Good day my fellow Bitcointalk members, i have been longing to ask this question, so I decided to come to you guys to learn from your wisdom rather than having a random online search which seem confusing most times.
Please I want to know the factor behind the rise and fall of Bitcoin price?
Some say its influenced by supply and demand but I need more conviction.
Thanks in advance guys.
Please I want to know the factor behind the rise and fall of Bitcoin price?
Some say its influenced by supply and demand but I need more conviction.
Thanks in advance guys.
And what, ultimately, could be other reasons than supply and demand? Bitcoin is decentralized, so there is no way to force anyone to sell or buy it.
Accordingly, your question goes deeper, what is the reason for the rise or fall in demand for bitcoin at some points in time, which then affects its rate. And, as mentioned above, there are many such reasons: from the expectation of the arrival and actual entry of large players into the market and, accordingly, the exit of other large players from the market, to the adoption or ban of bitcoin in individual countries. Also, large players can engage in buying or selling bitcoin to stimulate further buying or selling on some informational occasion. And there are many other natural or artificial reasons for increasing demand or supply.
But in the end, it still depends on supply and demand.
