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

First - having more sources of income is certainly better than having just one source. I remember one advice; if you only have one source of income - then you are only one step away from poverty. So of course - having more sources of income is always advisable, but only if you are able to manage them all without interfering with each other.

Second - if you have an investment plan, then you should have a reserve budget instead of just investment assets. Moreover, it is not recommended to invest all your budget without having a reserve budget - it is intended to protect your long-term investment plans from some urgent matters. Financial planning is certainly recommended rather than just investing - but of course long-term investments will tend to be desirable if you are not really able to take advantage of the market in the short term.

I mean I'm been holding my investment in Bitcoin and another cryptocurrency, it's really a good thing that I learned to have multiple incomes because now I don't really care what happens on the market since my goal is the bull run, I have no intentions to sell at this point since I don't really need the profit at this point, I just find out the trick since if you always in the market you're always gonna get tempted to sell your investment every time you see the market drop a huge percentage, also it is also a thing and wrong if your investment your only income to cryptocurrency because it is still a very risky investment in the end, it is surely going to temp you if you really are depending on your cryptocurrency profit. So make sure to make multiple sources of income or at least have savings before even starting to invest in cryptocurrency to avoid losing money.

I really notice that compared to the past years of my investment, I can already control my emotions about cryptocurrency investment because I already have multiple sources of income I don't really need to make money quickly in case the market drops I don't really care because I have money that I can use to survive and buy what I want.

I hope the panic in August has subsided and improvement in September can be expected. I clearly observe that bitcoin price movements have been somewhat slow and tend to be sideways - but there is good hope at the end of September if bitcoin can lock in a new support level around $27k.

Large investors are certainly ready to continue their long-term journey by taking advantage of the large correction that occurred in August - so we can expect a better price recovery towards the end of this month and into the end of the year.

Bitcoin hitting $27k is already a sign that the bulls are around. If it remains above $26k throughout this month, it will signal that a huge dip in price might not happen. However, we have the month of October filled with not too positive news and that will mark the highest test for Bitcoin. If the promise to repay the stolen funds from Mt.Gox hack schedule to happen next month turn out to be another failed promise as usual, we can be sure that the bulls will register their presence visibly from next month onward.

Indeed, interesting times are ahead and we should keep open mind to all possibilities. The best thing to do now is to ensure we are well positioned for what is coming because it might be another history in the making.

Unfortunately, bitcoin did not manage to maintain its value above $27k today. After briefly exceeding $27.4k, now the price of bitcoin has fallen back to $26.7K, but this is normal as long as many people still trade their assets in the short term.

I am also optimistic that bitcoin prices will do better at the end of the month regardless of whether bitcoin manages to break through the $28k resistance or goes below it for new support. What I want is of course that Bitcoin can get a new support level above $27k, but market price movements due to trader behavior still make it difficult so far.

We have passed the middle of September and there are several factors that suggest that Bitcoin is preparing for a remarkable end to the month. The cryptocurrency market is going through a challenging period with a sustained downtrend but there are signs that this pessimistic period is nearing an end. If i were to make a price prediction for the end of the month, i would make the following comment.

Bitcoin's price is currently fluctuating between the $26.100 support level and the $27.200 resistance level. These levels can provide important guidance for traders and investors. Bitcoin's current trading position is a notable technical indicator as it is below the two hundred day simple moving average. When Bitcoin falls below this threshold, it is usually considered a low and signals potential upside movement. My target for the end of the month for Bitcoin was around $27.200 but we reached this point early. If it can hold here, it is likely to close around $28k at the end of the month.

So far what has happened to Bitcoin's movement is only a healthy correction which in my opinion is not too big either the decline or increase, which in my opinion is currently not suitable for trading. Unless you are an expert, you may still be able to make a profit and it also depends on how big your trading capital is.
And currently it is still the best choice to do DCA and Hodl if you are hesitant to make a purchase, because next year could be the best moment to trade. And it is very likely that next year Bitcoin prices will tend to rise rather than fall, so this month until the end of the year is still the best moment to collect more Bitcoin.

Due to the recent lawsuits against Binance, it seems difficult for the Bitcoin price to rise. The market is waiting for this news and has not yet determined its direction. Maybe it will continue to wait after these lawsuits. So we are all in limbo and it is very difficult to predict the direction of the market.

I don't think it is a problem for Hodl, because they know how to wait. Those who like to open trades in the short term are in great uncertainty.

Whatever is happening now in the market is still too unstable to say; it is still not good to keep up with day trading, in my opinion. Unless you are one of the experts in crypto trading, I think it's fine. So, Hold and DCA are still good for now because we are still bearish for now.

The support and resistance are still not that aggressive for Bitcoin to kick up, apart from its unpredictable value. So, in times like this, we still need proper timing and patience as individual traders here in Bitcoin or cryptocurrency. Because of what I see, its price value can still drop to 26650 dollars today or rise a little to 27850 dollars, based on my prediction analysis.

Always remember that crypto market is unstable so if it doesn't change in value then the feature of unitability will not be exist and you will not be able to take the advantage of higher and lower cost.

you will not be panic if you have made the selection of coins wisely but if without investigating you choose coin that have no future then surely you will be in panic.

One thing more is that if you rushes towards fast profit then you cannot get it because in crypto you have to think properly and then you will find your way of action. There is no need to be worry and to take quick decision because it will be hazardous.

^We did drop to $25k again at the start of September, so yeah we might be looking for sideways pattern again as the sentiments seems to be negative. But surprised today, price going up to $26k and so with that, I haven't followed what is the news that put investors to invest some money and push the market price above it's support line of $25k.

But as you have said, oh, September is a bad month, but since it's the 'ber month, I was just thinking that investors might be preparing already for the big haul next year and prepare for the block halving. So yeah, let's see how it goes for September as we are entering the 2nd week this Monday and hopefully we can maintain $26k-$27k.

At least $27k was a good end to the month of August even though it had dropped to $25k.

But we will see how Bitcoin is in September, because according to Bitcoin history, September is the bearish month of 2017.
Could this be repeated and test the $25k support again later?

Just hope Bitcoin is able to survive and can break the $30k price again because that is the key to being bullish again.
Now Bitcoin is stuck in the Flip trend area and is still struggling to break out of the area until it reaches the Uptrend Console.

Yes, sometimes though you can't really blame those who panic in this run of downturn. Maybe they are just newbies in crypto and not used to it. But for those and I do hope that it's the majority, we didn't panic.

Now the market seems to bounce back from $25k to $27k. It's already a huge jump and at least the month ended above $25k. So the next barrier for us is to come back to $28k-$30k range.

Good thing that the price do able to held up strong on 25k support line on which tons had been believing that it might really be able to get more lower because of that sudden decline that no one had really that anticipated. As far as i remember on which it is really just that because of that SpaceX sold out their coins on which it is really that very common that there would really be that sudden impulsive reactions on which the market could really have and it did really make out that significant decline but having that 5-10% decline isnt really that much something that would be freaking out.

There are really just those people or traders who do really whine over and freaking out whenever they do see some big red candle.Well, its a common approach and reaction since we are just that human
which seeing our portfolio in red or negative could really give out that kind of reaction or panic.  Now that we are almost ending up on the month of August then i do somewhat hope that the month of
September is something that should really be that something good or before this year ends.

It will cross that threshold again, there is no need to worry about it. We are not like miles away from it, we are still quite close and it means that we are going to go over it with just a little bit of hype and suddenly we are at higher price. We need to remember that just as bitcoin could crash, it can go up as well, people see it go down and worry but they do not remember how fast it can go up as well.

Remember it was 15k at the start of the year or a bit before, that means we haven't been around this price for too long in reality, we were not even at 30k levels for too long, it was just a few moments. So we are going to get there without a doubt, we just need more time for it and it will happen.

The fear of bearish market makes some of the investors who does not know the rudiments of bitcoin price falling and rising to panicked to sell their bitcoin, its quite alright that I don't throughly base or believe on bitcoin speculations or predictions, but I know that what is happening in bitcoin price currently is just a correction, and even though bitcoin is in full state of bearish I believe that bitcoin price will not take long to accelerate in price and those who panic to sell their bitcoin  will be at negative side of bitcoin. If bitcoin falls very well is of benefit to people who is anticipating to purchase bitcoin and invest when the price drop very well, secondly when bitcoin rise and get above  thirty thousand, its also stand to profit to investors who purchased when the price was low, so two things are involved in bitcoin price falling and rising, some people get profited when the price falls and some people get profited when price rise, so it depends on your personal target.

Definitely if you panic in such situations and sell the coins, then you will make huge losses and you will be the only one for this loss. Rather in this state, you should be calm and watching the market. I mean this situation is not new for us traders. We have previously also seen these small price dips and we have also seen Bitcoins recovering. So instead of panicking, just observe the market and accumulate the coins. 2024 will be really big for the Bitcoins.

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. 

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!!!

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.

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.

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.

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

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.

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.

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.

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/

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.

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.

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.

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.

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.

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

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

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.

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.

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.

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.

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.

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.

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.

Yes - as far as I can believe to this day, the information looks like speculation.
I ignore the many rumors about what caused the decline - sometimes they make absolutely no sense to believe because they are simply telling assumptions. But really - let's consider this all speculation.

Of course it is a challenge for anyone to be a holder in the long term instead of taking short term profits. Indeed this was all based on their individual plans - so their decisions had to be the best for themselves. I'm just saying avoid panicking so they don't sell at a loss - but their risk tolerances must be different so I'm not blaming the selloff.

Today the market has not recovered - but this is just small move. Buying advice may be useful if they are on an investment budget - but always leave a few percent for DCA in case prices drop lower.

Bitcoin is reducing in price from few weeks and now its almost 26k$ but its not a time of panic but instead of it everyone who wants to get more profit should buy at this rate.
There was alots of prediction about the enhancement of price that we will see Bull season in coming months but all the predictions proves to be wrong as the price goes against these predictions.

Actually all the news have some impacts on the price so if this news arise so may be this is true news therefore the price get reduces but it also indicates that if price remains low then there will be no effect of halving on Bitcoin's price as the interest of people reduces due to spread news.

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.

Sentiments do change depending on the current situation.

But you're right with that, if there have been bull runs then people are going to say that it's going to be down. And the same goes when the market is on high, the opposite is being said.

While we're on the top, people are saying that they will wait until it dips so they can buy more.

And when the dip comes, they don't know what to do and won't buy.

Honestly, I did not expect this price dump by this time in the market. I didn't see it coming and I believe many other persons did not also see it coming. This is one of the reasons I do not have much confidence in the technical analysis. I believe the effects we are seeing in the market today is coming from the fundamental aspect of the market.

There was when I said that I will no longer listen or follow the news of Elon Musk in the market and truly I was no longer following it, but that surely does not stop his influence in the market. He is too big and his project is too big to be ignored by the crypto-currency market. That guy is still very influential in the industry.
But as the topic creator has said, there is no need to panic unless the money needed for your daily maintenance is in Bitcoin, save that, hodl and accumulate more.

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.

I honestly don't know what the fuss is. Bitcoin flash crashes and flash rallies. Normal.

People panic in these moments, but only when it goes down. For some reason, big rally and everyone FOMOs with silly predictions and that's ok, nobody says don't panic, right OP?

And this whole week people said waiting for the dip lol

Same.

I don't mind the drop that has happened, is it something new for people like us who have got plans in the long term and have been here for a long time? Not anymore.

We just have to let the market take care on its own and it will its own job. While us, since we've been used to it then it's either we accumulate or just do nothing and don't panic at all.

We'll see what happens in the remaining days of August. Will there be an even harder drop or will this be the last low that will be the momentum for Bitcoin to begin to reverse course and climb high again?

Everything will be answered daily from what we see in the market. And when the price volatility remains as before, we must be calm to use this best moment to keep accumulating more Bitcoins. This is another discounted moment that Bitcoin is giving us so we have to make the most of it.

Don't think too much about volatility because that will be it. We must be able to hold Bitcoin until the price target we want is reached. And after that, only then can we breathe a sigh of relief that we have come out of the long wait so that we can get big profits in the future. We are also one step away from seeing a Bitcoin price reversal. So fasten your seat belt and enjoy this price change.

I initially thought not, but it seems that the sale of bitcoin by SpaceX has affected the market downwards, although it was only after the fact that we learned of the sale. If I remember correctly, the same thing happened with Tesla. The fact is that the rate hikes are not helping either, so it seems that we are not going to be happy for a few months. If anything, we will gradually recover recent levels.


Well, if we think in the long term we shouldn't mind too much, and we can buy cheaper now, but we're getting a bit tired of this, we're looking forward to the bull market.

I think this crash has more to do with all that open interest build up from June and it was instantly wiped out during that small 5 minute period. Something like 100M liquidations took place in that 5 minute period.

Basically way too many people went long and not enough orders were able to close all those positions and it lead to massive slippage. All the perp exchanges like Binance and Bybit went hundreds of dollars below the spot price of Bitcoin.

I see exactly that too. In this moment do it continues to accumulate BTC and when the time comes when Powell's speech is positively born it makes the market recover quickly and one more thing, if the BTC price tends to be stable and rises, Bitcoin Miners do not sell their assets in large quantities. I think these two items are enough to make the market push up and BTC will soon break through its resistance step by step.

It is assumed that this news is positive for you or does not cause shock, no one thinks of selling bitcoin at the current price unless you are forced because the price now is a good point for those who expect that the price of bitcoin will reach $ 100,000 within the next two years, you are getting cheaper coins and a better position to sell them instead of poets at 40.1k levels and hope to sell them at 80k to 100k.

The temporary decline in the price of Bitcoin is not related to the news of SpaceX, and those who hope for this do not have confirming evidence, so do not worry about why it decreased, but rather how to buy more.

If our goal is a long-term investment, there is no reason to panic about the current crash of BTC.  This is just temporary since sooner or later, Bitcoin will eventually recover.  We have seen lots of these kinds of scenarios where Bitcoin takes some pitfall and eventually uptrends surpassing the price before its crash.  Aside from that we still have the halving which is known a catalyst to Bitcoin bull run.  So I agree with @OP that we just keep chill and wait for these Bitcoin crashes to pass by and got fixed by the natural market course.

Maybe someone wanted to buy Bitcoin at a cheaper price the reason for this current Bitcoin crash.

It was reported that SpaceX bitcoin holdings which amounts to $373 million according to WSJ has been sold. This came after it was reported that WSJ discovered documents of SpaceX financial records. But this doesn’t add any substantial evidence because they didn’t report any information whatsoever as to when the sale was done and Musk himself didn’t disclose anything even after this news broke out. So we could simply say it is just  speculation by People.

But just like you have stated above, it is certainly a time not to panic but to even accumulate more if the funds is there. But we all know not many will heed to this mostly those who invested to get a short time gain, so holding for long will be a big challenge for them. That’s why the advice is always to invest with money that isn’t need for a long time

I know the market will recover over time - that's why I still held the same bag even when FTX crashed before this August crash. I can expect an even bigger recovery in the following months - that's very likely.

Well - that's great. I love this approach - in fact I've been doing it almost every month since getting to know bitcoin. Not as much as others do - but it's a nice approach than keeping it in fiat.

I don't know exactly what caused it - people have linked it to SpaceX and other, but I think the rumors did have a hand.

The news is the closest to this bitcoin decline, although there is no valid info when they sold but some data concludes there about SpaceX / Elon Musk has sold all his bitcoin.

Some say he remains a supporter of the shitcoin meme.

I stopped to look at the market from this moment considering the portfolio is also down, stay afloat and will not be defeated by panic for me this is just a moment, I believe the recovery will come later. BE PATIENT.

No panic here. It is just another shot at stacking up more BTC! I 've got some money coming my way, so I am crossing my fingers that the price keeps hanging low for another week or two.

Do we know what caused the flash crash? I read about Musk and SpaceX and its crypto holdings but that does not seem to be the cause. Some analysts mention the rising interest rates in the U.S. What does that mean? I saw that the decline also coincided with some traditional financial markets.

You would definitely get shocked if you are anticipating $30-40k price on next month after this month of August but it seems that we are really that seeing the different thing.Its never been that something new
that there would really be some sudden news that do pop out like mushrooms on times like these and this is why dont make yourself that impulsive on selling out your bag because once you do then you would
definitely finding yourself on regretting on the end specially on the time that the market would really be making out some recovery which its always been the next thing that do happen after a dump.
Its never been that new that news like this whether positive or negative do really come out on which it would really be making out some significant impact on the overall market condition.
No one had anticipated for Elon on selling those coins which it did make out that kind of sudden decline but in overall it is really just that an ordinary day on crypto space.

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.