Bitcoin now officially in Bear-Market: -20% down - Dropping like a Rock

[Mahanton]

-20% is for stocks and BTC more closely resembles the commodity markets where 10% moves in a day can occur.   Its not really valid to call it a bearish market just yet, its a pullback and we'll see how it proceeds over time not just price. 50500 I think is the price I need to see it hold as a low, if we see this occur in larger bars on the graph like daily and weekly then assume you have a counter rally even if you wish to speculate a wider bear trend.

People do normally react with these kind of situation on anytime they do see some price decrease in a range of 5-10% in a day then they do usually freak out
and having the thoughts that this might be the start of the long bear season and just like on what happened in the past without even realizing and trying
to look back on what are the things that do commonly happen in day to day basis which they should really be looking and be realistic based on that
rather than on looking on the current condition and making out presumptions and speculations that it would really be going down continuously.

[LUCKMCFLY]

Could this be because of the Biden Fiscal Plan?

I have read a lot, and I firmly believe that the decline of Bitcoin is naturally due to speculative market causes and not due to a fiscal plan, but according to the position or opinion given by the CEO or the creator of Cardano it makes a lot of logic in what he says, and new institutional investors may be scared to own Bitcoin if the new tax plan takes it.

Currently, the long-term capital gains tax rate stands at 23.8%, and with Biden’s proposal, the number could surge as high as 43.4%. The Cardano founder reveals that he will be personally affected by the proposed tax hikes.

“It looks like the corporate tax rate for offshore corporate taxes is going to double. It looks like my personal taxes are going to double as well. The latest tax proposal on capital gains is going from 20% to 43.5%.”

Source: https://dailyhodl.com/2021/04/24/cardano-creator-says-biden-tax-plan-could-be-seriously-bearish-for-crypto-markets/

It may cause some panic if you think like the creator of ADA, Normally the market does not react so immediately to the news, unless it is a fundamental, I think it is best to wait longer to see how the market develops.

[LUCKMCFLY]

I think that Bitcoin can continue to fall in price, normally according to Peter Brandt predicts that it can fall 35%, according to PlanB still 25% is what has fallen, but I think that as PlanB says this year is not yet the end of the bullish trend, He is still firm with waiting for it to reach $ 288k, this month of April is always exclusive of a bullish trend, it seems strange to him that it is happening for now at this price, the introduction of Coinbase Coin on Wall Street may have caused this price for the participation of some investors in the crypto market or Biden's tax plan, it's all a matter of waiting ..The creator of Cardano thinks of it like this:

Currently, the long-term capital gains tax rate stands at 23.8%, and with Biden’s proposal, the number could surge as high as 43.4%. The Cardano founder reveals that he will be personally affected by the proposed tax hikes.

“It looks like the corporate tax rate for offshore corporate taxes is going to double. It looks like my personal taxes are going to double as well. The latest tax proposal on capital gains is going from 20% to 43.5%.”

Source: https://dailyhodl.com/2021/04/24/cardano-creator-says-biden-tax-plan-could-be-seriously-bearish-for-crypto-markets/

[magneto]

There is absolutely no sign that Microstrategy and Tesla are taking profits.

You have to understand that Elon Musk is essentially locked into his position implicitly for at least a few more months/years. The SEC will be on his back for securities manipulation if he offloads his position so quickly.

I doubt this will be the end of the current rally. Fundamentals are all here and market sentiment is as strong as it has been for the past few months. Shouldn't be more than a temporary dip along the way.

[Theb]

~snip

The problem is that threads like this do not have any consquence to the creators.

Bitcoin's coin has had a good rise in price since October. Yet there have been many threads that say bear bear bear.

I say buy the dip while you can and Hold Hodl Hodl

I'm not here to shame the creator of the post but merely just educate him or at least give him my personal opinion about Bitcoin being in the bear market as we all have different analysis after all. Right now I am saying that we aren't still in a bear market as we aren't clearly on a downtrend but rather on a higher level of consolidation where Bitcoin can go up and own 5-$10,000 and still you wouldn't see any reversal not unless it has broken a support in a continuous manner.

[sana54210]

There is absolutely no sign that Microstrategy and Tesla are taking profits.

You have to understand that Elon Musk is essentially locked into his position implicitly for at least a few more months/years. The SEC will be on his back for securities manipulation if he offloads his position so quickly.

I doubt this will be the end of the current rally. Fundamentals are all here and market sentiment is as strong as it has been for the past few months. Shouldn't be more than a temporary dip along the way.

SEC would not be on his back if he offloads quickly, he could buy and sell in the same day if he wants to and that would be legal. However he is definitely in the long game, how do we know? Because dude put up tesla on sale for bitcoin, you can pay bitcoin to buy Tesla nowadays and that is why it matters. He doesn't care about just the investment he made, he also cares about all the money he could get from bitcoin sales and he has specifically said that he is not planning on selling the bitcoins that come from bitcoin sales as well, so he is going to keep holding them all.

This is why I think it is obvious that we are in a much better situation right now, the price of bitcoin is nearly 2 teslas right now and as microstrategy is still buying even right now, so things looking good on that front. They aren't selling not because it would be illegal but because they don't want to, that is much better.

[Silberman]

Why there's always a thread like this when bitcoin is dropping?

Bitcoin is already existing for over a decade and started with a few dollars worth, but now the value is unexpectedly thousand times from the time it was created. Its just shows how worthy this currency is, yet a correction (which is quite normal) causing some investors to speculate negatively.

Its simple, if you believe in bitcoin then continue to hold or take advantage the dip, otherwise you can sell and quit.

Because that is the way it works, there are many out there that consider themselves contrarians and there is nothing they would like to see more than for the price of bitcoin to crash, the market is still close to the 50k level and yet for some reason people are speaking as if this is the end of the world, anyone that has been holding their coins before this movement started do not have a problem with what we are seeing now and they are probably using the current low prices to accumulate even more bitcoin as we speak.

You would really be expecting these kind of calls anytime we do see some price decrease where there are people who do freak out and keep saying that this is the start of the bear market
but if we do try to look at on the current condition then you can say that we are totally seeing the other way around.

-20% down isnt something that you should bother out yourself but rather see this as an opportunity for you to buy more cheaper coins.Some calls are just creating the FUD so better not to make
yourself get easily affected with these.

Dropping like a rock? If you've been here on this market for a while then these movements wouldnt really be an issue at all.

Most of the time the ones that get really nervous are the newbies of this market, I have seen my fair share of ups and down of bitcoin and at this point I am immune to panic attacks as I have enough experience to know that most of the time a drop like that is only temporary, but newbies that have seen bitcoin going up almost exclusively during a whole year are not familiar with those kind of drops and that is why they are panicking, and yet just a few days later bitcoin is back at 55k.

[TotallyNotaLiar]

Now BTC is at $51k, its was up to $65k on some exchanges, $54k is -20%, so now we're at -25%

A sustained down of -20% is the legal definition of "Bear Market" get over it. Live with it. Sure HODL on or buy more, hell buy the falling knife, sell your house and car, and buy BTC on the way down,

Like I have said all along, it was the MUSK billionaires who sent BTC from $20 t0 $60k in the last six-months, not the geeks with stimmy-checks, they're over on DOGECOIN

Now MUSK & billionaires MUST take profits before all that money evaporates.

Given that CHINA owns BITCOIN, and MUSK with his $1.5B purchase drove the price, one can say that much of the corporate USA loss on BTC investment is just easy money transferred to China.

One mans loss, is another mans gain. In this case with +67% of all mining done in CHINA, they own BITCOIN.

MUSK was a BIG believer in China, but now with the people jumping on his Teslas, and his reaction, MUSK is seen as a pariah in CHINA for what he is, also in CHINA while the USA buys the bile because USA media peddles bile, in CHINA the people are aghast that he says "The Tesla that crashed in Texas, was NOT on autopilot", Chinese people see this as an assault to their intelligence, maybe for the USA the USA people are a nation of idiots in the eyes of MUSK, but in China with the single child policy of 60+ years, everybody makes sure their kid gets the best education, unlike USA where everybody is fed WOKE bile, in lieu of education.

BTC dropping like a rock, or reverting to the mean, is not a new problem, easy to go from  $1 to $100, wasn't likely to go from $6k to $60k, but now stimmy checks are kaput, and the USA corporate balance sheet is crap. The single reason that MUSK, and dozens of other CEO's parked their corporate cash into BTC is hoping they could show a profit on their books. Not unlike GM, back in the day GMAC made morning money loaning its cash, than they did making cars, until they figured out that nobody was paying that money back.

Classis MUSK was John Delorean, who spent 100's of millions of company cash on Cocaine, so he could keep his car company afloat with drug sales in USA urban crack zones.

The entire BITCOIN narrative is now public, everybody knows that 100% of the BITCOIN 'story' is based on lies, there is not a single truth propagated by the pumpers & dumpers in BITCOIN land.

Just like USA today, where liars rule the media, here on BITCOIN liars rule the narrative, truth doesn't make you rich. But if your eyes are open, the truth can keep you from losing all your money.

you know for 25 pence, I could create a version of this with just 1.2 and dog lake attached to the side.

[STT]

I would not advise judging Bitcoin as if it were a stock index in terms of defining 20% the confirmation of a bear market with crypto destined to form a negative trend.   Bitcoin often pulls back this amount due to its greater volatility.   BTC better resembles a commodity, a security established commodity not physical but the swings it sees in demands resembles very much what I see all the various sometimes seasonal commodities.    
  All we are doing presently is pulling back to September price levels which might be of some disappoint but doesn't qualify as severe overall.   I always take at least a year context for pricing, its been far more positive then I imagined possible.

[OgNasty]

I'm not sure I'd say we're in a bear market yet.  This still seems like correction territory to me.  Granted, it's closer to bear market territory than I'd like it to be.  We're still in the comfort zone at the moment though.  I think things will start getting uncomfortable around $39K and below that will feel like a bear market.  At the moment though we could be in a trading range between $42.0K & $69K.  Until that breaks, this could be viewed as a buying opportunity.  Especially seeing the sentiment in the market expecting it to drop further.  The bulls have been liquidated enough, there should be some bears on the menu before long.

[buwaytress]

I'm not sure I'd say we're in a bear market yet.  This still seems like correction territory to me.  Granted, it's closer to bear market territory than I'd like it to be.  We're still in the comfort zone at the moment though.  I think things will start getting uncomfortable around $39K and below that will feel like a bear market.  At the moment though we could be in a trading range between $42.0K & $69K.  Until that breaks, this could be viewed as a buying opportunity.  Especially seeing the sentiment in the market expecting it to drop further.  The bulls have been liquidated enough, there should be some bears on the menu before long.

Neither I. Actually was waiting for a bounce now that 200MA is pretty much under heavy, heavy stress, but I guess it's not coming until (or if) 40k is tested, which I thought would happen yesterday/today.

Like you said though, I'm much happier seeing visible sentiment in fear, unlike not so long ago when everyone was expecting big things on 31 December.

[tokeweed]

I'm not sure I'd say we're in a bear market yet.  This still seems like correction territory to me.  Granted, it's closer to bear market territory than I'd like it to be.  We're still in the comfort zone at the moment though.  I think things will start getting uncomfortable around $39K and below that will feel like a bear market.  At the moment though we could be in a trading range between $42.0K & $69K.  Until that breaks, this could be viewed as a buying opportunity.  Especially seeing the sentiment in the market expecting it to drop further.  The bulls have been liquidated enough, there should be some bears on the menu before long.

The daily looks ugly but yeah, the weekly def looks like BTC just going through a correction.  Anything above 30k looks to be good imho and I think BTC is going to be ranging between 30k and 60k if it doesn’t find itself trending up to new all time highs for the next couple of years.  I guess I’ll take it!  Better that than breaking down below 28k - 30k support.

[sana54210]

I'm not sure I'd say we're in a bear market yet.  This still seems like correction territory to me.  Granted, it's closer to bear market territory than I'd like it to be.  We're still in the comfort zone at the moment though.  I think things will start getting uncomfortable around $39K and below that will feel like a bear market.  At the moment though we could be in a trading range between $42.0K & $69K.  Until that breaks, this could be viewed as a buying opportunity.  Especially seeing the sentiment in the market expecting it to drop further.  The bulls have been liquidated enough, there should be some bears on the menu before long.

I definitely agree that we are not in the bear market right now. It says we are 20% down for the week we are 11% or so down, and only in the last 30 days we are around that 20% mark and not even there, we were around 48k or so and now we are at 42-43k levels which is 5-6k difference and that's not 20%.

All in all I would say that its nothing too shocking and we should not be calling it a bear market. For it to be a bear market we need to see it drop a lot more in the future. We need to see it a lot worse, we need to see like 40% or so drop in order to call it a bear market if you ask me. Obviously there is no definite line to say if one thing is bear or not, but this seems too small of a drop to be suddenly in bear market, it was just a small drop.

[tokeweed]

^  A lot more?  I don’t think so...  30k isn’t really far away from what the price is at right now which is now around 41.2k.  Again, if 30k breaks, we’re done for.  Let’s just hope there aren’t any more huge holders that’s gonna capitulate and add more down side momentum if BTC approaches 30k.  Lol.

But really I’m expecting a bounce to around 46k, maybe 48k then a drop back down to where it’s currently at then hopefully it plays out like July and trends back up again.

[freedomgo]

^  A lot more?  I don’t think so...  30k isn’t really far away from what the price is at right now which is now around 41.2k.  Again, if 30k breaks, we’re done for.  Let’s just hope there aren’t any more huge holders that’s gonna capitulate and add more down side momentum if BTC approaches 30k.  Lol.

But really I’m expecting a bounce to around 46k, maybe 48k then a drop back down to where it’s currently at then hopefully it plays out like July and trends back up again.

With bitcoin making a series of price dumps, i think going down to the price level of $30k is very much possible if all news that come to the market are negative and that will make the whole market even more dumping. Aside from that, if those long term hodlers will start to panic and sell their coins to cut their losses, most likely that the crypto market will experience a total dump in this bear season.

However, looking at the positive side, this is a perfect time to enter the market and start buying all those promising coins that are in their cheap prices. But before that, study first and make a deep research on what coins you will buy during this dip so you won't be wasting your money on shitcoins.

[Vaculin]

I'm not sure I'd say we're in a bear market yet.  This still seems like correction territory to me.  Granted, it's closer to bear market territory than I'd like it to be.  We're still in the comfort zone at the moment though.  I think things will start getting uncomfortable around $39K and below that will feel like a bear market.  At the moment though we could be in a trading range between $42.0K & $69K.  Until that breaks, this could be viewed as a buying opportunity.  Especially seeing the sentiment in the market expecting it to drop further.  The bulls have been liquidated enough, there should be some bears on the menu before long.

I definitely agree that we are not in the bear market right now. It says we are 20% down for the week we are 11% or so down, and only in the last 30 days we are around that 20% mark and not even there, we were around 48k or so and now we are at 42-43k levels which is 5-6k difference and that's not 20%.

All in all I would say that its nothing too shocking and we should not be calling it a bear market. For it to be a bear market we need to see it drop a lot more in the future. We need to see it a lot worse, we need to see like 40% or so drop in order to call it a bear market if you ask me. Obviously there is no definite line to say if one thing is bear or not, but this seems too small of a drop to be suddenly in bear market, it was just a small drop.

I can also see that the current drop is not that very serious and its fall rate has not reached 20% so maybe we are not yet entering the bear season. I think there will still be a lot of this when we finally turn into bearish season, that weak hands cannot sustain it anymore and end panic selling. But we know things that are happening right now will not be forever, it will surely end when we see the market starts to recover. So its better to hodl our coins until we see good chances to sell and earn profits.

[romero121]

I'm not sure I'd say we're in a bear market yet.  This still seems like correction territory to me.  Granted, it's closer to bear market territory than I'd like it to be.  We're still in the comfort zone at the moment though.  I think things will start getting uncomfortable around $39K and below that will feel like a bear market.  At the moment though we could be in a trading range between $42.0K & $69K.  Until that breaks, this could be viewed as a buying opportunity.  Especially seeing the sentiment in the market expecting it to drop further.  The bulls have been liquidated enough, there should be some bears on the menu before long.

I definitely agree that we are not in the bear market right now. It says we are 20% down for the week we are 11% or so down, and only in the last 30 days we are around that 20% mark and not even there, we were around 48k or so and now we are at 42-43k levels which is 5-6k difference and that's not 20%.

All in all I would say that its nothing too shocking and we should not be calling it a bear market. For it to be a bear market we need to see it drop a lot more in the future. We need to see it a lot worse, we need to see like 40% or so drop in order to call it a bear market if you ask me. Obviously there is no definite line to say if one thing is bear or not, but this seems too small of a drop to be suddenly in bear market, it was just a small drop.

I can also see that the current drop is not that very serious and its fall rate has not reached 20% so maybe we are not yet entering the bear season. I think there will still be a lot of this when we finally turn into bearish season, that weak hands cannot sustain it anymore and end panic selling. But we know things that are happening right now will not be forever, it will surely end when we see the market starts to recover. So its better to hodl our coins until we see good chances to sell and earn profits.

Yes, weak hands won't sustain. Who are those weak hands? In my understanding most of the small volume holders seems to be weak hands, because always there'll be little panic about the market as there is nothing assured for the next move. Right now the large volume holders and whales will be making use of the fluctuation which has been taking place between $40k and $43k. Small holders never intend to do rather than holding. This is why they panic by this situations.

[Botnake]

I'm not sure I'd say we're in a bear market yet.  This still seems like correction territory to me.  Granted, it's closer to bear market territory than I'd like it to be.  We're still in the comfort zone at the moment though.  I think things will start getting uncomfortable around $39K and below that will feel like a bear market.  At the moment though we could be in a trading range between $42.0K & $69K.  Until that breaks, this could be viewed as a buying opportunity.  Especially seeing the sentiment in the market expecting it to drop further.  The bulls have been liquidated enough, there should be some bears on the menu before long.

Neither I. Actually was waiting for a bounce now that 200MA is pretty much under heavy, heavy stress, but I guess it's not coming until (or if) 40k is tested, which I thought would happen yesterday/today.

Like you said though, I'm much happier seeing visible sentiment in fear, unlike not so long ago when everyone was expecting big things on 31 December.

Well, if this correction will move down to its bearish season, then i don't think we should develop fear because of the serious dump. Probably, weak hands do but never for those who had experienced this market dumps a lot of times. Because if we look at its brighter side, if bitcoin will drop further, then we can buy a whole bitcoin since it becomes affordable now. And also, there are a lot of good altcoins that are waiting for us to fill in in our portfolio so definitely, this will be a good start to buy potential coins for long term hodling.

I am thinking that we are still in a correction but i know after this, we will also end up having a bear market. So since this is also part of the cycle, then we should not worry seeing the market all in red as this signifies that there is bigger opportunity to buy now with high discounted coins. And its a perfect time to accumulate more promising coins that we think will be more profitable in the future. So just enjoy the ride while opportunity is in front of us.

[Finestream]

I'm not sure I'd say we're in a bear market yet.  This still seems like correction territory to me.  Granted, it's closer to bear market territory than I'd like it to be.  We're still in the comfort zone at the moment though.  I think things will start getting uncomfortable around $39K and below that will feel like a bear market.  At the moment though we could be in a trading range between $42.0K & $69K.  Until that breaks, this could be viewed as a buying opportunity.  Especially seeing the sentiment in the market expecting it to drop further.  The bulls have been liquidated enough, there should be some bears on the menu before long.

Neither I. Actually was waiting for a bounce now that 200MA is pretty much under heavy, heavy stress, but I guess it's not coming until (or if) 40k is tested, which I thought would happen yesterday/today.

Like you said though, I'm much happier seeing visible sentiment in fear, unlike not so long ago when everyone was expecting big things on 31 December.

Well, if this correction will move down to its bearish season, then i don't think we should develop fear because of the serious dump. Probably, weak hands do but never for those who had experienced this market dumps a lot of times. Because if we look at its brighter side, if bitcoin will drop further, then we can buy a whole bitcoin since it becomes affordable now. And also, there are a lot of good altcoins that are waiting for us to fill in in our portfolio so definitely, this will be a good start to buy potential coins for long term hodling.

I am thinking that we are still in a correction but i know after this, we will also end up having a bear market. So since this is also part of the cycle, then we should not worry seeing the market all in red as this signifies that there is bigger opportunity to buy now with high discounted coins. And its a perfect time to accumulate more promising coins that we think will be more profitable in the future. So just enjoy the ride while opportunity is in front of us.

Exactly. There's no room for doubt or fears this time as we are not really losing from our investments, unless we decide to go on panic selling which will really create a huge loss on our part. Instead, we should be more thankful that another opportunity has come and we can start buying potential coins on their lowest prices. Just keep calm and just enjoy what we have at the present. We will always see a brighter market when bearish season is over.

[ice18]

-20% is not that huge enough to call it bear market, above 60% fall is an indication we are now in bear market and its not happened yet, I think we will go sideways for some months and it could possibly trigger an altseason look at the btc.d now looks like we are in a support zone and if it breaks below alts may fly.