Why did Bitcoin drop ?

[Kate]

So we all have seen the tremendous hit that Bitcoin took and also dragged all the other altcoins along with it to the bottom. Many Investors are selling their hodl coins they are not even thinking about the loss they will suffer and they are just panic selling their coins. Many people think that Bitcoin fell due to the Black Friday while some people think its just because its like Bitconnect and is gonna loose all the value within weeks of now. I don't really think that could be any of the reasons tho.

In my view i guess the main reason for why Bitcoin would've dropped is because Investors who kept Bitcoin in their wallets for Months and when they opened it now after a lot of months like 6 Months and saw it dropped and started selling their holdings at the best price they get even if it meant a loss of 100$ - 1000$ to them.

I guess if they didn't had done this i guess there would've been a chance for it to rise high back up again but sadly i guess it would take time .

Any other reasons you guys think the Bitcoin dropped ? If so drop them here

[Pandarian]

I also think BCH made the panic on the market. BCH ABC dropped to like $220 after the fork and both competing parties destroy the trust on the coin.

Once the BTC drops below 5k limit, users who HODL BTC started to sell of pushing the prie further down.

If you check the alt coin prices in BTC terms rather than using USD terms, most of the coin prices have been increased

[Capaldeus]

I thought BTC always dropped at the end of the year and picked back up on the next three months. I don't know WHY, but i hope it gets back up quickly enough. I'd hate to see it drop lower than 3k.

[jualid]

53 minutes ago, blurrijs said:

I think bitcoin also dropped because of the BCH hard fork. might have made alot of people sell it so they wouldn't lose any money. in my opinion it could go back up to 6k$ again or even 10k$

It might go up again, but i think it will happen on the next year. The target for the end of the year is $5k-$6k i hope.

[Mikehoncho]

From what I have read, its a lot to do with the civil war between bchsv and bchabc. 

I personally think its just market manipulation. 

[polor12]

it was at a steady 6500 ish.. until that bch fork came in to play..

[skywallkee]

I'm not really losing hope in BTC as it can't really die. As long as people are used to BTC and stick to it, then I'm pretty sure nobody would like to let it die. It's a coin that won't go under $1000

[Xantys]

We can think of various reasons like BCH hard fork, tight regulations or whale games. But one thing for sue is that there are more sellers then buyers or supply exceeds demand. That tells us investment crowds are still overall sceptic about crypto. We all would like to see quick recovery but I don't see the reasons for it happening anytime soon. 

[davinmark]

hmm well since they just doing a BCH hard fork, BTC and altcoins is dropping.

so i can say its because BCH hard fork, all the investors was panicked 

[Edward]

Yet to see any proper reasoning behind the drop. Nothing has changed in the last 2 weeks from what I'm aware. I guess it comes down to simply more people looking to get out of Bitcoin than get into it creating selling pressure which has resulted in quite a crash.

Who knows, we'll probably get some proper reasoning behind it later down the track.

[chrisconn63]

im gonna agree with edwards reasoning. i honestly dont think its gonna go back up either.

[jkd123]

I think there is many panic people. They think btc and crypto currency will die. And bch fork, i read somewhere, there is a war bch abc and bch sv devs, they are trying to buy more hash for mining, then they sold btc to buy hash power.

[jualid]

1 hour ago, jkd123 said:

I think there is many panic people. They think btc and crypto currency will die. And bch fork, i read somewhere, there is a war bch abc and bch sv devs, they are trying to buy more hash for mining, then they sold btc to buy hash power.

Yeah, with the current price of bitcoin right now, i'm sure many people panic and selling their coins too, it makes the bitcoin price become lower and lower.

[ernio]

I hope bitcoin price will go higher atleast $5,000+ next year

[williamshennie9]

At first I thought it was the BCH hard fork that was causing confusion and uncertainty in the market, but now that that has passed, it is clearly not the reason. I think that investors have lost confidence in general, since all crypto are heavily down.

[sherpasiona]

Its part of a market life that it may experience bear cycle. Others may see it a negative but for some its a good sign of healthy market. Whatever point you may into, what mattrs most is that you understand the situation and you know when and at what point you are going to get involve.  

[Pandarian]

Anyway I think its a good time to buy some coins and HOLD for few months or years if you can. BTC had bumps in the road in past as well. But don't loss hope

[Snike]

Random thoughts of mine incoming...

The drop of bitcoin may have to do something with the holiday season ahead of us. Some people are selling their stocks or at least parts of it to get fiat currency and buy presents,etc with it.

That resulting into a massive crash. But as I said it's just a random thought lol

[skywallkee]

7 hours ago, Snike said:

Random thoughts of mine incoming...

The drop of bitcoin may have to do something with the holiday season ahead of us. Some people are selling their stocks or at least parts of it to get fiat currency and buy presents,etc with it.

That resulting into a massive crash. But as I said it's just a random thought lol

It might be true if you check out last year (2017) in the same period, BTC had an ascension period then it roughly went down to about 20% of its value and then it hit the sky at the end of December/beginning of 2018.

Though in 2016, it somehow kept a somehow straight line on November, easily ascending and then in December again a boom happened:

In 2015, again, November was a hard month for the holders, making them sell everything due to the hard decrease in price, but December had again a word to say about it and increased the prices a lot.

If we look, each year (excepting 2014, I don't really remember what happened in December 2014 that the price got a straight line until January, the increase being delayed), since 2011, BTC had a good increase each December and let's hope it might be called a "pattern" due to the frequency of it (6 out of 7 years that happened the same thing, and this is the 8th year which has the decrease part in November, so half of the pattern is completed, only the increase should come anytime soon to complete the other half of the pattern).

We already can see an increase in the price, it went back up to $4000

[Pandarian]

People who bought BTC on last 2 days when its around $3550 could sell them today for $4200.

[alexthess]

i dont know why but i hope to go at least 6.000 $  to be happy again 

[Kate]

On 11/27/2018 at 7:59 AM, chrisconn63 said:

im gonna agree with edwards reasoning. i honestly dont think its gonna go back up either.

Well it has risen back to 4200$ today and I am hoping it stabilises at that price for a few days before trying to rise up again to 6000$ or higher. 

[bmg]

all we can do is hope that bitcoin will soon rise in price.