If this is indeed the trigger for the price to cross $1000, then what happens if Bitfury decides to dump its coins?
I hope the market develops enough depth to absorb such dumps as well.
I hope the market develops enough depth to absorb such dumps as well.
It is, as shown by the fact that we're in the 1,000's. The amount of notional currency needed to push Bitcoin to 1,000 is a lot larger than it was back in 2013. This increased market momentum also means that once we cross a given price, with the current trend, its much harder to push it back down.
2013's bubble was a blow-off rally on volumes that we would laugh at today. I find the rise-pause-rise cycle encouraging because it doesn't adhere to the parabolic blow-off pattern, which means that it has a higher likelyhood of persisting in the current trend versus a sharp and direct selloff.
Anyway, we've breached the psychological four-digit barrier yet again (something a lot of people thought would NEVER happen again by the way), and now we're simply arguing over technicals and how high it might go. All of these things are significant.
It was awesome that bitcoin did break tat $1,000. We hit it in 2016 but people probably sold a lot of bitcoin thinking it would again drop because hit it. It dropped to still about $900! Now we are stabilizing at $1,000 and would look like it will still sky rocket some more. It seems this Bitfury is looking to cash-out once it reach a much higher value than we have now. Looks like we have something to look forward to!
