Bitcoin Forum

Hello everyone, Bitcoin jumped to 19k recently and I am just wondering what is the cause of this spike. Does Covid-19 have anything to do with it or trading bots?

Thanks, Matt

We hit $19k like almost 2 weeks ago now; not sure if I'd call that "recent". But yea, bitcoin's price rose because of supply and demand. It simply happened that buyers were buying out all the bitcoin below the $19k price-point hence we ended up here. We could speculate as much as we want but there's almost no way to know what specific news/event mostly caused the pump.

PayPal is the main reason, some big company that announcing to buy huge amount of bitcoin and Biden win means more crypto friendly US. There is no way that Covid-19 will do the recent spike because until now, There's no vaccine created to get immune in this virus.

An organised good news for crypto drives the price up and maybe some more pump once BTC breaks the 20K USD price barrier.

Why would the Covid-19 vaccine affect the Bitcoin price?

covid 19 or the vaccine has nothing to do with the price of btc . It may increase the adoption of online payment because of covid but intirely no connection to it in terms of price. It's just people buying Bitcoin continuesly and resulted to be in that price or maybe whales also helping the price up to 19k or maybe because of many company already make this Bitcoin as one of their investment and they buying it in bulk.

Short answer: Buying pressure > Selling pressure or Demand > Supply

Trading bots are and most probably will always be participating in the markets. We can't know the exact forces of the market making their moves now, but what we know is that we're on an uptrend and close to breaking $20k, institutions are more bullish than ever and paypal is steadily absorbing the supply.

We can also remember certain factors like:

Halving year
That covid-19 couldn't stop bitcoin
And that also, this is the end of the year.
With the third factor, we can see alot of demand and supply in the end of the year. So this can cause any commodity to increase in value.

There were series of things that actually helped the Bitcoin jumped from the lowest in the past five months to where it is today, Those things that happened ranging from coronavirus which rendered couple of countries bankrupt. The metals along side this Bitcoin get hit by this virus and later Bitcoin revive from the hit to make the best investment anyone can boldly disuse today.   

We could have told you if there was one reason for the spike in bitcoin's price but there are many  ;D
Bitcoin was very much expected to increase in price after the halving event.
The history of bitcoin shows that after every halving event the price of bitcoin had spiked.
Also, the technicals of bitcoin shows that after the major correction (2018-2020) the price of bitcoin had to increase.
Then comes the positive news about Paypal using bitcoin.
Then big companies like Micro Strategy and Grayscale and other institutional investors investing in bitcoin was another reason that lead to the spike in bitcoins price.

You mentioned Biden win as a factor. Is joe Biden a supporter of Bitcoin? I can't remember reading anywhere online where he threw his support for Bitcoin and am not sure the new president will be different than Donald Trump on bitcoin. It is just coincidence that price is going up now that he is president elect of the US

True, he never said anything about it I think.

For the current Bitcoin price increase, it seems that it is not because of Covid-19, it is likely that there is a lot of market demand from all big investors to raise the price because Bitcoin in 2019 to 2020 has been corrected, it is most likely that ATH has occurred with the recent spike in Bitcoin price. Maybe this spike will continue until Christmas starts and after that Bitcoin will pause until January 2021, but this is just my thought.

How come the covid bring a good benefits to the bitcoin while we know that there's a ongoing crisis since the major establishment has been closed and the economy cannot kick up due to this incident? Maybe the recent reason is the halving plus the PayPal adoption and other good things happen which create demand that's the reason why we are on $19,000 right now.

It's mainly because of the supposed halving of the available supply of bitciin which greatly impacted the price vs supply and demand to the coin. Apart from that, economists already predicted a new increase in bitcoin's price sometime around this year. COVID-19 has little to do with how bitciin got to this price because as many people have seen it, only a few were able to invest due to lack of funds.

I was also surprised that the price of Bitcoin fell a few hours ago. From the way it recovered, I think it was due to trading bots. Don't be discouraged guys, Bitcoin will continue to climb. If large investors are buying more Bitcoin and hold, it is because important advances are being built around it.
At this time the call is to win more investors to forge the future where we are all participants.

Well, it has stayed at 18-19k for weeks now. It's certainly nice to see Bitcoin at 2017's levels. As for the reason, like others said it may be PayPal. I believe that Paypal actually kickstarted Bitcoin's rise but I'm not so sure that it's stayed this high just because of that, there must be other factors involved or the hype from PayPal allowing cryptocurrencies on their service would have faded by now.

Many had FOMO because of so many institutional money flowing it, Paypal, MicroStrategy and others.

And then we have the effect of halving as well, as the supply will drop in half, so theoretically post-halving will have a big impact on the price as we have seen right now.

And then covid-19 might have push some rich people to hedge their wealth into BTC. So there's no single factors, its a cumulative effect.

Yeah, true. This year's halving has been a major catalyst for the recent price growth of Bitcoin. People have to terms with the fact that there would be less amount of new Bitcoins coming in with each passing day. Another thing I want to add that Bitcoin price has historically increased towards the end of the year just like the one we have now.


This year, we saw more institutional money flowing into Bitcoin that never before. All this came right after the halving event.

fiat is a bad investment right now. holding $100 might buy you 50 loaves of bread. but when inflation hits it might only buy you 25 or even just 12 soon.

gold took a jump in summer. but thats because most of the gold mining operations were shut down in spring so supply was cut off. the gold price rose. but hey it cant rise forever, not once gold miners started back at work in the summer. so they gold hoarders had to diversify in autumn before gold seen a correction.

If what is talking about goes spike because of good news, maybe you can see updates from the cointelegraph channel https://t.me/cointelegraph/27928, besides that you can also find out the latest udate why BTC is starting to up, it can be explained through TA too I guess. Just give you an information from analyst that As Yo can See in the Chart, From last 3 days Bitcoin Has been Moving in 18.4 - 19.8k. And If 19.8k Resistance is break out, Bitcoin Might form new Higher High (New ATH)

It is only 19,700 range for weeks now,19,800 happens only once when the first attempt of breaking the 20,000 resistance .

but what we need to take as resistance is the 19,900 in which the deciding position of Bitcoin and will dictate of what market can go.

Going up ,or dumping .But there are still good prediction in 2021 so whether this year or the next at least Holder has too long to wait.

Well, yes that was high but I think it could grow for more because this year is still had few more days to end and usually investors sell their asset during the peak season. This is the best season of the year for we will going to welcome the next year and that we should start the next year with good vibes and positivities. So, all assets could be encash for good and that is the great possibility.

There are many factors that affect the current surge in crypto prices, some of which may be caused by the large number of large companies that have started to adopt bitcoin, hype defi and covid that are currently hitting the world, now many countries in the world are implementing lockdowns so that many people inevitably who do work from home and of course people are starting to be interested in investing and trading cryopto from home.

People have talked about what type of spike this was and why it was caused and how long it will be or will it go down and basically million things around the current price in the end. However there is no definite answer to any of these. We are not in the stock market where we could give you the exact reason behind it, a company builds a new product, customers love it and people would buy it so much that stock price would go up because there is more profit for the company, a fiat value could go up or down because that government does something great or maybe horrible.

But crypto is not like that, the only thing that changes the price is just people buying and selling which means there is absolutely no other reason than us wanting more bitcoin in the recent months.

Why do some people like asking whether the Covid-19 is the cause of the price of Bitcoin going up? Since the start of this year some people have been saying this same thing and tagging Bitcoin’s increase to Covid-19, how sure are they that it is the pandemic? How about we talk about the high demands of Bitcoin that we have been seeing?

Isn’t that enough to cause the price to go up? Lots of investors are looking for the slightest opportunity to invest in Bitcoin, most of them can’t wait and they feel like they have missed the opportunity to invest earlier , so the high demand for the asset might have pushed it back to the $19,000.