The main driving force behind bitcoin rally

[acquafredda]

Try to have a look at price chart on a logarithmic scale: if you start from 2011 everything looks perfectly moving according a nice and steady price appreciation. I am not surprised by it after hours of studying what Bitcoin is and what it is for. The race is long, come aboard.

[1715093876]

1715093876

[1715093876]

1715093876

[1715093876]

1715093876

[Slow death]

this pump must be related to the US elections, some people must be taking advantage of the situation to pump the price something like: "with joe Biden will be in favor of bitcoin" and coupled with the fact that numbers of infected cases in the USA have been high so people must be thinking that salvation is in bitcoin. to test if I am wrong we will observe after the elections if the price will continue to increase at this speed

[2double0]

Institutional investors are done accumulating lots of btc through both, the exchanges and OTC deals (those through exchanges too) and it looks like not enough btc is now available on the exchanges and even in OTC deals, so it is pushing the price higher and higher because the buyers are increasing and sellers are either tired or out of btc, or they do not want to sell their coins 'cheap' so we may see new ATH during the period of November-December and repeat the history. Organic growth is looking better but it should not come down this time like it did last time.

[carlfebz2]

With strong bitcoin bullish trend I was asking myself: what is the main driving force? In my opnion it's not retail traders or mass adoption, it's insitutional money that keep flowing in and pushing the price higher. What do you think?

Several possible reasons but we cant precisely point out which one is the main reason yet market can rise up neither have or no having some sentiments.

• Post-halving effects
• Paypal Adoption
• Presidential Election

These are the 3 i do saw that might be the reason.Its just a presumption basing of on whats current happening on the recent market.

[redsun114]

With strong bitcoin bullish trend I was asking myself: what is the main driving force? In my opnion it's not retail traders or mass adoption, it's insitutional money that keep flowing in and pushing the price higher. What do you think?

I think so too, a lot of people institutions are starting to realize how good Bitcoin is and now they are investing their money in it, it's becoming part of their, some are going with 1%, and for some it's as much as 5% or a bit more. The ones that got in earlier will eventually be taking lots of profit as the price is booming now.

By the way did PayPal invest money in Bitcoin? Because if they did I can't remember, I just saw some people now saying that they are part of what caused the price to increase, unless they mean that they influenced people to start buying crypto? And before we say they have influenced, let's not forget they have not started the services except for the US which was yesterday, and will be going worldwide next year.

[Cnut237]

The big rises we are seeing at the moment are surely due to the US election. Look at what's happening with the 'normal' stock markets, for comparison. Bullish sentiment is returning across the board; this isn't specific to crypto.
Bitcoin is still regarded in the main as a highly speculative 'good times' asset, something to buy when everything is looking good, in the hopes of reaping some big returns. Similarly it's the first thing to be sold once an economic crisis hits. What we're seeing now is that Trump is likely on his way out, with the more stable Biden coming in, but also Biden being hampered by a Rep-controlled senate in what changes he can realistically effect... so no new big taxes or regulation for businesses.

[matchi2011]

this pump must be related to the US elections, some people must be taking advantage of the situation to pump the price something like: "with joe Biden will be in favor of bitcoin" and coupled with the fact that numbers of infected cases in the USA have been high so people must be thinking that salvation is in bitcoin. to test if I am wrong we will observe after the elections if the price will continue to increase at this speed

The current price of above 15k is being pushed because of the result till now in favour of Joe Biden. Though we were expecting 15k around by year end would be good but the way it has rallied so quickly from 13 to 15k was extremely short time and let see if it can continue to hold above it or will some surprise element pops out in election this could mean it can fall as well.

Investors needs to be more careful if that's the case, the election is almost done now, and those investment who carries the value to
pumped may now be withdrawn expect the retrace if there's no backup support.

Anyhow, there's always chances to see the downfall once those big earners already satisfied with their money and begin to sell and
stop buying for a while.

[Hemady17]

The bitcoin halving event last few months pushed bitcoin back in its rally. I shocked when I saw yesterday that bitcoin moved up fastly. From 13K usd to 15K usd is unusual event yet expected by many speculators. Hopefully this rally will continuously as the market becomes more greenish. The price will hold until 16k usd and we may experience a slight correction because of the long rally.

[pixie85]

this pump must be related to the US elections, some people must be taking advantage of the situation to pump the price something like: "with joe Biden will be in favor of bitcoin" and coupled with the fact that numbers of infected cases in the USA have been high so people must be thinking that salvation is in bitcoin. to test if I am wrong we will observe after the elections if the price will continue to increase at this speed

LOL how come? You think people are buying Bitcoin just because they think new US president could be in favor of it even when he hasn't said anything about it? This is so far fetched.

Of course the reason for the pump is a few institutional purchases followed by PayPal adoption and then simple technical bullish confirmation of the uptrend.

[Coin-1]

Of course the reason for the pump is a few institutional purchases followed by PayPal adoption and then simple technical bullish confirmation of the uptrend.

I also think the Bitcoin rally is driven by the fact that giant worldwide payment system PayPal recently decided to allow its customers to purchase BTC coins. I see a lot of people want to buy Bitcoin in the Marketplace section of the forum. They will now be able to buy BTC coins through the PayPal platform itself.

A secondary reason for the ongoing rally may be the legalization of cryptocurrencies as digital assets in some jurisdictions from January 2021.

I just looked at the historical charts. The Bitcoin mining difficulty has recently dropped from 19.99 T to 16.78 T. This value is the same as it was in May 2020 before the mining reward halved. Therefore, everything is fine.

[yazher]

With strong bitcoin bullish trend I was asking myself: what is the main driving force? In my opnion it's not retail traders or mass adoption, it's insitutional money that keep flowing in and pushing the price higher. What do you think?

One of the reasons was the Bitcoin Halving that happened a few months ago and the news of PayPal that shake the entire industry on Cryptocurrencies. Of course, of all the Altcoins, Bitcoin is the number one to benefit it and for some reason people who knew that the price will gonna rise after a few months from now. has already purchased a decent amount of bitcoin for they already know the result is going to be positive in a higher rate.

[mariah.sadio]

HYPE is the main driving force behind this rally. Hype and fomo push price forward so strong. Paypal news was the just starting point of it

[Stalker22]

HYPE is the main driving force behind this rally. Hype and fomo push price forward so strong. Paypal news was the just starting point of it

I agree. In addition to increasing institutional awareness, other major factors influencing the rise of bitcoin price are the halving event, paypal news and the coronavirus. The price of bitcoin is likely to continue to rise until the coronavirus peaks. But I also expect a strong pull-back or correction. Maybe it will be a good opportunity to enter again? Who knows...

[Bitstar_coin]

Demand is the main driving force behind bitcoin rally. The greater demand ,the higher tendency of value. Those institutional money that you said is also comes from the demand. Let's hope for another ATH this year.

I can't really tell what's driving the price to rise so sudden, yes, the demand has a big part of it but what is the main thing that causes the price to surge this way? I don't think the PayPal hype have something to do with it but it's also one of the factors that causing the price to grow. I don't think there will be another ATH this year but I do think there will be in 2021. What do you think?

I doubt anyone can say for sure what is the driving force behind btc rally, no particular reason can be point out, but I would say it depends on many reasons that have accumulated overtime beginning to reflect in price, and also PayPal news also play a huge part of this price pump it can not be overlooked, I mean PayPal news lead to more exposure and spread awareness too, this can't be ruled out.

[asriloni]

Bitcoin price is determined by many factors, it's hard to name the main force behind the certain price action.

It seems true but one thing that could be the main thing that has been creating a lot of noise to use bitcoin as investment opportunity and that's the paypal news.
After the statement from paypal to create a crypto service and the market was reacting it positively. More companies started to be interested with bitcoin.
We know that paypal as the major company that has brought bitcoin to another level of investment opportunity. The big names started to talk about the possibility to take bitcoin as an option to diversify their portfolios.
Halving may give a small impact but the paypal news was everything.

[traderethereum]

HYPE is the main driving force behind this rally. Hype and fomo push price forward so strong. Paypal news was the just starting point of it

US election can be behind this rally, although we don't know the truth.
People become interested in bitcoin, and making money will be behind the bitcoin rally. But many possibilities can be behind the rally, and we don't know what is the trigger the price increases.
The halving moment can be another thing that triggers the price to start a rally.
But I guess after Paypal announces the accepting crypto on their website, the price start rally and maybe that is the trigger.
Paypal's news can lead people and their members to buy crypto and send it to the other wallets.

[Nellayar]

Bitcoin price is determined by many factors, it's hard to name the main force behind the certain price action.

Bitcoin is derived by two major factors happened in the last months.

1. Bitcoin halving which is really what we expected nowadays since we knew that the last bitcoin halving event had a good impact in the market.

2. Giant company (paypal) announced that they will integrate bitcoin.

These two are the main factors affected the price of bitcoin. The rally is just began. We may see a new ath by the end of this year.

[kryptqnick]

I was waiting for some Americans to say that it's because of their presidential election!

With strong bitcoin bullish trend I was asking myself: what is the main driving force? In my opnion it's not retail traders or mass adoption, it's insitutional money that keep flowing in and pushing the price higher. What do you think?

In my opinion, the bitcoin price is increasing because of the corporate spending on bitcoin is increasing. What corporates do usually have a positive impact on people's mind. I think this is what exactly is happening around bitcoin. More liquidity is flowing into the market increasing the demand which is pushing the price higher! That's the most justifiable reason I see now!

I think Bitcoin is rising due to FOMO. The price starts rising, and people buy more BTC in expectation that the price will rise even more. And then it does rise, and they do it again. Kind of a self-fulfilling prophecy. The US elections could drive the hope up, with people feeling optimistic about the future in general with the new President, but perhaps some other things added to this, such as news about companies putting money into Bitcoin, PayPal planning to accept Bitcoin and stuff like that. As for halving, I'm not so sure it's among the main factors because it's a matter of interpretation whether halving ever pushed the price up (Antonopoulos doesn't seem to think it did).
But as any bull run before, it can easily explode, and the price can totally get back to $6k.

[Alucard1]

The price of the bitcoin keeps on increasing because of the demand, many people still buying bitcoin because of thinking that it could increase more to the point that it can reach $20k within this year, I am hoping that it could happen as well. as what many people are saying, they keep on thinking that it is because of the US election than affect the inflation of the bitcoin which is unreasonable, there is no relation between the price of the bitcoin to the US election.

The second factor is the delay effect of the bitcoin halving, we cannot see huge movement when the bitcoin halving and I am thinking that it is one of the reasons.

[Blackrain13]

Demand in the main driving force behind bitcoin. Many people are being aware about the value of bitcoin and because of what happened in the past year 2017 , many people thinks that it could reach another all time high more than before that's why they are buying now and hold until he time will come and that's the reason why bitcoin price keep on increasing now.