Topic: Bitcoin now officially in Bear-Market: -20% down - Dropping like a Rock - page 2. (Read 550 times)

-20% is for stocks and BTC more closely resembles the commodity markets where 10% moves in a day can occur.   Its not really valid to call it a bearish market just yet, its a pullback and we'll see how it proceeds over time not just price. 50500 I think is the price I need to see it hold as a low, if we see this occur in larger bars on the graph like daily and weekly then assume you have a counter rally even if you wish to speculate a wider bear trend.

The first picture is what a lot of people are saying about Bitcoin is "finally" in the bear market but what they are looking at now is an hourly chart for Bitcoin which means that what you are seeing right now is just the small movements of Bitcoin from a short period of time. The second picture is the daily chart of Bitcoin in which you will see that Bitcoin is still on an upward trend. The hourly chart of course is something that can't determine if an asset is either bullish or on a bearish market cycle as it is just showing you a smaller trend compared to what the longer time frames is showing you. 20% drop is really meaningless as even in the stock market there are stocks in which moves by 20% but it doesn't mean it is going bullish nor bearish.

Bitcoin also fell around 23% and 26% in January and February, and yet we have bounce back and make new ATH. So I wouldn't say that we are in a bear market, just the monthly dips that we have been seeing. And to be fair all crypto is bleeding, so you might want to change your subject to Crypto now officially in Bear-Market because that's the correct read right now. So specially pointed out bitcoin getting into -20% and yet XRP, DOT and the rest have been dipping -10% -40%.

Bitcoin also fell around 23% and 26% in January and February, and yet we have bounce back and make new ATH. So I wouldn't say that we are in a bear market, just the monthly dips that we have been seeing. And to be fair all crypto is bleeding, so you might want to change your subject to Crypto now officially in Bear-Market because that's the correct read right now. So specially pointed out bitcoin getting into -20% and yet XRP, DOT and the rest have been dipping -10% -40%.

Now BTC is at $51k, its was up to $65k on some exchanges, $54k is -20%, so now we're at -25%

A sustained down of -20% is the legal definition of "Bear Market" get over it. Live with it. Sure HODL on or buy more, hell buy the falling knife, sell your house and car, and buy BTC on the way down,

Like I have said all along, it was the MUSK billionaires who sent BTC from $20 t0 $60k in the last six-months, not the geeks with stimmy-checks, they're over on DOGECOIN

Now MUSK & billionaires MUST take profits before all that money evaporates.

Given that CHINA owns BITCOIN, and MUSK with his $1.5B purchase drove the price, one can say that much of the corporate USA loss on BTC investment is just easy money transferred to China.

One mans loss, is another mans gain. In this case with +67% of all mining done in CHINA, they own BITCOIN.

MUSK was a BIG believer in China, but now with the people jumping on his Teslas, and his reaction, MUSK is seen as a pariah in CHINA for what he is, also in CHINA while the USA buys the bile because USA media peddles bile, in CHINA the people are aghast that he says "The Tesla that crashed in Texas, was NOT on autopilot", Chinese people see this as an assault to their intelligence, maybe for the USA the USA people are a nation of idiots in the eyes of MUSK, but in China with the single child policy of 60+ years, everybody makes sure their kid gets the best education, unlike USA where everybody is fed WOKE bile, in lieu of education.

BTC dropping like a rock, or reverting to the mean, is not a new problem, easy to go from  $1 to $100, wasn't likely to go from $6k to $60k, but now stimmy checks are kaput, and the USA corporate balance sheet is crap. The single reason that MUSK, and dozens of other CEO's parked their corporate cash into BTC is hoping they could show a profit on their books. Not unlike GM, back in the day GMAC made morning money loaning its cash, than they did making cars, until they figured out that nobody was paying that money back.

Classis MUSK was John Delorean, who spent 100's of millions of company cash on Cocaine, so he could keep his car company afloat with drug sales in USA urban crack zones.

The entire BITCOIN narrative is now public, everybody knows that 100% of the BITCOIN 'story' is based on lies, there is not a single truth propagated by the pumpers & dumpers in BITCOIN land.

Just like USA today, where liars rule the media, here on BITCOIN liars rule the narrative, truth doesn't make you rich. But if your eyes are open, the truth can keep you from losing all your money.

tl;dr

I've seen so many times Bitcoin went down 20% or more from its highs and yet it manages to recover after a few days or weeks. This might be the same as that scenario.

I might be wrong and the OP might be right that we can be in a bear market just because of this drop but its unlikely right now. Take note that Bitcoin has been going upwards for so many weeks already without any correction. A correction like this is expected since within the past weeks, we've seen Bitcoin going up and up only and no downs whatsoever. Anyway, good luck in spreading some bad news here. This thread might cause those newbie investors to panic and sell their holdings at a loss . As for me, another buying opportunity to take some short term profits .

In bitcoin a 25% drop is a legal definition of a correction. Corrections are super healthy. If they maybe damage your health that means you are over invested and you should sell a bit at any price.

Even if we are at 51k level today, and compare it to previous years, you can say we are still in bull season. So it depends on when you are comparing it to. People already saw the 60k mark, that's why when it goes down, they feel, btc is already over.   So yes, expect there will be more of this type of comment or postings, especially from beginners who bought their first bitcoin more than 55k level. They feel they already lost but this is just normal for any market. If they have weak hands, they can always sell and never go back.

Would be nice to see it really tanking though, to see how the big guns react to the plunge and to be able to buy more cheap coins too. The thing is, these market movements are almost normal on bitcoin and are happening every few weeks or so that it's no longer a surprise anymore.

The problem is that some people and news sites sensationalizes these normal market movements as if they are the sign of an impending doom, when in reality it is not. Oftentimes what happens is some traders just sells in order to move assets, though those coins are easily chomped down by other traders. It's not really something out of the ordinary, I'd say.

You would really be expecting these kind of calls anytime we do see some price decrease where there are people who do freak out and keep saying that this is the start of the bear market
but if we do try to look at on the current condition then you can say that we are totally seeing the other way around.

-20% down isnt something that you should bother out yourself but rather see this as an opportunity for you to buy more cheaper coins.Some calls are just creating the FUD so better not to make
yourself get easily affected with these.

Dropping like a rock? If you've been here on this market for a while then these movements wouldnt really be an issue at all.

Because that is the way it works, there are many out there that consider themselves contrarians and there is nothing they would like to see more than for the price of bitcoin to crash, the market is still close to the 50k level and yet for some reason people are speaking as if this is the end of the world, anyone that has been holding their coins before this movement started do not have a problem with what we are seeing now and they are probably using the current low prices to accumulate even more bitcoin as we speak.

Why there's always a thread like this when bitcoin is dropping?

Bitcoin is already existing for over a decade and started with a few dollars worth, but now the value is unexpectedly thousand times from the time it was created. Its just shows how worthy this currency is, yet a correction (which is quite normal) causing some investors to speculate negatively.

Its simple, if you believe in bitcoin then continue to hold or take advantage the dip, otherwise you can sell and quit.