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[microunit]

Analysis said that there were likely 2 factors that hinted to the dropped of the bitcoin recently. One of the two factors were that Miners sold quite a large supply of BTC to the market in a short time, and the other one is that because the US dollar is starting to recover from its recent downfall

 

[Reznov]

i was always telling people that were making threads such as "bitcoin will hit 9999 billion dollars by 2021", that you can never know if the price or value will rise or not, and here are my words being true today

 

[microunit]

i was always telling people that were making threads such as "bitcoin will hit 9999 billion dollars by 2021", that you can never know if the price or value will rise or not, and here are my words being true today

yeah, If bitcoin were to even rally that much high some people will just oversell their bitcoins and make the market flood with supply and make its price lower

 

[ELSA-ELI]

Yeah the more the US dollar will gain the less the purchasing power of bitcoin but we are still a long way to seeing the us dollar stable and with a bullish character hence the desparte decision by some of the investors like Warren Buffet moving his stakes to Japan.

 

[Ewogboka]

The first reason is very valid because there was excess bitcoin available but I don't see any reason on how USD recovery can crash bitcoin price.

 

[Niftyicon]

I still wonder why this particular crash in price was unforeseen. Though we know how unpredictable the market could be, but this crash just within a couple of days is surprising.

 

[Ewogboka]

I still wonder why this particular crash in price was unforeseen. Though we know how unpredictable the market could be, but this crash just within a couple of days is surprising.

It shouldn't be surprising because if the demand of anything is lower than the supply obviously price will drop so when miners sold excess of their bitcoin ofcourse price will drop.

 

[SCAMEXPOSER]

It is now confirmed that miners are also whales because they hold large amount of bitcoin and they determine the price mark for bitcoin, I had read earlier that it cos they were selling their bitcoin in smaller and holding more in past three that made price of bitcoin to hit $12,000.

 

[alerto99]

Hope it doesn't fall below 9600$. Bull market must continue further on ?or else defi money printer will stop going brrrrrr!

 

[onlyprofits]

Analysis said that there were likely 2 factors that hinted to the dropped of the bitcoin recently. One of the two factors were that Miners sold quite a large supply of BTC to the market in a short time, and the other one is that because the US dollar is starting to recover from its recent downfall

These are two valid reasons.
The first due to the oversupply of BTC, which for me is due to market manipulation in common agreement between miners and whales.
The second is due to the fact that there are people and corporations that have many interests in the dollar market and they will constantly migrate between BTC and the dollar.
Know that the BC is still in an uptrend, do not despair.
Many say you have to fill a GAP at 9700.

 

[microunit]

as miners are the main supplier of the currency in the market, it's kinda obvious that they would affect the market price depending on the supply they add in the market

 

[onlyprofits]

Remember that this market is still young and very manipulable, therefore it is strange that miners want to get a large amount of BTC to the market, it is convenient for them to get a little with a high price, so they consume less energy and their profits are higher .

 

[microunit]

Remember that this market is still young and very manipulable, therefore it is strange that miners want to get a large amount of BTC to the market, it is convenient for them to get a little with a high price, so they consume less energy and their profits are higher .

Hmmm .. soo probably that other miners are still holding unto a hefty amount of the supply? Though I think they are also bound or forced to sell the supply if they dun have much for their maintenance

 

[onlyprofits]

Hmmm .. soo probably that other miners are still holding unto a hefty amount of the supply? Though I think they are also bound or forced to sell the supply if they dun have much for their maintenance

I couldn't tell you, I have very little knowledge of mining. It seems strange to me that having taken so many BTCs to lower the price, that has the intention of manipulating the market, taking advantage of soft hands, buying low and thus obtaining excellent profits.

 

[Ewogboka]

I believe the price of bitcoin will rise back since most of the miners will be mining more bitcoin to hold as they have sold enough making the market saturated.

 

[onlyprofits]

I believe the price of bitcoin will rise back since most of the miners will be mining more bitcoin to hold as they have sold enough making the market saturated.

If the market is saturated it would be very bad for the price of BTC, imagine that there is a lot of supply at a certain time, the Law of Supply and Demand would establish that the price must go down a lot, uf, I don't even want to imagine it, Hahaha.

 

[onlyprofits]

This exchange market is unbelievable because the traders and the bitcoin holder control everything also the miners , we can't analyze this kind of market , yes this is very hard , i think it will keep moving down .

Good traders have a fairly high efficiency, because experience helps them know where the market can go and where to look for information for appropriate fundamental analysis.
I recently read a news story from a merchant competition and the top finisher had a little over 4,000 percent in 15 days. Second place was just over 3,500 percent.

 

[Delaw2020]

I agree with the second reason. The dollar has started recovering from its downfall. America and almost all nations suffered severe economic loss in the heat of covid-19 pandemic and they are just coming out if it. That is why investors are advised to buy when the price drops and sell when it soars.

 

[Ewogboka]

The way the miners sold most bitcoin they have in their possession obviously made bitcoin readily available in the coin market in excess so the price will definitely crash let hope more people had bought it so it can rise again.

 

[Josemendez]

Analysis said that there were likely 2 factors that hinted to the dropped of the bitcoin recently. One of the two factors were that Miners sold quite a large supply of BTC to the market in a short time, and the other one is that because the US dollar is starting to recover from its recent downfall

I may because of some reasons agree with the first reason but talking about the rise of dollar having effect on Bitcoin is a bit not feasible as they are two different entities , a fist currency and a cryptocurrency