The $800-$1000 price increase earlier was so abrupt that it looks like someone just bought a huge number of coins on an exchange and forgot that they might affect the market,
that was the bots madness (at least the initial big rise). when the resistance was broken, usually there are bots that have open watchers to execute buy orders in case price goes above that level ($4200) and that is exactly what happened. an inflow of lots of automatic buys, then the FOMO begins and the price shoots up to $5000
this is what i think happened:
![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FuMVRuHu.jpg&t=599&c=SyjQzvYW6DATag)
Talking about FOMO, I have a friend who messaged me this morning to say bought a couple of thousand dollars worth at around $4,900, and is upset that it has already lost some value. When I asked him what he had been doing for the last 4 months of sideways movement, he said he'd been "waiting for the right time". What made him think that after a pump of 20% in an hour was suddenly "the right time" is beyond me.
I thought we would correct a bit harder than we have, and I still think we might over the next day or two.
this is one of the main reasons that i have been and still am expecting F.O.M.O. there are a lot of people who are doing the same. they wait for that drop (down to $1000) which someone on the internet promised them!!! then panic when the price rises up and they realize that promise was an FUD.