What are the chances of bitcoin taking another dive? - page 2.

Reatim

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Quote from: kiddex on July 26, 2020, 07:54:22 PM

Hi there i am asking this because i took out a loan at Nexo against my bitcoin. They told me my collateral bitcoin would have to drop 40 percent before they would start selling my bitcoin if the LTV threshold was passed. For me that would be if bitcoin were to drop to around 5900 in price. So my question what are the chances of bitcoin dropping back to below 5900 again? I know anything is possible like what happened in march but realistically at this stage and time, what are the chances of that happening and me losing all my bitcoin? Thanks

Thats too low mate for Nexo to expect before settling your loan, i don't think we will dive that low again after the bull we had recently.
actually the market is looking for Hype more and only correction is what we expect to adjust the price,either below 9k or atleast 8k is the lowest.
i think what best you can do is to make arrangement in Nexo to make adjustment towards your request because it will never settle if you will wait for the dive.

Remember that we are closing to Halving effect and this starts recently,now price are staying at 11k meaning only pump is what we are expecting.

I am eyeing for at least $15,000 before the year end after the correction.

Janation

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Under 5% maybe?

The price broke the wall and now sitting at the price of $11K, if that continues to go up eventually it will fall and we will be seeing a stable price again in days. But I don't think it will be falling so low at $5.9K or lower than that. Maybe at $7 and $8 since after this the normal price might be at 10 or 11.

LUCKMCFLY

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Quote from: kiddex on July 26, 2020, 07:54:22 PM

Hi there i am asking this because i took out a loan at Nexo against my bitcoin. They told me my collateral bitcoin would have to drop 40 percent before they would start selling my bitcoin if the LTV threshold was passed. For me that would be if bitcoin were to drop to around 5900 in price. So my question what are the chances of bitcoin dropping back to below 5900 again? I know anything is possible like what happened in march but realistically at this stage and time, what are the chances of that happening and me losing all my bitcoin? Thanks

In the Bitcoin market, anything can happen, it is difficult to give you a commercial advice because many times it depends on the criteria of each person, but I recommend that you learn to read the volume and shape of the Bitcoin graph to months, weeks, days, and there you can have a market perspective, everything is always a risk.

I recommend that you believe a little more, it is likely to go down, but just as it is likely to go down it can go up substantially, in fact it has been going up, but it is your money and in the end it is your decision.

pawanjain

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Quote from: kiddex on July 26, 2020, 07:54:22 PM

Hi there i am asking this because i took out a loan at Nexo against my bitcoin. They told me my collateral bitcoin would have to drop 40 percent before they would start selling my bitcoin if the LTV threshold was passed. For me that would be if bitcoin were to drop to around 5900 in price. So my question what are the chances of bitcoin dropping back to below 5900 again? I know anything is possible like what happened in march but realistically at this stage and time, what are the chances of that happening and me losing all my bitcoin? Thanks

To answer your question straight, at this point of time it is highly unlikely for bitcoin to drop back to $5900.
Bitcoin had been idle in the $9000 range and it had to show a change by a correction and the price is increasing now.
It is likely to increase in the upcoming days in my opinion because there is no such reason for bitcoin to dump any time soon.

fiulpro

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Quote from: kiddex on July 26, 2020, 07:54:22 PM

Hi there i am asking this because i took out a loan at Nexo against my bitcoin. They told me my collateral bitcoin would have to drop 40 percent before they would start selling my bitcoin if the LTV threshold was passed. For me that would be if bitcoin were to drop to around 5900 in price. So my question what are the chances of bitcoin dropping back to below 5900 again? I know anything is possible like what happened in march but realistically at this stage and time, what are the chances of that happening and me losing all my bitcoin? Thanks

There is equal number of chances of that happening in a specific time period , it's not in the control of any authority , therefore anything can happen , that's the whole idea about decentralization , no one controls it and therefore no one can literally tell you what the next price is going to be.

I see you have taken a huge loss , I would recommend you to not count on Bitcoins dropping till 5900$ since right now we are seeing some positive signs therefore for a brief period of time when pandemic is right at our doorsteps and at the same time online transactions , online casinos , trading is sky high , right now the implications of Bitcoins are large so it dropping might be doubtful.

You have to wait .
It's more like a bet.
No one knows if it might or might not happen ~

rexxarofmoknathal

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With the above comments taken into account it seems that at this time BTC is securing 11K, now even if another trend was to hit it as part of market correction which some people expect to be happening soon there's little evidence in believing that it will go as low as 5k given that for the last 3 months or so it stabilised somewhere around 9k. Though one must take the necessary risks/precautions.

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Risky. You never know when it is going to drop low. The price requires no excuse for it to drop or rise. Like you have seen, back in March the price drop quite badly within few hours, though most of the people blame the panic sellers who thought the price of bitcoin is also going to fall along with the stocks.
No one here can predict when the price will fall. $5,900 seems a bit too low, but you never know. So take necessary steps or prevention to secure your collateral.

Pamadar

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Quote from: gamer4156 on July 29, 2020, 09:59:24 AM

This has happened before with Bitcoin so it is not an impossible thing to happen. The current Covid-19 virus has a small impact on bitcoin its true.

The nature of this market is very volatile, things happened before and chances that it will do the same is very
possible you need to keep your backup plans.

Quote from: gamer4156 on July 29, 2020, 09:59:24 AM

However, it did not have such an effect that the price of Bitcoin could go down in a very short time.

With more traders and investors, the current rise are being supported by volumes so dumped in a short period
of time have lesser chance.

Quote from: gamer4156 on July 29, 2020, 09:59:24 AM

However, it is difficult to predict what will happen if the Covid-19 situation worsens.

It can also be the trigger point for new investors to jumped into this industry, as most of them are open
to work with every possibilities.

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Quote from: gamer4156 on July 29, 2020, 09:59:24 AM

This has happened before with Bitcoin so it is not an impossible thing to happen. The current Covid-19 virus has a small impact on bitcoin its true. However, it did not have such an effect that the price of Bitcoin could go down in a very short time. However, it is difficult to predict what will happen if the Covid-19 situation worsens.

I dont think pandemic had the effect that we had predicted. Most of the naysayers would have said that market is going to go down like anything but then it did dip a bit but backed up very soon. Now I dont think this can be attributed to the pandemic anymore. It was likely due to some other factor.

We have to understand that bitcoin is volatile, if you say so even though the market has been pretty stable for the last few months being above 9k USD and touching 10k this week.

Whether or not a dive down is possible is debatable at this time but if you ask me, I think it will go up a bit more and then dip. So if you are looking to buy bitcoin wait for the dip to happen.

Remember that patience is the key here. Hold you horses cowboys!

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Quote from: amishmanish on July 26, 2020, 10:58:25 PM

A drop to 5900 from ~9500 seems unlikely.

That is what we thought when Bitcoin was around $19k+ and yet it crashes to sub $4k. Cryptocurrency market is very unpredictable, we all witnessed it so better to have a reserve and expect the worst than caught unaware.

Everyday, there is always a chance of Bitcoin taking another dive. No matter how good the market is today, we don't know what it will be tomorrow.

Alobo Realer

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Quote from: kiddex on July 26, 2020, 07:54:22 PM

Hi there i am asking this because i took out a loan at Nexo against my bitcoin. They told me my collateral bitcoin would have to drop 40 percent before they would start selling my bitcoin if the LTV threshold was passed. For me that would be if bitcoin were to drop to around 5900 in price. So my question what are the chances of bitcoin dropping back to below 5900 again? I know anything is possible like what happened in march but realistically at this stage and time, what are the chances of that happening and me losing all my bitcoin? Thanks

If this internet frauds persist I fear many will panic and switch from Bitcoin. It is a treat on the market and it's price..

Looking at the centralized sectors like the bank where the authority faces every lost in the bank, it is a different case in Bitcoin, the fraudulent acts keep coming and the victim(Bitcoin holder) is affected alone, thus more fear is created.

ChiBitCTy

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Well like you said anything is possible so you never know where bitcoins price is heading but there is one scenario that I'd be praying does not happen that is steve mnuchin coming out with new regulations on bitcoin and cryptocurrency like he said he is working on doing now. No one knows when this is going to be released, but it could be a major issue for bitcoin when it is.

gamer4156

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This has happened before with Bitcoin so it is not an impossible thing to happen. The current Covid-19 virus has a small impact on bitcoin its true. However, it did not have such an effect that the price of Bitcoin could go down in a very short time. However, it is difficult to predict what will happen if the Covid-19 situation worsens.

Shasha80

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It might happen that Bitcoin is taking another dive, because the price of Bitcoin which is very volatile makes it very difficult to predict.
There is a possibility that the price has jumped back to the price of all timpe high, this possibility is what awaited by Bitcoin investors.
But it is possible that the price of Bitcoin continues to fall, so we must be vigilant and be careful if indeed the price of Bitcoin has decreased.

amishmanish

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Quote from: davis196 on July 27, 2020, 01:00:21 AM

Quote from: amishmanish on July 26, 2020, 10:58:25 PM

We have just had the halvening. Historically that leads to upticks. Then we are moving into that part of the year when the jumps in price happen. One worldwide worry has been that despite the bad employment situation, the markets seems to continue to surge. This gap between the wealth of richest and subsistence level income for salaried classes MAY lead to some form of social protests. Yet, world over, people don't really have the belly for protests at this time.

A drop to 5900 from ~9500 seems unlikely. Though, one has to ask, what kind of service are they giving if they will start liquidating the assets. As long as they have your BTC, It is with them, right? What is the meaning of providing a loan service that would depend on liquidating your collateral without even checking if you can repay back in time. How does that make sense? Is this the model that most such "loan" services are following??

Yes,this is exactly the model of such loan services.If the collateral value drops under the amount of the loan,the "bank" liquidates the loan by selling the collateral.Loans on Bitcointalk follow the same rules.
I don't think that the lender(in this case Nexo) can really check if OP can repay his loan.
Anyway,this makes me wonder what's the point of sending your Bitcoins as a 140% collateral for a fiat loan.
This doesn't make much sense to me.I assume that OP is in big need for fiat money,but doesn't want to sell his BTC.
The chance of BTC price going back to 5.9K USD in 2020 is 50/50.You can't be sure about anything,when it comes to the price of Bitcoin.

Okay, Sorry i am a little uneducated in this as i have never tried to take or offer any such loans. Yet, if popular services are using even bitcoin as such a collateral then frankly, what is the point of crypto. I mean its understandable if they want to liquidate some alt-coins as collateral because their value is only related to latest pump and dumps.
That is most definitely not the case with bitcoin. If someone offers fiat loans against bitcoin, they should simply keep them as collateral (Like banks do with immovable property) and liquidate only if the customer is unable to repay the interest or repay the principal amount. If you liquidate based on drop in fiat value, then that is just wrong. The service providers BTC stash isn't decreasing. Why would the loan takers agree to this. Also, does this even comply to any kind of lending/ banking standards??

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Quote from: kiddex on July 26, 2020, 07:54:22 PM

Hi there i am asking this because i took out a loan at Nexo against my bitcoin. They told me my collateral bitcoin would have to drop 40 percent before they would start selling my bitcoin if the LTV threshold was passed. For me that would be if bitcoin were to drop to around 5900 in price. So my question what are the chances of bitcoin dropping back to below 5900 again?

Sorry but I don't look like that and the market as well... We have that $9k for a few months and we think that it drops that 40% because we are able to move fast. Yes, dumps can't be neglected to happen but not that much, bouncing back at $9k again, will that seem to be possible but not at $6k below.

Quote from: kiddex on July 26, 2020, 07:54:22 PM

I know anything is possible like what happened in march but realistically at this stage and time, what are the chances of that happening and me losing all my bitcoin? Thanks

You'll never lost it if you will still keep it and believe Bitcoin's capability. Besides, we are not in the Bullrun yet to think that huge drops will follow just like it happens last 2017 Bullrun. I believe that is not the real scenario this time and to know that the market behaviors looks different from the past.

Well it hopes that FOMO won't start and bitcoins holders will never think of selling by now rather than to hold it.

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Quote from: mezzaluna on July 28, 2020, 08:01:28 AM

Of course there will be always a chance of bitcoin taking another dive. It did skyrocket again this time. If we look at the graph for this year and take a look at the month March, we can see that Bitcoin suddenly dropped to $4k which is still close to $5k but it was noticeable enough. Now, Bitcoins price is skyrocketing that is almost near to $11k and that would be another milestone for BTC.

Watching graphs and analyzing them are the normal jobs of day-traders. They need to create their moves before this increase and decrease happens.

Not nearly, but already passed the price of $ 11k to be exact at $ 11,298.22 USD. This is the highest price that Bitcoin can achieve this year. about the chance that BTC will drop to $ 5k it might happen. in the crypto world anything can happen, even the price of $ 5k may be achieved overnight or vice versa, can reach the price of $ 20k overnight.

Chris Barth

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Bitcoin is a volatile dude. Considering that, it is very possible for it to go below that price in 24 hours time. But then, (from my own thoughts), I don't think there's hope of going that low again... Maybe there is but, not now.

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Of course there will be always a chance of bitcoin taking another dive. It did skyrocket again this time. If we look at the graph for this year and take a look at the month March, we can see that Bitcoin suddenly dropped to $4k which is still close to $5k but it was noticeable enough. Now, Bitcoins price is skyrocketing that is almost near to $11k and that would be another milestone for BTC.

Watching graphs and analyzing them are the normal jobs of day-traders. They need to create their moves before this increase and decrease happens.

Benefactor

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Impossible to say something about this by guessing correctly. Considering the current situation, it seems that the price of Bitcoin will not come down to $ 5900 soon. This is just what I said from my little idea. However, there is nothing to emphasize this relationship because anything can happen at any time with Bitcoin. You always have to be ready for all these situations.

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