All eyes on US$11,500

[hugeblack]

• Bitcoin (BTC) has been highly volatile over the past 10 days, with an average daily range frequently exceeding US$1,000.[1]
• The market cap now stands at US$162.6 billion on US$5.66 billion in trading volume over the past 24 hours.[2]
• The BTC market cap currently accounts for 44.65% of all cryptocurrencies.[3]

During the end of the bull run in December, BTC experienced a rather large supply shock. As discovered by a Reddit user, the Mt. Gox bankruptcy trustee, Nobuaki Kobayashi, moved 36,000 BTC, which according to the wallet address transaction times, was sold in five lots between December and February.[4]

Do you think these transactions affected the network?
Has the quail whales control the Bitcoin network?

Sources:
#1#2#3#4 https://bravenewcoin.com/news/bitcoin-price-analysis-all-eyes-on-us11500/

[rlim475]

Kobayashi's movements did not cause the market crash but they certainly contributed to the extent and length of it. The crash was caused by an unsustainable growth and a dearth of people willing to buy at the overly inflated prices in the high teens. It was inevitable that the market would dip. What unfolded by that can be attributed to Kobayashi in some part. It would seem based on the timing of his sells that he was holding out for a higher price and loving life when prices were around 20k but then when shit hit the fan he went in to hyper panic along with a lot of the newbs. He sold a chunk at 6k which is the biggest sign of panic.

[davis196]

Kobayashi's movements did not cause the market crash but they certainly contributed to the extent and length of it. The crash was caused by an unsustainable growth and a dearth of people willing to buy at the overly inflated prices in the high teens. It was inevitable that the market would dip. What unfolded by that can be attributed to Kobayashi in some part. It would seem based on the timing of his sells that he was holding out for a higher price and loving life when prices were around 20k but then when shit hit the fan he went in to hyper panic along with a lot of the newbs. He sold a chunk at 6k which is the biggest sign of panic.

Nobody can say what drives Kobayashi`s actions.Is this panic selling or a strategy to cause panic selling across the market and lower the btc price?I don`t agree that last year`s btc growth was "unsustainable".
If there wasn`t so much FUD and regulatory pressure,coming from South Korea and Japan,the current btc price would have been stable at around 15K USD.
I`m wondering what can the Japanese central bank say about Kobayashi`s decision to sell large amounts of btc?

[MyLitecoin]

Why does it say "All eyes on 11k"? What exactly is your basis for this price speculation? Not butting heads, I'm genuinely curious.

As for the FUD, I do think that Kobayashi caused the March and end of Feb crash.

But all that is behind us now that he's not allowed to sell any more BTC until next Sept.

I feel like, as long as there's no other FUD, we'll finally see BTC head up and up... within the next two weeks we should hit 14k.

[pooya87]

Why does it say "All eyes on 11k"? What exactly is your basis for this price speculation? Not butting heads, I'm genuinely curious.

i do not know why OP chose $11,500 since i believe $12,000 is the number we are looking for.
but in any case these numbers are major resistances, and it is an analysis thing saying when price breaks this resistance and goes above it, you can consider it a breakout and a lot of analysts will wait for a breakout to happen before they do anything. an meanwhile when price is stuck between the two lines ($12k and $9k) they don't do much.

[Idrisu]

We are currently on a ranging market or trend and to me we may continues see price ranging between  $8,000 and $11,000 through out this month and we may have issues of more panic selling than buying so we should expect market to be more of a falling side than rising.

[Wind_FURY]

• Bitcoin (BTC) has been highly volatile over the past 10 days, with an average daily range frequently exceeding US$1,000.[1]
• The market cap now stands at US$162.6 billion on US$5.66 billion in trading volume over the past 24 hours.[2]
• The BTC market cap currently accounts for 44.65% of all cryptocurrencies.[3]

For your information, Bitcoin has always been relatively volatile. High price, low price, it does not matter. It's volatile, get used to it.

During the end of the bull run in December, BTC experienced a rather large supply shock. As discovered by a Reddit user, the Mt. Gox bankruptcy trustee, Nobuaki Kobayashi, moved 36,000 BTC, which according to the wallet address transaction times, was sold in five lots between December and February.[4]

Do you think these transactions affected the network?
Has the quail whales control the Bitcoin network?
Sources:
#1#2#3#4 https://bravenewcoin.com/news/bitcoin-price-analysis-all-eyes-on-us11500/

I believe the market sales master Kobayashi did was partly the reason why Bitcoin started a massive dump in our faces. But "are the whales in control"? The market maybe, but not the network.

Why does it say "All eyes on 11k"? What exactly is your basis for this price speculation? Not butting heads, I'm genuinely curious.

i do not know why OP chose $11,500 since i believe $12,000 is the number we are looking for.
but in any case these numbers are major resistances, and it is an analysis thing saying when price breaks this resistance and goes above it, you can consider it a breakout and a lot of analysts will wait for a breakout to happen before they do anything. an meanwhile when price is stuck between the two lines ($12k and $9k) they don't do much.

I agree. Round numbers hold more "psychological value" for traders. But I do not adhere to them that much. I believe any price under $20,000 are still good buys.

[pooya87]

~
I agree. Round numbers hold more "psychological value" for traders. But I do not adhere to them that much. I believe any price under $20,000 are still good buys.

very true.
but the main reason why i said $12000 is because price has already gone up twice up to near $12k and then started going down. this usually means there is a resistance there which needs to be broken and until then the price will go up, tries to break it and falls to buy support.

[teilwalL05]

If this would be the reason why bitcoin price is shaking up and down right now, And has correlate with drops in the BTC price well according to the article that OP had shared Nobuaki Kobayashi, A Mt. Gox bankruptcy trustee moved 36,000 BTC, And sold in five lots between December and February, Just like what we see in the picture we can not simply know if the coin were sold directly on an exchange but yes that is a huge amount of bitcoin, But let's just hope it will not worsen enough to see another $7000 mark on the price of bitcoin.