Let this rise be a lesson - Bitcoin isn't strongly tied to anything

[hatshepsut93]

As you know, every time there's a major price movements, the next day people, especially crypto journalists, start coming up with their own explanations why it happened - they try to tie it to some political or economical events in the world, statements by important individuals or organizations, correlation with some other markets, something related to mining and so on and so on.

Well, today Bitcoin went up by 14% ($1,000) without absolutely no reason - nothing important happened today that could have shaken the price so much. Let this be a lesson to people who look for patterns - Bitcoin is random and unpredictable in short terms, just accept it.

[LFC_Bitcoin]

Short term price movements are very difficult, if not impossible to predict.

Medium to long term price direction predictions are very possible though due to many things such as the halving & reduced supply.

[The Sceptical Chymist]

Bitcoin is random and unpredictable in short terms, just accept it.

LOL, I agree with you there--I had to take a look at the price, which I'd checked maybe a couple of hours ago, and it was still at $7500 or so.  Now preev is showing bitcoin at $8614.  Crazy, crazy, crazy.

I've always said that the only thing that influences bitcoin's value is the buying and selling of it, and it's basically demand because supply is increasing at a known rate.  So right now there must have been a ton of buying in the last couple of hours to drive the price up this much this quickly.  It does bring a smile to my face, but I'm a realist--this doesn't necessarily indicate that bitcoin has found a direction and will continue to move upward.  As you said, the price is random and unpredictable and who knows what tomorrow will bring.

Still smiling, though.  It's great to see bitcoin jump that high so fast.   Hee hee!

[DiamondCardz]

Insane rally going on right now, but I'm willing to bet that tomorrow it'll drop down to 8000 or even lower again. There's not really anywhere near enough volume on the Bitcoin markets at any one time to give any semblance of a stable price. That's why Bitcoin is not something I'd consider an 'investment'

[exstasie]

Well, today Bitcoin went up by 14% ($1,000) without absolutely no reason - nothing important happened today that could have shaken the price so much. Let this be a lesson to people who look for patterns - Bitcoin is random and unpredictable in short terms, just accept it.

The reason was simple: thin supply and strong demand. Same as every other markup in price. Explaining it with news or global market events is always a fool's errand.

Having said that, several experienced traders sensed we were at/near the bottom. The short term is unpredictable yes, but tried-and-true TA and trading experience will give you more insight into price moves than anything else.

[LFC_Bitcoin]

Insane rally going on right now, but I'm willing to bet that tomorrow it'll drop down to 8000 or even lower again. There's not really anywhere near enough volume on the Bitcoin markets at any one time to give any semblance of a stable price. That's why Bitcoin is not something I'd consider an 'investment'

Why are you on here then?

[enhu]

Isn't this price movement due to Chinese president adoring blockchain and wanted fast adoption in China?

The article in cointelegraph which their facebook account is now unblocked were full of comments from facebook users, I checked to see what the comments were and realize the price of BTC actually shoots way above the expectation this very day. If Chinese president says something like this, its highly regarded as a sign.

[hatshepsut93]

Isn't this price movement due to Chinese president adoring blockchain and wanted fast adoption in China?

The article in cointelegraph which their facebook account is now unblocked were full of comments from facebook users, I checked to see what the comments were and realize the price of BTC actually shoots way above the expectation this very day. If Chinese president says something like this, its highly regarded as a sign.

NO.

This is a good example of what I'm calling out in my post - there's no chance that a world leader praising "blockchain technology" - something that is only tangential to Bitcoin, would cause Bitcoin to go up by 14% instantly. Just google other similar news, look at dates and plot them over Bitcoin price chart - you'll find absolutely no correlations. So, what happened today was just a coincidence.

[Wapfika]

While all people here in my place is asleep since it just past midnight here I am being amazed on the huge pump BTC have and searching whats going now. I hope it's not really because of China cause I really want to believe that BTC can arise without them, I'm still reading some news and will stick to the part it's BTC alone the reason why its uptrend now. Excited for laters comment and price speculation up to how much it can reach today same with eth.

[enhu]

Isn't this price movement due to Chinese president adoring blockchain and wanted fast adoption in China?

The article in cointelegraph which their facebook account is now unblocked were full of comments from facebook users, I checked to see what the comments were and realize the price of BTC actually shoots way above the expectation this very day. If Chinese president says something like this, its highly regarded as a sign.

NO.

This is a good example of what I'm calling out in my post - there's no chance that a world leader praising "blockchain technology" - something that is only tangential to Bitcoin, would cause Bitcoin to go up by 14% instantly. Just google other similar news, look at dates and plot them over Bitcoin price chart - you'll find absolutely no correlations. So, what happened today was just a coincidence.

Coincidence or not, shill around its what makes all these more of a game. The effect of  fud can be measured by how much a coin had drop,  can be considered fundamental analysis if its on big news source. If this 14% growth has no reason, we can simply say a rich kid just experienced orgasm of his life buys BTC in million USD while we all sell and then once again pray for more kids. Every thing is a fud here including those big news sites. Xijinping is a fudster.

[BitHodler]

I always have a good laugh when self proclaimed experts talk about how Bitcoin will react to this or that geopolitical situation, while the truth however is that the movements seen that do align with these situations are pure coincidence.

If you browse through the hundreds of tradable assets, I'm sure a dozen will see similar price action, where the similarities between the avocado and Bitcoin charts were quite a topic not that long ago.

I was quite shocked by how hard the price has gone up. I was expecting some minor increase after a near 30% fall from when we broke out of that descending triangle, but this is beyond insane and might spark a recovery.

[DiamondCardz]

Insane rally going on right now, but I'm willing to bet that tomorrow it'll drop down to 8000 or even lower again. There's not really anywhere near enough volume on the Bitcoin markets at any one time to give any semblance of a stable price. That's why Bitcoin is not something I'd consider an 'investment'

Why are you on here then?

Silly question. Why does thinking Bitcoin is a sound investment have to be a requirement to be part of the community? I love the technology, and I think Bitcoin is an amazing invention that will survive for a long time. But I don't think it's an investment. It should be used as a means of exchange and used by people who believe in its future, but not people who only look for an upward trend in its price graph.

It's not something that should be an 'investment', just like I wouldn't call gold an 'investment' (I'd call it a hedge). The price fluctuations as demonstrated today are part of that.

[pixie85]

It's tied to everything that's why it's so volatile. I saw it go down when gold was going down once. It's tied to the governments because it went down when China banned mining. It's tied to the black market because it went down when Ross was arrested. It's tied to the futures because it was going up when CME was about to open and then dropped down when it opened. It's even tied to Donald Trumps' and Jamie Dimon's tweets

[hatshepsut93]

I saw it go down when gold was going down once.

Once doesn't mean anything, Bitcoin is not known to strongly correlate with gold.

It's tied to the governments because it went down when China banned mining.

News that directly involve Bitcoin are the only one's that can actually move it. But they need to be large enough, because no one cares if some small third-world country bans or adopts it.

It's tied to the black market because it went down when Ross was arrested.

Bitcoin was very small back then, so anything in its ecosystem could move it. Today exchange hacks and darknet-related arrests don't have any effect.

It's tied to the futures because it was going up when CME was about to open and then dropped down when it opened.

Futures may have some influence, but they are a part of the market, so it's expected.

It's even tied to Donald Trumps' and Jamie Dimon's tweets

If the pres of the most influential country in the world criticizes Bitcoin, that's kinda important, but if it's a small fry like Dimon, it doesn't matter.

[AliMan]

As you know, every time there's a major price movements, the next day people, especially crypto journalists, start coming up with their own explanations why it happened - they try to tie it to some political or economical events in the world, statements by important individuals or organizations, correlation with some other markets, something related to mining and so on and so on.

Well, today Bitcoin went up by 14% ($1,000) without absolutely no reason - nothing important happened today that could have shaken the price so much. Let this be a lesson to people who look for patterns - Bitcoin is random and unpredictable in short terms, just accept it.

If that's the bottom line of what happened for bitcoin price today, did you mean we need not to look on patterns? Short terms is quite surprising to see, because nobody expected this 14% rise to accumulate on that price of $1K. If we're holding huge amount of btc, just keep it safe and just wait patiently for what price it may be compatible with and going to stabilized at higher value.

Meanwhile, we must accept the fact of bitcoin's unpredictability and always bare in mind now that no matter how you monitor charts and other discussions just to fulfill your ideas, the scenario still remain unexplained.

[magneto]

As you know, every time there's a major price movements, the next day people, especially crypto journalists, start coming up with their own explanations why it happened - they try to tie it to some political or economical events in the world, statements by important individuals or organizations, correlation with some other markets, something related to mining and so on and so on.

Well, today Bitcoin went up by 14% ($1,000) without absolutely no reason - nothing important happened today that could have shaken the price so much. Let this be a lesson to people who look for patterns - Bitcoin is random and unpredictable in short terms, just accept it.

Exactly. People try to explain the underlying principles of every single bitcoin price movement that they see. A lot of the times there is simply no single or rational explanation.

Market forces move in very unpredictable ways and it's essentially pointless to justify why they act a certain way. Otherwise you're assuming that everyone is rational - which we know they aren't. One small price movement due to natural volatility can spark long or short squeezes as well.

But it sure seems like that BTC has found a bottom at around $7k, and we may well enter into another phase of bullishness.

[Zemomtum]

But there is a News from China to embrace Blockchain technology, this might be an additional incentive that makes the price to jump upward. have a look at the News here: https://www.coindesk.com/bitcoin-jumps-12-as-chinas-xi-embraces-blockchain-boosting-crypto-sentiment

[ecnalubma]

But there is a News from China to embrace Blockchain technology, this might be an additional incentive that makes the price to jump upward. have a look at the News here: https://www.coindesk.com/bitcoin-jumps-12-as-chinas-xi-embraces-blockchain-boosting-crypto-sentiment

Not really about Bitcoin but more on blockchain tech but we can't set aside this posibility.

From yesterdays $7,500 level now its breaking $10,000 this market makes me nervous but a lot excitement and a lot of investors didn't see this coming. Bitcoin is out of being a temporary stablecoin, but lets enjoy the ride and stay cautious.

[CryptoBry]

Well, today Bitcoin went up by 14% ($1,000) without absolutely no reason - nothing important happened today that could have shaken the price so much. Let this be a lesson to people who look for patterns - Bitcoin is random and unpredictable in short terms, just accept it.

Yes, Bitcoin is very unpredictable that even credible analysts sometimes can have a hard time deciphering its movement. Bitcoin's volatility can be an amazing thing to study. Of course, the media and some personalities who are into cryptocurrency will have a lot of hours to think as to what to they can attribute the flash rise which occurred after the flash crash just a day or two. Anyway, that is their job to talk about it because they are actually content producers but we don't have to believe the garbage they are pushing to us. Sometimes I realize that some people involved with cryptocurrency news have less understand with Bitcoin compared to me, and that is a very modest assessment. Unlike forex and stocks which most likely can be affected with news and developments in different areas of the world, Bitcoin can go up and can go down on its own and will not care the world outside its own ecosystem. I am not sure though if we can say this is good or bad, as a whole.

[Jating]

Let this be a lesson to people who look for patterns - Bitcoin is random and unpredictable in short terms, just accept it.

Yes, I agree short term its hard to predict where the price is going to be. So as traders you really need to squeeze out to get something out of the market.

Just today alone based on coinmarketcap, bitcoin is having a field day and making gains of 30%, I mean, what the hell? Where's all the money coming from and what is the "logical" reason? No one can really tell because it's random and most of the time it's good if we ignore those patterns.