This is A Nasty Situation for Bitcoin - page 2.

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legendary

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Quote from: b3j0 on November 20, 2018, 05:40:53 PM

I will not open my exchange for a very long time (maybe about 1 month), so when I open it again, the price of bitcoin is better than now. even though there is no guarantee for that.

It's better for you to go through this selling because it will make you only stronger in the long run. It's all about learning from what's happening right now, because if you try to avoid looking at the market, and I understand how tempting it is right now, you will react in the exact same way during the next correction. In other words, don't walk away from it, but face it as it comes.

Crazy contrast there is between last year's November and today. From extreme happiness to pure desperation for most people right now.

Pursuer

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Where is my ring of blades...

everyone who owned bitcoin lost some money! that is not limited to you and it doesn't matter when you bought, even if you bought at $1 you still lost money as price went lower than before. but the real question that will make a difference is what do you want out of bitcoin?

if you want a decentralized currency that you can use globally with a tiny fee and no middle man controlling you then you don't have to worry about the price!
if it is an investment you want out of bitcoin then you have to ask yourself whether you see any potential in bitcoin or not. if you don't then you shouldn't have bought it in first place and if you do then starting this topic is a bit silly since nothing has changed about bitcoin and its true potential and it won't change with some short term price fluctuation.
and if it is a short term money machine you want, then again your topic is silly since the volatility is what a day trader wants and it doesn't matter which way the price goes as long as you see the direction and know how to make profit!!!

cellard

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Quote from: thecodebear on November 20, 2018, 02:45:41 PM

Quote from: fabiorem on November 20, 2018, 01:28:32 PM

Quote from: cryptokwuk on November 20, 2018, 01:09:35 PM

As they have mentioned, btc will be under 1k before 2019, which seems to be a very real and likely scenario at this point.

If it goes below 1k, it will be a nightmare, everybody will be running to the exchanges... to buy it.

Ha yeah seriously. I'd pick up so much if it went down that low, though I'm sure i'd spend all my money before it got that low.

This is only a nasty situation for anyone if you sell and don't get a chance to buy back in lower, or worse yet just sell and leave the market. I know, I did that in 2015, sold thinking oh this bitcoin thing is over. Now I know when panic is in the streets thats when smart money buys. Smart money is buying right now, panic sellers and selling.

The price drop doesn't worry me in the slightest, all this means is that this crash might end up being as big as the previous couple of crashes after all (80+%), if it goes under $4k.
I think we could see one final panic sell this week to under $4k. I would love nothing more than for the price to stay under $5k for a couple months until I get a bunch of money and join the smart money buying in at these prices. Buy now, sell in the next 3 years on the next boom, could make 20-30x on your investment I bet!

My coworker is funny, he is making fun of Bitcoin and Winklevosses right now for their Bitcoin investment, telling me I must wish I didn't put all that money in bitcoin, I just laughed at him, looking forward to buying in a ton more in the near future!

The Winklevoss brothers bought $11,000,000 worth of bitcoin back in 2013 around $120 or so, and they began looking at bitcoin when it was around single digits in 2012. They were billionaires when the market was rallying hard in 2017.

They will never be lossing money, they will always be on the green and they will be multi billionaires during the next decade. Get ready for a lot of coworkers talking nonsense again during the next year or so and get ready to accumulate before we go $100k+

b3j0

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I will not open my exchange for a very long time (maybe about 1 month), so when I open it again, the price of bitcoin is better than now. even though there is no guarantee for that.

marky89

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A nasty situation, indeed. That kind of selloff is usually reserved for bubble tops!

What's the consensus here? Support at $3,000? Lower?

Biggest volume we've seen in months, but still not like February. Still waiting for the selling climax, I guess.

Newchanka

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If there's something to be written...

Quote from: cryptokwuk on November 20, 2018, 01:09:35 PM

Ver and Wraight are far from done dumping their coins.
I'd be surprised if they spent any more than 5% of their btc in this recent dumpfest.
As they have mentioned, btc will be under 1k before 2019, which seems to be a very real and likely scenario at this point.

Is there evidence these guys are selling their bitcoins?

Rune

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its best to stay far far away from the margin market in this insane volatility stay in BTC or in USD and off those gambling margins if you LONG or SHORT you are just going to lose money just HODL something and stay warm in this winter I think. you cant lose all your money if you HOLD

thecodebear

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Quote from: fabiorem on November 20, 2018, 01:28:32 PM

Quote from: cryptokwuk on November 20, 2018, 01:09:35 PM

As they have mentioned, btc will be under 1k before 2019, which seems to be a very real and likely scenario at this point.

If it goes below 1k, it will be a nightmare, everybody will be running to the exchanges... to buy it.

Ha yeah seriously. I'd pick up so much if it went down that low, though I'm sure i'd spend all my money before it got that low.

This is only a nasty situation for anyone if you sell and don't get a chance to buy back in lower, or worse yet just sell and leave the market. I know, I did that in 2015, sold thinking oh this bitcoin thing is over. Now I know when panic is in the streets thats when smart money buys. Smart money is buying right now, panic sellers and selling.

The price drop doesn't worry me in the slightest, all this means is that this crash might end up being as big as the previous couple of crashes after all (80+%), if it goes under $4k.
I think we could see one final panic sell this week to under $4k. I would love nothing more than for the price to stay under $5k for a couple months until I get a bunch of money and join the smart money buying in at these prices. Buy now, sell in the next 3 years on the next boom, could make 20-30x on your investment I bet!

My coworker is funny, he is making fun of Bitcoin and Winklevosses right now for their Bitcoin investment, telling me I must wish I didn't put all that money in bitcoin, I just laughed at him, looking forward to buying in a ton more in the near future!

cellard

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This is another cycle of bitcoin, we've been through this at least 5 times now. Now it's the period where the bullish predictions all become inaccurate as we are going below what all the bulls predicted. These predictions being wrong will create a ton of clickbait articles about bitcoin being dead. We eventually bottom and the recovery starts but this is not realized by most after up to a year. Once the realization of the fact that we are not going to re-test lower lows happens the bull cycle starts gaining traction. Eventually FOMO kicks in, we go way higher than the bullish predictions (remember when $3000 predictions by the likes of Trace Mayer were considered as insane, and we went for $20000) . Please study the charts from 2014 to 2017 and look at the predictions: same thing happening now. Winter is coming, get ready for 2020.

fabiorem

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Quote from: cryptokwuk on November 20, 2018, 01:09:35 PM

As they have mentioned, btc will be under 1k before 2019, which seems to be a very real and likely scenario at this point.

If it goes below 1k, it will be a nightmare, everybody will be running to the exchanges... to buy it.

Don Pedro Dinero

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I'm being quite positive actually, because for the past couple of days I'm seeing a lot of opinions like this:

Quote from: cryptokwuk on November 20, 2018, 01:09:35 PM

As they have mentioned, btc will be under 1k before 2019, which seems to be a very real and likely scenario at this point.

It doesn't look it's going to go up soon but when everybody is pessimistic, it is a very good sign.

The Sceptical Chymist

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Quote from: Newchanka on November 20, 2018, 11:10:19 AM

Do you think there these factors favor short or long on bitcoin? I lost quite some money looking at the recent Bitcoin price.

If you lost a bunch of money recently, you're in good company I'm sure. This has been one hell of a price drop. I still tend to think of it as a buying opportunity if you're in for the long-term, but in the short-term bitcoin could fall even further. I'm hoping it doesn't, but it certainly could.

Quote from: molecularman on November 20, 2018, 12:54:58 PM

I honestly don't know what to think about all of this. Everyone is just speculating on what happened and why.

And I'd posit that most of this speculation is useless, because nobody knows why bitcoin has dropped this much aside from more people putting in sell orders than buy orders--that will always be the standard explanation for any drop in any market. It's anyone's guess as to why people are selling instead of buying.

cryptokwuk

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Ver and Wraight are far from done dumping their coins.
I'd be surprised if they spent any more than 5% of their btc in this recent dumpfest.
As they have mentioned, btc will be under 1k before 2019, which seems to be a very real and likely scenario at this point.

harizen

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Really a sound alarming but the current downtrend (that getting worst day by day*) will not changed my point of view.

Will continue to face the wrath of this price decrease because non sense if I will dumped some except if I will used it on purpose. Im already here facing the risks for long time and besides it's really difficult to acquired today even price will reached to below $1,000 (don't take my mentioned price seriously. it's just an example). It's like playing on gambling now but worth to take a shot.

Technically, as far as the most analyzations are concerned, the bear market will continue to bound for long period. But hey, it's still a speculation even how good the analysis is. It can be spoiled anytime.

Those who can't handle the current situation should now think several times on what should they do. Continous price decrease will surely stressed them. For hodlers like me, I don't mind if the price will decrease more. There are lots of reasons to believed that price will bounce back more even the progress will take 2 to 3 years.

molecularman

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When key supports are broken, all bets are off. We had a bit of a bounce, but it's still in a downtrend. Even if we get back over 5K I would look for another drop. I feel like bigger entities are just waiting for moves to liquidate people either way.

I honestly don't know what to think about all of this. Everyone is just speculating on what happened and why.

Newchanka

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If there's something to be written...

Do you think there these factors favor short or long on bitcoin? I lost quite some money looking at the recent Bitcoin price. https://cryptoinfowatch.com/bitcoin-price-falls-below-4300-proving-analysts-wrong/

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