Real Reason Why Bitcoin Price Shot Up Today

[Kambal2000]

I think the reason why the current price of bitcoin can have price increases is because maybe the founder of Twitter bought bitcoin so that many people also followed him to buy bitcoin, this information I got from various media, so maybe that's the reason why the price of bitcoin can be very expensive.

It maybe true or not but one thing is the reality is that it is not due to China's president announcement, since there is nothing with their announcement that affects the price of Bitcoin, so we should avoid that speculation, but because people are just starting to buy again at their own discretion.

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[Haunebu]

I don't get why so many people feel that China embracing the blockchain is completely responsible for this surge. It may have had an impact, but there are other factors involved too. They still don't support BTC and only care about the tech behind it people.

I think just mentioned the reason why bitcoin recently got pumped to $10.000 even though it went down again a little bit (likely a price adjustment). It can be also because of China, as always, even though IMO China could be a threat to Bitcoin in the future (from the latest update - hasten blockchain adoption).

How exactly will China ever be a threat to BTC? They have banned crypto multiple times and BTC still thrives. Many countries including China are embracing blockchain adoption which is a good thing and their centralized currencies will never pose a threat to BTC in my opinion.

[pakhitheboss]

When the price goes down it will later on also go up. There is no other reason. It is just a recovery. I do not think any news will act as a catalyst for Bitcoin price. They all happened in the old days. Such news are created by the website to boost traffic and increase revenue.

[joinfree]

Well i still think the announcement from the president of China still has an influence in the sudden surge in bitcoin's price. China is one of the biggest economy in the world right now and i believe so many investors in there would love to invest into bitcoins but the unfavourable regulations in there about cryptocurrencies might have made them hold their balls about this move. This news from their president makes them assume that they might have the green light soon hence everybody is rushing to buy some. This i believe has created this FOMO and increased the price significantly.

[kryptqnick]

The real reason why bitcoin price shot up today may have nothing to do with China's president announcement that they may reserve the blockchain and crypto exchange ban. Read this article about the real reason and let me know what you think.

https://www.cryptozink.io/real-reason-why-bitcoin-price-shot-up-today-china-crypto-news/

You need to hire an editor to proofread the text, there are too many mistakes in it. And sometimes the article does not seem to follow any logic, because at first, you're saying that the price boost is not likely to go away soon:

The Bitcoin rally started earlier today and doesn’t seem like it’s going to slow down anytime soon.

But then you finish saying that we should enjoy the good prices when they are still here since it might not be like this for long:

So enjoy the the ride crypto investors, it may short live.

I think that the could go up like this naturally after hitting the bottom, so to speak, although it recovered too fast for that to be the only reason. So the Chinese version actually sounds reasonable. Something had to motivate lots of riches to invest in Bitcoin.

[Asmonist]

Its better to monitor the price more often. I think it can only make us panic if we check it more daily. Today and tomorrow maybe the same price so better check it every other day. The price is somehow steady for now and most likely everyone are holding there coins.

[Apes]

In my opinion, the Chinese president's statement has nothing to do with bitcoin surge. This surge was triggered by the bitcoin price which has hit bottom and many investors have been waiting for it.
Even though China is currently one of the countries with the largest economic power in the world, the presidential statement cannot always be associated with bitcoin surge because the fact is china has not yet proven anything, and they are more concerned with monopolistic economies and I don't think this will benefit the crypto users

[Chris Barth]

Literally, I didn't know it increased. I just checked now to observe that there was an amazing shoot up of bitcoin's price. Looking at this, I'm kinda thinking that the prediction of btc price for October is still feasible. Though there are five days remaining, the price could still reach the $16k as predicted.

[Zeke_23]

Literally, I didn't know it increased. I just checked now to observe that there was an amazing shoot up of bitcoin's price. Looking at this, I'm kinda thinking that the prediction of btc price for October is still feasible. Though there are five days remaining, the price could still reach the $16k as predicted.

We will never know until the end of this month will come. Maybe the prediction is right or maybe not.
There are still a lot of struggle that the bitcoin may face for those remaining days of the countdown, its price may go down at any moment or maybe up as predicted.

[Inkdatar]

Its better to monitor the price more often. I think it can only make us panic if we check it more daily. Today and tomorrow maybe the same price so better check it every other day. The price is somehow steady for now and most likely everyone are holding there coins.

We couldn't stop others to monitor the price from time to time. Let us say mostly surprise of this sudden upward trend of bitcoin price. And, no one knows what price it will reaching to. In my view we couldn't tell the exact reason of this sudden pump of price. So let us observe the market if it would temporary at this range or more likely will continue to increase.

[whtchocla7e]

I have seen some unofficial news shared on the media, about the strong growth in BTC prices today most likely because of China's ban on BTC. In addition, the government has encouraged investment in blockchain technology!

[virasisog]

The real reason why bitcoin price shot up today may have nothing to do with China's president announcement that they may reserve the blockchain and crypto exchange ban. Read this article about the real reason and let me know what you think.

https://www.cryptozink.io/real-reason-why-bitcoin-price-shot-up-today-china-crypto-news/

Yes it might be one of the reason but the announcement from China's President can also be one aspect of the sudden price movement of Bitcoin.
Some other reason is the effect of Bakkt and the incoming Bitcoin Halving next year 2020.

[ufaiz50]

According to the cause is indeed the announcement of Xi Jinpin adopting blockchain technology. This causes the market to get a lot of demand, after all the decline due to the US's intent to destroy libra. I did not expect the announcement of the adoption of blockchain globally by China, and the great thing was said by the president.

[YuginKadoya]

In my opinion, there is no real reason behind the sudden surge of the price it is all volatility working, I guess Bitcoin is readying itself to make another All-time high and readying itself until the next halving I have seen a pretty accurate prediction that bitcoin will shift its price down to $7700 USD then back to $9900 this month then after a while will make another all-time high March next year, Pretty great price to land, in my opinion, can be at $ 30,000 USD the price will surely push when the Halving occur next year.

[xiboothrezi]

in the article called short squeeze.  temporary price increases even though buyers cover their positions, meaning they remain on the safe track.  well, I see it as a market maker price game, still there must be a trigger to make a strong price wave.  this is where the fundamental role is felt, and the statement from the Chinese President is one of the triggers.

[pixie85]

He's saying that the short squeeze was responsible for the price going up. This is a sad excuse because there would not be any short squeeze if the sell pressure remained high.

When an asset is bearish and people don't see the reason to buy the short positions don't get liquidated. Shorters earn money and the price keeps falling.
In that last run up we broke through the downtrend that was present since September and marked a clear reversal. Short squeeze would not happen if there was no buy pressure at the bottom.

[cryptozink]

I think it's going to be a roller coaster until a month or two before halving.

The real reason why bitcoin price shot up today may have nothing to do with China's president announcement that they may reserve the blockchain and crypto exchange ban. Read this article about the real reason and let me know what you think.

https://www.cryptozink.io/real-reason-why-bitcoin-price-shot-up-today-china-crypto-news/

Quite possible that we're just having a bubble right now. But we'll still see if it would hover around a little below $10k or it would burst back to somewhere $8k. We're all just speculating the reason's why and the news regarding China may also be possible, but more unlikely than the article's author point of view. I still wish it would just go sideways and does not dip back down, we might see another great time for bitcoin.

[cryptozink]

People that can't or don't do analysis and study charts always depend on speculation. I really don't think China has anything to do about it. That's the whole point of the article. However, Bitcoin is tied to the blockchain, so China can affect bitcoin talking about the blockchain.

I don't get why so many people feel that China embracing the blockchain is completely responsible for this surge. It may have had an impact, but there are other factors involved too. They still don't support BTC and only care about the tech behind it people.

I think just mentioned the reason why bitcoin recently got pumped to $10.000 even though it went down again a little bit (likely a price adjustment). It can be also because of China, as always, even though IMO China could be a threat to Bitcoin in the future (from the latest update - hasten blockchain adoption).

How exactly will China ever be a threat to BTC? They have banned crypto multiple times and BTC still thrives. Many countries including China are embracing blockchain adoption which is a good thing and their centralized currencies will never pose a threat to BTC in my opinion.

[cryptozink]

So you don't think Zuck appearing in front of congress the other day to discuss Libra had anything to do with Bitcoin loosing 17% that day?

When the price goes down it will later on also go up. There is no other reason. It is just a recovery. I do not think any news will act as a catalyst for Bitcoin price. They all happened in the old days. Such news are created by the website to boost traffic and increase revenue.

[cryptozink]

It definitely did, just not as much people think.

Well i still think the announcement from the president of China still has an influence in the sudden surge in bitcoin's price. China is one of the biggest economy in the world right now and i believe so many investors in there would love to invest into bitcoins but the unfavourable regulations in there about cryptocurrencies might have made them hold their balls about this move. This news from their president makes them assume that they might have the green light soon hence everybody is rushing to buy some. This i believe has created this FOMO and increased the price significantly.