Bitcoin Hits USD 12K, Crashes By USD 800 In Minutes!!

buwaytress

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Quote from: LFC_Bitcoin on August 02, 2020, 08:57:28 AM

Just a bit of a breather, honeybadger has stopped to eat & rest, he’ll soon be ready to lead the charge again.
New AtH by end of Feb 2021, almost guaranteed Wink

Hell, I'll take 18k by Feb 2021, and am just realising that's barely half a year away now. Not anywhere close to achieving my dream target thanks to bloody Covid and almost wishing I still have many, many more months to take up more of my own stash a wee bit higher before while HB plods along but I guess every good dream's got to start kicking in sooner or later;)

tbterryboy

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There will always be corrections when you go high enough, you can't just start going up and never go down and just become a billion dollars, obviously there will be some small crashes in the end since we are talking about bitcoin here and it is a volatile thing. Correction actually happens in forex and stock markets as well, when something goes up too fast usually there is a fall for that where people take out their profit, you would expect people to take out their profit because they have been expecting that for a long time and since they got it they will take it.

Obviously thats not the doom of bitcoin, corrections doesn't need to result with a continuous fall neither, price could stay at around 11k and move above 13-14k as well, or it could go back down to $9k, just because there was a small crash it doesn't mean either would happen.

pixie85

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It's not only a round number and we all know that people like round numbers like 10 thousand dollars and now 12 thousand so it was easy to predict they will want to take profit.

We hit a yearly high and a round number and a popular resistance level because it was the August 2019 peak price.

Profit taking is normal and doesn't change the trend.

hatshepsut93

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No big deal, just a correction on a bullish trend, this was to be expected. The market actually handled it very well, we haven't dropped much of our gains, which might mean that the bullishness will continue and the $12k resistance will be retested again, hopefully successfully this time.

BrewMaster

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it was not a crash bro, it is was drop and a small one too. in the past couple of days we have seen price go from $9200 to $11000 and i call that a big rise.
in fact the more accurate term to use is "correction" because this is exactly what this recent drop was. and it shows the healthy rise that we are having and signals the upcoming rises that will follow.

lepbagong

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Quote from: fabiorem on August 02, 2020, 09:43:34 AM

I said several times that 12k is the key price for bitcoin, not 10k.
Its the 0.618 fibo sequence starting from the ATH, the so-called "golden ratio".
Breaking this price range is crucial to start a bull market.

to reach $ 12K is the same when bitcoin also wants to leave $ 10K, of course it takes more work from bitoin to finally break through $ 12K.
in the current situation it will not be difficult for bitcoin to be able to break through $ 12K, just waiting for the same momentum as when wanting to leave $ 10K. in a bitcoin situation, the movement is certainly not difficult to achieve it. just waiting for that thing to happen and it can certainly be achieved.

fabiorem

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I said several times that 12k is the key price for bitcoin, not 10k.
Its the 0.618 fibo sequence starting from the ATH, the so-called "golden ratio".
Breaking this price range is crucial to start a bull market.

Jating

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I do hope that it won't cause a panic specially for those beginner investors who buy at the $10k range. Because if they did they we might see some more decline in the next coming days. One thing though is that we will start a new week, depending on where you are. And usually we may see some gains again. On the other hand, this is a healthy pullback.

But I don't see the price going below $10k, not unless we have another FUD or something that will create some negativity. I think sentiments now are mostly bullish. And the next time that we will recover, we might see around $12k-$14k at least, so just continue to hold.

Yaunfitda

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Quote from: CryptopreneurBrainboss on August 02, 2020, 06:18:06 AM

I'm not surprised, always had a feeling the market will take some hitting before crossing the $12k price mark, just like some weeks back when the price was trading below $10k and it looked like it'll take forever before it crosses that prices especially as the market crashes in each of its previous trys before it finally succeeded. The market has been very bullish lately which make it very easy for manipulation from the whales and that's what is likely happening now.

Just a matter of time before we can see that decline, that parabolic rise is not sustainable.

Quote from: CryptopreneurBrainboss on August 02, 2020, 06:18:06 AM

The market doesn't have enough support to cross $12k so the crashed was expected, read some technical analysis about the crash likely taking the price downwards to around $9.5k - $9.k but I don't think that would be the case as bitcoin currently seems to have a strong support at $11,100.

It's because we have exhausted, if we are going to look at the TA, $11,500 should be the resistance, but we have broken it, get to $11,800 but that is the last straw. So I would say that this is to be expected. But this is a healthy sign because we don't want a continuous growth, not at least at the end of the year.

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Quote from: Lucius on August 02, 2020, 08:17:47 AM

Experienced investors bought BTC a few months ago when its price dropped to just $4000, or during 2018/2019 when the price was even lower than that, and they don’t care too much about the +/- 5% price change today. Of course there are those who buy only when the price goes up hoping for a quick profit, but unfortunately for them things like this happen.

I agree, it's never a good idea buying on the way up as it could potentially backfire and the time taken to recognize a spike could close the profit margin leaving one at a loss during the +/- 5% fluctuations, leading to panic and the person potentially cutting their losses early.
However, those who FOMO into a spike are vital for a bull run and carry the price higher. As new investors are coming in and the demand for it grows, while the supply is kept low by the long-term holders who refuse to sell the price should increase.

LFC_Bitcoin

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Quote from: buwaytress on August 02, 2020, 08:54:19 AM

Well, it was coming, though wasn't it? The only surprise for most of us is that the retracement took a while to happy, I expected people to be profittaking at 10200 but when that didn't happen I thought for sure around 11200 or thereabouts. I mean, 10% quick profit's always been the easy route out for sub 10k buyers no?

Bright side, $800 crash is relatively tiny. We'll be back up.

Just a bit of a breather, honeybadger has stopped to eat & rest, he’ll soon be ready to lead the charge again.
New AtH by end of Feb 2021, almost guaranteed Wink

buwaytress

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Well, it was coming, though wasn't it? The only surprise for most of us is that the retracement took a while to happy, I expected people to be profittaking at 10200 but when that didn't happen I thought for sure around 11200 or thereabouts. I mean, 10% quick profit's always been the easy route out for sub 10k buyers no?

Bright side, $800 crash is relatively tiny. We'll be back up.

thecodebear

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That was a healthy correction. Expect a bunch of volatility short term in high 10's / low 11's with price possibly moving again up to $12k in the upcoming week.

sunsilk

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IMO, that's a healthy and expected flash crash. I'm not expecting it that it will go through $13,000 as quickly as it can be. But this is the pullback which is another good sign that we'll get back there once again.

Quote from: arwin100 on August 02, 2020, 07:12:33 AM

It's better to buy right now since the price is on bargain at the moment.

Everybody has been saying this for each level and yes, it's always the right time to buy whenever we see crashes like this. Because the chance that it will recover fast and get a higher price is always there.

Lucius

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Quote from: arwin100 on August 02, 2020, 07:12:33 AM

It's better to buy right now since the price is on bargain at the moment.

Experienced investors bought BTC a few months ago when its price dropped to just $4000, or during 2018/2019 when the price was even lower than that, and they don’t care too much about the +/- 5% price change today. Of course there are those who buy only when the price goes up hoping for a quick profit, but unfortunately for them things like this happen.

Long-term investment may not make much difference if the entry point is at $9000 or $11 000, but I would not agree that now is the right time to invest - because in the short term the price may be below $10 000 in a few days. Some seem to have forgotten the pump from 2019, from April 1 to June 26 price is rise from $4000 to almost $14 000. Even then, there was no obvious reason for such a pump - as there is none now, but as always, there is a lot of speculation.

arwin100

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Quote from: kolbalish on August 02, 2020, 05:01:04 AM

The most popular cryptocurrency, BTC (BTC), started Sunday on a volatile note, as its price crashed by more than USD 800 in 25 minutes after topping USD 12,000, once again prompting a selloff in the whole market.

At pixel time (06:31 UTC), BTC trades at USD 11,261, after rebounding from USD 11,130, compared with USD 12,041, reached earlier today (UTC time). The last time BTC was over this level is August 2018.

The price is down by 3.6% in a day, trimming its weekly gains to 16%. BTC is up by 23.5% in a month and almost 5% in a year.

Full article is here: https://cryptonews.com/news/bitcoin-hits-usd-12k-crashes-by-usd-800-in-minutes-ether-xrp-7302.htm

Not new so far since there are sudden drastically changes regarding on this matter, people should not get panic for this certain event since this is normally happen since we are trading on open market. For sure theirs a bounce back from this and we will see some good changes since the hype still burning on the table and provably this thing will occur until the end of the year.

It's better to buy right now since the price is on bargain at the moment.

CryptopreneurBrainboss

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I'm not surprised, always had a feeling the market will take some hitting before crossing the $12k price mark, just like some weeks back when the price was trading below $10k and it looked like it'll take forever before it crosses that prices especially as the market crashes in each of its previous trys before it finally succeeded. The market has been very bullish lately which make it very easy for manipulation from the whales and that's what is likely happening now.

The market doesn't have enough support to cross $12k so the crashed was expected, read some technical analysis about the crash likely taking the price downwards to around $9.5k - $9.k but I don't think that would be the case as bitcoin currently seems to have a strong support at $11,100.

kolbalish

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The most popular cryptocurrency, BTC (BTC), started Sunday on a volatile note, as its price crashed by more than USD 800 in 25 minutes after topping USD 12,000, once again prompting a selloff in the whole market.

At pixel time (06:31 UTC), BTC trades at USD 11,261, after rebounding from USD 11,130, compared with USD 12,041, reached earlier today (UTC time). The last time BTC was over this level is August 2018.

The price is down by 3.6% in a day, trimming its weekly gains to 16%. BTC is up by 23.5% in a month and almost 5% in a year.

Full article is here: https://cryptonews.com/news/bitcoin-hits-usd-12k-crashes-by-usd-800-in-minutes-ether-xrp-7302.htm

Topic: Bitcoin Hits USD 12K, Crashes By USD 800 In Minutes!! (Read 225 times)