Is it just a Coincidence on why bitcoin reached $20k and will never happen ag???

[MoneyMotivatesMe]

Is it just because of those forks that give free money and it was december why we reached $20k? and do you think it will never happen again because people are now tired of forks??

[1714834097]

1714834097

[1714834097]

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[Beefcake]

The price rise in 2017 has nothing to do with forks.  Look at the volume last year.  There were two major spikes:  in May and December.  As far as I can tell these are from large investors such as hedge funds entering the market.  Bitcoin supply is extremely limited compared to most things.  For example XOM sometimes has a similar market cap but has over 4 billion outstanding shares.  So when a hedge fund wants to buy 10 million worth, the shares are easy to get, and more are printed all the time.  Not so with bitcoin, the supply is limited to 17 million or less right now.  The number depends on how many have been lost forever. 

In any case the price shot up, is currently being manipulated down by wall street investors, and will go... who knows.  I am bullish but it is very risky.

[European Central Bank]

have you checked the track record of these forks? it's freaking wretched. bcash came out of nowhere and it was in august so that was long before the price went crazy. since then each fork has been getting increasingly pathetic until now no one pays them any attention. the well is dry. guess it's time to move on to other coins.

most of the people who were fomoing during december won't know what a fork is.

so that's a no.

[Shreek]

I think the fork will always be there, and will never disappear, because the fork has an important role to the system and altcoin. to update the system and also to refresh the system.

and in my opinion, people who get free money from forks deserve it, as reward their loyalty to the altcoin they hold.

[timerland]

Is it just because of those forks that give free money and it was december why we reached $20k? and do you think it will never happen again because people are now tired of forks??

Forks have nothing to do with bitcoin's price. In fact I think a lot of bitcoin's forks can probably be better classified as altcoins straight up. They have basically modified everything bitcoin has and only has in common the name of their crypto with bitcoin.

Bitcoin didn't reach $20k because the uptrend was dying, and we tried to breach that resistance 2-3 times without avail. After that, BTC just went downhill.

Other than that there are no other reasons why bitcoin didn't go to higher heights. Just normal market volatility that bitcoin has in store for us as traders. People getting sick and tired of forks is only better for bitcoin, since people are supporting BTC instead of forks more and more.

[h0lybyte]

Forks are having no role in riding the bitcoin market forward or backward on specific time, although the forks are being prepared and released by management team, thus will keep coming in future also but i don't contemplate that forks can influence the existing  behavior of bitcoin market whether it is the subject of increase or decrease

[1Referee]

People for once need to stop with this nonsense. The only reason the market almost reached the $20,000 level, was because of the speculation around future markets. If the future markets weren't dipping their feet into the Bitcoin waters, the market wouldn't even come close the $15,000 level. The market in its entirety has been trolled big time by believing that the future markets could have had a tremendous impact on this market. It's actually very simple, future contracts are nothing more than a guessing game (i.e a gamble) for whoever ends up settling these contracts. You either expect the market to go up or down, and after contract expiry, you're a winner or loser. Aside from the price that's based on Bitcoin, it has nothing to do with Bitcoin at all, and for that reason it won't and never should affect Bitcoin.

[alyssa85]

Is it just because of those forks that give free money and it was december why we reached $20k? and do you think it will never happen again because people are now tired of forks??

It had a little bit to do with forks in that people sold their alts to purchase bitcoin, just to qualify for the airdrops.

The new money coming into bitcoin didn't know about the forks however - they were driven by the news in the mainstream media about how people were making fortunes out of cryptocurrency.

[serjent05]

Is it just because of those forks that give free money and it was december why we reached $20k? and do you think it will never happen again because people are now tired of forks??

What makes you think that bitcoin reaching $20k will never happen again?  Your idea is moot.  It may not happen in the near future but with the development and adoption I believe it will even exceed the said amount.  Currently we can see bitcoin recovering in price. It seems bullish phase is starting now.  Good news for those holders who never sold their coin during the dip.

[BrewMaster]

only 2 forks of bitcoin were worth even bothering to claim. bitcoin cash and bitcoin gold. and they both are shitcoins but have high enough price to make the incentive for buying bitcoin so that you get them and then claim them.

the rest of them are too low. for example bitcoin Z is 92 satoshi. bitcoin silver is 61 satoshi! there are others as high as 0.005BTC but that doesn't even cover the fees of buying bitcoin and selling fork and withdrawing it.

[speem28]

Is it just because of those forks that give free money and it was december why we reached $20k? and do you think it will never happen again because people are now tired of forks??

You'll never know. Have you checked the price graph of Bitcoin recently? It has been recovering from the dip it had because of all the FUDs that happened in India, South Korea, and China. Well, we are getting over it and it is being resolved in some way or another that is why we are seeing a price recovery. Needlessly to say, everything happens for a reason and corrections on Bitcoin has been made for the better.

[Idrisu]

Is it just because of those forks that give free money and it was december why we reached $20k? and do you think it will never happen again because people are now tired of forks??

Though the hardfork contributed to the increase in bitcoin value in December and November but we should try to really understand what is really happening. Bitcoin increase because of the demand for it as it becomes popular day by days. I think the are many factors that contributed to that outside the hardfork that has happened. The futures trade, and positive comments about cryptocurrencies affect bitcoin price and I believe why it is down now was also comments from regulatory authority about restrictions laws and banning that actually bring bitcoin down in January and early this month.

[nydiacaskey01]

I see one reason why Bitcoin reached $20k USD last year is because after all those years, Bitcoin finally made it to the media and famous personalities made comments about Bitcoin and some even made a dire prediction making non-Bitcoin investors try Bitcoin. And now that the market went down, those who recently joined and invested in Bitcoin dump in fear for losing more money. $20K USD will happen again just hodl.

[jimbo2000]

The way things are going right now we could see 20k before even the midway point in the year. The recovery is strong and bitcoin is gaining momentum. We just passed 10k for the first time since it dipped and I suspect with that there will be a fresh wave of publicity and many who thought bitcoin was 'dead' will return.

[dothebeats]

With the previous crash, I don't think it will be impossible to achieve $20k again knowing that $6900+ is already a solid baseline in beginning a new bull run. Not to mention that money from instituional investors still keep on pouring in despite the bitter impression of the world's governments regarding bitcoin and crypto in general. If that doesn't sound appealing to you then I don't know what will; experienced investors buying in to a dying fad isn't an everyday scenario so there's something going on behind the scenes and while everyone is busy digging fiat, it's best to get in earlier than them.

[fabiorem]

The forks dont have anything to do with that. Most of those forks are scams, and they are hard to claim. I myself had to use two cellphone apps to claim some of these, and I didnt even sell them yet as most exchanges dont accept them.