Bitcoin is still up over 50% over the last month so why the panic? - page 2.

BartS

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Quote from: Emoclaw on December 22, 2017, 12:21:04 PM

Bitcoin's price is still up ~50% from the 20th of November and yet everyone is panicking, why?
Here's the chart:

This clearly shows that Bitcoin was about $8.2K 30 days ago. Current price is still 13K.
From now on even if the price drops to a whopping 10% of the current price, a 90% drop that is, it would still be higher than the price at the beginning of the year.

I think the panic comes from the fact that the volatility has been extreme in this month, we have seen this behavior from bitcoin before, but now the stakes are higher since the price is way higher as well, so before when we saw volatility like this people lost just a few hundreds of dollars, now with the same volatility investors are losing thousands of dollar per bitcoin, and the more bitcoin you have the more exposed you are to these movements.

omonuyak

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The way traders and investors are dumping bitcoin in the present of this high fees is alarming and I think we should reduce panicking as many are selling without thinking what is really happening. Bitcoin has dropped significantly in the last three days and this represents about 25% and this will definitely going to make unlearned to sell of their coins. I think the dump Will stop when bitcoin get to $10,000.

Washball

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First crypto index traded as a token!

Bitcoin is still worth a lot more than 2 months ago, that's true. But investors who are only in to making money don't care about that, they're just scared to lose their capitals. So they all start cashing out, causing the price drop. This makes the small investors panic, people who stepped in late and bought for a high price get scared and also start dumping.

Gibreil

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Quote from: dothebeats on December 22, 2017, 03:51:19 PM

It is somehow psychologically imprinted within most people's minds that any crash is bad, and it should always be green. That doesn't work like that unfortunately, and this is a much needed correction knowing that the fundamentals are far behind from where the price is at. Even at sub-$10k we are still in the greens from last month, which peaked at $8500. I highly doubt that we will cross that line any further, but it is entirely possible.

I agree with your opinion. That is the mentality of the people, the more the price crashes, the more bitcoin is a scam. We don't know what will happens to the price day to day. Others want btc to be stable, others are making comparison between bch and btc, others are looking for the decline of crypto world. We have our own perception but in the end no one knows how it will move.
Just hodl on tight and trust how bitcoin works.

dothebeats

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Cashback 15%

It is somehow psychologically imprinted within most people's minds that any crash is bad, and it should always be green. That doesn't work like that unfortunately, and this is a much needed correction knowing that the fundamentals are far behind from where the price is at. Even at sub-$10k we are still in the greens from last month, which peaked at $8500. I highly doubt that we will cross that line any further, but it is entirely possible.

darkangel11

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Don't let others control your BTC -> self custody

Always remember that if you draw a line between 2 points in the chart, one of them being the lowest point during the previous correction and the other which is the lowest point of the current correction and the line points upwards you know that we are still in a long term uptrend. This correction is most likely not over yet, but it would have to go far below $1000 for it to be seen as a selloff and an end of the rise of BTC. I believe we won't even reach the short term, double confirmed bottom which is around 5400 USD and launch up again.

player514

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Quote from: aznboy84 on December 22, 2017, 12:30:45 PM

The problem in here is that no one is looking at that.. If you see the charts, obviously that it is still much more expensive than what it was before.

Because the price was less than $5000 just a month and 10 days before, no one can compare that.

but those panickers are always going to be around here.

People are driven by that sweet sweet greed.

Also, I guess one thing to take into account is that people probably came into the Bitcoin game at some point where it was over 10k because that's when Bitcoin really started to make a name for itself to the general public. Now that they're in the game too, they're bound to be selling when they see Bitcoin dropping even a little bit because they might have bought at 15k and want to not be in the red. This cycle continues for those who are scared, and so we just end up with this drop. After the drop, people end up coming to their senses and start buying again...

sorrysteve1

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Quote from: Emoclaw on December 22, 2017, 12:21:04 PM

Bitcoin's price is still up ~50% from the 20th of November and yet everyone is panicking, why?
Here's the chart:

This clearly shows that Bitcoin was about $8.2K 30 days ago. Current price is still 13K.
From now on even if the price drops to a whopping 10% of the current price, a 90% drop that is, it would still be higher than the price at the beginning of the year.

This is one of the important things to remember, and to look at bitcoins year instead of the last few days. While these times are for sure painful and scary, a little bit of context can really make a big difference. Bitcoin is down 50% in 3 days, well it is also up 1300% in 11 months.

canvan

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Clearly a correction was necessary because bitcoin's price went up too high and too fast. People still panic however I think mostly because they don't know where the bottom will be, if its above 10k then people will forget this dip as all the others before it but if it somehow happened to drop below 5k then it would be a real issue. Yes it would still be up on the year but the vast majority of people bought their bitcoins in the last 2-3 months.

pereira4

legendary

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$11,000 may have been the bottom of this dip/crash. The selling is getting out of hand. It could still go lower, but it's starting to look stupid. Bitcoin Cash being added in Coinbase was what mostly triggered the panic selling, thanks to Roger Ver's manipulation on CNBC. He should go to jail for insider trading and false claims.

The mempool is obviously spammed too. They will run out of money eventually.

Tavarez

sr. member

Activity: 700

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they are pressing panic taster Huh

, people are silly. Bitcoin price was 9500$ on 1st December so this is nothing serious. Holidays are coming, they want fiat to buy presents and that caused price dip. take some rest from crypto tracking and remember the sky is not falling. Btc experienced even worse situations but always managed to recover and hit the new ATH.

Zertoshi

newbie

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It's not necessarily panic. Buyers are just less abundant (difficult to find more of them?) and there are big sellers cashing out thousands or millons of BTC. They are not panicking, but they know this market for years. They will make huge profits even at 1000$ / BTC.

jackhdt

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Activity: 476

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Some people panic because bought bitcoin in 15 k-20 k. If the view from the landmark $20 k we have a chart to come down very sharply
Some people regret the price 20 k $. they felt dismay when not selling them at the time. they are only short-term investment Bitcoin and no confidence in its future

HasHe

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You are right.If every one looks bitcoin price in your point of view,then there would be no panic among the holders.But the worrying thing is that no one is ready to view by that way.Even it makes more comfortable for FUD spreaders to create panic among holders,especially newbies and make them sell their bitcoins.Investors who hold bitcoins from its early stage also make use of this opportunity and buy more bitcoins silently.

maxxdxx

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I've been waiting for this dip for a while now, time to buy. My biggest frustration is that I can’t get money into my exchange fast enough. By the time my account gets the money the Christmas BTC sale will likely be over !! HODL my friends.

akiraminai

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Some may be panicking for some other reasons. Like what if some of them buys bitcoin at the highest rate ? maybe they're just worried that, What if BTC will not reach the same value again ? There's so many reason to human behavior, you just have to understand.

anhhung409

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Activity: 318

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Perhaps they have forgotten the difference after each increase of Bitcoin is too large, it is much larger than each decrease. They only find that Bitcoin is falling and they fear that it will go away. They are worried and angry because of its declining value, they lose a lot of money while they earn a lot after each increase.

pereira4

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Quote from: Emoclaw on December 22, 2017, 12:21:04 PM

Bitcoin's price is still up ~50% from the 20th of November and yet everyone is panicking, why?
Here's the chart:

This clearly shows that Bitcoin was about $8.2K 30 days ago. Current price is still 13K.
From now on even if the price drops to a whopping 10% of the current price, a 90% drop that is, it would still be higher than the price at the beginning of the year.

A lot, a LOT of people that has bough bitcoin during the past month are people that saw it on the news for the first time and got into the hype train. The outcome was predictable once the panic-selling would begin.

This is indeed nothing for the seasoned bitcoiner. We've been through worse crashes. Anyone scared at this must have been here after 2013's crash.

777asianinvasian

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It sounds easy in theory but if you bought 10-15k you would be panicking too especially after you bought things went super red real quick. I doubt you bought so high and that is probably also why you are comfortable letting it ride down low. I do agree however people should look at things in perspective and realize we are still up overall and should feel bullish long term which isn't concerned with day to day fluctuations.

chrisrok

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Quote from: Emoclaw on December 22, 2017, 12:21:04 PM

Bitcoin's price is still up ~50% from the 20th of November and yet everyone is panicking, why?
Here's the chart:

This clearly shows that Bitcoin was about $8.2K 30 days ago. Current price is still 13K.
From now on even if the price drops to a whopping 10% of the current price, a 90% drop that is, it would still be higher than the price at the beginning of the year.

you're right! just hold (hodl Cheesy

)

Topic: Bitcoin is still up over 50% over the last month so why the panic? - page 2. (Read 355 times)