Topic: Why Bitcoin price crushed? (Read 572 times)

Quote from: rhodelmabanal on May 19, 2021, 02:19:32 PM

30-40% crash is normal in bullish market. And it’s buying opportunity. Hope,soon we see it on 51k again ❤

It is normal that is true but at the same time we cannot deny this is the kind of things that get investors really nervous about their investments as they know that such a crash can also be an indication the bull market is coming to an end, in any case be ready and have some fiat in hand because if the price keeps going down then this will be the perfect opportunity to buy all the bitcoin you can and then wait for an even bigger price increase.

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Quote from: Bitum on May 19, 2021, 12:25:27 PM

Elon Musk was just a catalyst, then everyone started selling everything in panic. At the moment there are good prices to increase positions, I don't think that's the end, although everything is possible in this market

I think so panic selling is maybe now happening that is why we are into dip, or maybe there is a correction but i think the market will soon recover, patience is now really needed to avoid loss panic sellers are always loser because they are afraid to hold when price is slowly dropping while for those who are in crypto for years dip is an opportunity to buy and hold.

It's usual to panic selling happens, look at the 1 to 4 hour Time frame candle, it's very extraordinary the wick that happens,
of course this is a bear trap, because we are still in the bullish season, yes if you have more funds, I suggest you buy 100 % altcoins at the current price,
I'm sure in the future you can get 1000%, mark my words

rhodelmabanal

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Quote from: Bitum on May 19, 2021, 12:25:27 PM

Elon Musk was just a catalyst, then everyone started selling everything in panic. At the moment there are good prices to increase positions, I don't think that's the end, although everything is possible in this market

I think so panic selling is maybe now happening that is why we are into dip, or maybe there is a correction but i think the market will soon recover, patience is now really needed to avoid loss panic sellers are always loser because they are afraid to hold when price is slowly dropping while for those who are in crypto for years dip is an opportunity to buy and hold.

Bitum

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Elon Musk was just a catalyst, then everyone started selling everything in panic. At the moment there are good prices to increase positions, I don't think that's the end, although everything is possible in this market

Review Master

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Quote from: Avantikakaur on May 16, 2021, 10:26:13 PM

Many speculated that Bitcoin would be much more upward than its $50000 team, so why is bitcoin price downward?
Can we then assume that the market is now moving at its own pace and that it will return to its previous position? We've already seen that every bit of Bitcoin's precious moments come back again and again and make a better position than before. What are the current situation and the location of Bitcoin?

First of all, market is on downtrend because of so many fuds and more new users are nervous as they didn't face the bear market and also don't know, how this type of correction is great for bitcoin rebound. As a result, market is taking huge correction more than our imagination. But it's true that bitcoin will again surge to make another new ATH soon. So, don't need to panic and act like diamond hand hodlers. Cheesy

justdimin

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Quote from: ancafe on May 18, 2021, 03:12:05 AM

well, a decline in the price of bitcoin is a natural thing when a high rise occurs. however, we can't just see prices continue to rise. if there is a reason behind this, maybe it is Elon Musk who is withdrawing bitcoin from Tesla again, and after that the price has corrected to date. however, once this decline occurs, I think there will be a rebound. i hope the price can hit $ 55k back or higher.

As someone in this bitcoin bubble for years now, I can comfortably say that the bounce back will happen at some point but needs some time to reach there again. Last year we touched the bottom and the price was not even 10% of what it is now. So, just have faith and remember you are investing in the value of bitcoins not it's market price.

Quote from: sumant on May 17, 2021, 10:34:58 PM

Every share or any crypto has lots of money putting by traders to make profit and when its touched high price some traders will definitely take this profit out. Everybody can't hold till last days. Crypto up and down game goes and investor will convert their money with high prices.

Likely a reason and a lot of people do short selling of these assets which might be another reason. If you have a big bankroll then you can easily play with the market by short selling and long selling because you know you have the power to control the market. Who loses in these market fluctuations are the small-scale investors who neither have the capital nor the patience to hold their coins.

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Quote from: Avantikakaur on May 16, 2021, 10:26:13 PM

Many speculated that Bitcoin would be much more upward than its $50000 team, so why is bitcoin price downward?
Can we then assume that the market is now moving at its own pace and that it will return to its previous position? We've already seen that every bit of Bitcoin's precious moments come back again and again and make a better position than before. What are the current situation and the location of Bitcoin?

There must be other reasons as well but I think the main reason was the news that tesla no longer accepts bitcoins as payments because of the wastage of resources that comes with bitcoin mining.

What follows with those news is the domino effect. Once a particular group of investors starts selling their coins and the market drops a small margin, small investors also start panicking and hence the market keeps falling. The same happens when a company invests a big amount, the market moves up and everyone else also buys which again contributes to the growth. Nothing to worry about because these swings are common in the crypto market so don't expect growth all the time.

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Quote from: cabron on May 18, 2021, 07:53:27 PM

There is no proof that Elon Musk has sold his Bitcoin, so he is in the same sinking boat with us. I dont believe that Tesla suspended accepting Bitcoin due to mining influence on the climate. Perhaps that excuse was only for the public, and real problem are legal issues. His decision made Bitcoin lose 10% of its price; same amount it gamed after Bitcoin as a payment announcement. But he did not say anything yesterday, and we see a -$5k drop. Who is responsible for that?

He has given hints that Tesla might sell its Bitcoin holdings in future which lead to price fall further as his latest tweet was reply to one of the person saying can Tesla sell btc to which he replied "Indeed".These days crypto market is directly associated with his tweets and he solely manages to handle the price change.He has pumped doge so much that it has surpassed $68 billion valuation.And this for just meme coin with no technical development after founder left it.Who might know Tesla or Elon planning to invest more funds at this dip because Elon is a genius and we have to agree upon this as he has hyped crypto within a year so much making profits for his own.

But second reason which might have caused this fall is China suspending financial sector to offer crypto related services.Major hashrate for Bitcoin mining is concentrated in China.

Quote

Under the ban,such institutions including the banks and online payment channels,must not offer clients any service involving cryptocurrencies so ch as registation,trading, clearing and settlements three bodies said in joint statement on Tuesday

All these factors combined are pushing btc more downward trend and charts turning red.All altcoins are following the same rally but remember it's the best time to invest to enjoy later on.

Timelord2067

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People new to crypto bought into Bitcoin and alt coins in the leedup to Christmas pushing the price upwards (especially those receiving Covid related govt benifits) by the end of March people were starting to see the price falter.

Then, at the start of May people found the price wavering and they also needed cash so they cashed in their crypto forcing the price back down to more realistic prices.

Avantikakaur

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Not just Elon actually. If you follow Mark Cuban or Raoul Pal both of them are betting on ETH after they discover the massive network it has as a platform. They didn't realize yet how much its gas fees are. Still, I think its one cause that made investors shift to other investments than BTC. If you take a look at BTC dominance right now its just 39.1% two days ago it was more than 40%. ETH is increasing and so are BNB, ADA, DOGE and the rest.

So you are saying that the market will go back to its previous position but the market may take some time or you are saying that bitcoin will go back to market previous position very quickly? Now if we talk about time will the market be back to its previous place after 2 or 3 years or will market take a few months? Is there any way to understand this market?

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Quote from: reelstuff on May 18, 2021, 07:27:41 PM

Did a Tweet or Tweets by one man who is wealthy but apparently not really all that intelligent cause the Crypto Markets to Lose Billions in value?

NO it did not.

We always see these preposterous statements made usually by the Media, which as we all know are full of anything but the truth...

There is always a reason and it may not always be obvious at first but it always comes to the front eventually.

Here is the real reason...

https://www.reuters.com/technology/chinese-financial-payment-bodies-barred-cryptocurrency-business-2021-05-18/

Since financial institutions have been barred from crypto, they had to unload it, (sell it) more sellers than buyers, equals lower prices.

Do not be fooled by the media they are idiots and fools.

By Sunday it will be again above 56000

Not just Elon actually. If you follow Mark Cuban or Raoul Pal both of them are betting on ETH after they discover the massive network it has as a platform. They didn't realize yet how much its gas fees are. Still, I think its one cause that made investors shift to other investments than BTC. If you take a look at BTC dominance right now its just 39.1% two days ago it was more than 40%. ETH is increasing and so are BNB, ADA, DOGE and the rest.

reelstuff

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Did a Tweet or Tweets by one man who is wealthy but apparently not really all that intelligent cause the Crypto Markets to Lose Billions in value?

NO it did not.

We always see these preposterous statements made usually by the Media, which as we all know are full of anything but the truth...

There is always a reason and it may not always be obvious at first but it always comes to the front eventually.

Here is the real reason...

https://www.reuters.com/technology/chinese-financial-payment-bodies-barred-cryptocurrency-business-2021-05-18/

Since financial institutions have been barred from crypto, they had to unload it, (sell it) more sellers than buyers, equals lower prices.

Do not be fooled by the media they are idiots and fools.

By Sunday it will be again above 56000

Shasha80

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Quote from: AakZaki on May 18, 2021, 05:25:58 PM

Elon musk's tweet is very influential for the rise and fall of bitcoin today, as everyone and all the media is highlighting elon musk's tweets which are a bit controversial.

Bitcoin did crash and its price dropped by around $ 42k. but this is still within reasonable limits.

I also do not understand why many people can be influenced by Elon Musk, even though what Elon Musk does is only for his personal gain.
Many of the manipulations carried out by Elon Musk were affected and eventually many investors became panic selling, which made the Bitcoin
price drop quite deeply. But the decline in the price of Bitcoin is still reasonable, because as long as the price is above $ 40k it is still not bearish.
It looks like Bitcoin price is starting to recover by starting to go up to a price of $ 45k anyway, hopefully in the next few days Bitcoin can return
to a price of $ 50k again.

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Quote from: Avantikakaur on May 17, 2021, 02:11:12 AM

By location I mean the current situation of the Bitcoin market example Binance, Bittrex etc, So you're saying that Bitcoin is a bit limited in the hands of "Elon Musk's" or popular or rich people like them? If so, then Bitcoin cannot run on it's own they control bitcoin in different ways.

Bitcoin has got more and more centralized by going out of weak hands who sold their parts of btc to the institutions and now institutions are ruling them by giving signals like adding '#bitcoin' to their bio, saying some good things about crypto after having your position set in crypto since $20k btc and then selling it from the top, but later coming back on Twitter to clarify that they did not do it. Wink

Well analyzed! Wink

I think that every institution or organization that out of a sudden turns towards Bitcoin and talks good stuff about it also holds huge amounts of it already. First load your bags while talking trash about it, then change your opinion completely once you got enough and start to become a proponent. That's the game they now seem to be playing.

AakZaki

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Elon musk's tweet is very influential for the rise and fall of bitcoin today, as everyone and all the media is highlighting elon musk's tweets which are a bit controversial.

Bitcoin did crash and its price dropped by around $ 42k. but this is still within reasonable limits.

harapan

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The recent dump in bitcoin price caused several speculation around the crypto space, some people have started saying the bull run has ended and all sort of things, but according to what I read on the news it was caused by the fud created by Elon Musk and tesla, Elon is trying to manipulate the crypto market like the way he manipulates dogecoin's price, this is one of the reasons why institutions owning bitcoin was a bad idea, just take a look at how tesla fud made the price dump, imagine when they announced that they have sold off their bitcoin holdings, bitcoin might dump to $28k by then.

passwordnow

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Quote from: Avantikakaur on May 17, 2021, 02:11:12 AM

Quote from: passwordnow on May 17, 2021, 01:53:32 AM

Quote from: Avantikakaur on May 16, 2021, 10:26:13 PM

We've already seen that every bit of Bitcoin's precious moments come back again and again and make a better position than before. What are the current situation and the location of Bitcoin?

Situation is fine but I don't know what do you mean by the location. You're right about it's going back again as it's the main character of bitcoin, a resilient asset that we already knew.

By location I mean the current situation of the Bitcoin market example Binance, Bittrex etc, So you're saying that Bitcoin is a bit limited in the hands of "Elon Musk's" or popular or rich people like them? If so, then Bitcoin cannot run on it's own they control bitcoin in different ways.

Owning a lot doesn't mean that they can control it, they can somehow have their influence use to make the market move on their own terms. But the decentralization of bitcoin makes it even better to understand and that's why people like Elon is using his fame to influence everyone with their decisions. He brings fear, excitement and somehow financial advise which is hidden and that's being followed by a lot of us in the community at least not for me.

Quote from: Obito on May 17, 2021, 02:02:41 AM

Quote from: passwordnow on May 17, 2021, 01:53:32 AM

One known reason is related to Elon Musk's change of heart about bitcoin. He probably just sold and made money with the bought bitcoin of Tesla and that's the reason why the market plunged since his announcement about environmental issues that bitcoin is bringing.

We could've avoided this if the crypto fanatics didn't overreacted regarding his tweet about bitcoin being bad for the environment. And now, Elon is having doubts hodling because people are stupid and bullied him into a corner and now he is considering selling bitcoin. I don't worry that much, if it really plunges downward then who cares, it will still go back up no matter what.

We can avoid it on our own and if we know already how it works, we won't be affected with any single tweet that he puts in the public. But as the usual thing goes, there would be many from the crypto community mostly the newbies that are moved by him and it will continue.

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Quote from: elisabetheva on May 18, 2021, 08:53:07 AM

indeed, what @elonmusk says really influences what happens with bitcoin, because what many people follow @elonmusk to do that, even though it is clear that as a businessman it is clear that there is a certain intention to do and it is certain that the benefits will be obtained , but there are still many people who can be affected by it.

at the moment it looks like the biggest correction has happened to bitcoin over the last 3 months, because it usually never reaches a price below $ 42K, but now it has touched that price, obviously this is a worry too, because if it drops below $ 40K we can't imagine What will happen. although many are ready to buy bitcoin immediately.

That has been the case for a while, the price goes up, then goes down a bit, then goes up, I mean people do not realize how much it can go up and down. When you tell people "it will go up and down" they mock you because "what else it can do", like yeah going up and down is the only option that is true but bitcoin going between 48320 to 48610 all day versus bitcoin going from 48k to 55k in a day are VEEEEERY different things.

So when we talk about how it will go up from here, we are not saying 100 bucks, we are saying thousands of dollars, and when we say bitcoin will go down we mean the same thing, and that is what people are missing. I am not sure if this is the start of a bear run, I feel like this could still be a huge chance to make a profit from the bull run that will keep going but also famously summers are not really a great period for crypto neither so who knows.

imstillthebest

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crash mate not crushed .
i was one of those who predicted that btc will rose above 50$k but sadly it was a failure for now but im not giving on that dream because i believe that btc can soon pass it . and no the market dont move on its own but every market movement is controlled by someone else .
the latest movement would be controlled by the master manipulator elon musk .

Quote

What are the current situation and the location of Bitcoin?

current situation of bitcoin is bad and is located at the bottom .

elisabetheva

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Quote from: ancafe on May 18, 2021, 03:12:05 AM

well, a decline in the price of bitcoin is a natural thing when a high rise occurs. however, we can't just see prices continue to rise. if there is a reason behind this, maybe it is Elon Musk who is withdrawing bitcoin from Tesla again, and after that the price has corrected to date. however, once this decline occurs, I think there will be a rebound. i hope the price can hit $ 55k back or higher.

I will certainly agree with you because seeing also the experience that has been done by bitcoin so far after a sharp increase, there will be a correction that will occur which is true that this is a preparation for another new jump to increase sharply.

But indeed, what @elonmusk says really influences what happens with bitcoin, because what many people follow @elonmusk to do that, even though it is clear that as a businessman it is clear that there is a certain intention to do and it is certain that the benefits will be obtained , but there are still many people who can be affected by it.

at the moment it looks like the biggest correction has happened to bitcoin over the last 3 months, because it usually never reaches a price below $ 42K, but now it has touched that price, obviously this is a worry too, because if it drops below $ 40K we can't imagine What will happen. although many are ready to buy bitcoin immediately.

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Quote from: ancafe on May 18, 2021, 03:12:05 AM

well, a decline in the price of bitcoin is a natural thing when a high rise occurs. however, we can't just see prices continue to rise. if there is a reason behind this, maybe it is Elon Musk who is withdrawing bitcoin from Tesla again, and after that the price has corrected to date. however, once this decline occurs, I think there will be a rebound. i hope the price can hit $ 55k back or higher.

Just let it get like this for at least a little longer so there will be more people that will be able to get in the market and have more weak hands give up their bitcoin and panic sell, I think that you are hoping really low, when this is all over, I think that we are going to see something much higher than 55k USD.

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Quote from: CryptopreneurBrainboss on May 18, 2021, 03:05:21 AM

Quote from: Avantikakaur on May 16, 2021, 10:26:13 PM

Bitcoin has got more and more centralized by going out of weak hands who sold their parts of btc to the institutions and now institutions are ruling them by giving signals like adding '#bitcoin' to their bio,

Well isn't this what the community wanted, the inflow of Institutional investors. I said it before that the industry doesn't need them unless they'll be improving on the adoption rate by accepting or making their partners accepts bitcoin as a means if exchange and also adding some input to the growth of the technology and not just the price.

We wanted them to come, now they have and will use the industry as their play ground by taking advantage of the volubility of the industry which is also it's beauty too, I'm talking about the volatility of the market.

The party is just beginning when others realize they can do something similar to what Elon and Tesla is doing, the industry will be in for a ride of its lifetime with manipulation from all angle of the industry.

I think what most of us wanted that the institutional investors come in with a lot of new money, but don't leave. It's logical that the big whale investors only come in when the prices are rising and will immediately leave when the prices start falling. For them it is all about making money and minimising their risk. But for us bitcoins is more than a tool to make money. I believe that most of us here are long term investors in bitcoin who really believe in the crypto coin. There is not much we can do when big investors like Elon Musk decides to sell his coins.

isaac_clarke22

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~

That's why they're called speculation. They are open to be wrong and they're not 100% accurate as always and you shouldn't rely too much on it especially in random finance articles, most of it are just thrown numbers just because of a small movement of the price.
For the price going downward, it is simply people panicking that Musk pulled out Bitcoin payments from Tesla.
For the current situation, I would say just hodl still. Take the downward movement as a "discount" for people to buy Bitcoin instead of panicking that it could crash.

ancafe

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well, a decline in the price of bitcoin is a natural thing when a high rise occurs. however, we can't just see prices continue to rise. if there is a reason behind this, maybe it is Elon Musk who is withdrawing bitcoin from Tesla again, and after that the price has corrected to date. however, once this decline occurs, I think there will be a rebound. i hope the price can hit $ 55k back or higher.

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Bitcoin has got more and more centralized by going out of weak hands who sold their parts of btc to the institutions and now institutions are ruling them by giving signals like adding '#bitcoin' to their bio,

Well isn't this what the community wanted, the inflow of Institutional investors. I said it before that the industry doesn't need them unless they'll be improving on the adoption rate by accepting or making their partners accepts bitcoin as a means if exchange and also adding some input to the growth of the technology and not just the price.

We wanted them to come, now they have and will use the industry as their play ground by taking advantage of the volubility of the industry which is also it's beauty too, I'm talking about the volatility of the market.

The party is just beginning when others realize they can do something similar to what Elon and Tesla is doing, the industry will be in for a ride of its lifetime with manipulation from all angle of the industry.

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Quote from: Avantikakaur on May 17, 2021, 02:11:12 AM

By location I mean the current situation of the Bitcoin market example Binance, Bittrex etc, So you're saying that Bitcoin is a bit limited in the hands of "Elon Musk's" or popular or rich people like them? If so, then Bitcoin cannot run on it's own they control bitcoin in different ways.

Bitcoin has got more and more centralized by going out of weak hands who sold their parts of btc to the institutions and now institutions are ruling them by giving signals like adding '#bitcoin' to their bio, saying some good things about crypto after having your position set in crypto since $20k btc and then selling it from the top, but later coming back on Twitter to clarify that they did not do it. Wink

If it is seen as a game from the whales, therefore for those of us who only have small capital, don't fight their currents in order to stay safe. Moreover, with the news from influential people, it is enough to make people panic and sell simultaneously, so that the red color is unavoidable

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Quote from: Avantikakaur on May 17, 2021, 02:11:12 AM

By location I mean the current situation of the Bitcoin market example Binance, Bittrex etc, So you're saying that Bitcoin is a bit limited in the hands of "Elon Musk's" or popular or rich people like them? If so, then Bitcoin cannot run on it's own they control bitcoin in different ways.

Bitcoin has got more and more centralized by going out of weak hands who sold their parts of btc to the institutions and now institutions are ruling them by giving signals like adding '#bitcoin' to their bio, saying some good things about crypto after having your position set in crypto since $20k btc and then selling it from the top, but later coming back on Twitter to clarify that they did not do it. Wink

You are right there are many people who buy bitcoin then try to influence bitcoin a lot and when they see that their target has been successful then they come out of the market again selling all bitcoins. They do everything knowingly and in the future they will be denied again, which is a major cause of problems for ordinary small traders. Influential people always try to control them or work for them.

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Every share or any crypto has lots of money putting by traders to make profit and when its touched high price some traders will definitely take this profit out. Everybody can't hold till last days. Crypto up and down game goes and investor will convert their money with high prices.

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Quote from: Avantikakaur on May 17, 2021, 02:11:12 AM

By location I mean the current situation of the Bitcoin market example Binance, Bittrex etc, So you're saying that Bitcoin is a bit limited in the hands of "Elon Musk's" or popular or rich people like them? If so, then Bitcoin cannot run on it's own they control bitcoin in different ways.

Bitcoin has got more and more centralized by going out of weak hands who sold their parts of btc to the institutions and now institutions are ruling them by giving signals like adding '#bitcoin' to their bio, saying some good things about crypto after having your position set in crypto since $20k btc and then selling it from the top, but later coming back on Twitter to clarify that they did not do it. Wink

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Quote from: Kelvinid on May 17, 2021, 05:53:28 PM

Quote from: Hamphser on May 17, 2021, 04:34:20 PM

Quote from: Hamphser on May 17, 2021, 04:34:20 PM

30-40% crash is normal in bullish market. And it’s buying opportunity. Hope,soon we see it on 51k again ❤

People should realized this one and this is indeed true and on point but people do freak out when they do saw the market is declining.Well, it wont really be that surprising or something

new because we investors are really easy to react out when we do see our portfolio is going on reds.If you do get used to percentage drops on stock and forex market

and trying out to compare in crypto then its entirely different but since you do decide to engage with crypto then these movements are just normal.

That really be freaking out especially when you buy now and after a few days, the price drops to like 20-30% you'll definitely get mad on it.

And people should realize as well that investing in crypto corresponds to such risk where losing is inevitable and no way to avoid it but just only to minimize it. If these people can't take such a thing, make it better to stay away from crypto as this was not the right place for them.

This is where some newbies who bought bitcoin at a higher price will end up cursing the crypto market. But they need to be patient, as maybe few days or few months from now, btc will recover. But there is no assurance with that. If you have no urgent need for cash, then better don't cash out your crypto. Don't panic as this will give you mistake in your decisions. Elon is just a contributor of this price crash, maybe, it is just time for correction in the market. But don't lose hope, there are so many entities that are already involved in this market, so it will not go down hard.

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30-40% crash is normal in bullish market. And it’s buying opportunity. Hope,soon we see it on 51k again ❤

People should realized this one and this is indeed true and on point but people do freak out when they do saw the market is declining.Well, it wont really be that surprising or something

new because we investors are really easy to react out when we do see our portfolio is going on reds.If you do get used to percentage drops on stock and forex market

and trying out to compare in crypto then its entirely different but since you do decide to engage with crypto then these movements are just normal.

That really be freaking out especially when you buy now and after a few days, the price drops to like 20-30% you'll definitely get mad on it.

And people should realize as well that investing in crypto corresponds to such risk where losing is inevitable and no way to avoid it but just only to minimize it. If these people can't take such a thing, make it better to stay away from crypto as this was not the right place for them.

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Quote from: Avantikakaur on May 16, 2021, 10:26:13 PM

30-40% crash is normal in bullish market. And it’s buying opportunity. Hope,soon we see it on 51k again ❤

People should realized this one and this is indeed true and on point but people do freak out when they do saw the market is declining.Well, it wont really be that surprising or something

new because we investors are really easy to react out when we do see our portfolio is going on reds.If you do get used to percentage drops on stock and forex market

and trying out to compare in crypto then its entirely different but since you do decide to engage with crypto then these movements are just normal.

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30-40% crash is normal in bullish market. And it’s buying opportunity. Hope,soon we see it on 51k again ❤

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Many speculated that Bitcoin would be much more upward than its $50000 team, so why is bitcoin price downward?
Can we then assume that the market is now moving at its own pace and that it will return to its previous position? We've already seen that every bit of Bitcoin's precious moments come back again and again and make a better position than before. What are the current situation and the location of Bitcoin?

Trying to find reasons why this is happening is useless because that is not going to help you know what you should do? This is nothing extraordinary in the market of cryptocurrencies so the real question should be what do to under the current circumstances? And the answer to that is going to depend entirely on the goals that you have, for long term holders this is not a reason to panic and if anything it could be what they were expecting as they can buy bitcoin for cheap prices again and accumulate more of it than when the price was so high a few weeks ago.

aoluain

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We can only speculate as to why Bitcoins price is reversing so much.
I would say there are a number of scenarios at play, like always.

The Elon Musk factor has to be accounted for, plus his followers who blindly
bought Bitcoin and who now are blindly selling.

Manipulation by traders and whales is another factor, not necessarily a negative
thing as traders react to market movements.

General FUD by a lot of people who may not be fully aware of EM's influence and
who dont understand Bitcoins potential market movements.

DarkDays

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Quote from: Avantikakaur on May 16, 2021, 10:26:13 PM

Many speculated that Bitcoin would be much more upward than its $50000 team, so why is bitcoin price downward?

Can you expect an indefinite rise on any market? BTC like many other markets respond to external stimuli and while for some it may seem debatable there's one particular reason many thing caused this tsunami - Elon Musk.

Quote

Can we then assume that the market is now moving at its own pace and that it will return to its previous position? We've already seen that every bit of Bitcoin's precious moments come back again and again and make a better position than before. What are the current situation and the location of Bitcoin?

Mate, you're asking these questions like people on here are supposed to know the answer. Nobody does. Nobody can forecast the future the best they can do is take educated guesses, and make their judgements and moves based on risk appetite.

CryptocurencyKing

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Quote from: awik p on May 17, 2021, 09:20:55 AM

We know cryptocureency is very sensitive to news from influential people, and after that it seems as if many traders are doing the same thing, so crashes are inevitable. especially if the whales sell bitcoin on a large scale and the news is followed, so that a big crash seems unavoidable

Well, this is more like a thing of recent. Before hand, the market moved at its own pace as stated in OP where, traders and retailers determined the moves. With bitcoin being a highly volatile market and environment coupled with Elon Musk stepping into the system, the sentiments about bitcoin took a boost and the coin or generally cryptos pumped. It becamse more of an institutional thing which made manipulation of the market possible.
Elon has got fans, lots of them and the fact that, his coming to terms with a more greener world, sustainable energy sources and projecting bitcoin above all as major causality to this effect with response from critics like Warren Buffet explains a lot on why the market keeps falling.

awik p

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Quote from: Ararbermas on May 17, 2021, 07:03:32 AM

Quote from: Avantikakaur on May 16, 2021, 10:26:13 PM

Many speculated that Bitcoin would be much more upward than its $50000 team, so why is bitcoin price downward?
Can we then assume that the market is now moving at its own pace and that it will return to its previous position? We've already seen that every bit of Bitcoin's precious moments come back again and again and make a better position than before. What are the current situation and the location of Bitcoin?

its just because of the guy who said "bitcoin isn't decentralised and dogecoin is better" and after that it literally make the bitcoin price decrease below 50k. No wonder actually because everytime he always make tweets its very effective in the market.. But for me in my personal opinion mate this isn't scary any more because for sure the real intention of this guys is to make a worse down trend and after that to bring it back to the top again like what happened to doge.. He's a very smart guy so watch out for the next destination of bitcoin price.

We know cryptocureency is very sensitive to news from influential people, and after that it seems as if many traders are doing the same thing, so crashes are inevitable. especially if the whales sell bitcoin on a large scale and the news is followed, so that a big crash seems unavoidable

Ararbermas

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Quote from: Avantikakaur on May 16, 2021, 10:26:13 PM

Many speculated that Bitcoin would be much more upward than its $50000 team, so why is bitcoin price downward?
Can we then assume that the market is now moving at its own pace and that it will return to its previous position? We've already seen that every bit of Bitcoin's precious moments come back again and again and make a better position than before. What are the current situation and the location of Bitcoin?

its just because of the guy who said "bitcoin isn't decentralised and dogecoin is better" and after that it literally make the bitcoin price decrease below 50k. No wonder actually because everytime he always make tweets its very effective in the market.. But for me in my personal opinion mate this isn't scary any more because for sure the real intention of this guys is to make a worse down trend and after that to bring it back to the top again like what happened to doge.. He's a very smart guy so watch out for the next destination of bitcoin price.

Wexnident

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Quote from: iram3130 on May 17, 2021, 05:13:15 AM

I don't know why some people are so dramatic about Elon selling his Bitcoins.. We were here before Elon and we will be here, after him. He is just trying to manipulate the market and he is succeeding in it. Bitcoin will bounce back for sure. The market may have been shaken at this moment but it is not permanent.

Not sure about this, but probably because Elon was one of the few people who made people invest in Bitcoin. He had introduced crypto to his followers, and they are a lot ngl, and probably some of them went out to invest Bitcoin since Elon was looking into it, just like how it was in Doge the first time. Now that Elon is talking bad about Bitcoin, like it or not, it's a negative influence on newbie investors who pretty much just follow what the trend of social media (aka famous people) go for.

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I don't know why some people are so dramatic about Elon selling his Bitcoins.. We were here before Elon and we will be here, after him. He is just trying to manipulate the market and he is succeeding in it. Bitcoin will bounce back for sure. The market may have been shaken at this moment but it is not permanent.

Scripture

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Many speculated the continues uptrend but very few sees the possible big correction in the market, and that's happening now. This is normal after trying to break the resistance many times but still failed to do so, we've reached the peak already and if Bitcoin didn't hold into the sideways trend, then we can confirm the bear market already. Don't panic, this is a buying opportunity again think of those big players who enters on the peak price of Bitcoin, for sure they are still holding.

TastyChillySauce00

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There is no proof that Elon Musk has sold his Bitcoin, so he is in the same sinking boat with us. I dont believe that Tesla suspended accepting Bitcoin due to mining influence on the climate. Perhaps that excuse was only for the public, and real problem are legal issues. His decision made Bitcoin lose 10% of its price; same amount it gamed after Bitcoin as a payment announcement. But he did not say anything yesterday, and we see a -$5k drop. Who is responsible for that?

Yeah, can't entirely blame it all to elon since the correction itself already expected since we hitting the new ATH but honestly he isn't as dumb as making his own asset gets dumped like that, I'm sure he has some method to somewhat gain something from his feud in twitter regarding energy consumption etc. I'm myself believe that elon holds big amount of doge and btc at the same time and maybe he has dumped some amount to the market and decide to spread fear like that.
Not a biggie though, pretty sure the price gonna get back up in a few months.

mirakal

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There is no proof that Elon Musk has sold his Bitcoin, so he is in the same sinking boat with us.

Why would he make such a statement that would result in a dump of bitcoin... For a rich person like him, he can always sell and buy when the price is very low. By trading alone using his influence to manipulate, he can make millions of dollars in a single day, so it's easy for him.

But then it's just our speculation though, but it's obvious that the reason is Elon Musk's announcement about Tesla suspended in accepting bitcoin.