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

[blckhawk]

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.

While this is true in some points, it could be also due to China's president statement about the support of the government to blockchain-related technologies. But take note that he said 'blockchain' and not 'bitcoin' which may have made some confusion. Let's just hope it's not tied to anything and it's not just another bubble that would burst sooner than we might think. It's really difficult to predict the causes of these pumps and dumps but it's likely to be caused by some whales in the market.

[1714847174]

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[Tylev]

Today, the CoinMarketCap table shows Bitcoin growth of 28 percent. If yesterday the price of bitcoin rose to $ 8,381, now its price is already $ 9,603. The growth is impressive, and of course, each raises the question: what is the reason for such rapid growth. Despite the fact that it is argued that there are no real reasons for this and the price of bitcoin has risen for no reason, I think that in all cases there are reasons for such a sharp increase in prices on the cryptocurrency market. Maybe we will find out a little later.

[Reid]

And then here we go again. It reached 10k in just a day. Whew.
Didn't expect that. I hope those analysts also does.

There have been a lot of tension lately and it is almost like a FUD to everyone. Now, what will they say?
I hope this is the 2nd lesson to anyone who would like to come in to the crypto business.
They are all alive when bitcoin is being dumped. Now? They are silent.

[Darooghe]

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.

In fact Bitcoin strongly tied to the world’s biggest nation, China. it's suddenly rising today because Xi Jinping announced that China wants to dominate the blockchain industry and they want to be the leader in blockchain. This might be the biggest news in the history of blockchain. so the increase of volatility is expected after the dampening of volatility which was happening on the weekly and monthly.

Also there is another reason, Chinese whales usually do their pump and dump around December, in preparation for their Chinese New Year celebrations in January. nothing about bitcoin has changed except a rising hash rate, which equates to strong miner confidence in BTC price growth over the next six months until the halving.

[bitbunnny]

Current changes in the market are definetely the lesson that Bitcoin price could be very unpredictable and lesson to those who start to panic with every price drop.
After a slight dump we have a sharp rise but it's hard to tell how this is going to end.
So all those conspiracy theories about manipulation of the price and market and ties to this or that interest gropu don't seem to make sense.

[Botnake]

Nice advise, this market can still be manipulated so anyone with a power to move the market can certainly do it.
What happen today is the what crypto is known for, its volatile but its bullish because we are still in the early stage.

People are associating this pump to president Xi Jinping statement about their plan on accelerating on blockchain development but I see more than this that were not yet written in an online article, soon, we will see post about the reasons of this pump, I will surely enjoy reading their theories.

[Wexnident]

Yea. Pretty much we can relate it to everything we want, to new releases, inconceivable updates by companies, new creation of exchanges and such but movement is strictly still related to.. well.. how it wants to move. We can derive a lot of possibilities but the answer will always remain a mystery. Although we could still assume movement prices to recent events since it could potentially move it, but at the same time theres a risk of it not being able to move the price.

In fact Bitcoin strongly tied to the world’s biggest nation, China. it's suddenly rising today because Xi Jinping announced that China wants to dominate the blockchain industry and they want to be the leader in blockchain. This might be the biggest news in the history of blockchain. so the increase of volatility is expected after the dampening of volatility which was happening on the weekly and monthly.

Also there is another reason, Chinese whales usually do their pump and dump around December, in preparation for their Chinese New Year celebrations in January. nothing about bitcoin has changed except a rising hash rate, which equates to strong miner confidence in BTC price growth over the next six months until the halving.

You can't really say that since there's no proof. Even if BTC did increase as china announced its strong support for blockchain development, we could also say that it was due to me taking a coin out of my wallet right? Even if you say there's a difference in reputation, there are also a lot of events that are made by other famous personalities or companies.

[hatshepsut93]

@everyone who says that Xi's statements pumped BTC

Guys, this is nuts, he didn't say anything about Bitcoin, he talked about "blockchain technology", which has absolutely no relation to Bitcoin, the Chinese government is not interested in adopting Bitcoin. This isn't the first time China or other big government talked about blockchain, and it never caused a pump like this - it's clear as a day that it was a coincidence. I see people already started making memes how Xi pumped BTC, but please, don't spread them, cause it's just blatant misinformation that creates false impressions. You will 100% lose your money if you try to base your trades on such irrelevant news.

[1Referee]

@everyone who says that Xi's statements pumped BTC

Guys, this is nuts, he didn't say anything about Bitcoin, he talked about "blockchain technology", which has absolutely no relation to Bitcoin, the Chinese government is not interested in adopting Bitcoin. This isn't the first time China or other big government talked about blockchain, and it never caused a pump like this - it's clear as a day that it was a coincidence. I see people already started making memes how Xi pumped BTC, but please, don't spread them, cause it's just blatant misinformation that creates false impressions. You will 100% lose your money if you try to base your trades on such irrelevant news.

It very likely is not the reason, but definitely a solid smoke screen for institutions to initiate a pump. It's something we see happen with stocks as well. Institutions tend to leverage certain news events to either buy or sell large stock quantities. It's just their way of getting people to blame x/y/z news event for the price to either pump or dump, and not a particular entity.

If we look at the actual fiat volumes on exchanges such as Coinbase, Kraken, Bitstamp, etc it's mind boggling how much activity there is during a saturday. This is actual fiat being pumped into Bitcoin, not recycled USDT tokens. Institutional bots are going absoluty nuts. No way that this is driven by retailers.

[hatshepsut93]

It very likely is not the reason, but definitely a solid smoke screen for institutions to initiate a pump. It's something we see happen with stocks as well. Institutions tend to leverage certain news events to either buy or sell large stock quantities. It's just their way of getting people to blame x/y/z news event for the price to either pump or dump, and not a particular entity.

If we look at the actual fiat volumes on exchanges such as Coinbase, Kraken, Bitstamp, etc it's mind boggling how much activity there is during a saturday. This is actual fiat being pumped into Bitcoin, not recycled USDT tokens. Institutional bots are going absoluty nuts. No way that this is driven by retailers.

I wouldn't call it a good smokecreen, though apparently it works, but if so, that's even more the reason to disregard such new/explanations. You can't time when exactly these institutions would initiate the pump, maybe tomorrow Trump will tweet that he loves Bitcoin, but institutions won't even flinch, cause they don't have plans for buying at that time.

[Febo]

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.

It is. Bitcoin is strongly tied to Whale manipulation. You would not have such sudden growth and falls if that would not be the case. People usually complain when price drops that market is manipulated. But is is same manipulated t such growth that just happened yesterday. It is all orchestrated by whales. They steal small traders money this way.

[adaseb]

Xi talked about Blockchain technology and didn't mention Bitcoin however what is the first thing that comes to mind when you hear "Blockchain"? It's obviously Bitcoin.

According to a reporter overnight Universities added Blockchain courses in China so the impact is very huge already.

If it was whale manipulation it wouldn't of went this high without crashing down shortly after. It's not short covering either since most were liquidated when $8800 area was first hit not when it went to $10600.

[alexsandria]

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.

It is fun thing to say though but how those drastic movements or changes did happened without any interference in any of the entity outside. Let us say that it is not and it never did but I don't think it will go that way specially with such a range of time. Just an hour it really did go spiked up, there's story may lead onto something unrealistic but it really could be one of those. Besides there's no one forcing us to believe and let us embrace it. It might be a fake news but at least we are aware of the possible situations outside.

[Wysi]

Well, today Bitcoin went up by 14% ($1,000) without absolutely no reason

Market manipulation pump by Tether criminals, no worries scheduled dump is coming.  

Not exactly mate I think something different is being planned this time as they are not letting bitcoin to stay at high value for long time and user are getting smart day by day and cannot be fooled everytime, we need to hold on to our wallets to fail them in their manipulation.  This time it doesn't matter whether it's a pump or dump unless it last for weeks because daily pump and scheduled dumps will not work anymore as we have already learnt the lesson in hard way.

[hatshepsut93]

what is the first thing that comes to mind when you hear "Blockchain"?

Vaporware.

Ever since blockchain hype started, its fanboys tried to distance themselves from Bitcoin, which was coined in the "blockchain, not bitcoin" phrase, you can dig up a ton of articles about bankers, governments officials, investors, economists saying the same thing - that they are excited about "blockchain technology", but don't see any future for Bitcoin. People who praise blockchain are very likely to be anti-Bitcoin.

Unfortunately, newbies on this forum think that Bitcoin, crypto and blockchain all mean the same thing, so they get excited when someone talks positively about the last two.

[jhonjhon]

We already know bitcoin is unpredictable and it sometimes give surprise pump and dump from time to time but I disagree that the price pump is not tied with anything. There are a lot of things that can be the reason why the price right now, it could be the supply and demand of bitcoin or could be just one of the doings of whales trying to play on the investors mind. Lets face it, bitcoin can be tied with anything and sometimes with one very influential person talking about bitcoin then price change.

[maydna]

Well, today Bitcoin went up by 14% ($1,000) without absolutely no reason

Market manipulation pump by Tether criminals, no worries scheduled dump is coming.  

Not exactly mate I think something different is being planned this time as they are not letting bitcoin to stay at high value for long time and user are getting smart day by day and cannot be fooled everytime, we need to hold on to our wallets to fail them in their manipulation.  This time it doesn't matter whether it's a pump or dump unless it last for weeks because daily pump and scheduled dumps will not work anymore as we have already learnt the lesson in hard way.

Yes, I don't think that is because of Tether criminals, perhaps it's because of something else. We know that bitcoin can increase and decrease without any reason, and it depends on the market movements by the traders. But the news can also impact the bitcoin market price, so we might think that is because of manipulation from some group of people.

We need to be wise related to the market movements so we can act based on the market moving. And that will be another good lesson for us, and we can take the point of the experience which we will use for us in the future.

[Clement Kaliyar]

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.

It is natural that the crypto journalist like to find news to attract people who are looking for the reason why the market went high or down and hence we are seeing these for a long time and it is continuing till this time and even with this rally there are many news article that the Chinese authorities acceptance of blockchain shifted the market  .

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

Even i do not believe in patterns in the short term but there is a reason for the rally and it is not cut straight to understand why there was a massive investment in the market.

[justdimin]

It is actually tied to public opinion. Whenever people feel like it may fall and actually have bitcoins to sell they sell their bitcoins and price falls. Whenever they feel like it will go up and they have fiat they buy bitcoin and it goes up. Thats why its tied to public opinion. But, even that is not really mattering these days because even when most of the people think one thing whales could do another and price could change contrary to what people thinks.

Most people see this as "bitcoin moving against the public opinion" but that is not really true, whales are people too and it moves according to what they believe so its still considered "public opinion" just not what most of the public thinks but only a small portion of rich public thinks so its still true.

[smyslov]

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?

That's a valid question, the rise and drop of prices in the market only means that people are buying and selling it, and why they are buying and selling it, buyers are buying it because of future profit, and sellers are selling because they are already in profit, if people do not consider Bitcoin as an investment then why look and comment in the market, and most of all why HODL it?

Just my opinion not meant to offend anyone here