The main driving force behind bitcoin rally - page 3.

matchi2011

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Quote from: Slow death on November 05, 2020, 11:37:33 AM

this pump must be related to the US elections, some people must be taking advantage of the situation to pump the price something like: "with joe Biden will be in favor of bitcoin" and coupled with the fact that numbers of infected cases in the USA have been high so people must be thinking that salvation is in bitcoin. to test if I am wrong we will observe after the elections if the price will continue to increase at this speed

The current price of above 15k is being pushed because of the result till now in favour of Joe Biden. Though we were expecting 15k around by year end would be good but the way it has rallied so quickly from 13 to 15k was extremely short time and let see if it can continue to hold above it or will some surprise element pops out in election this could mean it can fall as well.

Investors needs to be more careful if that's the case, the election is almost done now, and those investment who carries the value to
pumped may now be withdrawn expect the retrace if there's no backup support.

Anyhow, there's always chances to see the downfall once those big earners already satisfied with their money and begin to sell and
stop buying for a while.

Cnut237

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The big rises we are seeing at the moment are surely due to the US election. Look at what's happening with the 'normal' stock markets, for comparison. Bullish sentiment is returning across the board; this isn't specific to crypto.
Bitcoin is still regarded in the main as a highly speculative 'good times' asset, something to buy when everything is looking good, in the hopes of reaping some big returns. Similarly it's the first thing to be sold once an economic crisis hits. What we're seeing now is that Trump is likely on his way out, with the more stable Biden coming in, but also Biden being hampered by a Rep-controlled senate in what changes he can realistically effect... so no new big taxes or regulation for businesses.

redsun114

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Quote from: jemimah_f3 on November 05, 2020, 05:28:12 AM

With strong bitcoin bullish trend I was asking myself: what is the main driving force? In my opnion it's not retail traders or mass adoption, it's insitutional money that keep flowing in and pushing the price higher. What do you think?

I think so too, a lot of people institutions are starting to realize how good Bitcoin is and now they are investing their money in it, it's becoming part of their, some are going with 1%, and for some it's as much as 5% or a bit more. The ones that got in earlier will eventually be taking lots of profit as the price is booming now.

By the way did PayPal invest money in Bitcoin? Because if they did I can't remember, I just saw some people now saying that they are part of what caused the price to increase, unless they mean that they influenced people to start buying crypto? And before we say they have influenced, let's not forget they have not started the services except for the US which was yesterday, and will be going worldwide next year.

carlfebz2

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Quote from: jemimah_f3 on November 05, 2020, 05:28:12 AM

With strong bitcoin bullish trend I was asking myself: what is the main driving force? In my opnion it's not retail traders or mass adoption, it's insitutional money that keep flowing in and pushing the price higher. What do you think?

Several possible reasons but we cant precisely point out which one is the main reason yet market can rise up neither have or no having some sentiments.

• Post-halving effects
• Paypal Adoption
• Presidential Election

These are the 3 i do saw that might be the reason.Its just a presumption basing of on whats current happening on the recent market.

2double0

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Institutional investors are done accumulating lots of btc through both, the exchanges and OTC deals (those through exchanges too) and it looks like not enough btc is now available on the exchanges and even in OTC deals, so it is pushing the price higher and higher because the buyers are increasing and sellers are either tired or out of btc, or they do not want to sell their coins 'cheap' so we may see new ATH during the period of November-December and repeat the history. Organic growth is looking better but it should not come down this time like it did last time.

Slow death

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this pump must be related to the US elections, some people must be taking advantage of the situation to pump the price something like: "with joe Biden will be in favor of bitcoin" and coupled with the fact that numbers of infected cases in the USA have been high so people must be thinking that salvation is in bitcoin. to test if I am wrong we will observe after the elections if the price will continue to increase at this speed

acquafredda

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Try to have a look at price chart on a logarithmic scale: if you start from 2011 everything looks perfectly moving according a nice and steady price appreciation. I am not surprised by it after hours of studying what Bitcoin is and what it is for. The race is long, come aboard.

tomahawk9

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Quote from: Tolosi on November 05, 2020, 05:30:55 AM

Inevitable effects of halving are felt now.

Plus, bullish sentiment and new btc yearly highs = FOMO = high demand from retail investors, institutions and the general public (possibly same behaviour as the last massive btc rally in 2017).

Also, i'm 99% sure that the Paypal news was one of (if not THE) the main event that triggered this uptrend...I wouldn't be surprised to know later on that some smart money that was sitting on the sidelines finally entered the btc ecosystem because of the Paypal news.

Finally, you have some other possible events in the last few days thay maybe have helped fuel this surge in price like the uncertainty surrounding the US elections which, apparently, is making almost all the financial markets worldwide move upward (remember that BTC has been mirroring the US stock market movements in the last few months). I expected a price movement like this but AFTER the final results of the election came out.

ChiBitCTy

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There is no question that the main reason behind the rally is Paypal adding it to their platform. Now of course this in return has pushed buyers ( institutional and retail ) to push money in to the network, especially those who had money on the sidelines saved up for a times like this.

Oceat

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Quote from: Nhor1011 on November 05, 2020, 05:57:09 AM

Demand is the main driving force behind bitcoin rally. The greater demand ,the higher tendency of value. Those institutional money that you said is also comes from the demand. Let's hope for another ATH this year.

I can't really tell what's driving the price to rise so sudden, yes, the demand has a big part of it but what is the main thing that causes the price to surge this way? I don't think the PayPal hype have something to do with it but it's also one of the factors that causing the price to grow. I don't think there will be another ATH this year but I do think there will be in 2021. What do you think?

ilovealtcoins

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Like the bulls before demand is what drives Bitcoin's price rise.
Bitcoin's block reward has been reduced to 6.25 BTC per block mined. Bitcoin becomes intuitively more scarce that only miners can perceive.
Along with the reduction in the reward for a block that is mined is demand from businesses and global adoption by companies. Bitcoin's reputation has now grown to a considerable extent. This also increases its liquidity and value.

carter34

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Uncertainty in the election of the America electorate can also be traced to it because when people don't understand a thing happening around them they might take out money or invest more, so demand and supply is here too and halving scarcity.

romero121

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That's true, the effects of halving is felt now. This isn't the first time, during the previous bull run the market reacted after a long time from halving. This too looks something similar to that. By that time more inflow of money took place which kept the market grow higher and higher.

Right now we've got more large scale companies investing on bitcoin. Few companies have already recorded their profit out of the investment. This time the gradual growth is happening due to the halving, and the further growth is happening as a result of more large scale investment.

ethereumhunter

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I would say that people invest in bitcoin grows. They want to have bitcoin for many reasons such as for investment, for making money from trading, for buying bitcoin to be used for another thing. Many possibilities can lead to a bitcoin price increase, maybe much more big company try to buy bitcoin while the price does not reach $20k. But yes, demand will be the main factor that is driving bitcoin price increases.

Mulann2

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Quote from: jemimah_f3 on November 05, 2020, 05:28:12 AM

With strong bitcoin bullish trend I was asking myself: what is the main driving force? In my opnion it's not retail traders or mass adoption, it's insitutional money that keep flowing in and pushing the price higher. What do you think?

i wish some part of that institutional money will flow into alts too, it is long overdue for us to see some serious price movement in alts as well, now am beginning to understand why btc is the top choice when it comes to investment, i think this make a lot of sense, institutional money are flowing into btc, i don't think the election has anything to do with this, also don't forget the recent Paypal announcement, that too still fresh on people's mind and still be a driving factor.

hector3115

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The more people invest in bitcoin, the higher the price, the more traders come to crypto.

kentrolla

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Quote from: avikz on November 05, 2020, 06:37:45 AM

I was waiting for some Americans to say that it's because of their presidential election!

Quote from: jemimah_f3 on November 05, 2020, 05:28:12 AM

With strong bitcoin bullish trend I was asking myself: what is the main driving force? In my opnion it's not retail traders or mass adoption, it's insitutional money that keep flowing in and pushing the price higher. What do you think?

In my opinion, the bitcoin price is increasing because of the corporate spending on bitcoin is increasing. What corporates do usually have a positive impact on people's mind. I think this is what exactly is happening around bitcoin. More liquidity is flowing into the market increasing the demand which is pushing the price higher! That's the most justifiable reason I see now!

Exactly, I agree the liquidity flow is extreme also PayPal news gave many of the world wide users a strong go on BTC. From now I guess many top rated companies will start BTC payment and it will definitely expand the price as much as the price goes up it turns into hot topic and that's how it reaches the public only then the demand increases automatically.

meanwords

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Quote from: Tolosi on November 05, 2020, 05:30:55 AM

Inevitable effects of halving are felt now.

Accompany it with Paypal integrating Bitcoin into their system and you'll have a good bull run. I can't believe that we really is going for $15,000 range and currently at $14,500+. I did predict that we might reach $15,000 this year though but I didn't really expect it to happen so soon.

covfefe_

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I guess it's the limiting supply and future prospects of more bitcoins being bought by corporates and different hedge funds.
2020 was a year of businesses buying bitcoins. As well more and more bitcoin being frozen for bitcoin pegged token on different platform. The current price hike was predictable. I guess it would correct somewhere upto 12K but there's no going down from there.

Kelvinid

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We can't just disregard mass adoption because the pandemic leads a way to make such a thing more reliable and accessible to the people. People changing their lifestyle and adopting a cashless payment system where Bitcoin had to be known at this time. The bullish trend for Bitcoin means that more people, more investors are having a good time buying Bitcoin. It was then noticed that altcoins suffer big losses, this probably means that most investors are moving back to Bitcoin leaving altcoins behind.

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