Nocoiners desperately trying to say this is the end for Bitcoin

[thecodebear]

And now the correction is over and Bitcoin is back to $38k haha. Bottom was $30k, bears celebrated for all of what like 3 days now they have to go back into hiding until they claim bitcoin is dead at the next correction!

Grayscale starting buying again yesterday apparently. As I've said on here in recent weeks, the only chance for a serious correction any time soon was this month while Grayscale isn't buying (I thought they wouldn't be buying for another two weeks but their break was shorter than I thought). And what do you know, the 3-day / 28% correction ended the day after Grayscale started buying again. Weak hands can't beat $300 million or so in weekly buys from Grayscale + all other institutional investment + retail buyers.


Funny that just before I just logged on here a 12 hour old article popped up in my feed saying analysts expect further downside or at best bitcoin could see consolidation for a while. Shows you that "analysts" are generally traditional finance people who are just taking random guesses and don't understand that Bitcoin is still an emerging asset and not some mature stock, so they don't account for the current real life context of what is going on in Bitcoin (ie institutional buying and a no-supply shock) when making their guesses.

Nocoiners love being wrong and missing out on the best investment in the (history of the) world. A million little nocoiners hearts just broke for the thousandth time when Bitcoin catapulted out of the low-$30ks today.

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[exstasie]

And now the correction is over and Bitcoin is back to $38k haha. Bottom was $30k, bears celebrated for all of what like 3 days now they have to go back into hiding until they claim bitcoin is dead at the next correction!

Let me play devil's advocate for a moment.

There is the failed mode (horizontal resistance) at ~$40K and the 0.886 "last chance, bears!" Fib level at $40.6K. I'd like to see BTC conquer those levels before celebrating.

There is still a distinct possibility that this is an ABC "B wave" correction bull trap, just like the one we saw in the June 2017:



We are currently in the exact same Fib zone. Just tagged the 0.705 earlier today.

Grayscale starting buying again yesterday apparently. As I've said on here in recent weeks, the only chance for a serious correction any time soon was this month while Grayscale isn't buying (I thought they wouldn't be buying for another two weeks but their break was shorter than I thought). And what do you know, the 3-day / 28% correction ended the day after Grayscale started buying again. Weak hands can't beat $300 million or so in weekly buys from Grayscale + all other institutional investment + retail buyers.

Past performance does not guarantee future results. Are we sure inflows in Q1 will continue at the same rate?

Anyway, I know it's tempting to say this time is different but.....sometimes it's not. Institutions have entered the arena but that doesn't completely end the emotional and volatile nature of this market. The spot market is ruled by (thin) liquidity and sentiment, and isn't necessarily just ruled by the notion that institutions are buying.

[jostorres]

Over the past 24 hours I've seen multiple articles pop up in my news feed saying Bitcoin is finally done and heading to zero, or claiming the bull run is over, even a UK watchdog said today investors in crypto should be prepared to lose most of their money! Now in some email feed I get this is the quote: "The crypto boom looks to be over. Bitcoin's biggest drop since March has shaken faith in the resurgence of the cryptocurrencies".

If I was someone who never liked bitcoin and always assumed it would go down, and would crash, this won't be the time I would talk. I understand when they come up during price crash, but that's not really going on right now is it? The price is doing fine and I believe it is going to do fine for a while as well.

If the price crashes under 20k one day, which it very well might doesn't mean it will go to zero, they could come out of their shadows and talk about how bitcoin is dying once again. They will obviously be wrong once again, we were nearly at 20k and dropped all the way to 3k and there were nocoiners who talked about how we got "scammed" (lol, by who?) but the reality is that we have waited enough to see double that peak, over 12 times the bottom of that 3k, so at the end of the day people who were nocoiners were wrong even then, but shouldn't even speak right now.

[DooMAD]

even a UK watchdog said today investors in crypto should be prepared to lose most of their money!

I think the meaning of that statement has been taken pretty grossly out of context when people just read the headline and jump to the wrong conclusion.  Their actual wording was:

“The FCA is aware that some firms are offering investments in cryptoassets, or lending or investments linked to cryptoassets, that promise high returns,” the regulator said on Monday.

“Investing in cryptoassets, or investments and lending linked to them, generally involves taking very high risks with investors’ money. If consumers invest in these types of product, they should be prepared to lose all their money,.”

Bitcoin isn't a firm and doesn't make any promises about ROI.  They're talking about companies and websites.  It's likely that some people have been complaining to the FCA because they "invested" in some HYIP/ponzi trash and got ripped off.  So naturally the FCA issues a warning for people to be careful (since there's basically sweet fuck-all the FCA can do to help those people).

I think most of us here on the forum will be clued up enough to know this already.  Don't trust third parties with your wealth, as it's a one-way ticket to financial loss.

[thecodebear]

And now the correction is over and Bitcoin is back to $38k haha. Bottom was $30k, bears celebrated for all of what like 3 days now they have to go back into hiding until they claim bitcoin is dead at the next correction!

Let me play devil's advocate for a moment.

There is the failed mode (horizontal resistance) at ~$40K and the 0.886 "last chance, bears!" Fib level at $40.6K. I'd like to see BTC conquer those levels before celebrating.

There is still a distinct possibility that this is an ABC "B wave" correction bull trap, just like the one we saw in the June 2017:



We are currently in the exact same Fib zone. Just tagged the 0.705 earlier today.

Grayscale starting buying again yesterday apparently. As I've said on here in recent weeks, the only chance for a serious correction any time soon was this month while Grayscale isn't buying (I thought they wouldn't be buying for another two weeks but their break was shorter than I thought). And what do you know, the 3-day / 28% correction ended the day after Grayscale started buying again. Weak hands can't beat $300 million or so in weekly buys from Grayscale + all other institutional investment + retail buyers.

Past performance does not guarantee future results. Are we sure inflows in Q1 will continue at the same rate?

Anyway, I know it's tempting to say this time is different but.....sometimes it's not. Institutions have entered the arena but that doesn't completely end the emotional and volatile nature of this market. The spot market is ruled by (thin) liquidity and sentiment, and isn't necessarily just ruled by the notion that institutions are buying.

It's already gone over the .786 level, and current is sitting right at it.

I know you're just playing devil's advocate. But I think looking at whats going on in the market erases any doubt that the $30k bottom is in.
In terms of grayscale buying, yes, we know for a fact they will continue buying. We don't know how much they will buy, could be less, could be more, but it's not like they are going to stop buying. We know for a fact Grayscale will continue to eat up a significant amount of supply every week. And we know institutions in general aren't going to suddenly stop buying, they bought the dip after all! Grayscale is a major market participate, their absence meant significantly less on the buy side for a few weeks, their return means significantly more on the buy side now - that's all you really have to know to make that equation. Retailers would have to dump significantly more bitcoin now than they did a few days ago to even get it back down to $30k, and they just saw how a sustained drive downward failed the past few days.

Normally this time is not different. But what we are clearly seeing in the market now is that it is, for obvious reasons. Sure the spot market has thin liquidity, which is why the price was able to drop to $30k in the first place, which institutions heavily bought up because they have a strong drive to continue buying. If the price dropped again now they'd just be back at the dinner table buying cheap Bitcoin. Price has already hit $40k this morning, $10k up from the drop and less than $2k to ATHs. This ended up not even really being a correction but just yet another several day bear trap.

[adaseb]

I Think it was CNBC that made a news article saying something along the lines of "BTC lost 20% so now its in a bear market". However those CNBC analyst need to realise that BTC is not like a stock indicies like SP500 or DOW 30. Generally when the stock market corrects >20% its considered a bear market. That is the trend percentage pretty much. Not normal for SP500 to lose 20% in a single day unless its some flash crash. BTC is completely different and it can lose 20% multiple times of the year.

Yes it was a brutal day when it lost $10K within 24 hours however in percentage terms its only 28% and we had this dips many times in the previous 2017 bull market. Its the same story, it keeps rising and rising, go people go full leverage and there is a cascade of stops which ends up liquidating all the longs and the pattern repeats itself yet again.

[samson]

They do this because they want you to sell all your coins. Why would someone care if you hold or sell your coins?

It's because they want to buy them cheaper and there's not enough sellers for 'their' liking.

Hence the massive PR push to encourage selling....

[exstasie]

They do this because they want you to sell all your coins. Why would someone care if you hold or sell your coins?

It's because they want to buy them cheaper and there's not enough sellers for 'their' liking.

Hence the massive PR push to encourage selling....

There is a contingent of smart money angling to buy cheap, I can believe that.

But honestly, most of the critics are just experiencing sour grapes. This is the third Bitcoin bubble I've watched and people are just so predictable in that way. They clearly feel they missed the boat and that it's too late to buy, so now they need to explain why everyone else is a fool for investing. It's an exercise in rationalization.

[buwaytress]

I Think it was CNBC that made a news article saying something along the lines of "BTC lost 20% so now its in a bear market". However those CNBC analyst need to realise that BTC is not like a stock indicies like SP500 or DOW 30. Generally when the stock market corrects >20% its considered a bear market. That is the trend percentage pretty much. Not normal for SP500 to lose 20% in a single day unless its some flash crash. BTC is completely different and it can lose 20% multiple times of the year.

Yes it was a brutal day when it lost $10K within 24 hours however in percentage terms its only 28% and we had this dips many times in the previous 2017 bull market. Its the same story, it keeps rising and rising, go people go full leverage and there is a cascade of stops which ends up liquidating all the longs and the pattern repeats itself yet again.

Or they don't. I'm actually happier to have these dinosaurs continue on the same agenda for as long as possible. The questioning they put to Microstrategy (I believe it was also CNBC) a few months back just served to show there simply isn't any learning for these "analysts".

And that's okay, really. If they think 100% rises makes a bull, while 20% makes a bear, power to them. Delays the inevitable a little while more, giving the chance to more people like us to firm up our positions.

[Yamifoud]

Some will easily get affected by the price trend.
Some getting bullish when the market surging high (1000%) but later on, they got tempted to sell their Bitcoin for they are into worries if the market dump after seeing a reverse trend(500%). Over and over again, the same story we hear and our speculative sense get worse.

Investment in Bitcoin requires faith, you'll somehow hold your breath when seeing reds. That actually a true Bitcoin holder, will make a decision to hold no matter what it takes.

[yhiaali3]

Yes, we have heard a lot of this nonsense through a lot of social media in recent days due to the great decline of Bitcoin. They are either not used to working in Bitcoin before or they are promoting this nonsense under the hidden direction of governments, it is certain that governments are the biggest beneficiaries of such These trifles, they want to spread the culture of fear of Bitcoin and claim that it is an unstable asset and cannot be trusted. In fact, they all have disappointed.

[LogitechMouse]

Haters gonna hate.
FUDsters can just share what they want to say.
These negative people can share their sentiments to Bitcoin.
But it isn't enough for us Bitcoin holders to go away.

Bitcoin has been here for a long time and I can say that it is enough already to say that we aren't been affected by these stupid FUD coming from stupid people. TBH, they might be saying negative things about it but in reality they are also holding it but they are just didn't say it to public.

Just hodl .

[Shasha80]

I think the person spreading negative news related Bitcoin may be someone who is upset about being late buying Bitcoin at a low price.
Or it could be people who have hated Bitcoin from the start, whoever these people will always be there. We don't need to worry about
the circulating FUD, because it will disappear by itself after Bitcoin is recovered.

I see Bitcoin investors today are getting smarter and not affected by the FUD that is widely circulating on various social media, because
the price of Bitcoin which is experiencing a correction in the near future will soon recover and make Bitcoin haters embarrassed.

[Lucius]

I have to admit that I am generally disappointed whenever I read an article in my local media on the subject of Bitcoin. It is not just a classic FUD, but an elementary ignorance of what they are writing about - such as that the total supply of BTC will be reduced by half due to halving, or a constant repetition like a broken record that Satoshi will appear and sell several million BTC and thus crush the whole thing to zero.

Journalists are just people who do their job, but if you don't know what you're writing about then you're nothing more than a plain copy/paste mercenary who writes for his editor who cares about getting as many clicks or selling as many copies of a newspaper as possible. Honestly they don’t care about Bitcoin - the price goes up the emphasis is on the positives, the price goes down, Bitcoin is dying, again.

[BrewMaster]

I see Bitcoin investors today are getting smarter and not affected by the FUD that is widely circulating on various social media, because
the price of Bitcoin which is experiencing a correction in the near future will soon recover and make Bitcoin haters embarrassed.

there is no doubt that as a whole the investors who have been around long enough are becoming more experienced but but there are still those who fail to grasp how FUD works and still fall for it. there are also a lot of newcomers who still don't have that experience.
if it was any other way then we would have never seen panic sellers in this market with this big scale.

[OgNasty]

I’m seeing nocoiners desperately looking for “the next Bitcoin” while trying to decide which pit to throw their money into. The media outlets trying to say the end is here for Bitcoin are more likely trying to hold the price down so they can accumulate more.

[Wysi]

I’m seeing nocoiners desperately looking for “the next Bitcoin” while trying to decide which pit to throw their money into. The media outlets trying to say the end is here for Bitcoin are more likely trying to hold the price down so they can accumulate more.

You nailed it, that's what media house is planning to do by doing negative coverage for bitcoin like making it look like a bubble or big gamble when it's bullish and when it drops they start to speculate it as end of bitcoin. We sre used to such news nowadays and it's high time that media should understand that's their efforts are going in vain and nocoiners get the fact that Bitcoin is irreplaceable.

[darewaller]

I Think it was CNBC that made a news article saying something along the lines of "BTC lost 20% so now its in a bear market". However those CNBC analyst need to realise that BTC is not like a stock indicies like SP500 or DOW 30. Generally when the stock market corrects >20% its considered a bear market. That is the trend percentage pretty much. Not normal for SP500 to lose 20% in a single day unless its some flash crash. BTC is completely different and it can lose 20% multiple times of the year.

Yes it was a brutal day when it lost $10K within 24 hours however in percentage terms its only 28% and we had this dips many times in the previous 2017 bull market. Its the same story, it keeps rising and rising, go people go full leverage and there is a cascade of stops which ends up liquidating all the longs and the pattern repeats itself yet again.

There was a bloomberg speaker who said "ethereum is now nearing under 1k price that it hasn't been since early 2017" in a speech about crypto. Yes these are the same people who talk about finances on television and dude basically checked the all time high price and saw that it was over 1.5k 3-4 years ago and he assumed that price went from being 1.5k in 2017 to being 1k in 2021, that is what he thought.

There was a lot hate tweets towards him all during the program and dude got mad and yelled "how can anyone be filled with this much hate, it must be a sad life if you are always this angry" without even acknowledging the fact that he straight up "lied" about the price. So, basically if these people talk about crypto in the mainstream media, they will just keep on spreading misinformation all day everyday and that is what we should try to avoid.

[7788bitcoin]

I’m seeing nocoiners desperately looking for “the next Bitcoin” while trying to decide which pit to throw their money into. The media outlets trying to say the end is here for Bitcoin are more likely trying to hold the price down so they can accumulate more.

This is not a new theme, in the past when everyone thought they missed the bitcoin boat back in the day and when some of the new coins started to appear everyone started to consider them as the next big boom and some of those coins are dead, people will look for new opportunities and experiment with the money they have hoping to make a fortune.

[wheelz1200]

Bitcoin started a standard correction from $41k yesterday and has fallen 28% to bottom at $30k (so far) today, though currently back up to $34k.

Over the past 24 hours I've seen multiple articles pop up in my news feed saying Bitcoin is finally done and heading to zero, or claiming the bull run is over, even a UK watchdog said today investors in crypto should be prepared to lose most of their money! Now in some email feed I get this is the quote: "The crypto boom looks to be over. Bitcoin's biggest drop since March has shaken faith in the resurgence of the cryptocurrencies".


I can't even! haha. Bears jump on a single red daily candle like it's the last day anyone will ever want to buy bitcoin again haha. Their desperation is so overblown it is startling and pathetic. The fact that we've sen $41k and still the moment we get a down day in Bitcoin the rest of the world is expecting Bitcoin to immediately die off just shows how inevitable 6 and 7 digits are for Bitcoin's future when the rest of the world stops treating it like it's a penny stock that could disappear at any moment, despite the fact that it's the tenth most valuable asset in the world.


Any absurd doomsday articles you've seen pop up today thanks to nothing more than a standard bitcoin correction?

This is no different than every year.  Peoe usually criticize the things they either don't understand and mad at the fact they weren't smart enough to date to jump on board.  When peoe don't say these things we will have started to plateau.  So this means we still have a ways to go