Bitcoin is below $6000 due to corona virus panic, what's next?

Juggy777

hero member

Activity: 2646

Merit: 686

Quote from: Kasabus on March 12, 2020, 06:46:17 AM

According to this news : https://cointelegraph.com/news/breaking-bitcoin-crashes-17-in-1-hour-below-6k-in-coronavirus-panic

Quote

BREAKING: Bitcoin Crashes 17% in 1 Hour Below $6K in Coronavirus Panic

What do you think would happen next, will bitcoin continue to crash and we might be back to $3000 again?
And what could be the reason to stop this bleeding?

@Kasabus at this moment everything is crashing be it the stock market or the crypto market, so there’s not much we can do except hodl our stocks and crypto’s and wait for better days. Also there’s no specific answer to this question as people would be divided on answering it, and I’ll be really surprised if we can find a universally accepted answer to this question. Furthermore in my personal opinion if more countries lock themselves out then yes I do see bitcoin prices falling down, and again we can’t do anything about it except hodl and wait.

Sources:

https://www.ccn.com/this-is-why-the-dow-jones-just-suffered-one-of-its-ugliest-crashes-yet/

https://www.nbcnews.com/news/world/coronavirus-has-italy-lockdown-what-rest-us-have-look-forward-n1155396

https://www.wsj.com/articles/european-airline-stocks-plummet-as-u-s-plans-travel-ban-11584010224

mu_enrico

copper member

Activity: 2324

Merit: 2142

Slots Enthusiast & Expert

Are you saying that the price could go below 6k to even 3k after today? Shit, I just went all in. Just kidding, or am I? Grin

Enjoy the ride guys, at least it proves that mainstream people still don't see Bitcoin as a store of value. Better pile up hand sanitizers, toilet papers, and medical masks.

Wintersoldier

sr. member

Activity: 966

Merit: 274

Quote from: Kasabus on March 12, 2020, 06:46:17 AM

According to this news : https://cointelegraph.com/news/breaking-bitcoin-crashes-17-in-1-hour-below-6k-in-coronavirus-panic

Quote

BREAKING: Bitcoin Crashes 17% in 1 Hour Below $6K in Coronavirus Panic

What do you think would happen next, will bitcoin continue to crash and we might be back to $3000 again?
And what could be the reason to stop this bleeding?

It could be possible because there is a pandemic going on about COVID-19 or known as Corona Virus that it might be the reason why bitcoin suddenly crashes to almost $5,000 because there is a financial crisis all over the world, so it is natural that every currency will get affected, especially cryptocurrency and we should be prepare what will happen next to the next movement of the market that it could continue to go down.

sunsilk

hero member

Activity: 3038

Merit: 634

I'm having my own logical understanding with the scenario. If it came down then it should be up. Knowing when? no one has the fortune telling powers to tell that. $5900 looks the support of it and it won't go lower than any further.

Covid-19, plustoken and halving I guess are the reasons of what the majority see for the plummet.

UnDerDoG81

legendary

Activity: 2179

Merit: 1201

It's no real panic. Whales use it as a reason to create panic. Not sure if it worked or if they just sold their coins...

Questat

hero member

Activity: 2982

Merit: 610

Quote from: Findingnemo on March 12, 2020, 08:31:08 AM

I hope this is temporary due to panic -snip-

You can think it's gonna be permanent but it will not happen, of course its just temporary, bitcoin died many times and yet its still here and we are still here. Come one man, just relax and stop watching your portfolio.

20kevin20

legendary

Activity: 1134

Merit: 1598

Quote from: exstasie on March 12, 2020, 07:12:28 AM

~
All of a sudden, Masterluc's triangle idea doesn't look so crazy, but it requires markets to calm down and round off a bottom soon. https://bitcointalksearch.org/topic/m.53805355

I wouldn't rely on/look at anyone's speculation right now. Any change (e.g. Italy's lockdown) in the world could greatly influence cryptocurrencies and any speculation could go wrong in a matter of minutes. The best thing you can do now is try to hold onto your long term vision and try not to panic sell. Relax mode was plugged in for me as soon as this market hysteria began. I'm going to sit back and watch how the global stocks are falling off the cliff.

At this specific moment, us humans are going through too many thoughts (and some of us are going through too many fears) to make a good choice. During these times, the best thing you can do is just prepare yourself for what's to come. If you think selling your BTC for fiat is a good choice, I personally think that's very wrong. You'll only lose more.

Wilhelm

legendary

Activity: 1652

Merit: 1265

Quote from: fabiorem on March 12, 2020, 08:39:46 AM

Next we are going to 100000000 tomorrow!!!!111!!! Pumpz! Lambos! Swag!

I wish you were right....
Even if youl'd be 3 zeroes off I'd give you credit Wink

Wilhelm

legendary

Activity: 1652

Merit: 1265

Quote from: davis196 on March 12, 2020, 07:37:35 AM

Quote from: Wilhelm on March 12, 2020, 06:58:15 AM

It's a worldwide panic because of corona.
We all know corona isn't going to kill us all.

SO CHILL THE FUCK OUT!!!!

You sound panicked. Grin

I'm chill,don't scream at me. Grin

There's no need to use capital letters.Nobody cares about what you say or write.If people want to panic,they will panic.Just saying 'DON'T PANIC!!!' simply won't work.
Last week many people where writing posts asking "is bitcoin a safe heaven,if the coronavirus creates a global recession". I guess,that we have a clear answer now.Every market is driven by fear and greed.Now,the fear is way more than the greed.Just HODL and forget about the prices and the charts for a while.

Hodling since 2003 or so .... no panic here Grin

fabiorem

sr. member

Activity: 1400

Merit: 347

Next we are going to 100000000 tomorrow!!!!111!!! Pumpz! Lambos! Swag!

Findingnemo

hero member

Activity: 2366

Merit: 793

Bitcoin = Financial freedom

WTF moment is going on right now, even myself completely collapsed after seeing my portfolio value after a little nap. Shocked

I hope this is temporary due to panic and prices will start to climb once people see bitcoin as an alternative to gold investment right now. Spread the word bitcoin everywhere more than Corona. Sad

Questat

hero member

Activity: 2982

Merit: 610

Hopefully this will fall more and more, bitcoin will not die, it will stay but people should see this as an opportunity to buy.
Corona virus results to economic crises so we are seeing the initial reaction, bitcoin being dump but its' just too much, that is only due to panic.

We'll get use to this, bitcoin always bounce back so there is nothing to panic here, maybe they will but we have experience, we are smart so we can take advantage on this.

mahilchii

member

Activity: 560

Merit: 13

After this downfall the entire crypto forum has shaken and itseems corona virus could also be a reason for this massive dump, to be honest no one expected this disaster might happen so soon but I know anything is unpredictable here. Now big whales might take this as advantage and start buying coins and I also suggest the panic sellers to hold your asset and wait patiently.

jubalix

legendary

Activity: 2632

Merit: 1023

meh....i m not worried...tempted to buy tbh.

every gov is doing massive QE for corona virus.

davis196

hero member

Activity: 3164

Merit: 937

Quote from: Wilhelm on March 12, 2020, 06:58:15 AM

It's a worldwide panic because of corona.
We all know corona isn't going to kill us all.

SO CHILL THE FUCK OUT!!!!

You sound panicked. Grin

I'm chill,don't scream at me. Grin

There's no need to use capital letters.Nobody cares about what you say or write.If people want to panic,they will panic.Just saying 'DON'T PANIC!!!' simply won't work.
Last week many people where writing posts asking "is bitcoin a safe heaven,if the coronavirus creates a global recession". I guess,that we have a clear answer now.Every market is driven by fear and greed.Now,the fear is way more than the greed.Just HODL and forget about the prices and the charts for a while.

The Cryptovator

legendary

Activity: 2408

Merit: 2226

Signature space for rent

Perhaps it's time to realize that Corona virus effecting bitcoin price. Worlds population become panic due to that virus, and global economy already affected. As a result we encountered today's dump of bitcoin price. Almost $1600+ dumped within 30 minutes. I can't remember this kind of fucking dump within these short time. Holders was expected bitcoin pump on near halving, but that Corona reversing the price trend. Likely we might need one more month to become normal situation when Corona will be under control. Then we will see recover bitcoin as well.

exstasie

legendary

Activity: 1806

Merit: 1521

Quote from: Wilhelm on March 12, 2020, 06:58:15 AM

It's a worldwide panic because of corona.
We all know corona isn't going to kill us all.

SO CHILL THE FUCK OUT!!!!

Sure but is it just a shakeout, or the beginning of the next long awaited recession? That's what everyone wants to know. I'm on the edge of my seat wondering if we're on the verge of V-bottom recoveries or full collapse, and that's across lots of assets including both stocks and BTC.

It's not the end of the world either way, but given the magnitude of the declines so far, what happens in the short term may set the course for the next ~year. I'm talking about world markets and also BTC as well.

All of a sudden, Masterluc's triangle idea doesn't look so crazy, but it requires markets to calm down and round off a bottom soon. https://bitcointalksearch.org/topic/m.53805355

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

Quote from: Wilhelm on March 12, 2020, 06:58:15 AM

We all know corona isn't going to kill us all.

It's economics, not disease. No one's seen anything like this in recent times and they may never again. Ideally it'll be a brief spasm but a lot of companies will go to the wall all the same. Hopefully there will be global will to mitigate the damage.

Wilhelm

legendary

Activity: 1652

Merit: 1265

It's a worldwide panic because of corona.
We all know corona isn't going to kill us all.

SO CHILL THE FUCK OUT!!!!

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

Quote from: Kasabus on March 12, 2020, 06:46:17 AM

And what could be the reason to stop this bleeding?

The world stopping itself from eating itself?

There might be many months of buttock clenching. Impossible to tell where it's going to end or when it's going to end.

It's a moment for people to ask themselves whether they believe in things long term. If you do then do some cost averaging and get on with your life elsewhere. There may not be a great deal of fun served up for a while.

Topic: Bitcoin is below $6000 due to corona virus panic, what's next? (Read 230 times)