By the time Bitcoin reached $69k, Bitcoin community members had started thinking that bitcoin would now touch the $80k milestone in one fell swoop. But, when Bitcoin’s price tumbled to $55k, people started thinking about why crypto is down today. Why did bitcoin tumble all of a sudden? Actually, Bitcoin’s tumbling down is a usual matter, and there is no use to be panicked about Bitcoin’s price fall. In this Bitcoin-price-down-related article, we taught you the techniques of how to utilize this bitcoin-price-down opportunity in your favor and why buying Bitcoin at a cheap price is a good entry point for you.
Bitcoin is down November 2021
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- Indeed, there has been a tempestuous discussion about November-2021-Bitcoin price in the Bitcoin community from before the onset of 2021. Even, many analytics were seen predicting that Bitcoin could reach its ATH by November 20021. However, many started feeling the wind of Bitcoin’s reaching its ATH by November when Bitcoin’s price exceeded $66K on Oct. 20, 2021.
- When bitcoin’s price reached its ATH, $69K, the wind of their expectation on BTC started striking on the sails. As soon as Bitcoin hit its ATH, their expectation peaked at $80K to $100,000 milestone. Everything was then going well.
- But, a red candle on the Bitcoin chart appeared on 11th November, and so far, we have seen a decline of 14,000 USD in Bitcoin price. To be more specific, Bitcoin’s price tumbled from $69K to nearly $55K.
- However, November still has 10 to 12 days to end. And, we won’t be surprised if bitcoin’s price takes a 360-degree turn. The reason is that Bitcoin poses a feature of astonishing its crypto community all of a sudden.
- There is a reason for which maximum crypto community members expected Bitcoin’s price to reach its ATH by November 21, and the reason is every November since 2011 consecutively has seen Bitcoin’s price gain. For example- in 2012, Bitcoin gained 12% in its price, and the following year, 2013, gave Bitcoin holders a good return as the year saw an increment of 470% in Bitcoin’s price. Can you imagine? This way, 2014, 2015, 2016, 2017, and 2020 consecutively saw the bullish trend in Bitcoin price. Among 12 months, November is the one which again and again saw a high-profit return in Bitcoin, and the percentage ranges from 0% to 55% on average. Yes, you hear right, this is 55%.
Cryptocurrency is Down November 2021
Indeed, the whole cryptocurrency’s downtrend is followed by Bitcoin’s price down but the reverse is rare in sight. The reverse means the whole crypto market capitalization is up when Bitcoin’s price is down.
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Do you know the reason?
The reason is Bitcoin’s dominance is currently 42.61%. It means if the whole cryptocurrency market is 100%, Bitcoin’s dominance rate is within 0% to 42.61%. And the aggregate value of all other coins is within 0% to 57.39%. Let’s come to see the Altcoin market analysis over cryptocurrency down.
- Cryptocurrency’s market capitalization was at 2.41T USD dollar by November 1. On the other hand, the size of the entire crypto market was 1.626T USD on 28 September. But, we saw the recent ATH in the whole crypto market on 8 November, whereas the capitalization of the full crypto industry was 3.19T+ USD.
- But, since then, the downtrend in the cryptocurrency market has started.
- OMG network has been in a hard-push in the last seven days, which saw a decline of 22.68% and on the other hand MINA coin of 23%.
- Actually, all Altcoins are bearish in November 2021.
Now, let’s know- why the crypto market is down today?
Top 4 Reasons Why Crypto is Down Today
- Cryptocurrency Price manipulation.
- SEC Rejects Bitcoin ETF Proposal.
- China’s Bitcoin FUD News.
- Twitter CFO Ned Segal’s Negative Sign on Bitcoin
You may feel heartbreak if you remain aloof from the cryptocurrency market, seeing Bitcoin’s ATH price at $69K, and all of a sudden, you open the chart and then see Bitcoin’s price is down by 14,000 USD from the ATH. A question can rise in your mind now at this incident.
- Why is the Bitcoin market down now?
Let’s come to see all possible answers for the question:
1) CryptoCurrency Price manipulation
You may be getting startled at seeing this point in the first position. Why we placed Bitcoin price manipulation point in the front of answering the question of why is crypto down today is a question. As we think, the liability for recent Bitcoin’s price down is on Bitcoin whales, who can understand the emotions and sentiment of Bitcoin retail investors. Making the best use of the emotions of retail investors, they manipulated the Bitcoin market to gain over.
- We are describing to you in a nutshell how Bitcoin manipulation actually takes place. Suppose: the president of Papua New Guinea has rejected Bitcoin. Do you think the country plays a significant role in the whole world’s economic space? Please, don’t get us wrong; we are not disrespecting Papua New Guinea. We are just using the name as an example to provide you with a clear concept about how Bitcoin price manipulation groups make a mountain out of a molehill. That’s it.
- However, let’s cut to the chase. What we were saying earlier, PNG rejected Bitcoin. As soon as the announcement goes viral, you will discover this in the headlines of several newspapers and online media saying, ‘”PNG President Rejects Bitcoin, which is a huge loss for Bitcoin” That is how Bitcoin price manipulation groups lead to a 2-3% price decline of Bitcoin.
- Such awe-inspiring news drives retail investors to sell their retained bitcoin in bulk, causing bitcoin’s price to crash.
- Do you know what will happen then? Those Bitcoin price manipulation groups will buy Bitcoins at a cheaper price. That is how Bitcoin price manipulation groups outsmart Bitcoin investors by creating panic, and thus they take Bitcoin’s price down.
2) SEC Rejects Bitcoin ETF Proposal
While answering the question of why the crypto market is down today, the first thing that appears in mind is the rejection of the Spot Bitcoin ETF Proposal by VanEck of the US Securities and Exchange Commission (SEC).
- But, interestingly, there is no direct relationship between Bitcoin ETF and Bitcoin’s price increment/decrease. You are wrong if you think SEC’s ETF Proposal rejection played a vital role in declining bitcoin’s price. The reason is- buying bitcoin and buying ETF are not the same.
- But, VanEck didn’t get the approval on his filing from SEC, owing to a lack of confidence.
- Now, ‘’Bitcoin ETF is unlikely to win approval until 2022or later’’, according to maximum Bitcoin ETF analysts.
3) China’s Bitcoin FUD News
Off late, EllioTrades, popular crypto YouTuber, told in his video that if you see that Bitcoin’s price is hugely down today, you must understand that Crypto media is spreading China’s bitcoin FUD news. China banned Bitcoin- which is one of the most common FUD news. Such a type of news was produced in September 2020 that China had banned Bitcoin. And, by the end of September, Crypto media started propagating that piece of news that eventually caused bitcoin’s price to tumble from the $50K range to the $40K range. But, the whole news was phony. So, in recent times, several of China’s Bitcoin FUD news has been strolling on media. As per our analytic team, such types of FUD news are responsible for dragging bitcoin’s price down.
4) Twitter CFO Ned Segal’s Negative Sign on Bitcoin
Social media has covered a piece of news recently that Twitter CFO Ned Segal denied investing in Bitcoin indirectly. Ned also expressed Twitter’s unwillingness to invest in Bitcoin. Actually, the news has grabbed more space than it deserves.
In fact, what NED thinks is Bitcoin and CryptoCurrency market is too much volatile and so it cannot be a standard investment option for any Corporate company.
Should you sell your bitcoin right now?
No, you don’t need to sell your Bitcoin at a cheap rate in this situation, as the coin is under $60k in 2021. We discussed the history and other technical points below to understand you why we are not in favor of selling Bitcoin right now.
There is common terminology in the Bitcoin market called panic sell. When any negative news pops up in the crypto industry, different media inflates that piece of news and then propagates it to the public, which causes BTC holders to lose their confidence in their holdings. Being submissive to the commotion, those confident retail investors sell their bitcoins.
So, what should you do now- whether to keep your Bitcoin holdings in an untouched state or to sell them at a cheap rate?
Indeed, we should check the history of Bitcoin now to understand whether leaving Bitcoin for under $60k price is a wise decision or not?
Look, 2021 is a significant year for Bitcoin, as the year is the after-year of halving year. Bitcoin halving year is always a significant year for Bitcoin, considering both fundamental and technical factors. Why are we saying so?
Now, come to check the price history of Bitcoin, and then you can understand why we are emphasizing the halving year.
2012 was the first year of Bitcoin halving, and by the time, the price of Bitcoin was under $10. But, Bitcoin’s price reached $1178 in the after-year, 2013, of halving year. That means the price jumped from $10 to $1178 level.
On the other hand, Bitcoin’s price was in the range of $250 to $650 in 2016, the second halving year. But, 2017, the after-year of the second Bitcoin halving year, saw Bitcoin’s price at $20k, creating a new record. We are saying asking,
do you understand the Bitcoin 4-year-cycle now?
- Exactly, according to the history of Bitcoin, the after-year of Bitcoin halving year sees a high price increment.
So, what about the 3rd halving of Bitcoin? 2020 was the third halving year of Bitcoin. The after-year of this year, 2021, is now our discussion issue.
- Bitcoin was seen in the $11k range during its 3rd halving year, 2020.
- But, according to history, our expectation was in 2021 on Bitcoin. However, the $60k price wasn’t massive then.
- On the other hand, the acceptance rate of Bitcoin is getting increased day by day like- PayPal has recently accepted BTC. Some countries, including EI Salvador, have also accepted BTC as their national currency. Bitcoin ETF is now no longer a dream but a reality. So, 2021 is really a Bitcoinic year.
- It will be all about foolishness if you sell your Bitcoins being scared of Bitcoin’s price down. The reason is the value of Bitcoin is getting increased day by day, and so you should leave your retained Bitcoins at the right time. Selling bitcoins being panicked is never an emblem of an intelligent decision.
- There is a general rule for selling Bitcoin which is: buy low & sell high. When you see a commotion about Bitcoin’s price increase around everywhere, you will sell your coins then. But the selling should not be done when Bitcoin’s price is under $60k.
- Why need you not to sell your Bitcoins under $60k? One of the core reasons for this is the daily trading chart of Bitcoin. That the entire market is in the bullish trend can be understood at seeing the daily chart. So, it’s your ineptitude if you sell Bitcoin when it is in its huge bullish trend. So, be patient and hold your Bitcoin tightly.
Buy Bitcoin in cheap price
A proverb appears in mind, which is ‘’what is sport to the cat is death to the rat.’’
The situation of Bitcoin and the cryptocurrency market is the same. When retail investors sell their Bitcoins being panicked, institutional players purchase Bitcoins at a cheaper rate then. Let us explain the matter to you.
- Think of the last week. Bitcoin’s price reached $69k. There was a triumph of Bitcoin all around. But, you mustn’t have bought your Bitcoins at that time at a cheaper rate. However, everyone was buying Bitcoin then.
- When Bitcoin’s price tumbles to $55k, you can buy the coin at a cheaper rate. The reason is Bitcoin is now available at a cheap price.
- Do you know the interesting fact? Now, no one buys Bitcoin at a cheap price. But, when Bitcoin’s price is expensive, everyone will stumble upon buying it.
- So, if you highly will to buy Bitcoin at a cheap rate, you should do it when Bitcoin’s market goes correction-mood after a high price increase. As it is the only way of buying Bitcoin at a cheap rate, you should make the best use of it.
Top 6 Reasons Why You should invest in Cryptocurrency now
Determine your intent first before investing in the cryptocurrency market. It’s better for you not to invest in Bitcoin if you are here for gambling or short-time-profit-making. It is because your intention is wrong. Such an intention can lead you to loss.
Now, the time appears to discuss whether you should invest in Bitcoin or not, considering everything.
- Bitcoin’s price is down now, and other cryptocurrencies are also available at a discount price. But, it’s a suitable time for you to buy Bitcoin at a cheap price in 2021. Why are we saying so?
- BTC’s price was $69k last week but is $55k this week. It means you are getting each Bitcoin at a $14k discount price.
- On the other hand, ETH and other cryptocurrencies are also available at a discounted price. Suppose, if you intended to ETH on 10th November, you would have to pay $4900 per ETH. But right now, the per-ETH cost is $3800. It means that you are getting a discount priceper ETH of $900.
- You would have to pay $260 for each Solona coin or SOL on 7th November. But, now the price is only $191. It means you have a discount of $69 per SOL.
- Though the cryptocurrency is currently in the correction mood, you will have maximum cryptocurrencies at a discount price. It can be a good opportunity for you to take an entry.
- However, we believe that the 2021 crypto bullish trend is still alive. So, making an entry now can bear a good amount of profit. But, anything may take place in the crypto market at any time. So, don’t invest your money in crypto mortgaging your house.
Top 3 Reasons Why You Don’t need to panic sell your Bitcoin
Our message is to you that the cryptocurrency market is down now. Don’t take off your Bitcoin holdings just being submissive to the panic of the coin’s downtrend. If you can understand the real value of Bitcoin, you can understand too that we are still in the early phase of the bitcoin industry. We must tell you something about that.
- In the crypto market, the emotion of investors is played. Some groups always daunt investors, and thus they try to entrap investors.
- So, don’t panic-sell your Bitcoin. You should plan to hold Bitcoin for a long time. Whereas short-time trading can bring you multi-fold profit, long-term trading can bring you hundred folds profit.
- If you sell your Bitcoin being panicked, you will lose the possibility of earning profit.
By showing you an exact scenario, we are trying to make it crystal clear why Bitcoin is down now. Besides, we also don’t want you to sell your hard-earned Bitcoin at a cheap price, thinking of the market’s healthy correction mood as a bearish trend. That Bitcoin’s price is currently down is not a matter of headache. It is just a general rule that the Bitcoin market goes into a correction mood after its price gets swelled up. Therefore, if you are a true believer in Bitcoin, just hold your coin tightly. In the not-so-distant future, Bitcoin’s price will start ascending. Bitcoin is the future, any doubt?