Don't blame Elon musk and China for the dip!!!!!!! - page 2.

Fredomago

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Quote from: NicNacCoin on June 15, 2021, 06:36:45 PM

Very recently Elon musk again tweeted his Twitter profile with Tesla again want to continue it's business with Bitcoin. I think Elon musk a tricky person who invested Bitcoin with lower and when he want to sell then he tweeted positive about cryptocurrencies.

Very greedy move from this influential billionaire, but yes, after he acquired more cheap coins from that last dip he again are trying to hype it out and bringing back the ties between crypto and his own business,
It's up to all investors and followers if they are still being attract by this obvious move from Musk, those who are willing to take the risk may follow him.

But to those who are already got an experienced with how he handle this market, surely they'll going to assess and see the situation first before making any decisions.

Maestro75

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Quote from: ogundowotoby01 on May 19, 2021, 05:52:07 PM

If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

Bear in mind always that what moves cryptocurrency is mainly news. People buy and sell on rumours. So, whenever there is news release it affects prices of tokens. Elon's tweet and the news of ban from China greatly affected the price of Bitcoin at the time. We can not say it did not. That will not be correct. Even if price is moving fine now at the current happening and Elon goes again to bash Bitcoin you can bet that the price will drop drastically in less than 24hrs. And if his tweet praises Bitcoin you can also bet that price will push up within 24hrs too. That is how cryptocurrency works. News makes it react alot.

apityeh71

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Yes the market is not all the time will going up without any correction. There are time for this market boring because keep going up and then going down for while and then back to rebound. From TA, $64k area is good resistance and currently $30k-40k is support area, if the price breakout this support then BTC has room to back bullish, even higher than $64k. Withbor without negatif statement from Elon Musk and China, the price of BTC will going down from area $64k because the price too high from support area $4k.

NicNacCoin

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Very recently Elon musk again tweeted his Twitter profile with Tesla again want to continue it's business with Bitcoin. I think Elon musk a tricky person who invested Bitcoin with lower and when he want to sell then he tweeted positive about cryptocurrencies.

kenelmark

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Quote from: ogundowotoby01 on May 19, 2021, 05:52:07 PM

If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

I think the price correction does happen every time there is a bull run. This event happened in 2017. This is normal in crypto trading.

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Quote from: dotcoin.info on June 15, 2021, 04:57:21 PM

I don't like it when people accuse some third parties and celebrities that the market has collapsed or some kind of recession has occurred.

Elon did really manipulated the market and that's why you cannot also blame everyone who's eyeing on him. Because it's his fault to move the emotions of everyone in the market. But you're right, in such markets you should focus on the news so that whenever some bad news exists, you're the first one to react and you know what to do and you've been prepared for it.

Johnyz

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Quote from: dotcoin.info on June 15, 2021, 04:57:21 PM

I don't like it when people accuse some third parties and celebrities that the market has collapsed or some kind of recession has occurred. I don't think that ordinary people play a big role right now, most of which somehow have a small share of bitcoins compared to the huge balance sheets of exchanges and institutional investors. Therefore, those people who have lost money in the current recession can blame anyone and as much as they want, but that will not change anything.

There’s a lot of reason for the price dump but we have to accept that FUD created by Elon and China made a lot of contribution for the price to go down because that’s already a signal for the whales to sell their holdings and but back again at the bottom of the market. Big players know this one, and we should know it too instead of blaming better to watch them closely and trade accordingly.

dotcoin.info

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I don't like it when people accuse some third parties and celebrities that the market has collapsed or some kind of recession has occurred. I don't think that ordinary people play a big role right now, most of which somehow have a small share of bitcoins compared to the huge balance sheets of exchanges and institutional investors. Therefore, those people who have lost money in the current recession can blame anyone and as much as they want, but that will not change anything.

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Quote from: ogundowotoby01 on May 19, 2021, 05:52:07 PM

If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

Your reason could be one of the factors too of course. But I can't say such thing as "Elon Musk and China don't have any affect on the market". Because we've witnessed so many news etc. like these which directly affected the market in a good or bad way.

BitTraderCute

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personally i agree , we should not blame anyone while market drop hardly. if we look several days or weeks ago bitcoin and altcoin rose sharply . if we didnt greedy we should took profit from this highest price, but we dont do this. and finaly when market crash due some reason we blame anyone who make fud. atleast from this accident we could take important lesson.

trauchot

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Unfortunately, the cryptocurrency market reacts very strongly to Elon Musk's tweets and therefore he is also involved in the fall of the cryptocurrency market, and news from China has always greatly influenced the cryptocurrency market and therefore I think that negative news from China and Elon Musk's tweets had a very strong impact on the recent drop of the cryptocurrency market, but of course I agree that the cryptocurrency market has been growing already long time and correction was expected, so market correction started just after the tweets from Elon Musk and after the negative news from China.

inanilujimi

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Crypto market is supposed to be corrected, so that it is even stronger than before, and for Elon Musk and China we have experienced this many times in the past, strengthen your mentality to get used to this market, don't let the whale control your emotions.

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Quote from: husdemba on May 26, 2021, 07:57:18 AM

Sometimes corrections are inevitable for a healthy market. I don't think we are in a bear market right now. There would be some corrections, and Elon Musk and the Chinese issues are just an excuse. The markets are about to have good times again right now

Correct! Some people should really research what theyre into, ignorance and blaming others for their actions will literally drain their investments portfolio.

Vishnu.Reang

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Quote from: husdemba on May 26, 2021, 07:57:18 AM

Sometimes corrections are inevitable for a healthy market. I don't think we are in a bear market right now. There would be some corrections, and Elon Musk and the Chinese issues are just an excuse. The markets are about to have good times again right now

Normally corrections result in an increase in the Bitcoin dominance. But that didn't happened this time around. At the time of correction, the dominance was 40%. And although it went up to 47% immediately after the correction event, the altcoins rapidly recovered and now the dominance has been reduced to 43%. For a healthy cryptocurrency market, I believe that the Bitcoin dominance should be at least 60%. We are a long way away from that figure, and many of the shitcoins continue to enjoy tens of billions of USD in market cap.

husdemba

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Sometimes corrections are inevitable for a healthy market. I don't think we are in a bear market right now. There would be some corrections, and Elon Musk and the Chinese issues are just an excuse. The markets are about to have good times again right now

kotajikikox

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Quote from: ogundowotoby01 on May 19, 2021, 05:52:07 PM

If we are to be really honest with ourselves, the cause of the recent dip in the market is not because of Elon Musk tweet or because of China ban on crypto (though it added to it). It is because the market has been in an overbought position long enough. Taking Bitcoin for example, the price increased so fast (leaving a price imbalance/void) without any serious retracement or correction. So the market is just correcting itself.

Nope , the Blame must be put on those because if they did not Make those statement then people or better called manipulators have no chance to start the plan of making the market down right?
there is always a trigger for the plans to make possible and that is what it is.
only just the attack happens after the tweet and the news but this was being planned long before it happened.

acener

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There is no one to be blamed for the dip it is normal for investors to take their profit,
And it just happen because many of the investors decided to take their profit at the same time and it drop the price and people who doesn't have a plan to sell their Bitcoin has been forced to make a cut loss.
Price increase and drop are normal in investment because investors are putting in their money and taking out their profit so you should already expected it to happen when the price started to rise up.

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Quote from: Fivestar4everMVP on May 20, 2021, 01:40:10 PM

I totally agree with you mate, I've always been of this same opinion, but most people tend to focus on Elon musk, most even went as far as calling him names blaming him to the market crash.
The thing is almost every one was expecting bitcoin to reach $100,000 usd before any major correction happens, they all forgot the market does not work like that, this correction have been there, waiting for someone or something to trigger it, Elon happened to be the one who did trigger the correction, and since most people don't actually know what a correction is, they blame Elon, calling him names for being the mastermind behind the market crash.

Most of the people who blamed Elon are the ones that entered crypto believing that Elon could make them a quick buck but the opposite of it happened. Those who entered the market is most likely lack knowledge on how the market works. They have seen how powerful Elon tweets in the market and I think they are just thinking that Elon tweets would last long until their target price.

Elon could somehow affect the market, But it doesn't mean he is the main cause of the market crashes.

bluebit25

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Personally, I would still accept the cause and blame the influencers or countries affecting the market price. It is best not to appear to be a wise and knowledgeable person in this market, people think they are smart enough and in control of their own wealth, consider the matter from all angles and maybe immediately We were wrong to approach this market from the start.

yananda

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i think it's just a cycle, there is always bad news which takes effect. we can take a lot of lessons and it will be a meaningful experience
precisely at times like this we can add potential assets and don't rely too much on speculation

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