Whale pump or newbie ignorance?

[kwukduck]

What do you guys think is at the heart of this rise?

With the upcoming hard fork of November is it whales pumping it before taking huge profits and causing the biggest crash we've seen in Bitcoin so far?
Or is it new people investing in Bitcoin while having no idea of the upcoming hard fork?

[1714942068]

1714942068

[1714942068]

1714942068

[Skjöld]

I think this is SegWit hype affecting both of them. However, at the inverse of you, I do not see the pric crashing massively.

[aTriz]

What do you guys think is at the heart of this rise?

With the upcoming hard fork of November is it whales pumping it before taking huge profits and causing the biggest crash we've seen in Bitcoin so far?
Or is it new people investing in Bitcoin while having no idea of the upcoming hard fork?

Having read heaps of threads about what is causing that and what the price is expected to be soon, I have formed a conclusion that what is causing this huge pumps is due to the whales. For example someone pumped up to 3.5K and instantly sold 18 BTC, probably a bot.

Looks like the pumping before segwit2x happens, the whales are trying to make some profit before it.

[Soros Shorts]

What do you guys think is at the heart of this rise?

Who knows. The more important thing is how much of the $200 -> $3800 rise did you participate in?

[GreenBits]

What do you guys think is at the heart of this rise?

With the upcoming hard fork of November is it whales pumping it before taking huge profits and causing the biggest crash we've seen in Bitcoin so far?
Or is it new people investing in Bitcoin while having no idea of the upcoming hard fork?

This may be tied more to other currencies than bitcoin right now.

You may also notice gold spiked today as well. The reason for this is that gold, and increasingly bitcoin is being used as a safe haven asset. We have China shooting missiles at NK while NK and the US continue this very high stakes game of nuclear chicken. That uncertainty is driving a lot of this. Doesn't help that we are still enthusiastic post the August 1/BCC  madness. On the one hand, it's good to see bitcoin have enough trust for folks to put it up there with gold. On the other hand, and this is always a deal, these inexperienced investors make every dip and pop that much more exaggerated.

[hosseinimr93]

After August 1, the demand for buying bitcoin has increased and there is no whale. The increase in price is completely normal. There will be no crash and bitcoin price will increase day by day as new peoples invest their money.

[maokoto]

I do think there will be some crash eventually. Bitcoin is doing good, all is working well and people are buying in. But we cannot forget that people buy in with the intention of cash profit in at some time. Probably when we see the price stabilizing, many will think it will not go much higher and sell massively.

Just my 2 cents.

[JimboToronto]

Incomplete poll. You omitted the 3 main reasons.

- Backlog of demand caused by pre-fork FUD.

- Relief and optimism at adoption of segwit.

- Natural growth.

[julian071]

Kwukduck is back! Bullish?

[PseudoCode]

Sad attempt at a double-bind there Kwukker..

It cant possibly be anything *but one of the possibilities that you listed, can it ?

After all, if it *WAS for some other reason than the sole two that you offered,
then that would mean that you are *wrong..   and *thats never happened before, has it ?
 

You've been crying doom since about $100 iirc, and have yet to be right about *anything to my recollection..  
Just imagine the gains you *could have made if you hadnt been suffering from a serious years-long case of cranial-rectal inversion..

Shouldn't you be slitting your wrists right now or something ?  
Or are you hoping that the eventual expansion of the sun into a red-giant in about 5 billion years will prove you right..?
After all.. *everyone dies in the end...  *eventually.

[JimboToronto]

Kwukduck is back! Bullish?

It was already bullish. Now it's extra bullish.

Kwuk kwuk. 

[Carlsen]

When a newbie buys bitcoin just for a small amount, I would not call that ignorant.
It's testing how bitcoin works and wether somebody likes it or not.
If enough newbies do that and the people who already have coins do not sell, that would lead to a increas of price we see right now.
Whales do not have to be involved.
This can be a solid growth!

[duke944]

Japan.

[krizniq]

Kwukduck is back! Bullish?

for sure, I'm using him as my inverted MACD indicator

[liuqi]

What do you guys think is at the heart of this rise?

With the upcoming hard fork of November is it whales pumping it before taking huge profits and causing the biggest crash we've seen in Bitcoin so far?
Or is it new people investing in Bitcoin while having no idea of the upcoming hard fork?

When August 1st Segregated witness happens many blocks has been released but there does not any fork happens on that day. Expect the same in future as well.
Whales they utilize the situation when the price is dump and they buy and hold it then invest huge amount.

[Iranus]

It's a mixture of:

-Support for SegWit and the prospect of more convenient BTC transactions
-The mainstream media maturing on the topic of BTC
-Whale pump (there's obviously a fair element of that)
-Newbie ignorance (to think that the current price is a good time to buy).

While I think this is a bubble, I do not think that there's a point starting extremely irritatingly biased threads about it instead of providing reasonable options.

Or is it new people investing in Bitcoin while having no idea of the upcoming hard fork?

You would be against anything if it was something people might be scared about.

[Catmony]

Current bull run can't be anything other than simple manipulation from whales, newbie are buying bitcoin on hype over segwit activation while whales are pumping price to attract more new investor so that they can dump their bitcoin hard and buy back cheap bitcoins when those new traders will dump their bitcoin due to panic.

We have seen this many times before but current pump is really huge.

[jpouza]

It's rising too fast, not good, the later downfall is inevitable, prepare yourselves to the huge dump when the price reaches certain desired level.

[Pearls Before Swine]

Japan.

You might be right but I think it's more than just Japan that's responsible for this craziness.
It takes a lot to move a multibillion dollar market and I'm not certain Japan would be doing this all
by their lonesome.
Could be the big whales.   Could be many little fish.  Could be a little bit of both.  My guess is that
new players are getting in, probably the wall street crowd.

[Xavofat]

Japan.

The price does not increase by over $1000 in a week because of merchant adoption.  That would require pretty much every merchant in Japan to randomly decide to accept it over the last few days and for shitloads of consumers to start spending it regularly for their goods and services.

My guess is that
new players are getting in, probably the wall street crowd.

What you don't get is that an increase in volume - by about a billion dollars per day in this case - does not have to be completely "new money" moving in.

Existing whales who have held BTC for a much longer time than anyone at Wall Street can easily manipulate the market.  Exchanges could do it, whales could sell to themselves, or any other shady activity.  Most people at Wall Street would buy in at low prices to hold for several years, if they buy it at all, because they are talking about spending large amounts of money, not just dealing with it.

Even if much of it is new money, it can be from existing players who are panicking at the prices as they are already rising.  The spiral of panic buying does NOT go on forever.