Bitcoin Forum

I’m confused as to why the price of bitcoin is rapidly rising other than PayPal publicly announcing that they now support bitcoin. Also, the one thing I haven’t been able to wrap my head around is how are people able to read the market when it’s so volatile?

Lastly, a question for the experts, do you think that bitcoin is going to hit an ATH and then drop substantially like it did a couple years ago?

Regards

Why is bitcoin rising? Because supply and demand; as per usual.

Also, you're completely assuming that people could actually read the markets. :P Some are merely just guessing, and some people like me don't even care about short term movements because I prefer holding long-term.

Not an expert, but trust me when I say that no one really knows. Bitcoin already reached the ATH on most exchanges. It could either crash back down from here, stay sideways for a while, or continue going up to new ATHs.

You are still confused? Bitcoin has been in the market for 10 years, started from $0.01 if I'm not mistaken and grew, so that alone will tell you that it has been rising throughout the years. Paypal announcing support on bitcoin is a good news to everyone, that's why it is considered as having a positive impact on the current market price.


No expert here, but a market that is so volatile, no one can really tell where the price is going after hitting an ATH. And even if people has the "crystal ball" to see the future, bitcoin can move in either direction.

Main reason:

There is now real world demand for Bitcoin as a store of value to the great theft of inflation. Currencies all over the world are slowly & painfully collapsing, taking their citizens wealth in the process. Bitcoin is the exit plan.

Do you know the reaction of people with regards to seeing prices increase and almost reaching the ATH? The most basic answer to you reading the market is Trading and looking at charts. It's not 100% correct, but it does increase your chance of reading the market based on the previous actions of different assets that are being traded. Previous behavior being repeated in the current times. It's something like that.

Here is my action when we reach a certain price (I'm not an expert)

https://i.imgur.com/FEVbgjx.png

You could see my Support and Resistance lines, and once it hit one of those, it would trade according to what I have set my bot to do. For example, a percentage from R1 means I would go long at around 19736, as you could see with the green broken lines. But if it reaches the support line, I would probably Short. It's just an example; don't follow my approach.

Even the most successful traders cannot claim they are able to read the market most of the time. Nobody can since the market is open that you don't really know what other traders think and what will be their strategy. That's the reason why you always see these bulls vs. bears comments. You should also understand that many traders are liquidated every time btc is on a run.

If you look at bitcoin charts you will no longer be confused. Bitcoin price has been rising long before PayPal even thought about adding bitcoin to their platform. The reason is simply increasing adoption because bitcoin is very useful.

Last time price hit its ATH at $1200 then went to $20,000 and then fell substantially. This time will also hit its ATH $20,000 then go up substantially first to something like $500,000 then fall down.

People who read the market barely get it 100% correctly. It's not something to depend on tho. No matter the expert who claims to be calculative enough, Bitcoin is forever volatile and it moves freely.

Recently, Bitcoin demand has increased very highly. As we know, if the demand increases, it effects the price too. So, this is one of the reasons how Bitcoin has gone this high. There could be another reasons too behind this pump but I don't know if there are. However, because of its being volatile, sometimes we can see Bitcoin to have a good rally for no reason too.

I feel like we are looking for reasons to explain the move but there could be no reason other than the end of bear market.

Investors know that when something bounces off the bottom it usually goes back up. If the asset is depreciating the bounce is lower than the previous high and when it's appreciating like Bitcoin the bounce is higher.

I like to say that the market drives itself and buyers and sellers are only deciding if they want to put more or less fuel in.

We understand the basic reason why bitcoin is going up, the demand is rising and the supply available on the exchanges is going down as more people become long term holders which makes the price to go up, but we do not understand exactly how this happens and you will have to learn to live with that general explanation, second most people do no read the market since they are long term holders so for them skills like that are unnecessary, and finally we had an ATH and the possibility of a crash is there but since this time the growth was slower I do not think the crash is going to be as bad as the one we saw in 2017.

Here are some reason why bitcoin is rising:
1) supply and demand: Once the supply are few in the market and demand are much in the market always cause bitcoin to rise in the market to help investors to make a good profit.
2) Season: Every project has is own season in the place of market which will help many trader to trade very well in the market. Since we enter this year bitcoin started pumping that is causing other cryptocurrencies to reduce in the market just because is not their season to rise.

Sometime I do thought that the market is manipulated by many, but it's too volatile that many we're not really able to cope in the price changes. What we need is to adopt and needs to study more trading and how to read the chart well to be able to determine whether there will have a chance fot price dump and pump but what's important more is to be always updated in news that may affect the price.

Bitcoin is performed through decentralization. It has its own way of moving. It is a bit motivational but in any endangered situation it moves at its own pace. PayPal has contributed a bit to the rise in bitcoin prices. No expert can imagine how high Bitcoin will rise or fall. However, we have to consider 2017 and last year. In the last 2-3 months of the year, the price of Bitcoin continues to rise and fall again in the new year.

Sort of connection with the interview with the Winklesvosses twins on CNBC. They've just said that it can increase up to 25x and that's on national TV, and as for the watchers many of them probably have attended to it and followed the tip of the twins.

It just did. I've personally seen it @$19705 then dropped to $18800. And last time, we've seen it dropped to $16000.

Supply and demand.

PayPal, GBTC, Square, MicroStrategy etc.  They are all fueling demand.

Protecting assets from inflation, confiscation, border controls - all things that totalitarians (fascist, socialist, communist etc) invariably impose.

Sending money and other use cases.

No expert can predict the price of bitcoin until the percentage touches 99%. I'm sure most of us are just guessing and speculating about what the price will be for some time to come. Everything is so dependent on market demand that we can see it hit a new ATH or dump over its support line. Bitcoin is a volatile asset, so you don't have to wait for new ATH if your goal is to make a profit from trading. I assume that you can also benefit from day trading by taking advantage of price fluctuation.

Always be aware that price can change quickly once bitcoin has reached its new ATH. This has happened in 2017, hopefully it will become an experience.

-Always put up in mind that fundamentals isnt always correlated to crypto market but with that recent Paypal integration with Bitcoin then thats surely a relevant one.

-Reading out volatileness of the market?Its impossible because its never been predictable and that what makes it even more harder.

-No experts would able to answer it out because asking about ATH would really be a never ending question.  :D