Reasons for recent uptick in Bitcoin price?

BillyBobZorton

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Quote from: Timwi on January 01, 2017, 10:56:17 AM

Are there any known reasons for the Bitcoin price to go up from 800 USD to about 980 USD in a span of 10 days? (Dec 20–29)

It all can be explained with my favorite acronym: FOMO.

The fear of missing out is kicking in hard lately. As we approach the last all time high, people that say Bitcoin go from 30 to 1000+ are starting to regret not buying back when they could. We are now heading towards a new, and higher, all time high, and people don't want to miss it.

Obviously other reasons other than psychological speculation are there such as yuan devaluation, venezuela's nightmare, and the up and coming recession of the west. People are loading up on gold and bitcoin, but bitcoin will rise a lot more due the small marketcap.

NeuroticFish

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The history shows that people can bear 1000-1200$ for Bitcoin.
The momentum is being built for months.
Now speculation took over. For a month or more already.
I'm too small for this game, but it's interesting to watch. The good part is that all the Bitcoin economy seems to go better at this kind of values.

deadpoolx

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Finally over a thousand dollars. People who still think Bitcoin is a bubble need to revise their thoughts. The problem is that many people do not understand that the network has a utility that no other network has been able to provide so far, with the same level of success, and there is a cost to maintain this.
The Bitcoin network is something unique, and it serves different purposes, so there will continue to be demand, and the reason why people will be willing to pay for it is simply because it is useful.

The Sceptical Chymist

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Quote from: Bitcoinpro on January 01, 2017, 10:59:18 AM

Exchange leverage risk management combined with

phenomenal levels of money printing

You are generally bat-shit crazy, but I think you're right on this one. Money printing, along with low interest rates, margin buying--and as Referee1 pointed out--GREED. You can see it all around this forum, and it's everywhere. Don't know if Trump really has much to do with the bitcoin rise, but certain stocks have definitely jumped upon his (unfortunate) election. We're all fucked.

quake313

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Quote from: coolbeans94 on January 01, 2017, 03:35:52 PM

Simple answer: Speculation.

Miners pumping, traders riding the wave, fiat money inflation, etc.

How about, its time.

coolbeans94

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Simple answer: Speculation.

Miners pumping, traders riding the wave, fiat money inflation, etc.

alyssa85

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Quote from: coinplus on January 01, 2017, 01:24:54 PM

Quote from: ?? on ??

Pure book manipulation by OkCoin and Huobi, thats all.

A manipulated rally will not sustain and what we are currently seeing is so stable rally, it seems it may sustain for another $300 to $400 far too. In other words, it may be a bump but with the reason of investments from new people.

I wouldn't say the current rally is stable. It's gone from $700 to $1000 in about a month. That's kind of parabolic, which is anything but stable...

coinplus

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Quote from: ?? on ??

Pure book manipulation by OkCoin and Huobi, thats all.

A manipulated rally will not sustain and what we are currently seeing is so stable rally, it seems it may sustain for another $300 to $400 far too. In other words, it may be a bump but with the reason of investments from new people.

Quote from: ?? on ??

But if you want the community version : "People finally learning about Bitcoin!"

Yes, that will be a post commentary of any rally, particularly my local brokers usually gives reason with no uses.

Zangelbert Bingledack

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Ask not why the price rises.

Ask instead why the heck it was so low for so many years.

spazzdla

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Bitcoin is proving itself more and more every day it could be a world safe asset. It's return potential is still rather large IMO.. if it had 10% the market cap of gold.. we are looking at ~$50k per btc..

alyssa85

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Part of it is that the yuan and rupee are weakening against the dollar, and people in those countries can't get hold of dollars, so they are doing the next best thing, which is buying bitcoin, which is holding it's value against the dollar.

Part of it is a pure speculative pump - once the real buyers started purchasing, the speculators piled in, in a momentum trade.

Tzupy

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Quote from: Timwi on January 01, 2017, 10:56:17 AM

Are there any known reasons for the Bitcoin price to go up from 800 USD to about 980 USD in a span of 10 days? (Dec 20–29)

Enough CNY on Chinese exchanges to make bullish TA happen, that's all. Please don't ask the same question about the correction that will follow the peak.

dhampir-D

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Quote from: Bitcoinpro on January 01, 2017, 11:11:58 AM

What about Trump

I'm not sure if this event had a significant impact on the price of Bitcoin. Apparently Trump's victory is favoring the dollar, and usually that's not something good for Bitcoin. Even so, we have seen that Bitcoin remained strong in the market this year, some of the reasons being halving, global context (involving Venezuela, India, China, and other third world countries) and high profile investors, besides AUM funds, investing in Bitcoin.

1Referee

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Greed would be an easy guess, but the thing that is different this time, is the fact that we have not yet seen the price go back down significantly. Part of this is due to the fact that there has not been any drama such as an hacked exchange, but I think people at this point prefer to keep holding instead of securing profits on a massive scale. But I think the economical situations in various countries are playing an important role as well. Governments are doing their best to sh*t on their people with ridiculous sanctions. I think at this point we should be happy and enjoy current levels as at this point literally anything can happen.

slap

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This sounds plausible to me;
January 1st is the start of a new year, obviously. This also represents the start of a new annual $50,000 quota to convert the yuan into foreign exchange resets in China. Every year, you can take $50,000 worth of Yuan and invest it elsewhere.

https://bitconnect.co/bitcoin-news/397/why-bitcoin-price-is-guaranteed-to-exceed-1000-by-first-week-of-2017/

Bitcoinpro

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What about Trump

Diced90

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Get'em boys

Quote from: Timwi on January 01, 2017, 10:56:17 AM

Are there any known reasons for the Bitcoin price to go up from 800 USD to about 980 USD in a span of 10 days? (Dec 20–29)

Maybe people used their christmas bonuses to get some bitcoins causing the upstick or maybe the countries having financial difficulties have adopted bitcoin as their primary currency.

Bitcoinpro

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Exchange leverage risk management combined with

phenomenal levels of money printing

Timwi

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Are there any known reasons for the Bitcoin price to go up from 800 USD to about 980 USD in a span of 10 days? (Dec 20–29)

Topic: Reasons for recent uptick in Bitcoin price? (Read 869 times)