Whos pumping bitcoin now?

[calme]

I agree to a degree. I've been saying btc will rise to about 900 by the end of 2016. It's the end-of-year rise for btc. I just don't think we will see 1000, though. It's almost impossible, 900 isn't insurmountable.

Having said it, Get Ready For a Big Crash in January 2017!!! You Have Been Warned!!!

why? we've been uptrending since june 2015

[jertsy]

Why does bitcoin price seems to pump around this time of the year?

Probably because it happened last year, and the year before it as well. And in that regard people will just assume it will happen again, which you seem to think as well. As result you will see people anticipating on a likely break-out in the price by starting with buying up some "last minute" coins, in order to be ready to sell when the price really rockets up.

<snip>

That's probably why, I was reading a post in a thread about the Kraken in service discussion in  which someone said he tried to deposit £9K in September to get in early because he anticipated the price going above £500. There are also other people in that thread who deposited in anticipation of a pump. This time last year the price doubled and people are buying because they anticipate another pump.

<snip>

I'm trying to deposit £9K and have supplied proof of earnings for way over £25k.
I made this deposit back in September when BTC was < £500 in an attempt to get in early. I've missed that boat.
<snip>

[Ayers]

Before I sleep last night the price was just below 660, and now it is above 680. It even hit 690 at one point. It this a legit price increase or is it just a pump for the holiday? Why does bitcoin price seems to pump around this time of the year?

i think none is pumping here, i think just people are buying into the pump because they see a increase, more increase will bring even more increase, it's a cicle that stop at some point and then you have a new dump

[ynef]

It could very well be true that no major trader is pumping this right now and instead, the people are buying.

Can you really blame them? For the first time the prices have been (somewhat) gradually growing and stable. Stability is key if you want to be attractive to any serious investor.

That doesn't mean, however, that there won't be a dump shortly after such a rapid increase in price. Whoever is sitting on a big pile of coins and bought them around $400 or so, must be getting very impatient.

[Clement Kaliyar]

The recent pump is because of one country china,the Chinese government has started crack down on wealth management products because big companies and the rich are holding their wealth in these and they are implementing tight rules and i doubt people will be switching their wealth to bitcoin and so is the price rise at the moment

[hubballi]

I dont think that their is any pumping is going in bitcoin , this price raise is natural as it was very long due, as traders where waiting for price to get down to buy back that is why the price was stable and now they are buying back and the price is jumping naturally.

[saiha]

Before I sleep last night the price was just below 660, and now it is above 680. It even hit 690 at one point. It this a legit price increase or is it just a pump for the holiday? Why does bitcoin price seems to pump around this time of the year?

Before the bitfinex breached do you remember that there is already a rapid increased that happened? If I'm not mistaken it did reached to $750+

And after that incident it fell down rapidly too, so base on what happened from past months, I think that this is just normal that bitcoin will rise again.

Maybe it has really something to do with the majority people living in China that are trying to adopt bitcoins.

[Lucius]

We can only speculate who or what is responsible for this increase in BTC price.Maybe is China again as well as last year,but these year price is rising slowly,so there could be a number of factors affecting price.The situation is somewhat different than last year and everything looks much more stable and better.

If China is behind this then we will see same story from last year,first they pump price and then dump all coins,make profit and begin to prepare for Chinese New Year

[Daffadile]

Before I sleep last night the price was just below 660, and now it is above 680. It even hit 690 at one point. It this a legit price increase or is it just a pump for the holiday? Why does bitcoin price seems to pump around this time of the year?

I was slowly converting some of my savings I have in fiat into bitcoin a few days ago. I'm so glad I did. I eventually just went and put another 25% of what I had in fiat in bitcoin so I'm really glad I finally listened to my gut and not my greed. I will just hold now as i rather use bitcoin then fiat anyway.

[uki]

Before I sleep last night the price was just below 660, and now it is above 680. It even hit 690 at one point. It this a legit price increase or is it just a pump for the holiday? Why does bitcoin price seems to pump around this time of the year?

The shortest answer to your question is: and why not? Bitcoin pumps are irregular and hard to predict, therefore any time seems equally appropriate and inappropriate for them.

[Slark]

The most possible scenario behind recent pump of Bitcoin is bad situation of yuan in China. Yuan is falling so Chinese traders switch to bitcoin in order to put money into different asset.
Bitcoin usage, ease of mining due to low electricity cost and raised awareness of Bitcoin possibilities is driving Chinese investors towards buying more BTC.

[Shiroslullaby]

Economic instability in several regions,
coupled with the recent news that there may (finally) be some technical improvements in the Bitcoin code,
are creating a growth of interest in Bitcoin.
Plus you have rumors of new services like Megaupload using Bitcoin for their service.

The price also has been pretty stable after the volatility around the time of the halving,
so I would think its more likely to go up at this point than down.

[sillug]

As always, a group of Chinese people that want to make its million dollar of the month.

[Pattberry]

As always, a group of Chinese people that want to make its million dollar of the month.

the Chinese are pumping it hard and we are happy about that,but how long will this pumping last .will it be a force to reach the $1000 mark by 2016 ,it can reach that 1k figure in a matter of days,so i hope the bull continues for a while

[maku]

As always, a group of Chinese people that want to make its million dollar of the month.

the Chinese are pumping it hard and we are happy about that,but how long will this pumping last .will it be a force to reach the $1000 mark by 2016 ,it can reach that 1k figure in a matter of days,so i hope the bull continues for a while

If we know that Chinese are major force behind this pump then we should maybe switch our main currency to CNY?
What I mean by that - currently 1 BTC = 4,649 CNY so pump might end when bitcoin's price will reach 5.000.

[sempak]

I think that does the pumping is not the individual. but a great community.
because the number of bitcoin that many would have to have a lot of money too.

[Wind_FURY]

Before I sleep last night the price was just below 660, and now it is above 680. It even hit 690 at one point. It this a legit price increase or is it just a pump for the holiday? Why does bitcoin price seems to pump around this time of the year?

This current pump is clearly done by the Chinese because if you try to see the price difference a converted price of Bitcoin to USD at the Chinese exchanges would amount to $705 as of right now. The price of BTC in bitstamp.net is only at $685. That alone tells you that China is pumping money in the system.

If this pump is "legit" or not the answer is only history will tell. If it stays above a certain price higher than now, then yes it is. If it drop below $600 after a few months then not it is not. For me it is a legit price surge because many people may have realized that Bitcoin is the gold standard of all cryptocurrencies.

[romero121]

Before I sleep last night the price was just below 660, and now it is above 680. It even hit 690 at one point. It this a legit price increase or is it just a pump for the holiday? Why does bitcoin price seems to pump around this time of the year?

The shortest answer to your question is: and why not? Bitcoin pumps are irregular and hard to predict, therefore any time seems equally appropriate and inappropriate for them.

That's the right answer. Bitcoin itself unpredictable, people were expecting big pump on halving but as people expected the price didn't skyrocket but it rose to certain good price. Same happens here people expected for a pump close to the year end but good things have started now itself. In my view the direct usage as well circulation have increased which is pumping the price high.

[xIIImaL]

Before I sleep last night the price was just below 660, and now it is above 680. It even hit 690 at one point. It this a legit price increase or is it just a pump for the holiday? Why does bitcoin price seems to pump around this time of the year?

The shortest answer to your question is: and why not? Bitcoin pumps are irregular and hard to predict, therefore any time seems equally appropriate and inappropriate for them.

That's the right answer. Bitcoin itself unpredictable, people were expecting big pump on halving but as people expected the price didn't skyrocket but it rose to certain good price. Same happens here people expected for a pump close to the year end but good things have started now itself. In my view the direct usage as well circulation have increased which is pumping the price high.

Bro during last halving in this year, price value moved more than 800$ plus but due to bifinex crises again falls to around 500$ value but now again price is rising and now the value is hitting 650$ around in the market. So soon price move again to same value or more than that.

[TERA]

It's going up because it broke a triangle and people expect a rally past ATH.