bitcoin is supposed to go up of this corona! people are doing it wrong - page 3.

Oasisman

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Quote from: pooya87 on March 10, 2020, 11:54:51 PM

bitcoin was supposed to go up but for a dozen other reasons none of which were directly related to Corona virus. for starters bitcoin has been in a bull mode and the rise was expected, with halving coming there is a lot of hype that warrants a big rise. on top of all that we have numerous bullish news with countries accepting bitcoin every day! under normal circumstances that would have meant at least a 40% rise.
then there is all the other markets crashing which means there is a ton of money exiting those markets and looking for an alternative asset to go into. bitcoin has always been among those "alternatives" even if at a smaller scale.

that leaves only one logical explanation for the drop: manipulation.

So, do you think the Plus token scam that might be the cause for Bitcoin to dump, a part of the manipulation?
I mean, I also have the same thoughts. I knew the bullrun is about to happen anytime as the market shows a good sign of an upward trend, but then suddenly came falling gradually.
Yet, as days passed by and the worse has come for the corona virus, I realized how this global pandemic have affected the traditional market, thus causing a slight effect in cryptocurrency as well. Though, the corona virus does not make a direct effect on cryptocurrency, but the people are already panicking, and bought necessary things for a possible lock down survival. So, the money that should've been diversified for crypto investment has been spent for the preparation of the pandemic. Some are hoarding massive number of sanitizing kits and sell it to a much higher price than the suggested retail price.
This are just some minor scenarios I believed that could affect the current Bitcoin price.

el kaka22

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I guess when there is something much more scarier than money, its health. Think about it when your life is in danger and you need to think about surviving, do you really care about the money part of the question?

There has been literally 500 thousand people in USA just in 2019 who went bankrupt and lost everything just while they were trying to recover from sickness and that is USA, when you think about the whole world there must be millions of people who go bankrupt every year just to stay alive. So, it is expected that this corona virus deal has made people make bad financial decisions because they were scared they would be one of the people who have lost all of their money during this situation if they get corona virus. Even the tests are not really easy to get hands on if you think about it.

hahay

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Yes, that is what should have been realized to be carried out in real action although indeed, buying food supplies or other things in this matter is like a panic buying but that's what happens because the corona virus outbreak is getting worse and of course, with this economic instability will make bitcoin becoming a preferred choice for many purposes which is safer than spreading any virus. But, I did not expect much about it, because after all wiping out this virus would be very important from any case.

Jeremy Franklin

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Quote from: Yatsan on March 09, 2020, 11:00:21 AM

Guess people are putting too much expectations with how Bitcoin is. A crash in economy would hit naturally hit BTC as well and nothing can stop that. Even if we did say hold BTC and kept buying them, if the economy crashes, the hodl'ed BTC would go nowhere,especially with how what is needed in that crash would be safe assets/havens. Yes, BTC is one of them, but it isn't at that state where you can completely trust it as one right now, maybe after a few years or more, but currently? Nope. I guess people are taking into account long term problems and solutions instead of short term ones.

Yea agreeing with you on that topic. It's still to early to call Bitcoin a safe haven, but you are right, Bitcoin is on the right track. Maybe in a few years the ordinary Jimmy will realize and Bitcoin can enlarge his position as 2nd biggest safe haven, right after gold. But for now crisis will hit Bitcoin the same as it hits the stock markets.

Reid

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That is not what happened when I went to the grocery. They are now hoarding everything.

My own hypothesis.
They sold their bitcoins to buy those supplies but they don't want to move their money from the bank.
It looks to me like they will jut entrust the banks for now thinking there will be nothing soon.
No miners, no bitcoin holders.

Just my own opinion though. No facts to back it up.

imstillthebest

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what i only like with your sentence is the last one . indeed stocking up something you need can help you to not to go outside on public and risk your self from the on going epedemic but other than that i wont agree on the rest that you said .

why you blame people ? for not letting the btc up ? thats not right bro , that isnt thier fault but its yours if you bought btc and expect something extra ordinary . yes there is a virus issue and with that ,its expected that all of the market including crypto are going to be affected .

exstasie

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Quote from: pooya87 on March 10, 2020, 11:54:51 PM

on top of all that we have numerous bullish news with countries accepting bitcoin every day! under normal circumstances that would have meant at least a 40% rise.

Not sure how accurate that is. It really depends on market sentiment. In a strong bull market, bad news selloffs quickly get bought up and good news triggers rallies. In a strong bear market, good news doesn't mean shit.

I'd say we're in the early stages of a bull market but sentiment is still very fearful, so good news has very little effect.

Quote from: pooya87 on March 10, 2020, 11:54:51 PM

then there is all the other markets crashing which means there is a ton of money exiting those markets and looking for an alternative asset to go into. bitcoin has always been among those "alternatives" even if at a smaller scale.

Those markets are crashing because investors are dropping risk assets for cash and bonds. BTC is a risk asset too.

Quote from: pooya87 on March 10, 2020, 11:54:51 PM

that leaves only one logical explanation for the drop: manipulation.

You're not alone in that conclusion, but I'm skeptical. I think this is just a normal correction, no need to blame manipulation. Plenty of people were expecting a big pullback from the $10K area. It's only the ones who didn't see it coming who are complaining about manipulation.

pooya87

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bitcoin was supposed to go up but for a dozen other reasons none of which were directly related to Corona virus. for starters bitcoin has been in a bull mode and the rise was expected, with halving coming there is a lot of hype that warrants a big rise. on top of all that we have numerous bullish news with countries accepting bitcoin every day! under normal circumstances that would have meant at least a 40% rise.
then there is all the other markets crashing which means there is a ton of money exiting those markets and looking for an alternative asset to go into. bitcoin has always been among those "alternatives" even if at a smaller scale.

that leaves only one logical explanation for the drop: manipulation.

inanilujimi

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You say as if the world is almost doomed.
we know if the world economy crashes, are you sure that crypto continues to grow ??

there is nothing wrong because for me right now the market is undergoing correction to get a new quality improvement again.

exstasie

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Quote from: fabiorem on March 10, 2020, 02:15:46 PM

Its not people doing it wrong, OP. Its the whales who had joined forces with the legacy system. Now we have bitmex, futures, options, all those tools which were used by TPTB to destroy the gold and silver markets. Now they are being deployed against bitcoin.

So, with or without virus, it will keep going down. From what I have been observing, first it have lower highs, then higher lows, then it go sideways for some days, and then it goes down to the level below. This pattern is repeating itself in a systematic way, which indicates heavy manipulation over it.

Ignoring the coronavirus for a moment, there is a school of thought who believes CME futures whales are consistently pushing the BTC spot markets around to benefit their positions on CME. There are even traders I have immense respect for who speculate about this.

It ends up being a very circular sort of logic: price moves and we assume the CME whales are responsible, so we look for evidence to confirm the theory. The problem is even if it's true, we could never know what those positions are and when they have been closed.

All we can do is speculate based on price action, contract settlement times, and volume. So we are currently looking for a notably bullish reversal candle, on very high relative volume, preferably close to settlement time. This would indicate the CME "composite group" (as you might call them in Wyckoff terms) has re-positioned themselves for a market reversal. The aqua arrows point out some previous examples:

fabiorem

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Its not people doing it wrong, OP. Its the whales who had joined forces with the legacy system. Now we have bitmex, futures, options, all those tools which were used by TPTB to destroy the gold and silver markets. Now they are being deployed against bitcoin.

So, with or without virus, it will keep going down. From what I have been observing, first it have lower highs, then higher lows, then it go sideways for some days, and then it goes down to the level below. This pattern is repeating itself in a systematic way, which indicates heavy manipulation over it.

People, then, have fear of buying it, and see it losing value in the next month. People have bills to pay, they cant go all-in like the bishops of the hodl cult wants them to do.

tbterryboy

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I have said exactly the same thing somewhere else as well, there is really nothing that could make bitcoin go down regarding this corona virus deal and people are still selling their coins for some reason we will never know.

I mean every single fact and data shows that bitcoin should be going up right now, every single one, yet the price is going down and I assume the only reason for that is the fact that we are actually in a bear market everywhere else in the world so people assumed we would be in bitcoin as well and they sold and since this is a decentralized and unregulated market that caused a bear market here as well, no other logic comes to mind. Halving is just around the corner and I still think this is a great moment to buy as much bitcoin as we can before it goes off.

enhu

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Corona isn't here to stay. China's weather will soon warm up for Spring and COVID19 doesn't survive in warm weather. The spread will slow down giving experts time to develop a vaccine for it so hold your horses. Its not doomsday, you'd be homeless if you sell your real estate properties today.

This corona virus will force countries to also go cashless and will probably adopt cryptocurrency, it will speed up the adoption but may not make the price moon all of a sudden.

Vectra

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I hoped Bitcoin would be a hedge against economic recession, but it looks it's very correlated unfortunately. That's not good as we're definitely going into recession and btc never existed in bearish economy Sad

buwaytress

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As most countries already going cashless (including some surprising ones you might not have first thought of in developing economies), you only need to digitalise and work through low-tech devices. Especially since smartphones we take for granted aren't actually as widespread in the populations that need digital cash the most.

And until there are good alternatives in fintech with normal fiat, I wouldn't recommend using crypto or bitcoin as a replacement... yet. Doing so would be getting it all wrong.

Viscore

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Live with peace and enjoy life!

I hope corona will be stop soon, I wasn't really expecting it will go worse that people will be walking dead like zombie, at least I don't want that to happen just to see bitcoin will rise. Now, to you question, I think it's still too early to see bitcoin will rise, and that means the crisis is not yet a major threat globally, in fact in our country, its business as usual, there are some warnings but people are still living their lives like normal.

TheAndy500

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Quote from: Kelvinid on March 09, 2020, 05:28:48 PM

Quote from: TheAndy500 on March 09, 2020, 01:52:04 PM

With such large price drops, this is actually not the best time to buy. I think it is better to wait at least a few days for the situation to calm down. However, in my opinion the price will fall at least until the end of March.

It will probably this will continue to drop in the coming days or maybe until the issues have resolved. It is quite to think that people are selling it now just to use their Bitcoins and other cryptos for their needs because it might possible that there is a problem in regards to money cashout from the banks and this their option to take. Only I hope that it won't getting and every crypto holders that are in need today will never sell it badly at low prices coz this will trigger for a huge market dump and turn into bearish again.

I think this is the beginning of the short-term bear market. I think the situation will not improve until halving. It is possible that when companies start making quarterly reports, it turns out that there is an economic catastrophe and people will start withdrawing capital from classic exchanges and buy cryptocurrencies, but this may happen at the earliest in a month, maybe two. Thats why my opinion that by the end of March prices will rather fall.

mahilchii

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Expecting too much will lead you to disappointment, the recent drop is an opportunity to buy crypto coins and I am planning to do the same rather than worrying on it. Panic sell will still lead you to go down more, so either to buy or just hold is a unique way to save our investment. Most probably the prices will slowly go up by the end of this month.

adaseb

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Very hard to tell whether this is a troll post or not. Its pretty crazy thinking people are going to sell their real estate because the government might move in and use it as a hospital. So far from what I read, some state bought an old hotel to use as a quarantine place for a few patients, they didn't seize anyones property. And in China they just put people in student dorms because they needed space, and students never owned those dorms, they just rented. Its bad how they threw out all their personal belonging however on the street but it was a desperate time.

Also what is the point of filling your vehicle? Most people drive alot and after a week or two they are out of gasoline anyways, what are you going to do? Buy some large cointainer to store 500L worth of gasoline for the next few months? I think in times like this people are just selling assets to have available cash and not buying risk-on investments like Bitcoin.

Kelvinid

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win lambo...

Quote from: TheAndy500 on March 09, 2020, 01:52:04 PM

With such large price drops, this is actually not the best time to buy. I think it is better to wait at least a few days for the situation to calm down. However, in my opinion the price will fall at least until the end of March.

It will probably this will continue to drop in the coming days or maybe until the issues have resolved. It is quite to think that people are selling it now just to use their Bitcoins and other cryptos for their needs because it might possible that there is a problem in regards to money cashout from the banks and this their option to take. Only I hope that it won't getting and every crypto holders that are in need today will never sell it badly at low prices coz this will trigger for a huge market dump and turn into bearish again.

Topic: bitcoin is supposed to go up of this corona! people are doing it wrong - page 3. (Read 614 times)