Big surprise in mid-August - Do not panic!!!

[hatshepsut93]

TBH its not a big surprise, because from looking at the chart it was clear that the market was about to take a huge move - either up or down. Of course we are all here hodlers and that makes us permabull, so we hoped that only movement up is possible, but you should be always mentally prepared to see a big red candle. After all, the bull run has not started yet.

[edy_58]

~
My hope is only one; avoid panic - just hold your bitcoin and accumulate.

Whoever ever panics about the price of Bitcoin, in my opinion, doesn't understand anything about the crypto market, and he doesn't need to invest in it to keep his emotions in check. If you lack the necessary mental capacity, stay far away from investing in crypto. That's the piece of advice I gave to the newbies. Accumulating bitcoin at this declining price is the best idea for someone who believes in bitcoin and has the patience to do that.

Whatever the current state of the crypto market may be, one thing is for certain. The downturn won't last forever. Focusing on the short term but not the long term can only cause panic.

For those who are just starting out and don't understand the crypto market well, of course they will experience panic, I have felt this way too, but over time this will make us understand that there is no need to panic in situations like this. Your advice is great for those just starting out, if you have a lot in savings now is a good time to buy and hold to profit if the price goes up later.

[GeorgeJohn]

I've been taking a short break from my work for the past two days - and WOW was I totally shocked when I know the price of bitcoin having dropped so much the previous day. I was wondering what this was all about - but my quick search says Elon Musk seems to be one of the reasons for the decline.

So far I haven't really cared much about market volatility - but the current market conditions have reminded me of the FTX crash. Not sure when the market will recover even though I'm not too affected by the volatility. My hope is only one; avoid panic - just hold your bitcoin and accumulate.

It was surprised to everyone how bitcoin price falls drastically I don't know while the prices of bitcoin is been affected that much, secondly I believe that bitcoin is something I know quite well that the price is seems to not be constant, so therefore I believe that bitcoin price is something I know quite well that the price always fluctuates and you can not depend on the price for long time, secondly bitcoin price is something that will drop some people will take advantages of it by buying bitcoin, so both the falling and rising all are same.

[LogitechMouse]

I've been taking a short break from my work for the past two days - and WOW was I totally shocked when I know the price of bitcoin having dropped so much the previous day. I was wondering what this was all about - but my quick search says Elon Musk seems to be one of the reasons for the decline.

So far I haven't really cared much about market volatility - but the current market conditions have reminded me of the FTX crash. Not sure when the market will recover even though I'm not too affected by the volatility. My hope is only one; avoid panic - just hold your bitcoin and accumulate.

It's all Elon Musk in the internet. Everybody is telling that he's the reason why Bitcoin went down that hard, but the reality is that, the market is slowly going down in the past days already.

China's deflation, some other China-related news that affected the US stock market are I think the reasons why crypto market is down as well. US Stock Market going down, and so does crypto market. Whoever thinks that Elon Musk selling his Bitcoin is the sole reason for this dump are just a newbie like me, or an Elon Musk fan.

Well TBH, I don't really care about the news. What I care is those opportunities that comes by. I mean I already took the opportunity, and bought small amount of Bitcoin. As for the current price movement, since that downfall, Bitcoin is moving sideways again, and so does other altcoins. Maybe we might see Bitcoin going even lower in the next weeks because of China again. We don't know, but as an investor, always take these opportunities, and buy some Bitcoins at a lower price.

[8rch7]

Big surprised in mid Augustus Bitcoin drop drastically and the price peak falls last four day when Elon Musk said selling his bitcoin fund estimation worth 372 million dollar. What your predicting with bitcoin crashing and market drop until end Augustus and next month going back to higher price or not? For experience in cryptocurrency not panic facing moment bitcoin crashing, they will keep accumulate bitcoin during have lower price, but how possibility with beginner and they are can't face with moment bitcoin suddenly dump make them panic for selling bitcoin in lower price.
Hope Elon Musk make new tweet for advertising or announce he has invested in Bitcoin and some altcoin, I think could be hype awhile to make bitcoin back to higher price.

[Sexylizzy2813]

I believe bitcoin won't take long to recover above $30k, but I'm not too sure it will recover during August. Market conditions are still too panicked even about something that is not yet valid.

If you say so then what about those predictions of having it price at $30 or more than before August?
We're in August and the month is coming to an end, we're having this dip in the market, everyone is panicking and we won't blame no one, I feel such a thing has happened before but this one right here is a shocker.
End of August or even this week can bring a change in the market, don't be surprised if you see the price bumping ones again to $28-29 or even $30+, expect something positive this week.

[kotajikikox]

I've been taking a short break from my work for the past two days - and WOW was I totally shocked when I know the price of bitcoin having dropped so much the previous day. I was wondering what this was all about - but my quick search says Elon Musk seems to be one of the reasons for the decline.

So far I haven't really cared much about market volatility - but the current market conditions have reminded me of the FTX crash. Not sure when the market will recover even though I'm not too affected by the volatility. My hope is only one; avoid panic - just hold your bitcoin and accumulate.

thanks for this kind of post mate , this really help us(holders)  to understand and believe what will happen to our future as truly this kind of moment is riskier and of course alarming .
I love you bring chances and trust in what will market brings any time soon this August .
anyway  I actually care nothing because I am willing to keep my holding till the end of net year

[slaman29]

What do you think OP? Have you been guilty of that?

Ohh, it's the opposite that I've understood.

However, that also happens and the same as what you've meant. Anyway, I think that many are guilty of that and even some or many of the forum members as well.

I am also do guilty of that but that was before not until I've planned all of my buying patterns and sequences that usually happens when there's a crash.

Yup, now you got my point. As I said before many times, it's natural behavior for us, when you're invested you want to say good things, but the real challenge is to post and act responsibly.

Nothing positive we say can affect price, but everything careful and objective we say can help newbies not enter the same fomo mistake we all did.

Anyway, price stabilize today but we are still in danger. Remember not to panic when we recover

[Mpamaegbu]

Musk selling isn’t a big deal. Especially since this was a small position anyways and we knew he would eventually sell since he sold 80% or so already.

So, the story making the rounds that the billionaire Michael Burry shorted Bitcoin with a substantial amount of his earnings (about 93%) a few days ago was actually a mere rumour? That side of the story was pushed on social media (especially on Facebook) and was alleged to have been the reason Bitcoin dumped. I've searched painstakingly online to get that story from credible sources but haven't seen it. What I came across that he traded wasn't Bitcoin but stocks on the day in question. I don't know how that correlates with the price of Bitcoin, anyway.

And we had many leveraged longs who went long in June and July and they were the reason we took a big dump. Many people liquidated and nobody left to take the trade on the other side.

Except you're being hyperbolic in your statement, you and I know that it's not entirely true. Retail investors/traders don't move the market as such. Whales do. When whales sell off that's when the market is impacted Ike what we've now. Those who bought in June and July and disposed now are retail traders/investors. Whales invest for the long haul.

[jaberwock]

Well the panic is for weak heart people (novice investors) who cant see the market bleeding. While for investors with strong nerves its a shopping time a Bitcoin is available on discounted price aka 26000$.

There are news that current dip is because of SpaceX selling its Bitcoin holdings. Whats important is that its not the first time we seeing Bitcoin dip. Bitcoin always came back strongly after such dips. Just stay strong and HODL. Bitcoin is going no where. Halving is just round the corner.

Not weak heart but weak hands. If they have a weak heart it will only worsen their conditions if they will panic. Experienced crypto'ers do panic too but not in a negative way only. It's when they act quick to buy when the price dumps and then act quick to sell when the price pumps. With the long time they spend here in crypto, they already know that being greedy to wait for more is not a good thing here except only if we are not yet in the bull or bear seasons.

I don't think weak hands will panic for no reason and they are actually checking the price from time to time because they are scared that it may drop but the drop did happened and this leads them to panic.

[sana54210]

Musk selling isn’t a big deal. Especially since this was a small position anyways and we knew he would eventually sell since he sold 80% or so already.

So, the story making the rounds that the billionaire Michael Burry shorted Bitcoin with a substantial amount of his earnings (about 93%) a few days ago was actually a mere rumour? That side of the story was pushed on social media (especially on Facebook) and was alleged to have been the reason Bitcoin dumped. I've searched painstakingly online to get that story from credible sources but haven't seen it. What I came across that he traded wasn't Bitcoin but stocks on the day in question. I don't know how that correlates with the price of Bitcoin, anyway.

I have never heard of that, if something like that happened I am sure that people would be all over it and we would hear about it everywhere we go, I think that could be just a rumor. I get that it is not that easy and I get that we may not hear about it and maybe he did it but we didn't get the proof all that could also be true you are right about that but also if there was even a single proof, we are on the online world there will be some proof of it without a doubt.

In any case, I do not think that bitcoin is doing badly, it may have gone down for the time being but I bet that it will recover and there will not be a problem at all. We are going to do well enough and it will not be an issue, we will get out of this with profit.

[yudi09]

-snip-

So far I haven't really cared much about market volatility - but the current market conditions have reminded me of the FTX crash. Not sure when the market will recover even though I'm not too affected by the volatility. My hope is only one; avoid panic - just hold your bitcoin and accumulate.

Great advice for beginners who are just starting to trade or invest in bitcoins.
The decline in the price of bitcoin that was associated with SpaceX made me also think that it was true and until now I still have a little feeling that there is a connection with this allegation.

The price drop in the middle of preparing to pass the 30k price forced some investors to take a deep breath even though for most investors this decrease didn't really affect their efforts in expecting returns.
But those new to trading or investing who don't fully understand market volatility will be in for a shock.

[mich]

Well we hope you are right because this time is now. But it is hard not to panic when we see the price of Bitcoin go down 4,000 in less then 1 week.
But I am still 'bullish' and it helps when I read things like this. A Bitcoin whale has accumulated more then $3,087,545,354 of Bitcoin in the last 3 months. And now he is the third largest Bitcoin whale in the world.
https://dailyhodl.com/2023/08/21/mysterious-bitcoin-whale-accumulates-over-3087545354308754535-worth-of-btc-in-less-than-three-months/

[Poker Player]

Well we hope you are right because this time is now. But it is hard not to panic when we see the price of Bitcoin go down 4,000 in less then 1 week.
But I am still 'bullish' and it helps when I read things like this. A Bitcoin whale has accumulated more then $3,087,545,354 of Bitcoin in the last 3 months. And now he is the third largest Bitcoin whale in the world.
https://dailyhodl.com/2023/08/21/mysterious-bitcoin-whale-accumulates-over-3087545354308754535-worth-of-btc-in-less-than-three-months/

News like that does not surprise me. The really rich take advantage of times like this to buy cheap. Next cycle, when we pass $100K and people are making wild predictions, saying we'll soon hit $200K and $300K in the same cycle, that's when they'll start selling.

The bad thing about this cycle is that it has been a bit disappointing in terms of returns, and one is already looking forward to the joys to come. But we will have to wait.

[flyingcarpet]

I've been taking a short break from my work for the past two days - and WOW was I totally shocked when I know the price of bitcoin having dropped so much the previous day. I was wondering what this was all about - but my quick search says Elon Musk seems to be one of the reasons for the decline.

So far I haven't really cared much about market volatility - but the current market conditions have reminded me of the FTX crash. Not sure when the market will recover even though I'm not too affected by the volatility. My hope is only one; avoid panic - just hold your bitcoin and accumulate.

There was an expectation of a decline in the price of Bitcoin. I don't think it matters if this drop is made by Elon Musk. Bitcoin price had been stuck at 29k for a long time and something had to happen.

For the Bitcoin price to surpass the 29k levels, the expected drop had to come first. I think this is a good situation for Bitcoin. Before the bull run comes, Bitcoin gives us the opportunity to buy. Don't panic and buy Bitcoin if you can and wait. This is the message I get from this movement of the market.

[jossiel]

What do you think OP? Have you been guilty of that?

Ohh, it's the opposite that I've understood.

However, that also happens and the same as what you've meant. Anyway, I think that many are guilty of that and even some or many of the forum members as well.

I am also do guilty of that but that was before not until I've planned all of my buying patterns and sequences that usually happens when there's a crash.

Yup, now you got my point. As I said before many times, it's natural behavior for us, when you're invested you want to say good things, but the real challenge is to post and act responsibly.

Alright, acting responsibly just as the usual and applying what we've experienced from having these series of dips.

Nothing positive we say can affect price, but everything careful and objective we say can help newbies not enter the same fomo mistake we all did.

Anyway, price stabilize today but we are still in danger. Remember not to panic when we recover

Not panicking even if it goes down.

Maybe this month is just really tough and quite slow. We're going to the ber months and we'll see if something will change at the end of this year up to the time of the actual halving.

[TelolettOm]

I was wondering what this was all about - but my quick search says Elon Musk seems to be one of the reasons for the decline.

The reason behind the huge dump is the media spreading mislead news about Elon Musk. The media claimed Elon Musk sold his Bitcoin, but no proof about it. I think everyone been deceived by the media and the market is being manipulated by big players.

TBH its not a big surprise, because from looking at the chart it was clear that the market was about to take a huge move - either up or down. Of course we are all here hodlers and that makes us permabull, so we hoped that only movement up is possible, but you should be always mentally prepared to see a big red candle.

You're right. Since BTC failed to achieve its new resistance, we can understand if the price possibly drops again. But we don't expect BTC drops around $25k again, it is something a bit surprised. Even worse, there some people predicted the price to drop again to $23k before the next pump. If there is no FUD, I believe the drop won't be as bad as today. However, as a BTC holder, we must have a strong mental whether the drop continues or not. It is just a small challenge before the bullish season comes.

[19Nov16]

I've been taking a short break from my work for the past two days - and WOW was I totally shocked when I know the price of bitcoin having dropped so much the previous day. I was wondering what this was all about - but my quick search says Elon Musk seems to be one of the reasons for the decline.

So far I haven't really cared much about market volatility - but the current market conditions have reminded me of the FTX crash. Not sure when the market will recover even though I'm not too affected by the volatility. My hope is only one; avoid panic - just hold your bitcoin and accumulate.

If we focus on the long term, of course it will not care about the short -term volatility, I am also surprised why Bitcoin can now be $ 25K, even though I think the price will reach at least $ 40K in August, but this is Bitcoin who is used to experiencing a trend like this And don't panic and keep buying to focus long -term.

[martinex]

Yes. I'm also looking forward to the SEC deadline of maybe a week or so in response to Black Rock's appeal for a Bitcoin Spot ETF and whether the market corrects again or the hype builds up. I am also very much looking forward to this development. hopefully there is a big surprise at the end of this August!!!

[JoyMarsha]

I wasn't initially prepared for bitcoin's unexpected price drop. Since bitcoin has remained at the $30k barrier for months, I was anticipating it to cross that threshold. I was surprised to find the price of bitcoin at $26k when I woke up, but I wasn't in a panic since I saw it as an opportunity to buy additional bitcoin since my intention was to use it as part of a long-term investment strategy. Given that the halving season is still around 8 months away, panicking at this point is actually an unnecessary thing to do.