a lot of profit, if the price starts going back up and this was short moment of fall, you will profit even quicker, there is really nothing you need to question about the situation.
~

It's a good investment in a deflationary asset, but the problem is that people have a limited amount of free money. Not everyone is free to allocate a certain amount to buy bitcoin every month or two. In addition, there are people who bought bitcoin on credit or just for a short time, and after they needed money they are forced to sell it.

[militiariko]

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?

When it comes to be bitcoin; you need to understand that you have to be consistent; anyone that dares to be emotional about bitcoin will lose several $ and not recover from the loosing position. My question is what do you know about bitcoin? that you panic in sight of mere price corrections so easily. Understanding why you are investing in crypto currency and don't lose your guard.

[Lanatsa]

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?

When it comes to be bitcoin; you need to understand that you have to be consistent; anyone that dares to be emotional about bitcoin will lose several $ and not recover from the loosing position. My question is what do you know about bitcoin? that you panic in sight of mere price corrections so easily. Understanding why you are investing in crypto currency and don't lose your guard.

When you do know on what you've been doing then you wont really be stressing out yourself into the possible cases that you might really able to experience.

You should really get yourself prepared into things because price can only have two paths neither on greens or deep reds.You should really get used to it because

if not then you would really be getting that shock and frustration.Drops like this can really happen from time to time that's why we should really be wise on securing
our spot on cheap price and try to accumulate and taking these chances but of course that will vary into your own risk management.

[chip1994]

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?

We cannot compare such historical data when there was a big event that completely changed the psychology of the crowd in the Crypto market. Although the year-end days of the crypto market often have a strong sell-off, I don't think this year was.
Bitcoin Halving has taken place and scarcity is getting closer. Besides, fiat money is also in a period of high inflation, so holding Bitcoin is now considered the smartest strategy.
There are so many reasons for Bitcoin to grow, at most Bitcoin only corrects strongly about 4000 - 5000 price units before it breaks the ATH peak in 2021.

[dragonvslinux]

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.

it's good to hear someone who got out early but isn't regretting it either, kind of surprising around here! I got out a very small amount at $18K and now price trades at $18.2, but I am also ok with this. I still think whether we go to $20K or $25K, we will have a serious retracement either way. Below the current price at least.

[Jating]

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.

it's good to hear someone who got out early but isn't regretting it either, kind of surprising around here! I got out a very small amount at $18K and now price trades at $18.2, but I am also ok with this. I still think whether we go to $20K or $25K, we will have a serious retracement either way. Below the current price at least.

Yes, I agree that after we have $20k-$25k, retracement is bound to happened. Bitcoin currently hitting the resistance at $18,500, saw it go as high as $18,700 but then goes down to resistance.

Good though that at least we have someone who still as cool as cucumber even though we have a shakeout recently. Personally, I got around $18k, just few as I need some cash so no regrets at all as I still have some of my holdings. So let's see if we can stay at the resistance, or will it be too much wall in front that we can't get over.

[dragonvslinux]

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.

it's good to hear someone who got out early but isn't regretting it either, kind of surprising around here! I got out a very small amount at $18K and now price trades at $18.2, but I am also ok with this. I still think whether we go to $20K or $25K, we will have a serious retracement either way. Below the current price at least.

Yes, I agree that after we have $20k-$25k, retracement is bound to happened. Bitcoin currently hitting the resistance at $18,500, saw it go as high as $18,700 but then goes down to resistance.

Good though that at least we have someone who still as cool as cucumber even though we have a shakeout recently. Personally, I got around $18k, just few as I need some cash so no regrets at all as I still have some of my holdings. So let's see if we can stay at the resistance, or will it be too much wall in front that we can't get over.

I think this also plays into the healthy psychology of selling a little when high, which is more or less the same as averaging in more when prices are low. After all, if I'm wrong that a correction isn't already underway (I'm still a bit undecided at the moment, lack of confirmation of bullish or bearish follow through atm) then I'll be happy to still have 96.5% of what I had, that will go up in value. If price corrects back down to $12, $14, $16K or wherever, then I'll be glad that I sold that 3.5% when I did, as I need that cash by end of year.

As for the OP, if this is what users consider free fall, then they haven't seen anything yet. That was just a dip down to the 21 Day MA   Not even 21 Week MA which is still under $13K right now. The latter being the support MA that Bitcoin always finds support from in bull markets, as well as a history of re-testing regularly enough.

[ethereumhunter]

People who are afraid with the free fall a few days ago can breathe freely because now, they can see bitcoin price was back to $18k, and bitcoin have a chance to break another high price. If they still hold their bitcoin from a few days ago, and they can buy more bitcoin, they are making money at this time, and they will have another opportunity to make a big profit in the future when the price increase more than the current price.