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

[Reatim]

The main reason for the collapse of Bitcoin is due to a series of measures recently introduced by China that have led to the price drop. Decline, but Bitcoin has also rebounded in the middle. I would rather regard this decline as a rest period for Bitcoin, because Bitcoin has risen very high since last year, and it will take a period of time to adjust. I think this is to reach a new height. There is no need to worry too much about the price of Bitcoin for the necessary rest period.

China news is over though, but perhaps we are still feeling the impact because the Chinese miners may have pulled the plug already.

Yes  Possibilities that Miners had already pulled out the operation but surely they are no starting to find migration , Miners will not stop mining just because of the regulation as they are free to transfer their mining in countries that they are most welcome.

We have seen the hash rate falling down hard recently. In any case though, the impact will not be long term. And it's good that the minings are no longer concentrated on one country.

That is why we are having a Best future now as the miners will be scattered around the globe to continue their operation and not just in china .

So let's just wait for a while, others call this boring, but the best thing to do is just continue to accumulate and wait for the bull run to resume. And bitcoin is not going to die or something, it will continue to thrive and will go on it's normal cycle.

Waiting is the best weapon in crypto , there are prizes on those who can wait as this has been proven for long time now.

[buwaytress]

Yes  Possibilities that Miners had already pulled out the operation but surely they are no starting to find migration , Miners will not stop mining just because of the regulation as they are free to transfer their mining in countries that they are most welcome.

Not possibilities, it's happened and with more en route in countries all over the world. The clue should have been in all the media coverage of the move actually. Happy people packing things up in a nice way, and very organised and orderly. This wasn't a panic mass exodus with China setting out the dogs to chase miners out. It was simply a state decision (which they'll come to regret).

[Oceat]

The main reason for the collapse of Bitcoin is due to a series of measures recently introduced by China that have led to the price drop. Decline, but Bitcoin has also rebounded in the middle. I would rather regard this decline as a rest period for Bitcoin, because Bitcoin has risen very high since last year, and it will take a period of time to adjust. I think this is to reach a new height. There is no need to worry too much about the price of Bitcoin for the necessary rest period.

Bitcoin has been stuck in the $30-35k range for the past few weeks and I agree if this is a break after the ATH movement in the last few months, the period is highly anticipated as bitcoin has declined by more than 50% and the opportunity to buy cheaper to hold in the long term.

I'm done expecting that this current price would lead to a break of new ATH, it's been two months and nothing happens. Maybe if Elon Musk make some miracle again in this market maybe we will see the expected price. The time of accumulating Bitcoin is already done last year, we should accept the fact that this will lead to a bear market soon.

If you look at the price already there's no guarantee that this would lead to break a new ATH. Maybe if this is year 2024 it would be realistic to believe that the price would pump and break to six digit figure but nah, this is just a consolation after accumulating and gaining profit from the bull run.