Why did Bitcoin raise past $30,000?

[johnmurphyy]

I don’t know why Bitcoin plummets, but it seems to be a gamble with all sorts of currencies.

Any suggestion would be appreciated.

[fuer44]

theoretically, when the purchase increases, the price will increase and vice versa. If you look at the current situation of bitcoin increase, I think this has an impact on the corona as well. whether it can be called whales, gamblers, or investors, in essence, the volume of purchases of bitcoin is increasing as a pandemic prohibits many activities outside the home and bitcoin can be the main solution to invest without leaving the house. that also we see the situation that is happening today.

however, surely many will say that these are "whales" and are likely to fall again like the 2018 phenomenon. then why if this happens? I think it's a natural thing, especially in the investment world. that investment can go up and down over time.

[plr]

I don’t know why Bitcoin plummets, but it seems to be a gamble with all sorts of currencies.

Any suggestion would be appreciated.

It could be, the volatility is always a part of the market even if the market is moving up there is a possibility of correction and dip, whales are investing huge and so are institutions, there's still a possibility that other whales will dump, always watch out for the news, right now Bitcoin and Ethereum are the safe bet.

[JimboToronto]

Why did Bitcoin raise past $30,000?
____

I don’t know why Bitcoin plummets, but it seems to be a gamble with all sorts of currencies.

Any suggestion would be appreciated.

It rose past $30k because it is in a bull run driven partially by last year's halving and partially by institutional investment.
___

The reason for it plummeting when overextended in a bubble varies.

In 2011 it was MtGox being hacked.

In 2013-4 it was rumors of China banning Bitcoin, combined with MtGox imploding.

In 2017-8 it was simply a matter of over-extension.

In 2020 it was Covid-19 which also crashed most of the other markets.

That was the last time it plummeted. What happened a few days ago wasn't a plummet. It was a little correction which, as we saw, didn't last long.
___

My advice to you is to hold your Bitcoin steadfastly, resist panicking if the price goes down, and wait at least 5 years.

If you want to gamble your money by day trading, don't be surprised if you lose it.

[PhoenixZephyrus]

Bitcoin is currently going through a bull run, and I think it might have many causes for it being so, specially the change in the direction of majority investments during the pandemic maybe? Change of power also causes fluctuations, like it did in late 2016- early 2017. I would say that do not repeat what I did and hold your bitcoins, and wait before spending them, as it has shown numerous times in the past that it should can plummet but come back up within a couple of years.

Volatility is always a part of bitcoin, its price is highly dependent on supply and demand, and, as supply is limited, halving in production causes value to surge further.

[Oceat]

I don’t know why Bitcoin plummets, but it seems to be a gamble with all sorts of currencies.

Any suggestion would be appreciated.

Price drops is normal since this is how the market supposed to be working because traders are everywhere. What is not normal is if Bitcoin continue to rise without even a little correction but that's impossible to happen since traders are everywhere. You know what else did rise without even dropping, right? Those are ponzi scheme promising to return your investment multiple times. Anyway, back to the topic, I think you know why Bitcoin did rose like that and breaking a new ATH price because of the halving every 4 years. Sooner or later we will going to see $40k.

[johnmurphyy]

Why did Bitcoin raise past $30,000?
____

I don’t know why Bitcoin plummets, but it seems to be a gamble with all sorts of currencies.

Any suggestion would be appreciated.

It rose past $30k because it is in a bull run driven partially by last year's halving and partially by institutional investment.
___

The reason for it plummeting when overextended in a bubble varies.

In 2011 it was MtGox being hacked.

In 2013-4 it was rumors of China banning Bitcoin, combined with MtGox imploding.

In 2017-8 it was simply a matter of over-extension.

In 2020 it was Covid-19 which also crashed most of the other markets.

That was the last time it plummeted. What happened a few days ago wasn't a plummet. It was a little correction which, as we saw, didn't last long.
___

My advice to you is to hold your Bitcoin steadfastly, resist panicking if the price goes down, and wait at least 5 years.

If you want to gamble your money by day trading, don't be surprised if you lose it.

Well said, Thank you for the advice.

[adaseb]

In 2017-8 it was simply a matter of over-extension.

I think the crash of 2018 was actually the BitcoinConnect Ponzi scheme being discovered its a Ponzi by Vitalik and shortly after that the sell off started. Another reason was probably all that ICO money that was being dumped on the ETH markets.

From what I remember, Vitalik made some tweet that "If something promises 1% a day in returns... its a ponzi" and then a few days later, Bitconnect was indeed a ponzi and BTC took a direct hit.

Then as the months went on, there were reports of ICO funds being sent to exchanges which made the price of ETH suffer even more. So over-extension was one of the reasons but I think the catalyst was the BitConnect and ICO scams.

[exstasie]

In 2017-8 it was simply a matter of over-extension.

I think the crash of 2018 was actually the BitcoinConnect Ponzi scheme being discovered its a Ponzi by Vitalik and shortly after that the sell off started. Another reason was probably all that ICO money that was being dumped on the ETH markets.

Right, and BTC only crashed in 2014 because of Mt. Gox.

People usually apply it incorrectly but "what goes up must come down" is generally a truism. ICOs and ponzi schemes like Bitconnect may have helped fuel the bubble and amplified the crash but they weren't the cause of anything.

[Husires]

I don’t know why Bitcoin plummets, but it seems to be a gamble with all sorts of currencies.

Any suggestion would be appreciated.

I bet the stimulus packages were the reason behind the rally.companies expect a decrease in dollar and many of them will want to invest in bitcoin to ensure that their money will not be lower than this level.
Bitcoin trading volume have small amount and all new minning coins are sold in OTC market with high demand. price will keep incrasing more and more.

[Saisher]

I don’t know why Bitcoin plummets, but it seems to be a gamble with all sorts of currencies.

Any suggestion would be appreciated.

The market is a high risk because of the volatility, it's been that way ever since but if you look at the market right now, the price is going up and continuously going up I don't see the plummet and if there is a plummet, it's a correction and everybody is expected a correction whenever there is a pump, if the movement continue we'll have $50 k before the end of first quarter.

[BrewMaster]

In 2011 it was MtGox being hacked.

In 2013-4 it was rumors of China banning Bitcoin, combined with MtGox imploding.

In 2017-8 it was simply a matter of over-extension.

In 2020 it was Covid-19 which also crashed most of the other markets.

these cases (maybe except the 2020 one which was smaller) weren't the reason for the huge drops that followed them but instead they acted more like catalysts that made the drop happen faster and sooner.

for example in 2013 maybe if MtGox never got blown up the price would have reached $1500 then dropped down to $150 all the same. because the drop wasn't because of it, it was because of the existing bubble.

[namcunguyen]

I don’t know why Bitcoin plummets, but it seems to be a gamble with all sorts of currencies.

Any suggestion would be appreciated.

The market is a high risk because of the volatility, it's been that way ever since but if you look at the market right now, the price is going up and continuously going up I don't see the plummet and if there is a plummet, it's a correction and everybody is expected a correction whenever there is a pump, if the movement continue we'll have $50 k before the end of first quarter.

According to the current trend I think 50k will come in the first month, prices move too fast in the first week. The investment needs to accept the risk now, you see it as gambling is also reasonable.

[Wysi]

It's not only gamble but there are logics behind it as more institutional money are it thus it creates more demand this gradually increasing the price of bitcoin but other users who invested into Bitcoin in FOMO thus it keeps pumping the value of Bitcoin. The only problem which we will face is when institutions wants to cashout their investment. But Bitcoin has capability to bounce back even from worst dump or bear market.

[Furious 7]

I don’t know why Bitcoin plummets, but it seems to be a gamble with all sorts of currencies.

Any suggestion would be appreciated.

The market is a high risk because of the volatility, it's been that way ever since but if you look at the market right now, the price is going up and continuously going up I don't see the plummet and if there is a plummet, it's a correction and everybody is expected a correction whenever there is a pump, if the movement continue we'll have $50 k before the end of first quarter.

The possibility that this could happen in Q4 bitcoin could reach $50k but still the correction we have to pay attention to whether this will continue or it will be deeper and usually we are often afraid of the already high pump.
In the last few weeks it has been quite volatile where there has been only a slight correction but the pumping is big because of this volatility the price could possibly be crushed due to the FUD, but for sure we already understand that now it will be long enough to be above the higher one.
Experts estimate this will be of considerable value.

[tabas]

I don’t know why Bitcoin plummets, but it seems to be a gamble with all sorts of currencies.

Any suggestion would be appreciated.

Bitcoin is volatile which makes it risky. It is not a surprise if we see it plummet. But it plummets to $30k? that's a good buy if you see the price today.
Many would rush to buy it if it will step back to that price. But it is staying on $40k and that's harder to see it step back on $35k. The lowest that we saw for a correction was $37k.

[hatshepsut93]

When Bitcoin crossed the previous ATH of $20,000 and then defended it after correction, it was a signal that the new bull market is starting. And since there were already at least 3 big bull runs in Bitcoin's history, there are high opes and FOMO that make investors join this rally, while hodlers keep hodling, because they too expect a price rise.

[AmoreJaz]

I don’t know why Bitcoin plummets, but it seems to be a gamble with all sorts of currencies.

Any suggestion would be appreciated.

Bitcoin is volatile which makes it risky. It is not a surprise if we see it plummet. But it plummets to $30k? that's a good buy if you see the price today.
Many would rush to buy it if it will step back to that price. But it is staying on $40k and that's harder to see it step back on $35k. The lowest that we saw for a correction was $37k.

the downward movement is a normal thing to happen for bitcoin. up and down movement is what we have in crypto market. upward trend is not forever so at some point, we will see it turn around. but i think a lot of big institutions keep on injecting their funds in bitcoin, the reason why we are seeing that btc can sustain the level of 35-40k for long time. we dont have any clue when it will go down hard and to what level? just keep your eyes open and look for potential drawbacks in the market. we already achieved prices that have never been seen in the past. so let's be grateful for what btc has given to us.

[sayaya17]

Bitcoin was a safe  haven asset  during  the pandemic. People  secure their assets,  as other  assets decline  during  the Covid-19 pandemic.
Besides other factors, one of these factors also caused the price of Bitcoin to rise due to the high demand for bitcoin.
Bitcoin has risen since the lowest price from March 2020 and demand is getting higher, so it is rapidly rising from $20k, $30k to reach $40k.
With this increase, people understand that bitcoin can be an asset that protects inflation.