Right now Bitcoins seems to be an answer in search of a problem: Most obviously capital controls in a world where capital is still largely mobile. When this situation changes, it is likely to be sudden and swift although the time frame is difficult to predict with any accuracy.
Mined coins are not that much, 3600 per day and the Chinese probably only have less than 35% share of that so thats only 1200 coins per days assuming they sell all of them every day.
There is more belief of short traders and options sellers using leverage.
BTC3600 is not that much that's like additional $850,000 sell pressure every single day. BTC is not that liquid to easily sustain that.
But some relief will come in 18months
Let assume that only 15% of population will use bitcoin in next 20 years.
=> it is 1,000,000,000 / 20 years
=> 50,000,000 new adopters per year
=> 136,000 new adopters every day
$850,000 / 136,000 new adopers = $6.25 per new person
lol
there is absolutely no volume behind this rise... These rises are happening because the order book is relatively thin and indicators tell bots/traders to buy.
Once real trades and Volume kicking back in we will just see another big red candle an be back where the rise started.