Why is bitcoin plunging? What is the reason for this?

[w-smallteenager]

Bitcoin has been in the doldrums for nearly a month, what caused such a thing to happen. Could he be the end?

[wendy sy]

Because Bitcoin has risen too fast in the early days (in fact, all cryptocurrencies are the same), a callback is inevitable. The current price has fallen to the level of three months ago, and it is very likely that it will continue to fall. It is not impossible to fall below 35,000. For any asset, it is impossible to rise at a high speed forever. A proper correction is the way to keep the market healthy.

[Poker Player]

Bitcoin has been in the doldrums for nearly a month, what caused such a thing to happen. Could he be the end?

Yes, it is the end:

Bitcoin has died 421 times

[bittraffic]

It's been dead over and over but it's still breathing. Every time BTC goes up the next thing it does it also goes down, it does the same thing over and over giving chance to those who have not yet bought to come out and grab a slice of BTC in time when it will bubbles again to more than $100k.  The rise of BTC seems to have disregarded the economic crash actually which is why it sounded illogical for some.

[cryptomaniac_xxx]

Bitcoin has been in the doldrums for nearly a month, what caused such a thing to happen. Could he be the end?

Supply and demand. Maybe the demand is low right now, or at least no one wants to buy BTC and there are more sellers in the market in a month. But saying it is the end? Nah, it's not going to die. The price is still high though, if you have invested on it's lowest in March 2020, you are still in profits. For those who have invested above the current price, then you need to be patience and just hold on it. You are not going to lose any money if you are not going to sell. Patience is the key here.

[Lee_Mire]

Bitcoin has been in the doldrums for nearly a month, what caused such a thing to happen. Could he be the end?

It's most likely due to distribution (selling) by institutional investors who bought in the low 20's and sold off in the 50's. With that being said, it looks like they are now rebuying in the low 30's and will redistribute at 80s to 90s. Its all text book if you look at the charts. Also you have the a mini black swan event regarding the Chinese ban on mining which is forcing a lot of miners to sell off their BTC to fund offshore mining operations. All in all, this should all resolve itself sometime in late Q3. We will end the year with a new ATH.

[AGD]

It's going up if you zoom out.

[AB de Royse777]

It's going up if you zoom out.

I guess OP is suffering memory lose, blacked out all before last October, LOL

[leea-1334]

Because Bitcoin has risen too fast in the early days (in fact, all cryptocurrencies are the same), a callback is inevitable. The current price has fallen to the level of three months ago, and it is very likely that it will continue to fall. It is not impossible to fall below 35,000. For any asset, it is impossible to rise at a high speed forever. A proper correction is the way to keep the market healthy.

Again,,, we also need to remind ourselves what happened 3 months ago with all that unsustainable Elon+hype+meme frenzy,,, so we are actually returning to where the market was before the hype happened so we have not lost the market momentum, we have merely removed that hype portion and now we truly are where we are supposed to be. Looking at where to go next without influencer decisions.

[PotatoWizard]

It's an endless story - bitcoin rises and falls, rises and falls, over and over again. I laughed a lot last year, when analysts predicted growth to $ 20,000 for $ 9,000. Now I don't laugh at predictions of 100 or even 300 by the end of the year.

A funny pattern is that Bistcoin falls more than once in the summer and rises in the winter.

However, the current situation comes from two reasons: too sharp growth (bitcoin just rolled back to its natural rate) and Elon fucking Musk.

[ReiMomo]

Bitcoin has been in the doldrums for nearly a month, what caused such a thing to happen. Could he be the end?

I heard different news that will I guess the reason for a sudden fallback of bitcoin price, one of the reason that I suspected why bitcoin is plunging is just that China authorities crackdown bitcoin mining farm and I guess the possible reason that affects to the price. However, this only an assumption of mine and I think there's a major reason why bitcoin hardly grows up in the market.

For now, there's nothing we can do, we know that the bitcoin price will always have an all-time high and I guess time will come and in an unexpected time we will know one-day bitcoin rapidly raise again just hold for it, and never do panic selling.

[Lucius]

The current price, as some others have already mentioned, is actually much closer to the real one than we had a few months ago - supply and demand say that 1 BTC is currently worth an average of $35 000 - which is about 5 times more than 1 year ago at the time of halving. All those who invested between $40 000 and $65 000 believed that growth would not stop, at least up to $100 000 - and all this so-called negative news (FUD) gave them even more reason to think similarly to OP.

Only those who somewhat understand Bitcoin, and those who invested last year are now in the game, the rest have come out and are waiting for a new positive signal from a dear leader who will say something positive about Bitcoin again, and encourage a new bull run to the Mars🚀

[koang]

This will only be a temporary phase and has the potential to become a consolidation or accumulation phase.
All markets are cyclical and will bounce back, BTC, as well as other cryptocurrencies, will still exist

[kojektea]

The thing that makes sense to me is the game of the whales, where they want to take advantage and then come back to buy at a cheaper price. As with the chinese news ban cryptocurrency it happened in 2018, and back again this year. Is this normal? Isn't that old news? I guess this has something to do with the price manipulation of the pope.

[marilynmanson21]

there is no reason why bitcoin is falling at this time, the whale game plays a role here where newcomers have bought bitcoins at the top and the whales act by panicking newbies plus bad news from all over , and with this making the price go down, that's how it goes on crypto

[TribalBob]

news that overlaps badness and loss, not to mention the always negative public opinion about bitcoin maybe that's the cause of bitcoin sluggish to trade, and the whales are sluggish to trade, rest assured that bitcoin friends will never die, enjoy the journey of bitcoin reaching 100k$

[iTradeChips]

I can imagine many many investors are doing all in with Bitcoin right now because of the low price. Don't panic because many factors increased the price of cryptocurrency in the past few months, the whales sold for a profit and then waited for the right time to strike again. Remember, Bitcoin went down to $31,000 a few weeks back and then rebounded to $39,000 plus then down again. That is how it is, if you know how to play the game then you will be fine.

[Dhoe]

The fall in the price of bitcoin was caused by many problems, from Tesla not accepting bitcoin, negative posts by Elon Musk, and Donald Trump who said bitcoin was a scam, but we need to realize that bitcoin always decreases every year, maybe bitcoin gives us the opportunity to at least buy 1 bitcoin when the price is falling, the key to success in bitcoin is patience..

[iTradeChips]

The fall in the price of bitcoin was caused by many problems, from Tesla not accepting bitcoin, negative posts by Elon Musk, and Donald Trump who said bitcoin was a scam, but we need to realize that bitcoin always decreases every year, maybe bitcoin gives us the opportunity to at least buy 1 bitcoin when the price is falling, the key to success in bitcoin is patience..

These politicians, elites, and billionaires did not understand the power that Bitcoin holds to cause a shockwave of financial surprises for the common man and the masses, by empowering them financially and creating the a new wave of new rich. So they, the old rich, do their best to discredit Bitcoin and make it an invaluable asset. Unfortunately for them they were not and will not be successful in doing that. We the supporters and investors of cryptocurrency should make a stand and show that Bitcoin and crypto will not be intimidated.

[Furious 7]

It's natural that bitcoin always falls, doesn't it feel the same way the year before that bitcoin falls again? hold on and wait for the right time.
There are so many reasons why bitcoin fell we don't need to go into detail because for me the bitcoin market is like this with high risk, of course any reason must be faced including redness in the crypto market, I will remain relaxed about it
This is not the end of the world, we are still at a high stage and we need to know what to do with your coins.