Bit Coin dropped 12% since morning ,where is it going?

[smoolae]

The drop is because of the yesterdays Tether podcast https://www.whatbitcoindid.com/podcast/questions-for-tether.
There is a high chance that Tether has printed money out of thin air and is not backed by anything.
There are also allegations that Tether has bought Bitcoin with "free money" to inflate the price and make "price floors" around certain round numbers.

[davis196]

The price drop was pretty much expected.The bull rally,that happened for 2 weeks and the price went from 20K to 41K USD was a bubble and that bubble had to burst.
I missed the opportunity to sell at 40K USD,so I'm in the bear team now and want to price to go down back to 20K USD,so we all could buy more BTC.
When the price goes up,I sell a portion of my BTC,when the price goes down,I just HODL and wait for the cheap Bitcoins. This was supposed to be my trading strategy,but I was busy with other stuff,so I missed a lot of profits.

[UserU]

Good for you mate. Scary indeed! But as for me, I think I have missed an opportunity. I was thinking to make another sell in the past few days but I keep myself from doing it in hopes that the price will still increase. But turns out the price is now starting to crash. Well, it has happened. I'm still glad I made profit. Least I could do now is to hold and wait for another spike.

Thanks! Don't worry, the 2018 crash taught us a very good lesson so it comes back stronger.

While you're at it, have you considered shorting?

[nelson4lov]

I saw this dump coming that's why I've been hesitant to long Bitcoin any further. It went up 400% within a short period of time without any major correction? It was sustainable to keep pumping. I knew that at some point bears will step in along with people who bought or longed bitcoin when the price was still within $15K - $25K. These set of people are still in profit. I don't even need to make those that bought March 2020 bottom. Either way, there's something we should always keep in mind, whether we like it or not, the market  just can't go up forever. Never get too carried away with price pumps. Don't forget to always take profits from time to time.

For anyone that is considering shorting now, be careful. It's better to catch this move early than to join late otherwise, you're fighting a losing battle.

[death69]

How lucky you are. I dont even have a big amount of bitcoin to have a good profit with. Right now, holding is my only option and I dont have time to repeat selling/buying process to enhance my profit. But I dont lose fate on bitcoin. Buying bitcoin around $10000 is my best move and i will be patient no matter what

12% is a small amount compare with the big bull lately. Bitcoin drives insane and it is hard to believe that it has surpassed $40000 already. My prediction was $30000 before February but it breaks all of my analysis.Well, that is why I always love bitcoin. You never know what happen next

Gold was also dumped this morning. From $1950 to $1820. Dont know what happen. Maybe it is about the America. They are struggling in many kinds of crisis at the moment

[bakasabo]

The drop is because of the yesterdays Tether podcast https://www.whatbitcoindid.com/podcast/questions-for-tether.
There is a high chance that Tether has printed money out of thin air and is not backed by anything.
There are also allegations that Tether has bought Bitcoin with "free money" to inflate the price and make "price floors" around certain round numbers.

If this podcast was yesterday, why then this severe drop from 38,000 to 33,000 started 01:00 CET and not straight after public announcement? Btw, this podcast is dated January 6 if I'm not mistaken. I think there is no connection between these two. I think this was just a long waiter correction, due to bitcoin being overbought recently.

[marcbitcoins]

I set my support at $30,000 then if ever my support set will be broken too then this will be the time that I will sell my Bitcoin at $29,000 ++ as moving downward course of as low as $10,000 difference is not a normal market movement anymore as maybe there are bad events that happening like some hacked exchanges or maybe some big whales are dumping already so we need to be vigilant now. Let's wait and see.

[plr]

Wow, what a ride . I sold for cash on Friday. I'm buying back in when I see it level off for 2 weeks . I made 400% on Friday ,but 100 will be ok this time . Hang onto your hat folks ,were in for a real ride ,yipee kiyi !

We really are in there is a speculation that whales are doing this I read it coming from Coingecko newsletter

There is speculation that large BTC holders are responsible for the sudden and unexpected price dip so they could buy more BTC at a cheaper rate.

nothing really new this has been the case ever since I hope it will go up again I was hoping that it will stabilize I still have some Bitcoin that I have not yet sold.

[Slow death]

Wow, what a ride . I sold for cash on Friday. I'm buying back in when I see it level off for 2 weeks . I made 400% on Friday ,but 100 will be ok this time . Hang onto your hat folks ,were in for a real ride ,yipee kiyi !

I suppose that for you to have managed to make 400% profit then do you do daytrade? and on the thread question I see it as follows:

the price is rising without any strong resistance, so he found a strong resistance at  $41400, tried several times to break but failed and when that happens the price drops until he finds a strong support which in this case is at $34000 and in break the support that is at $34000 so the next big support is at $30600

It dropped another $2000 since I posted that minutes ago.

if people do not use strategies to minimize the losses in this price drop, then the losses can be huge.

[Oasisman]

Well I just bought a $750 top up about 5 hours ago at 39k, and is now down to 32.5k.

Feel the adrenaline and the blood on my hands from the falling knife 

Something you won't worry about. If you take a look how Bitcoin was so volatile that It's literally jumping thousands of dollars in just an hour. Most probably we're just experiencing a correction which is kinda normal during bull season. Bitcoin ain't done yet, there's still a lot of bullish news that's spreading all over the internet, I'm pretty sure it'll give an extra boost for Bitcoin to continue rising.

[Question123]

We do not know until when the price drops, but now we need to stop that because it chances another dump happen. We already lost more than 3k dollars and we can still revive it if we really want to achieve again the 40k dollars . Remember the time that we wait to reach this and hoping it will not drops easily because it's need time again to pump it which is needed a lot of patience again to see the price very high.

[btc_angela]

We do not know until when the price drops, but now we need to stop that because it chances another dump happen. We already lost more than 3k dollars and we can still revive it if we really want to achieve again the 40k dollars . Remember the time that we wait to reach this and hoping it will not drops easily because it's need time again to pump it which is needed a lot of patience again to see the price very high.

Still above $30k so there's nothing to worry about the price going down hard.

And as the OP said, this is good, as we might ride $50k soon. This is a healthy correction, look at the trading volumes in the last 10 hours or so, pretty busy with constant changing of hands, and currently consolidating around $33k-$33k and I'm sure there are investors happy to see the price moving down today so that they can take advantage and then we will see the price moving south to $50k.

[stadus]

We do not know until when the price drops, but now we need to stop that because it chances another dump happen. We already lost more than 3k dollars and we can still revive it if we really want to achieve again the 40k dollars . Remember the time that we wait to reach this and hoping it will not drops easily because it's need time again to pump it which is needed a lot of patience again to see the price very high.

Still above $30k so there's nothing to worry about the price going down hard.

And as the OP said, this is good, as we might ride $50k soon. This is a healthy correction, look at the trading volumes in the last 10 hours or so, pretty busy with constant changing of hands, and currently consolidating around $33k-$33k and I'm sure there are investors happy to see the price moving down today so that they can take advantage and then we will see the price moving south to $50k.

12% during the time OP has posted but the biggest loss so far has already reached to 20%.

There's no negative news about crypto now that cause this dump, so it's safe to assume that this is only a correction, if it's already a start then we should accept it and be realistic since bitcoin's nature is not only a one way pump, it also correct and that's what make it a high volatile crypto asset.

[Mahdirakib]

This isn't anymore a price correction. The price drop has begun, because at the moment the market drop is found close to 18% which is very big. Ethereum hasn't seen to drop big, however the values have been falling continuously. The price of bitcoin has reached arou $34000. People have missed the opportunity, who set the target as $40000 will be now enjoying the buyback.

Why not, bitcoin price have increased quickly in last few weeks. So at this point we should consider 20-40% price drop as a crypto market correction. But if it happens continuously and drop up to 60-70% from it's peak price then we may address it as a real price drop. A pullback wasn't unexpected though. If you (anyone) were unable to sell at high then hold now, it will recover. And it isn't possible to predict the bottom of this dip. So it's up to you when you will buy more bitcoin again.

[Lucius]

The drop is because of the yesterdays Tether podcast https://www.whatbitcoindid.com/podcast/questions-for-tether.
There is a high chance that Tether has printed money out of thin air and is not backed by anything.
There are also allegations that Tether has bought Bitcoin with "free money" to inflate the price and make "price floors" around certain round numbers.

Nice story if nothing else, but not far from the truth that things are far from legal in the USDT printing machine where this coin is printed in the same way as the USD - as much as you need and whenever you need, without real coverage in fiat currency. In my opinion, this is something very bad, and I am sorry that the idea of stablecoins is so widely accepted and that people are not even aware of how much space there is for manipulation.

On the other hand, we all more or less expected a correction to happen, because $10 000 up in a week is still too much, not to mention what happened before. But this is only the beginning of the year, and I think there will be many more ups and downs. We who have been with BTC for a long time are already used to it.

[buwaytress]

Yeah I'm happy;)

I've been waiting for the sub 30k- test for a while now so even could say am slightly disappointed the bears didn't go all out today on Monday. If this is the best they can do, then the bulls will be very, very pleased.

Looks like we're now in that "quick 10-15% gains" territory for those dumping at 40k+.

[VanityWallets2015]

As many of you would say, this was expected and bounded to happen after those weeks of price increase.
I’m glad for those who had the chance to grab this opportunity, but sadly as for me, I missed the chance to buy more.
Although we are hopeful that the price will climb and this is just a quick downtime, nothing is certain so we need to be careful with our decisions.

[masterzino]

WOW, with this speed, Bitcoin may drop to under $30 000 until the end of the day!

Do you under $30 000 is a good buying point?

[KTChampions]

The drop is because of the yesterdays Tether podcast https://www.whatbitcoindid.com/podcast/questions-for-tether.
There is a high chance that Tether has printed money out of thin air and is not backed by anything.
There are also allegations that Tether has bought Bitcoin with "free money" to inflate the price and make "price floors" around certain round numbers.

In theory, if investors are afraid of the collapse of USDT, then they must first get rid of it and this should lead to the growth of other crypto assets, since it is impossible to quickly withdraw a crypto to fiat. At the moment, I do not observe this, therefore, this correction is most likely caused by other reasons.

[Kong Hey Pakboy]

The current price of bitcoin is $30,000+, and I don't know where bitcoin's price will head because not only is bitcoin dropping its price, but also stocks and gold have decreased, so I think bitcoin correction is coming that its proper value will return. It is very depressing for others to see bitcoins suddenly fall again because it was really unexpected, but it's nice to see that some will be able to rebuy bitcoin.