Quote from: grizmoblust on Today at 02:58:44 AM

Quote from: tbterryboy on September 05, 2020, 06:48:19 PM

I guess all of these latest increases in bitcoin has finally caught up with us, there is no way that bitcoin could ever be this low without people giving up on it. I am assuming the reason why people gave up on it is the fact that we couldn't go up. We have tried to go above $12k for a long time and in the end we failed over and over again so eventually buyers turned to sellers because they couldn't make more profit when they bought so they gave up.

Moreover, there was a lot of money coming into bitcoin and then going to other stuff like DeFi or whatever and when that hype died down we have went down in the money coming in and we have increased the money coming out as well. In short if you do not make people money they are not going to be supporting you long term.

Now the market is like a bubble that can explode at any moment and investors now really only care about profit when choosing an investment. The value of Bitcoin determines all of this market but I am sure there will be plenty more corrections coming soon over the next few days. In addition, DeFi projects are falling rapidly and a lot of investors have lost large sums of money after just one day.

Obviously a lot of people wanted a profit here but I don't think it is a bubble.

Bitcoin is volatile, and I don't think this is a correction either since we are staying at $11K for a while. As you said that a lot of people lost large sums in just one day, tomorrow or the day tomorrow the opposite might happen, that is how the market moves. You didn't know how it will change, all we know if the price fell you either reinvest or just hold.