Bitcoin is Dropping, and Experts Can't Agree Why - page 2.

jseverson

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Quote from: bbc.reporter on February 22, 2018, 08:37:33 PM

But that does not mean we shouldn't start buying some for the next bull market hehehe. Also, how would it affect the altcoin market? Will some altcoins take advantage and try to chase more value versus bitcoin?

It's possible, but I'm not seeing any promising ones right now. Litecoin had its moment thanks to the hype around Litepay, but it looks like it has calmed down. I'd say the bearish trend extends to the crypto market as a whole.

As far as experts go, educated speculation (likely with some hidden agenda sprinkled on top) is still speculation, so it's best not to let their opinions sway your actions, especially if it involves money. No one would have been able to predict that Bitcoin would go on the run that it did last year, showcasing that it defies logic. I personally doubt it, but I didn't see last year's coming either, so it's still possible.

richminded

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Quote from: pooya87 on February 23, 2018, 12:03:04 AM

Quote from: bbc.reporter on February 22, 2018, 08:37:33 PM

If it stays around that level, it could signal a stabilization for weeks, but a drop could signal a plunge to even $6,000.[/i]

i am interested to see how this will turn out to be like but so far we are having higher highs and higher lows which indicates a slow rise. and i don't see $6000 be repeated if this trend continues.

The price right now are quiet high volatile and it drop so fast, If bitcoin hit that price again I'm sure many investors will come in and then take profit when its already doubled. I hope that bitcoin can break the resistance and never come back again at $6k level, bitcoin should remain strong after all for bitcoin to survive.

timerland

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Quote from: bbc.reporter on February 22, 2018, 08:37:33 PM

I reckon all of last year's exorbitant predictions about bitcoin going up to over $100,000 for 2018 will not come to fruition in the next 12 months.

The bull market is over. We need to start accepting that fact.

But that does not mean we shouldn't start buying some for the next bull market hehehe. Also, how would it affect the altcoin market? Will some altcoins take advantage and try to chase more value versus bitcoin?

“$10,000 is a plateau for Bitcoin only as long as profit-taking continues,” Trevor Gerszt, CEO of crypto investment service CoinIRA, tells Inverse. “Investors who bought the dip nearly doubled their money when Bitcoin got close to $12,000, so a little bit of retrenchment was not unexpected. Once that’s over, we expect Bitcoin to continue its long-term price appreciation.”

Not everyone agrees. An analysis last week from Bespoke Investment Group claimed during its rise that the price would find resistance at the $11,000 mark. If it stays around that level, it could signal a stabilization for weeks, but a drop could signal a plunge to even $6,000.

Read in full https://www.inverse.com/article/41554-bitcoin-price-dropping

People said that bitcoin would go to six figures last year. I think that most of the people that were sane in their minds and didn't get caught up with the FOMO buying going on in the market at the time knew that it's probably not going to happen this year.

The cause of the crash is probably just due to profit takers. People taking their profits when they have made double their money back within like 3 weeks if they bought at the lowest level of the dip is nothing but surprising to me.

Best strategy in this case is probably to buy given the opportunity to, when BTC gets to an all time low even though I'm not asying that it would happen yet, do some dollar cost averaging and start accumulating for the next bull run.

player514

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Quote from: pooya87 on February 23, 2018, 12:03:04 AM

Quote from: bbc.reporter on February 22, 2018, 08:37:33 PM

I reckon all of last year's exorbitant predictions about bitcoin going up to over $100,000 for 2018 will not come to fruition in the next 12 months.

yeah, i don't think we are going to see the same big rise as last year. but that doesn't mean there will be no ATH this year.

Quote

Also, how would it affect the altcoin market? Will some altcoins take advantage and try to chase more value versus bitcoin?

so far there are more dumps in altcoins than there are any rises. the thing is, most altcoins followed bitcoin with it like LTC or after it when it became stable but they did follow it up. so if you think bitcoin's bull market is over and there is no rise, then the same should be true about altcoins too!

i think we will see the same pump and dumps in altcoins. and we will surely see some new small coins get huge pumps this year and take a position from the top coins.

Quote

If it stays around that level, it could signal a stabilization for weeks, but a drop could signal a plunge to even $6,000.[/i]

i am interested to see how this will turn out to be like but so far we are having higher highs and higher lows which indicates a slow rise. and i don't see $6000 be repeated if this trend continues.

I agree with that first point. There's always a chance that there will be a form of stability to come to bitcoin. In this case, it might even be some steady growth towards an ATH. Altcoins are an interesting subject especially as of now. It seems like most bitcoin supporters don't really like altcoins, but most blockchain supporters are not opposed to the ideas of having companies try out using the system in their own unique way. I think altcoins inspire innovation and will stick around for this year.

BrewMaster

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There is trouble abrewing

"experts" are usually biased and because of the they can not agree with each other. they always promote what gives them the most profit. if they want to sell, then they will say price will reach $100,000 and if they want to short they will say it will plunge to $6000.

and bitcoins volatility makes them both come true at some point. we already saw the $6k despite it being impossible after the strong buy support at $10k!!! and right now another dip again despite the same strong buy support at $10k! ....unpredictable....

magneto

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I agree with pooya, it's not going to rise in the same sort of magnitude as last year, but doesn't mean that there won't be any rises at all. I would be a little more careful in my speculation, though. I'd actually say that ATH from this point is going to be hard.

If we continue our drop downwards, then the price could indeed end up just like last time, at around $6k due to panic selling within the markets. But I don't think that's going to be the case this time.

We're simply seeing a retracement back to around a week ago. Doesn't change the overall momentum for bitcoin, long term speaking. As adoption goes up, BTC should continue its way up, but we're definitely not as bullish as last year.

pooya87

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Quote from: bbc.reporter on February 22, 2018, 08:37:33 PM

I reckon all of last year's exorbitant predictions about bitcoin going up to over $100,000 for 2018 will not come to fruition in the next 12 months.

yeah, i don't think we are going to see the same big rise as last year. but that doesn't mean there will be no ATH this year.

Quote

Also, how would it affect the altcoin market? Will some altcoins take advantage and try to chase more value versus bitcoin?

so far there are more dumps in altcoins than there are any rises. the thing is, most altcoins followed bitcoin with it like LTC or after it when it became stable but they did follow it up. so if you think bitcoin's bull market is over and there is no rise, then the same should be true about altcoins too!

i think we will see the same pump and dumps in altcoins. and we will surely see some new small coins get huge pumps this year and take a position from the top coins.

Quote

If it stays around that level, it could signal a stabilization for weeks, but a drop could signal a plunge to even $6,000.[/i]

i am interested to see how this will turn out to be like but so far we are having higher highs and higher lows which indicates a slow rise. and i don't see $6000 be repeated if this trend continues.

bbc.reporter

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I reckon all of last year's exorbitant predictions about bitcoin going up to over $100,000 for 2018 will not come to fruition in the next 12 months.

The bull market is over. We need to start accepting that fact.

But that does not mean we shouldn't start buying some for the next bull market hehehe. Also, how would it affect the altcoin market? Will some altcoins take advantage and try to chase more value versus bitcoin?

“$10,000 is a plateau for Bitcoin only as long as profit-taking continues,” Trevor Gerszt, CEO of crypto investment service CoinIRA, tells Inverse. “Investors who bought the dip nearly doubled their money when Bitcoin got close to $12,000, so a little bit of retrenchment was not unexpected. Once that’s over, we expect Bitcoin to continue its long-term price appreciation.”

Not everyone agrees. An analysis last week from Bespoke Investment Group claimed during its rise that the price would find resistance at the $11,000 mark. If it stays around that level, it could signal a stabilization for weeks, but a drop could signal a plunge to even $6,000.

Read in full https://www.inverse.com/article/41554-bitcoin-price-dropping

Topic: Bitcoin is Dropping, and Experts Can't Agree Why - page 2. (Read 355 times)