[2015-11-3] Bitcoin Technical Analysis for 11/3/2015 – To the moon

[themerkle]

The recent price jump up to $440 in less than 48 hours is truly an unexpected event. There is no obvious reason why the market is moving sideways, however there are a few theories that try to explain the current market.

MMM Global Republic of Bitcoin

The first theory is that the MMM Global Republic of Bitcoin is the reason why the price is rising. The ponzi scheme uses Bitcoin in order to facilitate the transfer of funds between one participant to the other. It was led by Sergei Mavrodi which laready led another ponzi scheme also named MMM back in 1989, which was established with the help of his brother Vyacheslav Mavrodi, and Olga Melnikova. The name MMM came from the combining the first letters of the original founders’ last names.

Read More: http://themerkle.com/coins/bitcoin-technical-analysis-for-1132015-to-the-moon/

[Eastwind]

It is difficult to tell what is the cause of recent rise. There are several reasons.

1. MMM global bitcoin Ponzi scheme.
2. US Marshall's final auction of bitcoin
3. More bitcoin adoption
4. Positive media hype
5. Adoption of blockchain in banking sector.

[enquirer]

2) is SELLING, not buying, so should suppress the price
3) not happening. Many merchants that previously accepted bitcoins, stopped to do so
4) cause and effect switched
5) should be negative for bitcoin, "bitcoin bad, blockchain good"

MMM is the only reasonable explanation.