Don't blame Elon musk and China for the dip!!!!!!!

[ogundowotoby01]

If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

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[wack slacker]

Two events are just excused to lower prices and people believe in to blame. The truth is we've seen growth for a long time. Any growth needs a correction to continue to rise so I'm not surprised that Bitcoin has dropped to such a terrible extent. I believe that the main beneficiaries are the sharks and whales because they are the ones who control the market.

[Anonylz]

If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

The reason why Elon was blamed is because he was a catalyst to the untimely heavy dump, his tweet like you said hasten things up, to me, i think Elon's tweet have far more effect than that of china banning crypto because in the case of china, many are already use to that hide and seak game, but coming from Elon, and Tesla, it was a big news that cause chaos and immediate panic sell.

[Jaered]

We still cant excuse those two event. In fact that China ban created that huge dip if you ask me since the Chinese market makes up a huge chunk of global crypto market

[makishart]

It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

Did you think the fundamental didn't give impact to the market? The fact that if these days technical analyzation means nothing when it was facing a very bad news like china was banning crypto from its country.
that gives so many uncertainty for the newcomers about the future of crypto. that creates panic sell in the market and that was also bring the people to dump their coin at the cheap price.
I think that you understand this wrongly dude. The news is everything in the crypto. I think that you can try to see the impact caused by the bad news.

[TopT3ns]

If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

elon made a status on twitter which made a lot of people panic and maybe a lot of whales who used it to make the price crash and it seems that everything is elon musk's fault, but you have to know if elon didn't make a statement like that then there wouldn't be a dump like this.

[Review Master]

Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

Indeed, I agree with this statement that market is just correcting itself as we need this type of correction for massive bull run. Just look into the previous bull run where market also took 30-40% correction. So, it isn't new at all. But main problem with Elon Musk is that he indirectly helped those institutional investors who want to manipulate the market to sell out their bitcoin which was bought at $10k to $20k price level and again rebounded to accumulate more in the dip. Also, china ban on crpyto was expected as it's not the first time to see this type of fuds because it's also happened back in 2017's bull run. 

[Farma]

As far as I know, people are panicking because Elon Musk is withdrawing bitcoins from Tesla, and also China is banning crypto. however, crypto users who moved because of Tesla, or crypto users in china must be panicked enough to own bitcoin, or crypto in their country, or elsewhere. this pushed the price down to what it is today. Well, I don't blame them, because even now, the price is still quite high.

[In the silence]

If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

Yeah. New comers are so focus to elon that they didnt take any research how the market behaves every ath and how the market is being played by the elites. Elon is just a proxy and china banning Bitcoin was like twenty times already since mt. gox.

[YOSHIE]

So the market is just correcting itself.

In fact, many factors that could be involved in the decline of Bitcoin have now touched almost 40%, for me the phenomenon of the decline in Bitcoin, has a big relationship with the 23/4/2021 news, Regarding the behavior of China, which carried out a blackout, this factor made the confirmation of Bitcoin transactions stuck.

Another factor is the fear of crypto users which generates negative sentiment towards the market about the behavior of crypto exchange bosses in Turkey, another reason for the words made by the US president, about taxes.

The crypto market is currently in serious trouble and is responsible for the current decline in Bitcoin.

[Ceyflix-Rez]

About Elon Musk it shows that there aren't too many smart people in the world, some people like been controlled by others too so Elon Musk isn't to be blamed here, what they failed to understand about Elon Musk is he is trying so hard to make money too so his influence will be used

[Ucy]

Don't know about China, but what happened was intentional and coordinated to cause panic. The proof is all over crypto space.
If you want to attack a financial system of any country you could cause thesame panic and achieve similar results... Not everyone will have the conscience to do shameful things like that . I've seen crisis manufactured out of nowhere because people where intentionally/unintentionally spreading rumours.
Those who do such things are actually attacking millions of people who depend on the system. It's an important attack vector the crypto/Bitcoin world needs to address.


If you don't like Bitcoin/crypto, one of the best thing to do is to avoid it rather than attacking it. There are lots of other non-crypto projects you may like to participate in. I only concentrate on "Decentralization" even though Centralized ones could easily make me rich. People should choose where they want to be based on principles so they don't go about creating problems where they are not supposed to be.

[Looper_U]

When bear market plans to occur few things like Panic sell off will surely happened, this same thing took place in 2018 too and slowly the market start collapsing, to me it's time we should start planning for bear season cos bull season never stays longer

[ecnalubma]

Bear is just around the corner, this correction is common if you’re crypto space for years. Bull season has limitations and we should always prepare ourselves for the worsts cases because there are still a lot of obstacles that might happen again in coming months or year.

[Refrumatrix]

Elon Musk have a part in the reason why there is huge dip in the market but I don't blame him still, I blame those who trust a human being like themselves so much that they hold on to the coin he chills on the web, we are all here to make money and they should understand what profit taking means

[fortune1002]

If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

Your point is correct but their is somewhat effect of Elon musk's tweets and Somewhat effect of China ban on Market. If China have not banned than many people have been still holding their crypto.

[akirasendo17]

These people manipulate everything to gain profit, so I think they have something to do with the dip, they will need to do that to get the lowest price possible then make a statement to pump the coin, it been what known people do in the business world of trading, and it will not be stopped, as long as there are people who believe in them and do what they say, but still, we have the last say, people should balance their own decision with the statement of these rich guys.

[coco23]

If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

Your point is correct but their is somewhat effect of Elon musk's tweets and Somewhat effect of China ban on Market. If China have not banned than many people have been still holding their crypto.

The tweet and the news where just the final push off the cliff. The crash would have come regardless, it is not very important what was the final reason

[Fivestar4everMVP]

I totally agree with you mate, I've always been of this same opinion, but most people tend to focus on Elon musk, most even went as far as calling him names blaming him to the market crash.
The thing is almost every one was expecting bitcoin to reach $100,000 usd before any major correction happens, they all forgot the market does not work like that, this correction have been there, waiting for someone or something to trigger it, Elon happened to be the one who did trigger the correction, and since most people don't actually know what a correction is, they blame Elon, calling him  names for being the mastermind behind the market crash.

[tabas]

If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

They have something to do with the market. We don't have to blame them but we just have to react accordingly. That's why most of the people are worrying because they're saying that this market can be manipulated by them. But even so, we've stayed for a longer time in the bull run.
Compare 2017-2018 bull run and as well as 2020-2021. The latter was quite longer and that is to be expected that it should start to drop.