Are You Concerned On Sudden Rise of Bitcoin?

[exstasie]

Bitcoin just made a sudden or abrupt rise hours ago and it reached more than $10,000 before settling at around $9000 as of the moment. Now, I am actually so excited and happy for this development as I also have some Bitcoin hidden somewhere. However, i am a little worried that this very volatile move can be bringing some damage to its overall reputation as a store of value and a future global currency.

Is my concern really valid in the face of this ongoing development?

We are still in the experimental early adoption phase. Extreme volatility is par for the course. Embrace it.

The only thing I'm concerned about is the market may have moved "too far, too fast." Sometimes moves like this plunge back down, forming an Eiffel Tower on the charts. That would trap lots of bulls on the wrong side of the market, not to mention that shorts have already been fully squeezed.

So if the market somehow makes it back to the $7,000s things are going to get very ugly.

[Febo]

Bitcoin just made a sudden or abrupt rise hours ago and it reached more than $10,000 before settling at around $9000 as of the moment. Now, I am actually so excited and happy for this development as I also have some Bitcoin hidden somewhere. However, i am a little worried that this very volatile move can be bringing some damage to its overall reputation as a store of value and a future global currency.

Is my concern really valid in the face of this ongoing development?

This is nothing unusual. It is happening all the time. Price of Bitcoin decreased because of whales two days ago by almost 10%. In June I remember it went down and back up for 20% in few days time. If you check price in past you will see this happens all the time. Price of Bitcoin is highly manipulated by whales. Do not trade Bitcoin. If you want to trade you trade something else and keep away of Bitcoin. You will definitely lose here.

[dragonvslinux]

In the short term, given that at present this is the furthest Bitcoin has dropped in a single day for a few months it's concerning. What's more worrying is this is the biggest doji reversal candle (long wick at the top) we have seen in years. It doesn't need to close red to be as bearsh as it get's unfortunately. Just my opinion of course.

[royalfestus]

Whenever I see pump with bitcoin I usually go for the news around it, some news are capable of sustaining the pump for a long time and some are just distraction. China posed to be around the news, after a long tussle bitcoin can enjoy the china population and the adoption. This news is capable of starting a steady sail of the space. What will be the implication in altcoins as time passes?

[target]

The one thing that you should be concerned of is how much BTC you could have before the price finally sets to rise going to its ATH. It doesn't matter if the Chinese are going to use their own digital cryptocurrency or they ban BTC still, BTC will still be decentralized and can go up before their coin can.  All that matters is if you have BTC in your wallet.

[dentolas]

Have you seen the sudden rises that brought BTC back from 3-4k level to 10k?... same thing... it's volatility is well known and will be difficult to tackle until BTC gets more distributed...
It has good sides and bad sides...

[eaLiTy]

Bitcoin just made a sudden or abrupt rise hours ago and it reached more than $10,000 before settling at around $9000 as of the moment. Now, I am actually so excited and happy for this development as I also have some Bitcoin hidden somewhere.

Ok you are trying to claim that you are having some BTCitcoin hidden like a treasure trove  .

However, i am a little worried that this very volatile move can be bringing some damage to its overall reputation as a store of value and a future global currency.

BTCitcoin is a volatile market and these kind of price movements are nothing new, it is a global market and anyone can invest and trade without restriction and hence these kind of volatility is a common occurrence. You can see BTCitcoin which ever way you like, use it as a store of value as transaction or to trade internationally.

[buwaytress]

Well I tell you what, you're right to be concerned IF you think you have to be concerned about the rise and falls of Bitcoin in the short term.

I personally think most people whine too much when price falls, and then they're happy to eat the cake on days like these. For me, if you want the cake, you got to eat the scrapings in the bear market too, right?

I was concerned in 2017, and concerned this year when the rally happened. So yeah, concerned today too that all this is too soon, too fast.

But I tell myself, at the end of the day, all this doesn't matter when my big picture comes. This just delays it.

[STT]

It represents volatility so I'm interested as to why thats occurring.   We already had a rise before the weekend and then I would guess on a positive effect occurring on Saturday and Sunday before hit the hard road on Monday again.    Its not normal for sure, put it that way so concern isnt incorrect imo but also BTC is volatile and I did expect some rise with 200 day average rising everyday; it created some vacuum for the price to re enter higher prices.     Short term prices can move in surprising ways and BTC has high volatility compared to almost anything.

[magneto]

Bitcoin just made a sudden or abrupt rise hours ago and it reached more than $10,000 before settling at around $9000 as of the moment. Now, I am actually so excited and happy for this development as I also have some Bitcoin hidden somewhere. However, i am a little worried that this very volatile move can be bringing some damage to its overall reputation as a store of value and a future global currency.

Is my concern really valid in the face of this ongoing development?

No.

A long term store of value can be volatile in the short term. It's not contradictory to have an asset that may be volatile in the short run, like gold, to be considered a safe haven asset for storing wealth.

I'm not concerned whatsoever in that aspect, although what I am concerned about is that people are FOMOing to a very significant extent. A 30% rise is not natural within a day, even with the Xi news.

[jaocoincrypto18]

Well, even though I am also happy to see this sudden rise, if the reason behind it is the Chinese President, it can backfire harder than a typical correction would. For instance, he might issue a statement explaining that cryptocurrencies will be banned and Blockchain will be used for other purposes or that the only legal crypto will be the Chinese national crypto... This could kill the excitement overnight, followed by Bitcoin going below $7500... It is not very good that such controversial regions are still playing at important role in Bitcoin's price formation (if this is what's happening, that is). It makes it all very fragile.

Sure. But again, it doesn't really matter, as this will just be a blip in the charts in the long term. Who cares if the excitement dies overnight? This sort of pumping event has happened multiple times in the past. The markets are irrational, and don't expect it to change anytime soon. And lastly, we're not even sure if the China announcement was actually the main cause of the pump. It could totally just be a coincidence. But again, no one knows for sure.

I agree, If China has to do with this sudden Bitcoin shooting back up then the price should continue to rise up maybe it was already above $10,000 right now because when China banning Bitcoin before the market Bitcoin performance was greatly dumped so I think this is just a big whales trap using the Chinese president statements of positive approach on Bitcoin. 

[cryptoangel]

Have you seen the sudden rises that brought BTC back from 3-4k level to 10k?... same thing... it's volatility is well known and will be difficult to tackle until BTC gets more distributed...
It has good sides and bad sides...

Bitcoin is a volatile cryptocurrency so everyone know the pump and dumps of Bitcoin. The current hype make good notice for BTC potential so peoples are concentrate more right know. This year starting it was stay in 3k to 4k only but everyone see the 13k USD on this year so it will raise again on further days.

[alexsandria]

Bitcoin just made a sudden or abrupt rise hours ago and it reached more than $10,000 before settling at around $9000 as of the moment. Now, I am actually so excited and happy for this development as I also have some Bitcoin hidden somewhere. However, i am a little worried that this very volatile move can be bringing some damage to its overall reputation as a store of value and a future global currency.

Is my concern really valid in the face of this ongoing development?

I was suprised a bit 'cause I wasn't looking to any chart or whatsoever by that time, I was sleeping and when I wake up it was at 10k by that span of time. Was so sudden,  I was expecting a side of me though a bull run, but I am on the other hand aware that this was just made by whales. It was so early though but who knows right. Besides, I don't think these sudden changes in Bitcoin market would damage its reputation because it is normal.

[CarnagexD]

All of us are concerned and I know some of are panic when the price goes down. But, everyone are happy when the price goes up. The sudden rising price of bitcoin is very questionable and I know some of us think that some people manipulated it and some of us think it is because of china. But, do you think what is really the reason on sudden rise of the price?

[Argoo]

Worried about disturbing and negative events. The growth of bitcoin in the price causes a logical interest about the possible reasons for such growth. But we don’t see any obvious reasons. A statement by the Chinese president to support blockchain technology cannot be a real reason for the rise in the price of bitcoin, since the Chinese government has previously fully recognized this technology and widely implemented it in practice.
However, it is important that the price of bitcoin began to rise. Let Bitcoin continue to rise in price for no apparent reason.

[The Sceptical Chymist]

Well, bitcoin does seem to be holding onto the gains it made since exploding in the past two days.  Big gains don't really give me cause to be concerned, except for the possibility of crashing--but in this case it doesn't look like bitcoin is gaining fast enough to cause too severe a correction.  And I guess there already was a mini-correction, because it had gone above $10k if I'm not mistaken. 

Definitely nice to see bitcoin being alive again.  I don't hold a lot of my money in crypto, but I hate to see it get beaten down and this last year has been exceedingly rough.  This might be a good sign for next year.

[danherbias07]

Don't be worried.
Actually this amount is just a little percentage of what bitcoin could reach in years to come.
We already saw how much it can reach when it hits its all time high which is 20k USD.

Now, if you are worried about the sudden rise for now, this could just be for now. It is too quick to fluctuate up hence, there could be a possibility that it will also go down any minute from now. (which is already happening)

[Wysi]

All of us are concerned and I know some of are panic when the price goes down. But, everyone are happy when the price goes up. The sudden rising price of bitcoin is very questionable and I know some of us think that some people manipulated it and some of us think it is because of china. But, do you think what is really the reason on sudden rise of the price?

Earlier people used to be bothered about price drop but now users are bit worried when an unexpected sudden pump happens because it's quite obvious that most of us thinks it's a bull trap to extort our investment just by manipulating the price. I think it's too early to comment on this as fluctuations are still wild.

[Taskford]

All of us are concerned and I know some of are panic when the price goes down. But, everyone are happy when the price goes up. The sudden rising price of bitcoin is very questionable and I know some of us think that some people manipulated it and some of us think it is because of china. But, do you think what is really the reason on sudden rise of the price?

Earlier people used to be bothered about price drop but now users are bit worried when an unexpected sudden pump happens because it's quite obvious that most of us thinks it's a bull trap to extort our investment just by manipulating the price. I think it's too early to comment on this as fluctuations are still wild.

It's a normal feeling for people who lose there BTC when price got dump so hard on the past months and maybe they are on stage that they are feeling the market situation these days. And Just like us I'm sure that all of us bothered since we cannot afford to lose more money if certain things will fail with the current situation with bitcoins today.

[Yaunfitda]

We will be concern if the sudden rise is a bear trap, but days have gone and so far it it still holding and it looks like going to be sustainable at least in $9k range. So the concern would be if the price goes to $7400 again and then goes on another side way trading patterns.

So it's a sigh of relief for now and no need to be concern at this point. Maybe we could see another break out to $10k again next month. We are almost at the end of the year now, so I do hope at least a good 5 digit this year and see how it goes prior and after the much touted block halvening.