Topic: More individuals like Elon musk, the price might fall further. (Read 339 times)

There are many speculators in this market, as you said, more individuals like Elon Musk. They are selling bitcoins right now because they predict the market is going to crash to deeper levels, so they can start investing again when btc reaches to the bottom. These people aren't leaving crypto market, they are just taking a break.

The real issue is that the small and new investors get too disappointed in times like this, so many of them may think about quitting bitcoin definitively. On long run, whales get stronger, because they never give up crypto market and know how to play with prices, while mass adoption doesn't happen, as people from this second group are well know for their weak hands and for being impatient.

If more people say negative about bitcoin, that can impact the price to go down for more, and even the price can drops below $40k soon. But besides the bitcoin price falls, we can have another chance to see the altcoin will have the time to increase because I see that some altcoin can still increase in this bearish time for bitcoin price. And if some altcoin can back increase, it could trigger the other altcoin to increase, and who knows, we will see another altcoin season which can lift many altcoins to hit the new ATH. But I hope people will not panic and stay calm if the crypto market is still going down because we need to see if we can enter the market or only need to watch the price moves.

I'll repeat what I thought in April when we did have a sell but it recovered, which is that 200 day average is possible and will likely always occur sooner or later.  Thats where we are, though I've lost the train of thought my conclusion also was 30k is about the bottom of my estimates for negative move to mirror the frothy highs and anywhere in 30 to 20k area was a blind buy.   I dont know if anyone can be more negative then me but I keep an estimate I set on a sunny day for when its raining.
   I dont rate this price action as 'new' it was a feasible scenario, we are revising prices compacting and losing weak holders especially those with leverage and now the biggest moving average is here.   Prices dont move in straight lines so I consider further selling with caution, it can rise because some of the lower prices is from short selling type action or leverage trades that will close and result in action resulting in demand.



This is just the 1hr bars for a 2 day average and seems a good guide to measure, its been a ceiling capping any buying.   All averages converge with price eventually and this is a pretty fast one to challenge, I'll watch it for a good measure of how we progress.   Obviously there is always news, always other factors but the truest action is on charts imo

Right now, it looks like bears have total control over the market and selling the big coins. But the point to be noted here is the BTC dominance hasn't changed a bit. It's still at the 40% mark and the alts are not shaking against BTC. It may look like a heavy sell out but the long-term holders are still holding.

I particularly do not like to see much articles or analysis of traders or investors that put BTC in a bearish trend, because in my opinion I think that Bitcoin still has more to give, one of the indications that many expect the most is the season of altcoins, that well lower the dominance of BTC this does not start, I also follow Peter Brandt that the man more than 1 month ago said that BTC was going to have a fall of almost 35% of its ATH, and in fact it has been fulfilled, but now he said something which is not very positive:


Source: https://u.today/peter-brandt-calling-the-top-as-bitcoin-plunges-to-40k-will-it-see-16000

When I saw the image, it makes a lot of sense, but there are more factors, I think that the whales of 2017-2018 have not entered into action in the market, I think that it is still necessary for the true bullish trend to begin, but it is also likely that a re-accumulation occurs.

There are not that many people like Elon Musk. I mean sure there are rich people but they do not change the price. Warren Buffet has been against bitcoin for a decade now and that did not dropped the price, Bill Gates is not a huge fan neither I suppose and that did not dropped the price, Samsung is a huge company and puts a crypto wallet in their phones because they like crypto and that did not increased the price neither.

Honestly what makes Elon so powerful and allow him to manipulate is not his richness, nor his fame, it is luck which started when he first promoted dogecoin and it went up a little bit and all the other people who saw that joined more and more and more, that's all there is to it. That is why I think it is quite important to realize there is really nothing that could be done about this without any changes to peoples mindset about Elon and how "powerful" he is because they are the ones that gave him the power.

It’s actually very debatable if Bitcoin’s price was indeed crashed by Elon Musk’s tweets. Look at the price chart, Bitcoin was correcting before Elon Musk, it will surge and crash after Elon Musk, and nothing can stop Bitcoin from its path to price discovery.

^ Probably no and I think it was not just Elon Musk who affected to BTC price to go down. We have to consider the fact that people also want to take advantage of the BTC increase and will make sure to keep the profits they suppose to have. (1) Not just that, we have to consider the fact that Binance was publicly announced to be under investigation and will be handled by the Department of Justice and the IRS. And that news affected the decision of the Whales big time. You are a fool if you won’t consider this one as a threat. (2) Not just that, negative and unprofessional reactions from the community who are against Elon Musk ignited the fire too. And see what was the results.

It is not about how many people are spreading FUDs at the same time, it is all about how many brainless zombies and how many whales have how much bitcoin to panic sell and manipulate the market with. Since that number is fixed it doesn't matter if every manipulator with large number of followers started FUDing bitcoin, in the end the panic sell size is going to be roughly the same size.

I disagree.

Do you think that Elon and other influencers can just simply make the market go down just by tweeting?? Just focus on the charts and see that the Bitcoin market has been going upwards for more than 8 months already (35 weeks to be exact) and like everyone is thinking, every market is going up and down and so is Bitcoin. We need to see a correction to shake off the market. Its not good that we will just see Bitcoin going up and up.

The Elon Musk effect will just be for the short term but for the long term, this effect will slowly disappear and Bitcoin will go up again. Do you think that the market is revolving around crypto influencer's tweets that is why you are saying that they can make Bitcoin down to $20,000?? What a stupid mindset it is if you are thinking like that. Just buy the dip and be happy. As for Elon, he might be influential but his knowledge about cryptocurrency is like an average investor. He doesn't know how crypto works.

I think you are trick fucking your mind and should buy the dip.

set a ladder at

42k
41k
40k
39k
38k

It may happen but that is a big if. However it seems Elon has a unique mindset. He says no today, yes tomorrow, and no again the following day. Elon is a bit unstable with his mind and decision. And that makes him unique among other big names in Bitcoin.

It clearly shows that when he supported Bitcoin he didn't understand it, like at all. That is the reason why he could also easily shift position. This won't probably happen with the Winklevoss twins, Novogratz, Saylor, and the rest of hardened Bitcoin supporters.

He doesn't have a major stake, it's just his turn for the fame, just as others had before him and all ruined it, so will he ruin his too. Instead of using the attention to bring about greater adoption to the industry, this influencers misuse that power and engage in pump and dump scheme to benefit themselves.

Elon isn't any difference, one who had taught the richest or once richest man won't go so low as he's currently doing inorder to make more money. It's quite frustrating to see the market suffering just because of one person tweets (selfishness) like in the days if 2017 thought the market has matured but it seems the noobs have out numbered the experience users and falling to this fud all over again.

They can talk all they want but dont put up into your mind that they are the ones who can really make this market go to disaster.We've seen several events like these in the past
but still bitcoin did manage to survive.From banning to mining issues and other sentiments that floats out into the market but still it isnt enough to make bitcoin go to $0.
People are just easily to whine up when they had lost their investment or seeing in negatives.They arent just looking on the brighter side.Instead of screaming out then better
to accumulate while its still on sale.

News be it positive or negative causes major spike in the price of commodities not just crypto currency as such if Elon musks tweet should come out negative at any point then we should be expecting a drastic drop in price since he has a major stake in the Bitcoin

If he was influencing the price on stocks on FTSE or NASDAQ are there not regulations that would land him in trouble?

Maybe having some regulations on crypto exchanges to stop this kind of pump & dump behaviour would not be a bad thing.

Its a pity that Elon Musk is using his influence to manipulate the price of bitcoin via unnecessary negative tweets well if the price can't fall below $20K it would be better whatever the case the price of bitcoin will rally back, I belief this is one of the major setback of bitcoin where individuals who have a larger chunk of the coin influencing it price of course nothing can be done to stem the tide we small hodlers just have to accept this reality and move on and invest wisely and buy dip if possible and sell high.

He can't destroy Bitcoin. If he sells, its his loss. Would be a great opportunity for many others to invest...

Incidentally, it would also help get rid of the older inefficient asic miners people suddenly powered back on when they were supposed to have been retired...

It won't matter either way, With or without Musk, Bitcoin will go on just fine. Its not like this the first time some arrogant rich man makes uninformed comments.

He can learn later the hard way too, how wrong he was about Bitcoin. He should just focus in space and other stuff instead, its not like he needs to preserve his wealth or anything...

That's the wrong mindset of most investors. They want to earn a good profit yet afraid to take the risks. If someone is playing along with the market by manipulating big coins, then we should play with the situation as well and take advantage of it. Instead of being afraid, then why not take it as an opportunity to buy when the price falls? Let's not allow the market manipulators to manipulate even our emotions.

Elon is just selfish and attention seeking, I dont like his acting recently.
He should study Crypto much more or just only comment at Cases, where he is really studied like his rocket science. 
Most of his comments about Bitcoin Show a lack of research.