So, what's up with the price?

[GreenBits]

Hey guys, serious question for the hodlers among us. As we have all noticed of late, btc has been quite bullish. Like most of us, I was surprised that the ETF was rejected, and was prepared for the subsequent bounce. My question is, what is supporting the current price? Despite the fact that I think it's false, the current Wall Street rally should have gold and bitcoin down. But they aren't; all three are doing well. Since this rarely happens (bitcoin and precious metals are safe havens, and tend to run contrary to traditional markets), what do you think? What will make the bubble pop, either way?

[Juggy777]

The Etf was always bound to be a reject, and all the hope of it being accepted and Bitcoin being shoot up was spread by newbies so that was OK. Now that bitcoin unlimited is gaining momentum, and they have recently gained support of 15% miner which I feel shall be bad for us in the near future. Cause it would result in splitting Bitcoin into two which would be the sole reason for its price downfall. Apart from that, the global uncertainty will push the prices up and up. Let's wait and see how more support, BU gets. I don't think there any reason than BU if the price crashes. It's support level is 1000$

[hardtime]

I personally was one to think that the ETF was going to be denied anyway, on the means of it being way too risk for normal investors to be able to get into but that's besides the point. I think at the moment we're seeing a point where it may stable out at, and I hope it does. A currency that has such crazy flucations in value is really too risky / a nuisance for normal people to use in their everyday lives.

The price may see a slight decrease due to people thinking that we are in a bubble that will pop but personally I just don't think that's the case at all.

[Yuuto]

Hey guys, serious question for the hodlers among us. As we have all noticed of late, btc has been quite bullish. Like most of us, I was surprised that the ETF was rejected, and was prepared for the subsequent bounce. My question is, what is supporting the current price? Despite the fact that I think it's false, the current Wall Street rally should have gold and bitcoin down. But they aren't; all three are doing well. Since this rarely happens (bitcoin and precious metals are safe havens, and tend to run contrary to traditional markets), what do you think? What will make the bubble pop, either way?

Not really sure why.

Personally me too like most bitcoiners have expected the ETF to have a really big impact on the bitcoin price but obviously it has held up quite well with the price still trading at over $1250 after the ETF rejected decision. It is basically a surprise for everyone in the bitcoin community.

I would say that an adjustment will be coming sometime soon. Although I could be wrong as well.

Long term wise, bitcoin is still bullish in my eyes.

[n0ne]

Several such instances were outlawed by bitcoin in the past. One such major is the core developer revealing bitcoin as an experiment that no more grows and will get collapsed moving to R3. But bitcoin fell suddenly and it rose again, same is here. Right now is the increasing acceptance and adoption that generates the price move rather than the technology debate or etf.

[Pamadar]

Hey guys, serious question for the hodlers among us. As we have all noticed of late, btc has been quite bullish. Like most of us, I was surprised that the ETF was rejected, and was prepared for the subsequent bounce. My question is, what is supporting the current price? Despite the fact that I think it's false, the current Wall Street rally should have gold and bitcoin down. But they aren't; all three are doing well. Since this rarely happens (bitcoin and precious metals are safe havens, and tend to run contrary to traditional markets), what do you think? What will make the bubble pop, either way?

Not really sure why.

Personally me too like most bitcoiners have expected the ETF to have a really big impact on the bitcoin price but obviously it has held up quite well with the price still trading at over $1250 after the ETF rejected decision. It is basically a surprise for everyone in the bitcoin community.

I would say that an adjustment will be coming sometime soon. Although I could be wrong as well.

Long term wise, bitcoin is still bullish in my eyes.

its really confusing since we see the rise up when the etf news went out but after the rejection i was thinking that it will make a big downfall so i did wait for another level down to 1k$ but after several days it went back right away to 1200$ eventually its still a puzzle to me who's group or who's behind this bullish movement.

[Kakmakr]

A small percentage of speculators came in to hike up the price in anticipation of a approval and when that did not happen, they quickly dumped those coins, to still make a profit. < Those people were the ones dumping in the first few hours after the official announcement >

The majority of the bitcoins are still held by people with a long-term vision for this experiment. They might have sold some coins, if the ETF were approved to take some profits, but that did not happen. ^smile^

Some of the long-term investors quickly bought the cheap "speculator" coins, after they dumped it. ^heh^

The Winkelvoss twins did the same with $ 1 000 000 after such a collapse, back in the day.

[Dudeperfect]

I think bitcoin has reached at the level (of $1,000) which is not the temporary, I mean like 2013 hype. We all have accepted that bitcoin is worth $1,000+ and that's why the price is jumping around this level. I don't see any reason for the price to the fall below $800 anytime near future. I still believe that bitcoin is underpriced and eventually rise up to $2,000 with some struggle.

[Herbert2020]

Hey guys, serious question for the hodlers among us. As we have all noticed of late, btc has been quite bullish. Like most of us, I was surprised that the ETF was rejected, and was prepared for the subsequent bounce. My question is, what is supporting the current price? Despite the fact that I think it's false, the current Wall Street rally should have gold and bitcoin down. But they aren't; all three are doing well. Since this rarely happens (bitcoin and precious metals are safe havens, and tend to run contrary to traditional markets), what do you think? What will make the bubble pop, either way?

first of all ETF was just a distraction for whales to accumulate more bitcoin this month before the next price rise, it never had any major effect on bitcoin and can never have any either.
also i have to remind you that bitcoin is global and it is accepted in all countries around the world and also it is on an adoption spree which is increasing day by day and that means more people are always coming in and bring more money with them and that alone increases the price. not to mention all of us oldies buying more bitcoin each month that we can get some extra money to invest.

[Amph]

you don't need more than the right amount of investors to support the price, this current value was done with a steady and slow climb, this make this raise very solid and not really affected by what is happening in the legal money world

see the EFT as a bonus as a launching pad that could have been useful to speeding up the adoption rate, also the value was build long before the EFT was even in question, and therefore i don't know why people were expecting the price to crash just because of the rejection...

[bitcampaign]

one side of the bitcoin might require ETF approved, on the other hand new users for bitcoin is increasingly growing, so I think what drives ETH will increase the price of bitcoin if more people new users of bitcoin buy it as a good investment than gold

[Ayiranorea]

Increasing adoption by users around make it a better coin with a good value even when the technology debate has not come to an conclusion. Possibly the growth will be taking place based other technology and the user base. Now user base gives price sustainability.

[Zadicar]

Speaking about bitcoin price it doesnt been affected too much by etf rejection and you are right those prices are still on good support and tend to continue the bullish trend same with gold even though bitcoin surpasses it but doesnt mean they are related to each other. As long these prices are rising its a win situation for us either on gold or on bitcoin.

[jtipt]

Hey guys, serious question for the hodlers among us. As we have all noticed of late, btc has been quite bullish. Like most of us, I was surprised that the ETF was rejected, and was prepared for the subsequent bounce. My question is, what is supporting the current price? Despite the fact that I think it's false, the current Wall Street rally should have gold and bitcoin down. But they aren't; all three are doing well. Since this rarely happens (bitcoin and precious metals are safe havens, and tend to run contrary to traditional markets), what do you think? What will make the bubble pop, either way?

This price doesn't seem like a bubble to me, it wasn't a sudden increase more or less it was stable. Yes, after ETF getting rejected I expected a more drop than just a $100. Now if we neglect the post ETF drop we can see the increase seems gradual since last week. The more and more bitcoin adoption due to that $1000 mark is somewhere responsible in this increase among the other factors, but i think its safe to say that bitcoin won't drop below $1000.

[cellard]

We would be at $1300+ if the ETF didn't happen (not approved, but didn't happen)

Now what we are selling is just profit taking, we will continue going up because there are no reasons for it to stop going up now that the hard fork fears are cleared thanks to BUcoin being buried due the exploit.

[Wind_FURY]

OP, the reason is simple, it is all a bubble. There are whales behind the scenes that are pumping the price. I also believe connecting the price of Bitcoin with the direction of the stock market is a mistake. Bitcoin operates and moves beyond all the traditional ways of economics. It is its own little world.

[1Referee]

Currently there is no bubble. If you look at the demand that is coming from people looking for some sort of a safe haven, then I can see this continue for quite some years as governments aren't likely to stop with pushing their own people away from them. I have convinced a few people close to me in the last 6 months to allocate 5% of their entire wealth to be invested in Bitcoin. Why did they agree with this? Because they as well see that saving isn't an option since it will cost them money if you calculate the yearly tax percentage that they have to pay. Plus, they also feel that the government and banking system is working against them. Banks are nothing more than puppets of the government. People are tired from being stuck in a system that is squeezing them out. People want financial freedom. That's an important aspect of the level of demand we are experiencing right now.

[Gotottack]

The better question is what is up with the prices of ETH, DASH, and XMR. Those coins have been raising quite high in the past couple of days and it seems like it hasn't slowed down too from what I am seeing. But, let's see. Maybe when everything else goes down again bitcoins will shoot up to $2,000.

[LittleDigger]

OP, the reason is simple, it is all a bubble. There are whales behind the scenes that are pumping the price. I also believe connecting the price of Bitcoin with the direction of the stock market is a mistake. Bitcoin operates and moves beyond all the traditional ways of economics. It is its own little world.

Bitcoin price bump is based on the people use it. Demand and supply determining the value of bitcoin whether it is bump or dump. You could check in Google, many of the companies are initiated block chain technology to the firms to make more secured to avoid the hacking issue through out globally.
Bubble is because of heavy rate of adoption around the world. Its been continuing till this year end. Wait and watch to see the next peak value.

[20kevin20]

The better question is what is up with the prices of ETH, DASH, and XMR. Those coins have been raising quite high in the past couple of days and it seems like it hasn't slowed down too from what I am seeing. But, let's see. Maybe when everything else goes down again bitcoins will shoot up to $2,000.

The ETF affected their prices the most, probably. After Bitcoin was rejected, people went to different other Altcoins to put their money into, and most of them probably went to all the three you have specified above, because they're the ones with the most potential to rise. I just hope it's not a pump and dump thing that will create "chaos" for the investors who put a lot of money in them right now.

I knew Monero will rise, but I didn't know about DASH and ETH. Now I heard about DASH being a scam. Possible, but unlikely in my opinion.. and I hope it's not. There have also been events recently that drove the prices even higher: the Netherlands' elections, the Brexit final vote, the Fed interest rate decision and possibly even others (these are the major ones). Check the Silver or Gold price chart in the last 24 hours! While others are increasing in price, Bitcoin had a small fall because investors are moving to other coins. But don't worry, this will have a recovery. Sooner or later!