Topic: Personal Opinion: Only a matter of time until Bitcoin will surprise us again - page 2. (Read 577 times)

I definitely agree with OP's opinion.  I also have seen a much worse crash than the recent one, what I witnesses after those crash were the bounce-back of Bitcoin at a greater height.  Most of those who panic sell end's up with regret.  And now we face another the same scenario, I bet most of us knows what to do, patience is the key!

In fact it is not really difficult to understand why this could happen, while investors and traders love volatility they hate uncertainty, we do not know the true potential of this new virus to affect our lives and that is why the stock market is going down, as such in times of crisis people prefer to hold cash just in the case something important happens they have the flexibility of buying what they need, in my opinion it was just a matter of time before we saw the price of bitcoin going down because of this virus but since the decrease is being caused by an external factor the drop in the price will at most last a few months.

Why would the panic of corona virus affect the market?
There is no need to sell their crypto at all since it wouldn't even affect the virus it wouldn't cure or lessen the virus spreading phase.
It would only affect the market if the victims of the virus are crypto holders and they need to convert it into Fiat in order to pay for their medications.
But for those who doesn't need medication or have enough money to buy some mask for prevention then I don't see any point for those to sell,
Unless they really want to quit or they are willing to lose some money.

It's the fear of corona virus infection. Let's face the truth, if someone infected around your country who would not panic? Especially when the infected area was located in your city. But we can always be calm and be prepared for all of this issues. In the connection of bitcoin crash, many said this crash were still connected and has something to do with the NCOV crisis, whatever is true.

 Those panic sellers and panic buyers did contribute to this massive drop though. On the other hand, this dip market can be an opportunity to buy more btc. Let's just be calm folks, every issue has a solution.

This is also true of any crisis..imagine you are trying to prepare your likely 'emergency fund' which also likely is empty....in say Venezuela

Any of that current currency, if you have such, is probably getting even more worthless due to last week's dump of stocks/BTC/etc. So you can

dig out your hidden emergency gold and/or stocks or take out a loan (all doubtful) or you can liquidate that Bitcoin you've been accumulating

that you were and are buying food, in say Paraguay or some such, because they never will again take Venezuelan currency.

But with this handy/dandy BTC/crypto with the ability to get USD out of such back from BTC and into say USD into your phone, you now can stock up for coronavirus.

This is happening with everyone around the world due to the instant and easy liquidation of BTC/Crypto for such pandemics we may be in the process of having.

So, BTC as plan-B for emergencies this should NOT be a surprise. Was to me, just saying, it should not have been. This easy liquidation is a feature of BTC, the same

as accumulation is.

So we will see how this pans out if/when the stock market continues to fall and other things happen....currencies get manipulated around the world and IMHO

BTC  price will swing back to upward and accumulation will resume and such BTC for the same ease of use above and BTC's decentralized nature.

But this time as a store of value, for these further games by governments and the next round or two of emergencies with this crisis. Again, IMHO. This liquidation

as a phase of BTC/crypto sales and the price, dumping is just the 1st act of this whole coronavirus, again IMHO. Boom or Doom, we will be the first to know!

later

Brad

I share the same opinion with you. I have not even seen any concrete reason that shows that it was the coronavirus ish that made the price of bitcoin fell short from 10k. I see it as what we used to witness every day in the crypto world. The problem is that when the price went up to 10k people think we are already in a bull run and that the price will continue to go up but they have not justified reasons why the price rise from 6k to 10k. This is normal and we have witnessed this many time in the past

It is a dreaded epidemic because people are really dying. The number of deaths given by China is not the real one as many are claiming that their relatives who were dead because of this has not been accounted for. and the widespread infection is fast. if someone is infected and has not been diagnosed properly, he will be dead soon also. so I guess, i understand if many people are scared of this virus. and the problem is, vaccine is not yet fully developed. but we don't know the exact impact of it in the crypto market, if they really sold off or not? they should be buying instead as it is one of the safest to transact right now and not using fiat currency particularly in China.

I also don't know why the so much negative news about it, maybe a strategy to get families to sell off what they have cheaply including bitcoins. Yes, I read in google, it isn't as if it kills as the media has popularize it. I read SARS is more dreaded but then maybe some coins have been sold out of panic. We however expect that market will soon start recovering.

It is possible, but there are more arguments against it:

1. 15% drop isn't too uncommon in crypto, it happens at least a few times per year with Bitcoin, and it historically dropped even lower without any global events that could explain it.

2. We just had a rally, going from $7k to $10k, when a rally loses steam, correction follows.

3. Why should coronavirus or stock markets affect Bitcoin? There's no direct connection, there's no underlying mechanism for such movements. So far the argument for it seems to be "everyone panics so they sell Bitcoin", but with such logic you could say that every single asset should crash because people "panic". This isn't the case.

Yeah, I agree about the volatility aspect of btc, it will be hard for someone like me to also consider btc as a safe haven or store of value, this will only be very interesting if the price is a bit stable or rises without falling which is very impossible,
So in the absence of this 2 option, it will be difficult to consider this, although when the price is high it makes you to forget when the price is down, better to consider long term, then you won't worry so much about occasional drops.

I don’t really think that I should consider Bitcoin as a safe haven. Bitcoin is good, but the volatile nature makes it to be a lot risky. There are times you can invest and the price will fall and you will start losing and sometimes it happens unexpectedly and at a time you will not be comfortable with it. Bitcoin might be a good choice for a long term investment and that’s if you have plans to invest for like a decade?

Because from what I have come to understand, as times goes on the price of Bitcoin is increasing slowly. Last year the lowest price was $3000 and if you check past years you will notice that their lowest is below that. So that shows that every year there is an improvement.

The rise and spread of this very infectious virus is no joke anymore at this stage. The World Health Organization (WHO) has just raised the level of global risk to "very high." Just recently, a person in the US is infected without knowing where the infection came from. Furthermore, more countries are included in the list where the virus is present. Mexico, New Zealand, and Azerbaijan are now infected as well. 

In times like this, people will cease to do their usual business. Not just people but also countries. As a result, the flow and circulation of money is limited. A lot of people who stop doing business take refuge to their savings. Others will definitely need to sell some properties in exchange for cash. They need money to continue surviving while hiding inside their homes. Those who have Bitcoin may also consider selling their Bitcoin even if they do not really have the intention to let go of it. It is pointless to argue that Bitcoin has exactly 21 million in supply, Bitcoin cannot be seized, Bitcoin is an asset against inflation, and so on and so forth. The point is that if they cannot buy their day to day needs using Bitcoin, they might as well sell them. A lot of people are not receiving their regular salaries due to companies and stores closing. Many of these businesses are closed indefinitely. They badly need cash for now.

Hopefully, when all of this is finally over and the smoke goes down, people will quickly recover and get back those possessions they've sold out of pure necessity. And that includes Bitcoin.

Panic sell is always idiotic. You are correct in everything you said, perhaps the big inflation might not come just yet, but economy recession is. If the inflation does come, welcome to the club. Those who kept their bitcoins, will have the best chance.

Unfortunately most people here have never experienced inflation beyond 1 digit, or 2 digits, they may even think it could never happen to them. They might be right, or they might be wrong. Unfortunately, if it does happen, it will be too late. The only way to prepare, is to always keep a bitcoin stash just in case.

I think bitcoin price is going to bounce up at some point, either before the halving, or after it. This virus seems it could take 5% to 10% of the world population, while the elderly is the most endangered group, its not exclusive and younger people have died as well. So its not like the panic is unfounded, but the reaction sometimes is.

News flash: COVID-19 is actually a global threat and that's not overestimating what it can do. If anything, microbiologists are actually questioning whether the reports China are releasing on the daily are credible or they are really just covering up what's really happening behind the scenes. Either way, even if the virus is that scary, it shouldn't be connected to anything crypto-related as the ones actually affected by this pandemic are the tourism and domestic economy of China and the world.

As for bitcoin, it is always a matter of time before it surprises anyone. Just the previous bull run to ATH was a huge shocker to the world, as most people were stating that bitcoin will never reach more than $5000 no matter how much push the traders do. Bitcoin is capable of doing such due to it being in a free market, and anyone can join the fun as long as they have the money to trade. That's the edge of bitcoin over traditional markets, hence why it will always perform better since people know they can jump in and out of the water whenever there are events happening around.

@OP When it comes to survival you can expect to see all this panic from people mate so don't take it too hard on them I am sure if it hits your country you might even do worst. Well, the panic from Coronavirus is surely one which everybody should be concerned about. Though you see bitcoin's price stabling. I am certainly sure we are likely going to see a major decline in its value if this disease is not slowed down at any point in time.
Even if world governments decide to switch to the use of cryptocurrencies following this infectious disease it will certainly not be bitcoin but some other altcoins.

I am also of the opinion that one has nothing to do with the other, my reason for saying this is that this is not the first crash in price of btc and won't  be the last base on market movement history,
If you think this correction has something in common with coronavirus then what about other corrections that have happened in the past, should we tie them to the events that occur during that time! and what if nothing happen at that time?

Because of the media. They basically embellish the news regarding the spread of the virus plus announcing every little "predictions" of scientists around the globe. Now, the mass, as we know it, take these "predictions" as facts instead, spreading mass hysteria all over the globe. Still, it's a virus quite devastating, but I really doubt it's enough to affect the market by so much. I mean, we'd have to wait for it to at least reach the level of the black death to at least say that the market would crash right?

 Imo though, what affected the market heavily was the reaction of the traders towards the "threat" levels of the Corona virus. That, and the cause of the massive drops of stocks just recently these past few days. There really isn't any solid data to prove it, but the reactions of the population should be enough as proof no?

Bitcoin surprises us every year. Isn't that enough for you ?

And there is a history that bitcoin has never broken its all time high price at halving days. Will bitcoin make it with this halving, the first time in its history? With the rising demands and general increases of crypto acceptance and the better law regulations, it has better conditions than the past to break its ATH around halving day, the 1st record.

If bitcoin breaks that resistance, then people will fomo buy it again and their fomo demands can help price skyrockets to the $14k.

I've read the replies so far and I'm pretty surprised how you guys tell me the Bitcoin fall isn't correlated to the Coronavirus outbreak at all as if they're part of two different universes.

Do you guys think that cryptocurrencies are 100% immune to all the other moves in the markets? Some of the most important stocks USA just had the biggest crash in their history and overall it's been the biggest drop since 2008, and some of you say the stock markets need to have a bigger crash to affect BTC.. Isn't a worse-than-2008 crash enough?! Trillions of dollars have already been wiped out..

It is not like stock traders panic sell in this hysteria while Bitcoin traders are having the best time of their life. My main point was that a stock market crash will provoke a BTC sell-off too and, after a while, Bitcoin will wake up and surprise us with another insane boom.

Keep in mind that Bitcoin has never been through such hysteria before..