Topic: Big surprise in mid-August - Do not panic!!! - page 3. (Read 591 times)

OP, I'll admit that we had a big shock this mid-August, but it's not bad. Some people hope bitcoin goes lower because they want to buy a lot, while many of us hope price goes up and continues to break resistance. Both of these expectations are very likely to occur because bitcoin is traded freely without control, it's just that it's all influenced by many factors.

Since January 2023 I don't really expect bitcoin to drop lower to $20k, but given the one or two things that could be considered FUD then $20k seems like a possibility. $20k probably won't happen if the market recover again and the panic subsides a bit, meaning increased demand should land us at new support for bitcoin. Let's see what happens over the end of august, I think recovery will happen instead of a deeper decline.

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.

Only newbies that aren't familiar with the price history of bitcoin panic. Or maybe those people that invested amounts that they cannot afford to lose or amounts that are expected to be utilized short term hence they cannot afford a huge downward swing. Apart from them, many are happy since they can buy bitcoin at a cheaper price. I am waiting for bitcoin price to drop back to $25k for months already so this is an opportunity for me. Although I woke up at $26k already and I just bought quickly thinking it may rise quickly.

The effects of panic in Bitcoin price cannot be overemphasized. One thing about panic is that the more panic is coming the more the price is dumping and the more the price is dumping there will be more panic and if that continues to happen, it means a very major good news to upturn the whole process.

As I am looking at the market condition presently. I do not think that there is any such good news that will upturn the market this time around. The major good news we are waiting for is the halving.
Meanwhile, the market moves up and down, and as we talk now it is somehow above 26 thousand dollars, which means it is improving. Some minor news that could also moved market is microstrategy coming in at this time. Since Elon Musk has done his own  negatively.

But that's not exactly what I meant by my post. What I meant was now there's a flash crash, everybody generally says: stay calm don't panic.

But if the opposite happens and market flashes up, nobody says: stay calm don't fomo. They get excited and start buying into the fomo, some even saying 1 million is coming.

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

And probably it triggered though the news of Elon Musk selling and so it has a domino effect on the market. And talking about poor liquidity, its been months that we have been trading sideways and so it's just a matter of time before we can have a break out run to the upside or the downside.

It's just so unfortunate the we went on a downside because of this whole Elon Musk selling and it seems it become a FUD and sends panic to the investors again. And after that it's obvious panic selling next pushing it down to it's lowest at $25k.

It gather attention because he is influential but if we look at the bigger picture he is not dictating all of the movements since his holdings cannot actually affect bitcoin if people will not panic on his action done. Much better for people is to stay  relax since scenarios like this always happen and to avoid losses much better they should not sell and wait for bitcoin price recover. I see a lot of negative sentiments on current situation and we can't blame other to get stress on situation since maybe they are new for this and they don't know how to deal with such movements.

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.

The reason why we crashed so hard is due to poor liquidity. Nobody is trading now. It’s summer and the books are thin. 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.

Everything that happened in the market was expected, but it was unexpected for many traders that it happened so quickly. Elon Musk's name is involved in the recent unstable market but I think there are many reasons behind this, not just SpaceX selling Bitcoin. Bitcoin market will recover from this situation but it will take time. Bitcoin whales want to strengthen their position and this dump gives them maximum opportunity to accumulate more bitcoins. As a result of the recent dump, many big whales have faced big losses and their big big positions have been liquidated, so looking at their situation here, it is clear that the market movement has exceeded their expectations.

I am positive here, as a result of this market dump, the market will get more momentum to go uptrend, before the last bull market started, a lot of Fud was created in the market and those who took smart moves at that time were the ones who enjoyed the bull market to the maximum. So instead of panic selling, staying positive will be the best decision.

Come on, the market will recover without a doubt, but of course it will take time.
After all such big dumps have happened before and bitcoin is again able to prove that it is simply the result of a panic or a big sell off from an institution or a whale.

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.

I don't understand, what has he done to make the price to fall with so much force like I never thought it would be this way. Must he be on the negative side or what? I wish investors should not entertain FUD rather they should hold.

I think it's too late though, I mean there are already who sold that's why it has a domino effect on the market right now -11% in the last 7 days, ouch. But it seems that it has settled down a bit, prices going back to $26,000 and most likely those who come to their senses right now might have think that they messed up because of their panic selling.

So let's wait for this month of August to settle down, we have another 2 weeks to go and hopefully for all the glory and marbles, we can go back to $30,000 so that all are anxieties for this month will be forgotten.

Not novice investors but panic also in old investors considering this is the fastest time to be bearish, who doesn't panic when the price of bitcoin is in a long sideways but suddenly falls to $25k of course some of them are a little panicked or FOMO from other news.

When SpaceX sells all these bitcoins the news must always be associated, how once FTX fell the whole market was red at that time we were still able to survive for this time too there should be no problem because it will not be a low price but rather return to the support point predicted by experts before.
I think this is normal.

Anyone that have already invested should hodl, if they allow fear grid their mind to release and sell then they are going to miss the future experience for a bullrun, if hinge like this happens and when the market demands is lower and the supply increases, there's more likely possibilities for the price to go low for more investors to have an opportunity to buy and accumulate, all these are part of the preparation for the upcoming halving whereby we are going to see the market rising to all time high, keep holding and don't panic.

I was shocked too and a bit disappointed, I don’t usually check the price of Bitcoin often but just a few days back when I checked it’s price it was around 29k then all of a sudden the price dropped so fast and i saw it to be around 26k. I was surprised but wasn’t really bothered about it because this is not the first time we are witnessing such fall in price and every cryptocurrency enthusiast would know what to expect, we are all aware that bitcoin is volatile and the price can move in any direction. It has even below 20k and still bounced back so definitely it will still rise again. I only felt bad for my brother who recently invested in bitcoin, he invested some days back and his first encounter was a fall in price, such experience always discourages someone but it’s even better so he would not always expect an increase in it’s value.



Similar price crashes have occurred, and the market has always recovered gradually. Sometimes this process merely requires time, but it always happens. There must have been some sort of incident someplace which might possibly be the result of a massive sale of bitcoin someplace and from what I've heard, it has to do with Elon Musk's and SpaceX's interests. Although we don't know for sure, only large investors can have such a significant impact on the price of bitcoin. Let's just hope it doesn't drop any more but if it eventually does, there's no need to panic, we simply need to take advantage of the opportunity to keep acquiring more bitcoin.  We have experienced worse days, so let's continue buying the dip.

There could be deeper cause of the massive drop, it could be SpaceX or some bad news in China that I read.

Regardless though, we should remain calm from this kind of downward spiral, it's not the first time that we suddenly see the price going down fast without any rational explanation, so this is such one good case.

Maybe when everything settles down, we will finally see reasons, but for now, no need to panic sell, just saying.

I too believe that SpaceX is not the cause of this drop. It is not uncommon for large amounts of bitcoins to be bought and sold on the cryptocurrency market, and this is usually not the cause of a large drop or rise in price. Just now someone successfully created a rumour that caused a panic. We may not know the real reason, or if it is something serious, we will find out about it later.

Actually it was a big surprised to all of us, no doubt about it. Maybe someone has panic sells already when we saw the price going down from $29k-$25k. Doesn't matter if it comes from Elon Musk news or not though, it was a massive decline and no one can deny that.

But if you look at it, another great opportunity to enter the market again. So instead of panic selling, why not go for panic buying and then continue to accumulate. We have our own reasons to sell, but we should also take note to continue to replace what we have sold and this is the time to buy again.

I agree with you, I also do not think that the reason for the decline is the sale of SpaceX holdings because as you mentioned, Musk himself did not reveal anything after the spread of this news. In addition, it is unlikely that Musk would sell his Bitcoin holdings at a price lower than the purchase price, this is far from businessman thinking.

There may be more than one reason for this sudden decline, including, for example, the interest rate hike in the United States of America, as well as the news of huge sales and long liquidations in many exchanges such as Binance, Coinbase, Kraken, and others.

In any case, yes, there is no need to panic, because this is not the first time, and it is certain that Bitcoin will return to its position soon.

I'm not even surprised by this because this year bitcoin also went from $17k to $30k in a short time, so it's not too surprising that bitcoin is down more than 10% in a short time. It's all just market movement, we can't expect the market to always go up without any correction. Moreover, we all know bitcoin's nature is volatile, and a 10% drop is normal. I don't even care about the halving, because the market goes down and then inevitably goes up because that's the law of the financial markets. Our mission is to buy low and sell high, and this is the time to buy.