There is no manipulator. The ask wall is there because its owner is hoping to sell 20k+ bitcoins at that price.
Thanks for being so patient and trying to teach people.
Guys, this is perfectly normal. 21k BTC at 6.75 USD, if he bought within the last months around 5.2, give over 32k USD profit in a relatively short time.
We're talking a potential 30% short-term profit here! Even if everyone is quite bullish, why in the world would people be surprised? If
nobody were to do such offers, wouldn't that be more reason to worry? In fact, current volume is somewhat lower, not higher, than I'd have expected.
Feel free to be bullish, the market is hard to read right now so I have no complaints, but expecting that no one would take profits is unreasonable.
Exactly. As soon as the price starts going up a bunch of people start talking as if nobody will ever take profits, or people won't realize profits until they double, or triple, or quadruple their investment. That
is a large part of what happened last year, and it was unhealthy.
The fact is, the price simply is not going to shoot up like it did last year, because people are competing to take profits now. The asks are never going to run out, and, in fact, the higher the price goes the more difficult it will be for it to go higher, because it'll take ever more money to move the same absolute distances on the price line. The guy who buys 20kBTC at $6.75 is probably going to put those things up for sale at $8.something and realize an incredible return compared to most other markets. And there's probably some guy with a load of bitcoins bought at $6.something who'll toss them up at $7.something and put a stopper on frenzied buying toward $8.
Since the 2012 high, I expect bitcoin growth to be much slower and much less dramatic than it has in the past, and that makes me feel more optimistic for its success. Mark my words, in 2013 we'll still be visiting single digit prices (and I'm not even factoring hacks and other disruptive shitstorms into that assessment).
