Topic: Why such a harsh drop (Read 243 times)

The drop of BTC to $7k is perfectly healthy. If you are going to put a line below the dips of previous BTC rally. You will discover that we have just tap the dip. Tomorrow is another decision making, if Bitcoin break its support,  we can see BTC below 5k.

I agree. I think it is just being manipulated and the harsh breakdown will end by the fourth of february. Also I think it is just the technology itself. it will eventually end soon so keep waiting.

I think recover will be soon.Also the dip point is a great point to buy now.I see no reason not to buy bitcoin right now.I would buy If I had some idle money.

Nothing to be afraid in 3 weeks, daily colour will be green, not red. So do not panic sell, and do not beleive in fake news.

regards

as i have always said, bitcoin market is very small. it is even smaller in altcoins. and a small market will react to changes like this, wildly and big.
in other words you see sharp drops and also sharp rises in price.

this "smallness" is also perfectly visible on exchanges when you look at the order books. they are "thin" and with big whales and large number of traders buys and sells causes big swings. and when we say "you should leave your money on exchanges" that means less people are leaving open orders => thinner order books.

If we're talking about confidence, then I don't think getting green numbers so soon after such a major drop is going to be a sign of confidence for the market. Ideally, we want to see slow and healthy recovery in the upcoming weeks rather than a rapidly in increase in the next few days.

"When do you think the market will start to turn around?" I've said it before in a bunch of threads but, in my opinion, I think we won't see any major movements until mid-feb or march. Taking the charts (if it's anything to go by) OmegaStarScream posted , I'd say that once the lunar new year begins, we're going to see an uptrend again.

I believe that the news about Tether is definitely have big  impact on BTC and all crypto markets overall . Most of exchanging started to require KYC is a sign that we might very soon see USD replacing USDT . But I do not see any reason not to just point what is happening now to markets to just a normal JAN month that is repeated the last couple of years .

This is not true that we can say January is bad month for all crypto since the market are not controled by anyone else. Thats the effect of China banning btc. Btc has a market that cant control by any one else.

Friends, now there is another correction of the market crypto-currency. This happens every year. The man above demonstrated this with graphs. Traditionally, January is not the best month for trades. After correction, growth will begin. The market of crypto currency is cyclical. And this must be taken for granted. So do not worry. The market will soon unfold.

It's TA analyzation from all of bitcoin history chart.

The fact that we are facing a big problem with tether as so many exchange sites are using it as a substitution to the USD(Some people are feeling worry about if the tether audit will prove tether is not backed by USD) Just such kind of manipulation.

Some people are saying about tether is the main reason why bitcoin gets a big pump in this time.

Can you tell me what's your opinion about that?

The reason behind the cryotocurrency price fallingis lot of fake news and rumors created by the whales so we need to hold our coins to keep away from this trap from whales.First of all we need to stop spreading any negative news about cryotocurrency then the price will recover.Still no country banned cryptos they are just in the regulation process.

As I see it, the market will start to grow again not earlier than the middle or even the end of February. Investors have time to buy crypto for less.

This time there's new developments besides this usual January drop.
Govts in different countries holding off crypto exchange, trying to regulate and
bringing new policies. Some, countries banned crypto, declared it illegal.
All these causing this significant dip.

Well it's normal that bitcoin drop it's value big time base on it's recent peak it almost reach $19,000 and it did'nt even have a big price correction before so i think that it's normal what's happening right now and considering the news that is popping out lately about cryptocurrenct like the NEM incident that happened recently well just hope that bitcoin get back in the game as soon as possible.

the fall is associated with panic, if you now look at the glass in the stock exchanges, then the whole fall is redeemed, someone is very seriously gaining a position. So it takes time and I think the fall will end soon

I hope and as past things will start recovering after mid feb till than buy every dip dont wait for perfect dip. just buy dip. its hard to be perfectionist

It can't be helped you do know what crypto does and it's capabilities. As far as i know there is no such thing as permanent specially on crypto's if you know it then why ask. Still unclear to you? It's simple maybe some had shift their attentions or there is a panic selling situation right now.

To be honest I have no worries about the drop, just trying to learn more about why. Yes as per charts there is always a drop in January but this has been violent for around 5-6 weeks.

All my money in crypto is set aside money and not money I need to tap in to so the stress levels are much better in such a drop.

In guess we need to just pick up as much as we can while they are as low as they are.

The market is trying to find a fair price for assets. For Bitcoin, this is the standard fall in January. But here altcoin's which have sharply grown in price for not clear reasons. Now sharply fall on clear reason.

BTC breaking through the support level of $ 9000 continues to fall.
Nobody knows where the bottom is. It is very likely that there will be a rebound from the levels of $ 7500-8000.
Such a sharp drop is most likely due to the statement of Indian Finance Minister Arun Jetley on Budget 2018. He said that the government does not consider crypto currency as a legitimate means of payment. After that many mass media started writing about the imminent prohibition of bitcoin and other crypto currency in India.
But this is a complete nonsense, because India does not prohibit all the crypto currency.
Conclusions that can be drawn from the statement:
The authorities of India do not recognize bitcoin as a means of payment and will struggle with using crypto currency in illegal actions, as well as discouraging the public from using crypto currency as payment instruments.

Alts fall along with bitcoin and there are many opportunities. Anyone who buys them at a low price will do very well when the market begins to recover. I buy a few parts of some promising coins, which I already have for a long time. But do not take everything at once.

The main thing in this situation is not to worry and do not run all the panic selling with the screams "all was lost." As Warren Buffett said: "If you can not watch the market fall by 50%, then you do not belong here." So have patience and stick to strategy.