Why has Bitcoin skyrocketed recently?

[liuangie001@gmail.com]

Why are all cryptocurrencies soaring these days? Does anyone know the inside story?

[lombok]

Simple. Bitcoin price continues to rise after fake ETF news emerged until now. Because the price of the crypto parent rises, the altcoin market automatically also rises. The pattern that can be accepted in simple terms is that a lot of money comes in (investors and retail) and floods the Bitcoin and altcoin market capitalization.

Plus there is talk of reducing the interest rate from the FED.

[hugeblack]

The price of Bitcoin continued to reach the resistance point and was unable to break it several times, but it succeeded this time because every time the price approached the resistance level, it became weaker. The way is now open to reach $38,000. the more we continue to close at levels higher than $32,000, the more possibility that we would not see $20,000- $30,000  levels soon.

we have until the end of the month. If the price continues above $32,000, we will most likely begin the beginning of the bull market.

Simple. Bitcoin price continues to rise after fake ETF news emerged until now. Because the price of the crypto parent rises, the altcoin market automatically also rises. The pattern that can be accepted in simple terms is that a lot of money comes in (investors and retail) and floods the Bitcoin and altcoin market capitalization.

I do not think this is true. The price fell after this false news, so its impact now is very limited.

[seek3r]

I do not think this is true. The price fell after this false news, so its impact now is very limited.

I think the green candles a few hour ago were influenced by the result that the Bitcoin ETF is now about to be approved.
Officially we are still waiting for approval from the SEC, but there are now indications that it might not take too long tho 

The Ishares Bitcoin ETF can already be found at https://www.dtcc.com/products/cs/exchange_traded_funds_plain_new.php under the trading symbol IBTC and the CUSIP number (security number of) 46438F101.

[NotATether]

If you ask me, the long term outlook of the bitcoin price is going to look something like this:

Now: Price rises to 35k, maybe somewhere lower than 40k, and stays like that for a few months
Mid-2024: Something bad happens and tanks the price to 30k or less than that, but never below 25k
Sometime in 2025: The renaissance, when the effects of halving fully kick in and the price dramatically increases to new highs.

So don't worry about what happens in between. Just chill until 2025.

[philipma1957]

The price of Bitcoin continued to reach the resistance point and was unable to break it several times, but it succeeded this time because every time the price approached the resistance level, it became weaker. The way is now open to reach $38,000. the more we continue to close at levels higher than $32,000, the more possibility that we would not see $20,000- $30,000  levels soon.

we have until the end of the month. If the price continues above $32,000, we will most likely begin the beginning of the bull market.

Simple. Bitcoin price continues to rise after fake ETF news emerged until now. Because the price of the crypto parent rises, the altcoin market automatically also rises. The pattern that can be accepted in simple terms is that a lot of money comes in (investors and retail) and floods the Bitcoin and altcoin market capitalization.

I do not think this is true. The price fell after this false news, so its impact now is very limited.

For me the key number was 33333 they past it and are still above it.

I feel we are repeating the 2015-2016 pre ½ ing runup pattern. basically 350 usd to 770 usd then it trailed off to 660 just after the ½ ing.  If it is a full repeat we go to 45-48k Around Jan 2024 then drop to 35-39k right after the 1/2ing in April.

Doing the real rally oct 2024 hitting a new ATH by dec 2024 say 70k and running up till late spring of 2025 to 200k

[Wend]

Why are all cryptocurrencies soaring these days? Does anyone know the inside story?

That is the movement of bitcoin and the market. Do you want the market to always be bearish? The financial market has only two directions: up and down, so you don't need to be surprised when it starts to increase after many days of decline. This is also proof that just by actively accumulating bitcoin, bitcoin will bring you sweet results. I have been accumulating since last year so far and my portfolio has had pretty good returns but I won't be in a rush to sell it all anytime soon as I believe bitcoin will take me to the next level.

[UchihaSarada]

The price of Bitcoin continued to reach the resistance point and was unable to break it several times, but it succeeded this time because every time the price approached the resistance level, it became weaker. The way is now open to reach $38,000. the more we continue to close at levels higher than $32,000, the more possibility that we would not see $20,000- $30,000  levels soon.

we have until the end of the month. If the price continues above $32,000, we will most likely begin the beginning of the bull market.

Beauty of Bitcoin market is strong resistances will be rejected many times before Bitcoin breaks out. But the story and beauty of Bitcoin does not stop here, after its break out, Short Squeeze, Forced Liquidations will boost Bitcoin up a lot.

I love strong resistances because I know how Bitcoin will skyrocket after strong resistances are broken.

I do not think this is true. The price fell after this false news, so its impact now is very limited.

It is true. Effects from fake news can not last long but if people who were FOMO with fake news can sit back and think, they will know Bitcoin halving is far from today, 6 more months are far enough.

Good news, but not fake news, for them is in SEC, there are two supporters for Bitcoin Spot ETF and we only need one more support to get an approval for a First Bitcoin Spot ETF in the USA. The last one supporter needed can be Gensler or one of two staffs in SEC.

Because by laws, it only requires 3/5 vote on support to approve Bitcoin Spot ETF.

[Bananington]

Why are all cryptocurrencies soaring these days? Does anyone know the inside story?

That is the movement of bitcoin and the market. Do you want the market to always be bearish? The financial market has only two directions: up and down, so you don't need to be surprised when it starts to increase after many days of decline. This is also proof that just by actively accumulating bitcoin, bitcoin will bring you sweet results. I have been accumulating since last year so far and my portfolio has had pretty good returns but I won't be in a rush to sell it all anytime soon as I believe bitcoin will take me to the next level.

A real trader with an outstanding mindset of the market trends and compulsory situational attributes will summarize by saying it's just the way it, because sincerely, the ups and downs of the price of Bitcoin is what makes it a valuable asset among the other cryptos.
The price fluctuating or skyrocketing is what is expected mostly as the rumours about the BTC ETF only ended as a rumour and as the halving is some months shy of six, is going to happen.

The best bet is to find a good spot and trade at a margin possibly to avoid losing more, and keeping some aside in a secure wallet is ones investment in the future if BTC and cryptocurrencies in general.

[Wapfika]

Why are all cryptocurrencies soaring these days? Does anyone know the inside story?

This is due to the positive development for ETF Spot approval submitted by Blackrock. Although there’s some fake news that initially triggered the pump Blackrock show some sign that their ETF approval is near that’s why many crypto traders speculated the Blackrock will buy their Bitcoin to backed their spot position.

This positive news is great because it has a follow up up positive news which is the Bitcoin halving next year. We might see an early bullrun starting this October to 2nd quarter next year. Massive pump is coming.

[kizlod]

That's not an inside story. If you don't know something maybe you should find better sources of information about crypto news.

[terrific]

Why are all cryptocurrencies soaring these days? Does anyone know the inside story?

It is mainly because of Bitcoin and why Bitcoin is going up? Because of positive news like the ETF ticker from BlackRock.
You can google everything when you see some movement in the market, whether it's negative or positive, you can do the search and everything is going to pop with the results.

[cheezcarls]

Why are all cryptocurrencies soaring these days? Does anyone know the inside story?

This is due to the positive development for ETF Spot approval submitted by Blackrock. Although there’s some fake news that initially triggered the pump Blackrock show some sign that their ETF approval is near that’s why many crypto traders speculated the Blackrock will buy their Bitcoin to backed their spot position.

This positive news is great because it has a follow up up positive news which is the Bitcoin halving next year. We might see an early bullrun starting this October to 2nd quarter next year. Massive pump is coming.

They are indeed a key catalyst behind this recent market rally. Although after that fake ETF news, the one that kickstarted the market recovery before this big rally is Ripple’s recent victory over SEC in which we saw the price somewhere between $28k to almost $30k in range.

As of this time of writing, BTC is now getting close to hitting $35k again (it touched this price earlier before pulled back to $34.4k+) and it would be very interesting for us to see where the market goes before the year ends as we are anticipating the much-awaited Bitcoin halving coming mid-next year.

I believe we’re riding the FOMO wave now. As long the Bitcoin bulls can maintain the strong support level right now, there is a possibility that it can break the new resistance level.

I’m happy that I keep holding BTC where I have done some DCA last year. Even I’m at a profit, selling is not in my plans yet as I have a specific target price for that.

[hugeblack]

I think the green candles a few hour ago were influenced by the result that the Bitcoin ETF is now about to be approved.
Officially we are still waiting for approval from the SEC, but there are now indications that it might not take too long tho 

Search the forum and you will find that the ETF is now about to be approved since 2017 and every time the date is postponed, so far there are no guarantees that the ETF will be approved within the next two months. Also, if this is true, the upward momentum should continue to reach 35-39k and from there to 43k, and this did not happen, which indicates that it broke a resistance barrier that had become weak.

[seek3r]

Search the forum and you will find that the ETF is now about to be approved since 2017 and every time the date is postponed, so far there are no guarantees that the ETF will be approved within the next two months. Also, if this is true, the upward momentum should continue to reach 35-39k and from there to 43k, and this did not happen, which indicates that it broke a resistance barrier that had become weak.

I got you. The ETF has been talked about for a long time and it's always said 'very soon'. In the long run you lose faith or no longer take further reports seriously. Especially not after the “fake news” from Cointelegraph.

But what was crucial for me to answer here was the point I raised here:

The Ishares Bitcoin ETF can already be found at https://www.dtcc.com/products/cs/exchange_traded_funds_plain_new.php under the trading symbol IBTC and the CUSIP number (security number of) 46438F101.

I think this is strong evidence that things are finally gaining momentum.

[Odohu]

Simple. Bitcoin price continues to rise after fake ETF news emerged until now.

I do not think that the fake ETF news is responsible for the continued increase in price of Bitcoin. If you noticed, the price pumped when the news came out and dropped within a short interval when it was confirmed that the news was fake. Even though it is not clear what might be propelling the surge in price that we are seeing now, I do not think it will be unconnected from the increased interest in Bitcoin in preparation for the events of next year which include the halving and most likely the approval of some of the ETFs.

Plus there is talk of reducing the interest rate from the FED.

This seems more like a factor and it is strong enough to cause the recent gains in Bitcoin. Investors are simply moving their money to Bitcoin thereby creating  more demand and price rising accordingly. If this argument holds, the rise may not be sustained for long before market finds equilibrium pending when there also another solid fundamental to cause another significant rise in price.

[philipma1957]

Why are all cryptocurrencies soaring these days? Does anyone know the inside story?

That is the movement of bitcoin and the market. Do you want the market to always be bearish? The financial market has only two directions: up and down, so you don't need to be surprised when it starts to increase after many days of decline. This is also proof that just by actively accumulating bitcoin, bitcoin will bring you sweet results. I have been accumulating since last year so far and my portfolio has had pretty good returns but I won't be in a rush to sell it all anytime soon as I believe bitcoin will take me to the next level.

Well the market can go sideways for years on end.

so there are three directions

down
sideways
up

[cabron]

I do not think this is true. The price fell after this false news, so its impact now is very limited.

I think the green candles a few hour ago were influenced by the result that the Bitcoin ETF is now about to be approved.
Officially we are still waiting for approval from the SEC, but there are now indications that it might not take too long tho  

The Ishares Bitcoin ETF can already be found at https://www.dtcc.com/products/cs/exchange_traded_funds_plain_new.php under the trading symbol IBTC and the CUSIP number (security number of) 46438F101.

That Cointelegraph intern who published the article about ETF I think has a 3rd eye or he simply had peeked or eavesdropped on a discussion about the coming ETF that's why he published that article.

Quite a pump really and I think its not over because some of the discussions I've watched on popular youtube channel was that, they are saying the price could hit up to $48k. Obviously, it's just them speculating this but seeing the TA, it could likely be happening.

[Negotiation]

I think cryptocurrencies are growing because demand for them is high and the acceptance of bitcoin as a means of payment is increasing. In recent times commercial organizations have invested hundreds of billions of dollars in its pursuit of financial benefits. The higher the amount invested in bitcoin the more its value will increase so it is the right time to hold bitcoin. As its value automatically increases as more investors become involved the price of bitcoin may rise further. We are not concerned about short term growth or decline we believe bitcoin is a fundamentally powerful asset this virtual asset has significant potential in the long run.

[lombok]

Simple. Bitcoin price continues to rise after fake ETF news emerged until now. Because the price of the crypto parent rises, the altcoin market automatically also rises. The pattern that can be accepted in simple terms is that a lot of money comes in (investors and retail) and floods the Bitcoin and altcoin market capitalization.

I do not think this is true. The price fell after this false news, so its impact now is very limited.

At least the fake news became a momentum boost that was able to make the BTC price rise by up to 30K even though the BTC price immediately experienced a decline at that time. This indicates the confidence of investors in Bitcoin ETFs. Then prices continued to rise again, with several factors such as war which caused Bitcoin and gold to suddenly become favorites as safe haven assets due to the current fear and economic/geopolitical instability.

Plus there is talk of reducing the interest rate from the FED.

This seems more like a factor and it is strong enough to cause the recent gains in Bitcoin. Investors are simply moving their money to Bitcoin thereby creating  more demand and price rising accordingly. If this argument holds, the rise may not be sustained for long before market finds equilibrium pending when there also another solid fundamental to cause another significant rise in price.

As well as the role of Nasdaq in finally listing a Bitcoin ETF from iShares: https://www.investing.com/news/cryptocurrency-news/blackrocks-spot-bitcoin-etf-now-listed-on-nasdaq-trade-clearing-firm--bloomberg-analyst-3206311

It could be that this price jump was also influenced by this, where the FED cut the interest rate plus large amounts of funds entered the iShares BTC ETF, FOMO occurred and Bitcoin changed to bullish mode.