Real Reason Why Bitcoin Price Shot Up Today - page 4.

Zeke_23

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Quote from: Chris Barth on October 26, 2019, 07:10:25 AM

Literally, I didn't know it increased. I just checked now to observe that there was an amazing shoot up of bitcoin's price. Looking at this, I'm kinda thinking that the prediction of btc price for October is still feasible. Though there are five days remaining, the price could still reach the $16k as predicted.

We will never know until the end of this month will come. Maybe the prediction is right or maybe not.
There are still a lot of struggle that the bitcoin may face for those remaining days of the countdown, its price may go down at any moment or maybe up as predicted.

Chris Barth

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Literally, I didn't know it increased. I just checked now to observe that there was an amazing shoot up of bitcoin's price. Looking at this, I'm kinda thinking that the prediction of btc price for October is still feasible. Though there are five days remaining, the price could still reach the $16k as predicted.

Apes

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In my opinion, the Chinese president's statement has nothing to do with bitcoin surge. This surge was triggered by the bitcoin price which has hit bottom and many investors have been waiting for it.
Even though China is currently one of the countries with the largest economic power in the world, the presidential statement cannot always be associated with bitcoin surge because the fact is china has not yet proven anything, and they are more concerned with monopolistic economies and I don't think this will benefit the crypto users

Asmonist

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Its better to monitor the price more often. I think it can only make us panic if we check it more daily. Today and tomorrow maybe the same price so better check it every other day. The price is somehow steady for now and most likely everyone are holding there coins.

kryptqnick

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Quote from: cryptozink on October 25, 2019, 09:57:27 PM

The real reason why bitcoin price shot up today may have nothing to do with China's president announcement that they may reserve the blockchain and crypto exchange ban. Read this article about the real reason and let me know what you think.

https://www.cryptozink.io/real-reason-why-bitcoin-price-shot-up-today-china-crypto-news/

You need to hire an editor to proofread the text, there are too many mistakes in it. And sometimes the article does not seem to follow any logic, because at first, you're saying that the price boost is not likely to go away soon:

Quote

The Bitcoin rally started earlier today and doesn’t seem like it’s going to slow down anytime soon.

But then you finish saying that we should enjoy the good prices when they are still here since it might not be like this for long:

Quote

So enjoy the the ride crypto investors, it may short live.

I think that the could go up like this naturally after hitting the bottom, so to speak, although it recovered too fast for that to be the only reason. So the Chinese version actually sounds reasonable. Something had to motivate lots of riches to invest in Bitcoin.

joinfree

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Well i still think the announcement from the president of China still has an influence in the sudden surge in bitcoin's price. China is one of the biggest economy in the world right now and i believe so many investors in there would love to invest into bitcoins but the unfavourable regulations in there about cryptocurrencies might have made them hold their balls about this move. This news from their president makes them assume that they might have the green light soon hence everybody is rushing to buy some. This i believe has created this FOMO and increased the price significantly.

pakhitheboss

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When the price goes down it will later on also go up. There is no other reason. It is just a recovery. I do not think any news will act as a catalyst for Bitcoin price. They all happened in the old days. Such news are created by the website to boost traffic and increase revenue.

Haunebu

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I don't get why so many people feel that China embracing the blockchain is completely responsible for this surge. It may have had an impact, but there are other factors involved too. They still don't support BTC and only care about the tech behind it people.

Quote from: rijaljun on October 26, 2019, 01:11:52 AM

I think just mentioned the reason why bitcoin recently got pumped to $10.000 even though it went down again a little bit (likely a price adjustment). It can be also because of China, as always, even though IMO China could be a threat to Bitcoin in the future (from the latest update - hasten blockchain adoption).

How exactly will China ever be a threat to BTC? They have banned crypto multiple times and BTC still thrives. Many countries including China are embracing blockchain adoption which is a good thing and their centralized currencies will never pose a threat to BTC in my opinion.

Kambal2000

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Quote from: andycarrol on October 26, 2019, 02:09:25 AM

I think the reason why the current price of bitcoin can have price increases is because maybe the founder of Twitter bought bitcoin so that many people also followed him to buy bitcoin, this information I got from various media, so maybe that's the reason why the price of bitcoin can be very expensive.

It maybe true or not but one thing is the reality is that it is not due to China's president announcement, since there is nothing with their announcement that affects the price of Bitcoin, so we should avoid that speculation, but because people are just starting to buy again at their own discretion.

Shasha80

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Many speculations are circulating about the rising price of bitcoin today such as News from China supporting blockchain technology,
manipulation conducted by whales, bubble effects, etc. Actually I don't care which factor makes the price go up, the most important
finally bitcoin goes up and I sell it to take a profit. If later the price goes down again I buy again. But because this thread discusses
regarding the cause of the rising bitcoin, then in my opinion it makes the most sense because the news from China about China's
prime minister support blockchain. Because we know that China does have a lot of investors and mining farms. So it makes more
sense if bitcoin goes up in price because of news from china.

Casdinyard

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Whatever the reason for the sudden rise, it definitely give profit to some that bought yesterday. Man, that's a quick bucks!!
I feel like it's manipulation that somehow coincidence with China's announcement. But anyway, it's too early to rejoice, I mean we all use to it though.

hello_good_sir

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It's never possible to fully blame bitcoin's price movements to a single factor, from looking at charts and reading the news it's usually a combination of this:

1. Some big news (like a company or government accepting it)
2. Other smaller announcements (eg, exchange annoucment)
3. Whale movement (some rich person buys like 1000 BTC at a premium and breaks past the sell walls)
4. Snowball effect (a bunch of people follow the market and keep buying BTC)

Could be a bubble, didn't expect these movements at all to be honest.

andycarrol

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I think the reason why the current price of bitcoin can have price increases is because maybe the founder of Twitter bought bitcoin so that many people also followed him to buy bitcoin, this information I got from various media, so maybe that's the reason why the price of bitcoin can be very expensive.

pooya87

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Quote from: Wind_FURY on October 26, 2019, 01:21:59 AM

Quote from: pooya87 on October 26, 2019, 12:16:04 AM

it has nothing to do with anything and doesn't really require any kind of reason whatsoever.
it is a simple recovery that because bitcoin was undervalue it happened in a fast and big manner within a very short time. have you forgotten how the price shoot up happened this year when price first broke $4k levels? that is being repeated today once again!

It's not a "simple recovery" in my opinion. It was manipulated, and caused plebs-short sellers' positions to hit their stop-losses, and/or got short-squeezed/margin-called on the way up. A domino effect. Cool

the "recovery" was a simple one not the drop. i completely agree with the rest, the "drop" was not simple at all, it was a manipulation (specially since there was no real logical reason for the drop and we already had the correction too) and a lot of panic sells like they always are and the result was also the exact thing as always.

bounceback

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Quote from: cryptozink on October 25, 2019, 09:57:27 PM

The real reason why bitcoin price shot up today may have nothing to do with China's president announcement that they may reserve the blockchain and crypto exchange ban. Read this article about the real reason and let me know what you think.

https://www.cryptozink.io/real-reason-why-bitcoin-price-shot-up-today-china-crypto-news/

In my opinion the rise in bitcoin prices today is also likely to have something to do with the president of China who supported blockchain technology when he made a speech because the country of China was previously a country that has a lot of bitcoin investors and is also known as one of the countries that have large bitcoin mining areas because we know the nature bitcoi if many are interested in bitcoin, the price will also go up.

Upgrade00

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I forsee lots of newbies getting into the market on account of the changes on the chart
As trader DO not rush into the markets when you see a price spike cause of the fear of missing out. The best time to buy is where the price is at its lowest (or where you presume to be the lowest point).
The reason for price increases is almost impossible to be ascertained. This unpredictability makes Bitcoin highly volatile, and take necessary precautions when buying.

n0ne

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Quote from: Wind_FURY on October 26, 2019, 01:21:59 AM

Quote from: pooya87 on October 26, 2019, 12:16:04 AM

it has nothing to do with anything and doesn't really require any kind of reason whatsoever.
it is a simple recovery that because bitcoin was undervalue it happened in a fast and big manner within a very short time. have you forgotten how the price shoot up happened this year when price first broke $4k levels? that is being repeated today once again!

It's not a "simple recovery" in my opinion. It was manipulated, and caused plebs-short sellers' positions to hit their stop-losses, and/or got short-squeezed/margin-called on the way up. A domino effect. Cool

Without doubt it is a manipulated growth. Some whales were to profit, and for that reason this has been done. Soon we can experience the price fall back to $7500. $2000 in a days time happened during the days of bull trend which took bitcoin reach its ath. After that this is the first time the market is experiencing such a big growth.

slashz9

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because president china say they will use blockchain technology, then the price is flying.
it mean china has a big effect to crypto market, we can see after mr.president announce that news, bitcoin price rise up above 20% in 1 day.
i dont know it is fomo or not, but give positive response to market.

Text

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Let's say it has effect on bitcoin price then we should be happy about that good news. China is now open for the blockchain and embrace bitcoin for the development of technologies. But I can't say totally that its the real reason, maybe its just only an additional spice to make BTC shoot.

Wind_FURY

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Quote from: pooya87 on October 26, 2019, 12:16:04 AM

it has nothing to do with anything and doesn't really require any kind of reason whatsoever.
it is a simple recovery that because bitcoin was undervalue it happened in a fast and big manner within a very short time. have you forgotten how the price shoot up happened this year when price first broke $4k levels? that is being repeated today once again!

It's not a "simple recovery" in my opinion. It was manipulated, and caused plebs-short sellers' positions to hit their stop-losses, and/or got short-squeezed/margin-called on the way up. A domino effect. Cool

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