Why has Bitcoin skyrocketed recently?

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Quote from: ShowOff on October 27, 2023, 03:03:25 PM

Some whales seem to believe that ETFs will eventually be approved, so they have seized the opportunity to buy sooner than others. Even if they don't see the ETF approved later, then the halving will probably help them get a return. It makes sense to buy now instead of waiting for an ETF to be approved or when demand for bitcoin increases due to the halving.

It's two way around on this upcoming bull run. Those that are optimistic with the ETF approval, they'll have to buy before the push happens from this news and you're right that even there's no good news about the approval, the halving is approaching and that's another factor that will make the market higher and will result to a higher bitcoin's price.

Quote from: sana54210 on October 27, 2023, 11:59:59 AM

So the question we need to ask, if the ETF didn't get approved now, why would it go up now? It should go up when the approval comes in, and it is not coming in anytime soon, not like for another month and probably even later. So, it is basically just a rumor that made the price go up this much and that's not really a good reason but as long as it is higher, I am happy, no matter what the reason is.

I think if there's not ETF approval, the common ground here is the basic reason for what makes bitcoin up and that's the preparation for the halving. We can say that the increase of the price was due to the manipulation and wrong news about Bitcoin which tends to be good and positive news. But without that, we can still have a good ending for this season because of how we're seeing thing like now that there is a FOMO whenever that we're so close to the halving day.

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It was stated in an article that the Bitcoin price surge is not only driven by the increased institutional and retail interest but also by technical patterns observed in the price chart. The article also stated that the cryptocurrency as a whole (not Bitcoin only) had broken out of a consolidative pattern. Since the Bitcoin market sentiment is bullish, the crypto fear and greed index currently shows 72 indicating that the market is in greed sentiment.

source

This is one of the few reasons why Bitcoin uptrend recently.

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Quote from: sana54210 on October 27, 2023, 11:59:59 AM

Quote from: carlfebz2 on October 25, 2023, 03:34:19 PM

You could read up from these articles, might be the same headline but sentiment could really differ a bit
depending on the article. Just take a peak on reading up.

https://news.bitcoin.com/bitcoin-soars-as-blackrock-moves-closer-to-launching-spot-bitcoin-etf/
https://www.coindesk.com/markets/2023/10/25/bitcoins-rise-fuelled-by-us-investors-buying-ahead-of-potential-spot-etf-approval-matrixport/
https://www.reuters.com/technology/bitcoin-leaps-2023-high-etf-bets-2023-10-24/

As we can see then it would really be all pertaining about that ETF potential approval and this is where the community been eyeing.
Bitcoin or crypto market doesnt usually reacts with external reasons but it turns out to be completely different as of this year
on which these sentiments turns out to be significant already.

The weirdest thing is that they are not even getting accepted. I am not saying it would never be, just that there is no extra added reason why it should be accepted at this point, we could definitely see a point where it may not be all that crazy. I believe that we are going to end up with something that would benefit a ton if it really happens but it is not happening at this point.

So the question we need to ask, if the ETF didn't get approved now, why would it go up now? It should go up when the approval comes in, and it is not coming in anytime soon, not like for another month and probably even later. So, it is basically just a rumor that made the price go up this much and that's not really a good reason but as long as it is higher, I am happy, no matter what the reason is.

This what makes this market unpredictable on which even if the situation is pretty obvious but it totally goes opposite on what are the effects that its been showing.Its true that it wasnt still that been approved but turns out that the market do make out some significant jump to its price even if its not really that still approved.How much more if its approved? We do know that sentiments could really be ended up on being positive or negative.This is why if you do see or notice that the market is really having that positive vibe or momentum then it would really be just that wise that you should really be taking advantage.

Quote from: blckhawk on October 27, 2023, 02:31:03 AM

You can't expect any inside story ever popping up about bitcoin, I am pretty sure that those who has that aren't tattletale about it if there really is an inside story. And to quell your wonder, you just have to look at the history of the bitcoin price this month to know that this is a pretty month for bitcoin combine that with the ongoing Bitcoin ETF stuff then it's not a wonder anymore, the magician's trick revealed sort of.

Quote from: LoyceMobile on October 25, 2023, 10:29:13 AM

What is this? A skyrocket for ants?

OP probably hasn't seen bitcoin price go this high this fast, probably a total newbie.

This is what im trying to say on which it turns out that if you are someone who doesnt really have that enough experience or awareness into this market then you would really be having
this kind of reaction on which you would really be shocked that the market is really that somewhat odd? You havent seen those rollercoaster like ride in the past.
We arent still something into those movements in the past or simple we arent on that exciting part. Cheesy

ShowOff

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Quote from: sana54210 on October 27, 2023, 11:59:59 AM

Quote from: carlfebz2 on October 25, 2023, 03:34:19 PM

-

So the question we need to ask, if the ETF didn't get approved now, why would it go up now?

Some whales seem to believe that ETFs will eventually be approved, so they have seized the opportunity to buy sooner than others. Even if they don't see the ETF approved later, then the halving will probably help them get a return. It makes sense to buy now instead of waiting for an ETF to be approved or when demand for bitcoin increases due to the halving.

sana54210

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Quote from: carlfebz2 on October 25, 2023, 03:34:19 PM

You could read up from these articles, might be the same headline but sentiment could really differ a bit
depending on the article. Just take a peak on reading up.

https://news.bitcoin.com/bitcoin-soars-as-blackrock-moves-closer-to-launching-spot-bitcoin-etf/
https://www.coindesk.com/markets/2023/10/25/bitcoins-rise-fuelled-by-us-investors-buying-ahead-of-potential-spot-etf-approval-matrixport/
https://www.reuters.com/technology/bitcoin-leaps-2023-high-etf-bets-2023-10-24/

As we can see then it would really be all pertaining about that ETF potential approval and this is where the community been eyeing.
Bitcoin or crypto market doesnt usually reacts with external reasons but it turns out to be completely different as of this year
on which these sentiments turns out to be significant already.

The weirdest thing is that they are not even getting accepted. I am not saying it would never be, just that there is no extra added reason why it should be accepted at this point, we could definitely see a point where it may not be all that crazy. I believe that we are going to end up with something that would benefit a ton if it really happens but it is not happening at this point.

So the question we need to ask, if the ETF didn't get approved now, why would it go up now? It should go up when the approval comes in, and it is not coming in anytime soon, not like for another month and probably even later. So, it is basically just a rumor that made the price go up this much and that's not really a good reason but as long as it is higher, I am happy, no matter what the reason is.

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Quote from: seek3r on October 24, 2023, 06:15:31 AM

Quote from: hugeblack on October 24, 2023, 06:10:39 AM

I do not think this is true. The price fell after this false news, so its impact now is very limited.

I think the green candles a few hour ago were influenced by the result that the Bitcoin ETF is now about to be approved.
Officially we are still waiting for approval from the SEC, but there are now indications that it might not take too long tho Roll Eyes

The Ishares Bitcoin ETF can already be found at https://www.dtcc.com/products/cs/exchange_traded_funds_plain_new.php under the trading symbol IBTC and the CUSIP number (security number of) 46438F101.

for How many years that we have been waiting this ETF thing seems like there is a light now? and if this is true then the next bullrun is knocking in our doorways and yes this is huge compared to other past bull.
and hoping that the approving will happen if not this year , will be in the next (2024)
though the term Sky rocket is exaggerating as we only experienced 20% or more and seems now enough to be called skyrocketing ?

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Quote from: savetheFORUM on October 25, 2023, 01:56:30 PM

Quote from: Emmanuelex on October 24, 2023, 12:26:30 PM

The market is going wild because of the ETF news. But I don't think we have started the bull run, neither are we close to it yet. There is still more time before the main bull run will start. Although I wouldn't neglect the fact that the market will continue to make some little up trends before the right time comes for it to make the major move towards to the top.

I don't think that news has anything to do with the current price surge because the news has gone old already and the impact that we saw because of it on Bitcoin or the market has finished already. This is more like a cyclical pump where the price finally managed to go across the resistance at $31k which Bitcoin hasn't been able to cross for the last few months and now when it finally did, it managed to at least touch $35k, so far, I had already expected this t happen.

So, I think we shouldn't connect this pump with the fake ETF news which a lot of people are saying but it isn't true. However, some might think, are we in the bull run already? I would say that might not be the case, the movement isn't looking that strong to me, it has dropped a little after touching $35k and is stable right now but it can come down a little bit again after it.

I think the recent price increase is related to the ETF news because from what I observed people discussing ETFs daily on all social networks, the interest in ETFs is actually greater than we think. But there is nothing wrong in saying that what is happening is market movement because markets cannot fall forever, they are always moving.

We are up over 20% in the last 7 days, isn't that a huge increase? Bitcoin is correcting but it is still above $34K. And I think we won't drop to 30k$ anytime soon in the coming days.

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You can't expect any inside story ever popping up about bitcoin, I am pretty sure that those who has that aren't tattletale about it if there really is an inside story. And to quell your wonder, you just have to look at the history of the bitcoin price this month to know that this is a pretty month for bitcoin combine that with the ongoing Bitcoin ETF stuff then it's not a wonder anymore, the magician's trick revealed sort of.

Quote from: LoyceMobile on October 25, 2023, 10:29:13 AM

What is this? A skyrocket for ants?

OP probably hasn't seen bitcoin price go this high this fast, probably a total newbie.

adaseb

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I don’t think it’s the hedge funds which are buying these bitcoins to add to their etf. From what I learned they only need like $1-2 million worth to get the fund listed. And after people actually buy the shares they will buy more then from the market.

Also keep in mind that many of these could of been bought OTC without causing too much of a price difference. There are many large players that only do OTC and you got the US government even holding coins which are seized which might be sold to them.

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Quote from: [email protected] on October 24, 2023, 05:32:10 AM

Why are all cryptocurrencies soaring these days? Does anyone know the inside story? Huh

The latest?
You could read up from these articles, might be the same headline but sentiment could really differ a bit
depending on the article. Just take a peak on reading up.

https://news.bitcoin.com/bitcoin-soars-as-blackrock-moves-closer-to-launching-spot-bitcoin-etf/
https://www.coindesk.com/markets/2023/10/25/bitcoins-rise-fuelled-by-us-investors-buying-ahead-of-potential-spot-etf-approval-matrixport/
https://www.reuters.com/technology/bitcoin-leaps-2023-high-etf-bets-2023-10-24/

As we can see then it would really be all pertaining about that ETF potential approval and this is where the community been eyeing.
Bitcoin or crypto market doesnt usually reacts with external reasons but it turns out to be completely different as of this year
on which these sentiments turns out to be significant already.

Sophokles

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ETF news made a significant impact to the market. Also grayscale bitcoin conversion and blackrock ETF ticker registration makes thing exciting and people assume that this is mark that shows blackrock ETF will be approved in the future. So many takes speculative measure for this when whale sees it as an oportunity to break the resistance level which liquidate many new short position.

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Quote from: Emmanuelex on October 24, 2023, 12:26:30 PM

The market is going wild because of the ETF news. But I don't think we have started the bull run, neither are we close to it yet. There is still more time before the main bull run will start. Although I wouldn't neglect the fact that the market will continue to make some little up trends before the right time comes for it to make the major move towards to the top.

I don't think that news has anything to do with the current price surge because the news has gone old already and the impact that we saw because of it on Bitcoin or the market has finished already. This is more like a cyclical pump where the price finally managed to go across the resistance at $31k which Bitcoin hasn't been able to cross for the last few months and now when it finally did, it managed to at least touch $35k, so far, I had already expected this t happen.

So, I think we shouldn't connect this pump with the fake ETF news which a lot of people are saying but it isn't true. However, some might think, are we in the bull run already? I would say that might not be the case, the movement isn't looking that strong to me, it has dropped a little after touching $35k and is stable right now but it can come down a little bit again after it.

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There are a few things at play here. The catalyst I would say being that the Blackrock ETF listing to customers is basically an admission they know it’s going to be approved so people are buying the rumor to sell the news. Another big factor at play is the season we’re in. Since I’ve been in Bitcoin, the time around Halloween has always been incredibly bullish, so I wouldn’t be surprised to see this rally run for a couple weeks.

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What is this? A skyrocket for ants?

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Quote from: kryptqnick on October 24, 2023, 09:36:48 AM

No, there was a price surge because of the fake ETF announcement, but then there was a small correction, and the 7-day impact on the price was at, like, 8%. I don't think that the current 21% can be attributed to it because the fake news was debunked some time ago, and a nearly 12% increase occurred just over the last 24 hours.
But that can still be related to ETF (just not to that particular episode with a fake approval), namely to what lombok pointed out about BlackRock's ETF being listed on DTCC and the expectation of a potential upcoming ETF approval by the SEC.

That's true, I hope the ETF drama will end soon because the SEC has already made many acts, that seem to manipulate the market, even if they are against decentralization. If this drama of delaying, rejecting, or approving, goes long then the expert can make some good profit while the newbies will be liquidated and might face huge losses.

And if drama comes to an end, and that ETF gets approved then BTC is going to skyrocket, and might reach $60k reaching this range, seems a little difficult, but if only the news can have that much good impact on the BTC then the actual implementation of the news will do 2x.

And one more thing, if this ETF got approved, then other ETFs might approved too, because a few weeks back, some shared the news that some big company's CEO made an announcement that, if one ETF got approved then all other ETFs would also get approved by SEC and it will bring more than 1 Trillion dollars into the market. That seems to impossible but let's see what will happen.

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Quote from: [email protected] on October 24, 2023, 05:32:10 AM

Why are all cryptocurrencies soaring these days? Does anyone know the inside story?

This question often I heard the past few days, from my friends, forum, and beginners who just came in crypto. If i were you, I just follow in what happened today. I will definitely listen to advice from the seniors here. so you don't worry and never ask the question again in the future when the situation happens again. Because this just a game from people with a lot of money, so you don't have to go with the flow, so you don't have to sell it if you have a crypto asset. Maybe this is just the beginning to rise even higher, it could be just a trap so that you feel that the price is top, and bid your asset on the market.

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Quote from: seoincorporation on October 24, 2023, 03:37:18 PM

Was a crazy bump for 24 hours, but looks like that motivates a lot of people to sell their coins, that's why now is down to $33,7k and i say down because it was up to 35 at some point, but over $30k still good.

Don't forget Bitcoin started this year at around $16k, so, people who bought there already doubled up their investment with a 100% profit. If fun how volatile cryptos are, while banks only offer 4% annually, bitcoin already gives 100% this year to their investors, so, let's call it a good year.

Above $30k is still a good price compared to the price that was stuck on around $26k for a few months this is always happening to Bitcoin every nearly November and December expect for the huge price increase and I think we will get a new ATH for this year(We already got a new ATH this year but I guess this is not the final ATH this year).

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The fake news, the fake listing, and the optimistic sentiment of the market is the reason behind the recent Bitcoin surge. I think these actions are all manipulation, even the recent news are all about the optimistic sentiment of the Bitcoin market making an impression that Bitcoin might surge more. This brings hype and FOMO to people making them pour money into the Bitcoin market.

Quote from: seoincorporation on October 24, 2023, 03:37:18 PM

Quote from: hugeblack on October 24, 2023, 06:10:39 AM

The price of Bitcoin continued to reach the resistance point and was unable to break it several times, but it succeeded this time because every time the price approached the resistance level, it became weaker. The way is now open to reach $38,000. the more we continue to close at levels higher than $32,000, the more possibility that we would not see $20,000- $30,000 levels soon.

we have until the end of the month. If the price continues above $32,000, we will most likely begin the beginning of the bull market.

Was a crazy bump for 24 hours, but looks like that motivates a lot of people to sell their coins, that's why now is down to $33,7k and i say down because it was up to 35 at some point, but over $30k still good.

Aside from people taking profit, this might be the effect of the removal of the Blackrock ETF ticker from DTCC which possibly make other Bitcoin demand to be pulled out resulting to some minor correction in the market.

seoincorporation

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Quote from: hugeblack on October 24, 2023, 06:10:39 AM

The price of Bitcoin continued to reach the resistance point and was unable to break it several times, but it succeeded this time because every time the price approached the resistance level, it became weaker. The way is now open to reach $38,000. the more we continue to close at levels higher than $32,000, the more possibility that we would not see $20,000- $30,000 levels soon.

we have until the end of the month. If the price continues above $32,000, we will most likely begin the beginning of the bull market.

Was a crazy bump for 24 hours, but looks like that motivates a lot of people to sell their coins, that's why now is down to $33,7k and i say down because it was up to 35 at some point, but over $30k still good.

Don't forget Bitcoin started this year at around $16k, so, people who bought there already doubled up their investment with a 100% profit. If fun how volatile cryptos are, while banks only offer 4% annually, bitcoin already gives 100% this year to their investors, so, let's call it a good year.

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Quote from: The Cryptovator on October 24, 2023, 03:16:39 PM

hence, DTCC removed Blackrock from the list. But still, the chart is pretty strong. I hope ETF approval is near and will be approved. So if it creates a big FOMO, then likely we will see another bull run.

I agree, despie that DTCC removed the ticker already, the reaction of the market is incomparable when they've shown the ticker.

It's still strong and likely to go back to $34k any moment now. It had made a big FOMO and it will be larger when we see the approved Bitcoin ETF application.

BlackRock is such a big company that many do trusts and based their decision so, that's to be expected that will play a part in the next bull run.

The Cryptovator

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Yesterday, there were rumours and FOMOs about Bitcoin ETF approval, which hasn't been a valid reference yet. But Bitcoin seems to have started pumping even without confirmed ETF approval. Its all about FOMO, investors jumping to make quick money from the ETF news. Price seems to have started dumping today; hence, DTCC removed Blackrock from the list. But still, the chart is pretty strong. I hope ETF approval is near and will be approved. So if it creates a big FOMO, then likely we will see another bull run.

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Quote from: Negotiation on October 24, 2023, 07:57:30 AM

I think cryptocurrencies are growing because demand for them is high and the acceptance of bitcoin as a means of payment is increasing. In recent times commercial organizations have invested hundreds of billions of dollars in its pursuit of financial benefits. The higher the amount invested in bitcoin the more its value will increase so it is the right time to hold bitcoin. As its value automatically increases as more investors become involved the price of bitcoin may rise further. We are not concerned about short term growth or decline we believe bitcoin is a fundamentally powerful asset this virtual asset has significant potential in the long run.

My friends here speculate that it's the Bitcoin ETF that has triggered the recent surge in its value. As for the news surrounding the acceptance of Bitcoin as a means of payment, I believe there hasn't been any significant development on that front. Currently, people seem to be more inclined towards speculating on Bitcoin as a store of value, with perhaps less than 40% of users actually utilizing BTC for transactions.

In my opinion, this is a preparatory phase. All investors are keeping a close eye on the potential for Bitcoin to skyrocket in the near future. The announcement from the SEC holds the key to the bullish momentum at the end of this year, along with the Bitcoin halving event scheduled for the next year.

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The market is going wild because of the ETF news. But I don't think we have started the bull run, neither are we close to it yet. There is still more time before the main bull run will start. Although I wouldn't neglect the fact that the market will continue to make some little up trends before the right time comes for it to make the major move towards to the top.

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Quote from: [email protected] on October 24, 2023, 05:32:10 AM

Why are all cryptocurrencies soaring these days? Does anyone know the inside story?

Bitcoin as everyone has contributed is waging war against it's resistance to run bullish, the market is going higher and we are likely to experience more bullish than bearish for now till we moved out of the dip in the confined zone of 30,000 to anything above $32,000 upwards, there are many activities happening currently and the breaking news on bitcoin spot ETF is one of the things that took part in this fast rising experience, maybe we should for now anticipate more of bull even before the main bullrun begin.

ChiBitCTy

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It's been pretty fun watching bitcoin skyrocket at the moment. Having been around since bitcoin was in the 100's of dollars range, going all the way to 70k, to 20k, now up around 34k, it's been one wild ride!

But as many others have already stated, it mostly has to do with the ETF news. It looks like BlackRock will be one of a handful of financial fund companies to open up their own spot bitcoin ETF's. I'm not sure if some realize how big of news this is!

Publictalk792

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In my point of view the reason is that when the ETF fake news enter in the market and everyone look that how the market perform. And now people are thinking that if ETF news becomes in reality so the market will perform more well therefore people are buying more Bitcoin and holding and many whales are also entering in the market. So let's see how the market will perform in the coming days when the big companies will get ETF approval.

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Have you been waiting for 10k bitcoin before you start investing? Some people are making mistakes and they don't know, they are listening to some YouTubers saying don't buy yet, we are still going lower, I am not saying its impossible but the chances are small, why not choose DCA instead of waiting? So many people will wait until it's too late.

Because covid happened in 2020 does not mean another thing will happen this time around, do not sit on a side of a coin, make sure you plan favours both side of the coin, bull or bear you should be good, why wait? DCA and forget what its happening in the market, until the bull market is finally here.

It's very unsafe to be out of Bitcoin investment right now, 2024 might not be like the past, something new might happen this time around, do not believe that what you know is what will happen, always expect the impossible some times do not fight it, just prepare for any possibilities.

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Quote from: kryptqnick on October 24, 2023, 09:36:48 AM

No, there was a price surge because of the fake ETF announcement, but then there was a small correction, and the 7-day impact on the price was at, like, 8%. I don't think that the current 21% can be attributed to it because the fake news was debunked some time ago, and a nearly 12% increase occurred just over the last 24 hours.
But that can still be related to ETF (just not to that particular episode with a fake approval), namely to what lombok pointed out about BlackRock's ETF being listed on DTCC and the expectation of a potential upcoming ETF approval by the SEC.

Due to the right momentum and BTC's ability to penetrate the resistance level in the $30K - $32K range, FOMO and ETF listing euphoria were able to bring BTC to rise even stronger to $34K - $35K. The question now is whether this momentum will continue until the end of the year? plus there are some rumors that the FED will loosen the interest rate. Or will this just be a fake out and return to the bearish phase?

Technical analysis sometimes provides a little enlightenment on BTC price movements, but when it comes to fundamentals, BTC is so cruel that even the bulls will continue to rage.

kryptqnick

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No, there was a price surge because of the fake ETF announcement, but then there was a small correction, and the 7-day impact on the price was at, like, 8%. I don't think that the current 21% can be attributed to it because the fake news was debunked some time ago, and a nearly 12% increase occurred just over the last 24 hours.
But that can still be related to ETF (just not to that particular episode with a fake approval), namely to what lombok pointed out about BlackRock's ETF being listed on DTCC and the expectation of a potential upcoming ETF approval by the SEC.

Faisal2202

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Quote from: [email protected] on October 24, 2023, 05:32:10 AM

Why are all cryptocurrencies soaring these days? Does anyone know the inside story? Huh

I was also going to see if anyone asked this question or not, although I knew the answer, when the news of lisiting approved of BTC ticker got public. I thought it might not be that much of importance but it was around 2 o clock of the night here, so I slept and when I woke up the market was up.

That me's created so much hype, that demand increased over supply and price of btc started to increase. But my bets were, btc could not go above $32k but when I saw BTC crossing $35k I was shocked. I avoided doing future trading and did some buying for holding purposes and making some profit on those. But those who took short trade are now liquidated. That is so unfortunate for them.

And generally speaking, this is just a temporary up, use of skyrocketed term would not be wise, because btc not been pumped to $50k yet. I will call it skyrocketed when it will jumped to a $50k minimum. Overall, this news of BTC ETF's ticker getting listed acted as a domino effect which started a good vibe series in the market.

Now the best practice for all of the in esters including holders and traders is to book some profit at least half of it and then re invest it in btc or whatever coin you like. It is not a financial advice, just a opinion.

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Quote from: philipma1957 on October 24, 2023, 07:43:34 AM

Quote from: Wend on October 24, 2023, 06:29:17 AM

Quote from: [email protected] on October 24, 2023, 05:32:10 AM

Why are all cryptocurrencies soaring these days? Does anyone know the inside story? Huh

That is the movement of bitcoin and the market. Do you want the market to always be bearish? The financial market has only two directions: up and down, so you don't need to be surprised when it starts to increase after many days of decline. This is also proof that just by actively accumulating bitcoin, bitcoin will bring you sweet results. I have been accumulating since last year so far and my portfolio has had pretty good returns but I won't be in a rush to sell it all anytime soon as I believe bitcoin will take me to the next level.

Well the market can go sideways for years on end.

so there are three directions

down
sideways
up

It doesn't matter, though. We are here for the long term, and the short-term movements aren't our primary concern. Grin

With the current state of the market, it seems like the bull run is just around the corner. They say that, according to trends, a bull run tends to occur before the halving. Could it be that this time it will appear earlier? Regardless, I think there's no need to panic if we don't intend to sell.

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Quote from: hugeblack on October 24, 2023, 06:10:39 AM

Quote from: lombok on October 24, 2023, 05:43:21 AM

Simple. Bitcoin price continues to rise after fake ETF news emerged until now. Because the price of the crypto parent rises, the altcoin market automatically also rises. The pattern that can be accepted in simple terms is that a lot of money comes in (investors and retail) and floods the Bitcoin and altcoin market capitalization.

I do not think this is true. The price fell after this false news, so its impact now is very limited.

At least the fake news became a momentum boost that was able to make the BTC price rise by up to 30K even though the BTC price immediately experienced a decline at that time. This indicates the confidence of investors in Bitcoin ETFs. Then prices continued to rise again, with several factors such as war which caused Bitcoin and gold to suddenly become favorites as safe haven assets due to the current fear and economic/geopolitical instability.

Quote from: Odohu on October 24, 2023, 07:39:20 AM

Quote from: lombok on October 24, 2023, 05:43:21 AM

Plus there is talk of reducing the interest rate from the FED.

This seems more like a factor and it is strong enough to cause the recent gains in Bitcoin. Investors are simply moving their money to Bitcoin thereby creating more demand and price rising accordingly. If this argument holds, the rise may not be sustained for long before market finds equilibrium pending when there also another solid fundamental to cause another significant rise in price.

As well as the role of Nasdaq in finally listing a Bitcoin ETF from iShares: https://www.investing.com/news/cryptocurrency-news/blackrocks-spot-bitcoin-etf-now-listed-on-nasdaq-trade-clearing-firm--bloomberg-analyst-3206311

It could be that this price jump was also influenced by this, where the FED cut the interest rate plus large amounts of funds entered the iShares BTC ETF, FOMO occurred and Bitcoin changed to bullish mode.

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I think cryptocurrencies are growing because demand for them is high and the acceptance of bitcoin as a means of payment is increasing. In recent times commercial organizations have invested hundreds of billions of dollars in its pursuit of financial benefits. The higher the amount invested in bitcoin the more its value will increase so it is the right time to hold bitcoin. As its value automatically increases as more investors become involved the price of bitcoin may rise further. We are not concerned about short term growth or decline we believe bitcoin is a fundamentally powerful asset this virtual asset has significant potential in the long run.

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Quote from: seek3r on October 24, 2023, 06:15:31 AM

Quote from: hugeblack on October 24, 2023, 06:10:39 AM

I do not think this is true. The price fell after this false news, so its impact now is very limited.

I think the green candles a few hour ago were influenced by the result that the Bitcoin ETF is now about to be approved.
Officially we are still waiting for approval from the SEC, but there are now indications that it might not take too long tho Roll Eyes

The Ishares Bitcoin ETF can already be found at https://www.dtcc.com/products/cs/exchange_traded_funds_plain_new.php under the trading symbol IBTC and the CUSIP number (security number of) 46438F101.

That Cointelegraph intern who published the article about ETF I think has a 3rd eye or he simply had peeked or eavesdropped on a discussion about the coming ETF that's why he published that article.

Quite a pump really and I think its not over because some of the discussions I've watched on popular youtube channel was that, they are saying the price could hit up to $48k. Obviously, it's just them speculating this but seeing the TA, it could likely be happening.

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Quote from: Wend on October 24, 2023, 06:29:17 AM

Quote from: [email protected] on October 24, 2023, 05:32:10 AM

Why are all cryptocurrencies soaring these days? Does anyone know the inside story? Huh

That is the movement of bitcoin and the market. Do you want the market to always be bearish? The financial market has only two directions: up and down, so you don't need to be surprised when it starts to increase after many days of decline. This is also proof that just by actively accumulating bitcoin, bitcoin will bring you sweet results. I have been accumulating since last year so far and my portfolio has had pretty good returns but I won't be in a rush to sell it all anytime soon as I believe bitcoin will take me to the next level.

Well the market can go sideways for years on end.

so there are three directions

down
sideways
up

Odohu

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Quote from: lombok on October 24, 2023, 05:43:21 AM

Simple. Bitcoin price continues to rise after fake ETF news emerged until now.

I do not think that the fake ETF news is responsible for the continued increase in price of Bitcoin. If you noticed, the price pumped when the news came out and dropped within a short interval when it was confirmed that the news was fake. Even though it is not clear what might be propelling the surge in price that we are seeing now, I do not think it will be unconnected from the increased interest in Bitcoin in preparation for the events of next year which include the halving and most likely the approval of some of the ETFs.

Quote from: lombok on October 24, 2023, 05:43:21 AM

Plus there is talk of reducing the interest rate from the FED.

This seems more like a factor and it is strong enough to cause the recent gains in Bitcoin. Investors are simply moving their money to Bitcoin thereby creating more demand and price rising accordingly. If this argument holds, the rise may not be sustained for long before market finds equilibrium pending when there also another solid fundamental to cause another significant rise in price.

seek3r

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Quote from: hugeblack on October 24, 2023, 07:28:13 AM

Search the forum and you will find that the ETF is now about to be approved since 2017 and every time the date is postponed, so far there are no guarantees that the ETF will be approved within the next two months. Also, if this is true, the upward momentum should continue to reach 35-39k and from there to 43k, and this did not happen, which indicates that it broke a resistance barrier that had become weak.

I got you. The ETF has been talked about for a long time and it's always said 'very soon'. In the long run you lose faith or no longer take further reports seriously. Especially not after the “fake news” from Cointelegraph.

But what was crucial for me to answer here was the point I raised here:

Quote from: seek3r on October 24, 2023, 06:15:31 AM

The Ishares Bitcoin ETF can already be found at https://www.dtcc.com/products/cs/exchange_traded_funds_plain_new.php under the trading symbol IBTC and the CUSIP number (security number of) 46438F101.

I think this is strong evidence that things are finally gaining momentum.

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Quote from: seek3r on October 24, 2023, 06:15:31 AM

I think the green candles a few hour ago were influenced by the result that the Bitcoin ETF is now about to be approved.
Officially we are still waiting for approval from the SEC, but there are now indications that it might not take too long tho Roll Eyes

Search the forum and you will find that the ETF is now about to be approved since 2017 and every time the date is postponed, so far there are no guarantees that the ETF will be approved within the next two months. Also, if this is true, the upward momentum should continue to reach 35-39k and from there to 43k, and this did not happen, which indicates that it broke a resistance barrier that had become weak.

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Quote from: Wapfika on October 24, 2023, 06:49:36 AM

Quote from: [email protected] on October 24, 2023, 05:32:10 AM

Why are all cryptocurrencies soaring these days? Does anyone know the inside story? Huh

This is due to the positive development for ETF Spot approval submitted by Blackrock. Although there’s some fake news that initially triggered the pump Blackrock show some sign that their ETF approval is near that’s why many crypto traders speculated the Blackrock will buy their Bitcoin to backed their spot position.

This positive news is great because it has a follow up up positive news which is the Bitcoin halving next year. We might see an early bullrun starting this October to 2nd quarter next year. Massive pump is coming.

They are indeed a key catalyst behind this recent market rally. Although after that fake ETF news, the one that kickstarted the market recovery before this big rally is Ripple’s recent victory over SEC in which we saw the price somewhere between $28k to almost $30k in range.

As of this time of writing, BTC is now getting close to hitting $35k again (it touched this price earlier before pulled back to $34.4k+) and it would be very interesting for us to see where the market goes before the year ends as we are anticipating the much-awaited Bitcoin halving coming mid-next year.

I believe we’re riding the FOMO wave now. As long the Bitcoin bulls can maintain the strong support level right now, there is a possibility that it can break the new resistance level.

I’m happy that I keep holding BTC where I have done some DCA last year. Even I’m at a profit, selling is not in my plans yet as I have a specific target price for that.

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Quote from: [email protected] on October 24, 2023, 05:32:10 AM

Why are all cryptocurrencies soaring these days? Does anyone know the inside story? Huh

It is mainly because of Bitcoin and why Bitcoin is going up? Because of positive news like the ETF ticker from BlackRock.
You can google everything when you see some movement in the market, whether it's negative or positive, you can do the search and everything is going to pop with the results.

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That's not an inside story. If you don't know something maybe you should find better sources of information about crypto news.

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Quote from: [email protected] on October 24, 2023, 05:32:10 AM

Why are all cryptocurrencies soaring these days? Does anyone know the inside story? Huh

This is due to the positive development for ETF Spot approval submitted by Blackrock. Although there’s some fake news that initially triggered the pump Blackrock show some sign that their ETF approval is near that’s why many crypto traders speculated the Blackrock will buy their Bitcoin to backed their spot position.

This positive news is great because it has a follow up up positive news which is the Bitcoin halving next year. We might see an early bullrun starting this October to 2nd quarter next year. Massive pump is coming.

Bananington

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Quote from: Wend on October 24, 2023, 06:29:17 AM

Quote from: [email protected] on October 24, 2023, 05:32:10 AM

Why are all cryptocurrencies soaring these days? Does anyone know the inside story? Huh

That is the movement of bitcoin and the market. Do you want the market to always be bearish? The financial market has only two directions: up and down, so you don't need to be surprised when it starts to increase after many days of decline. This is also proof that just by actively accumulating bitcoin, bitcoin will bring you sweet results. I have been accumulating since last year so far and my portfolio has had pretty good returns but I won't be in a rush to sell it all anytime soon as I believe bitcoin will take me to the next level.

A real trader with an outstanding mindset of the market trends and compulsory situational attributes will summarize by saying it's just the way it, because sincerely, the ups and downs of the price of Bitcoin is what makes it a valuable asset among the other cryptos.
The price fluctuating or skyrocketing is what is expected mostly as the rumours about the BTC ETF only ended as a rumour and as the halving is some months shy of six, is going to happen.

The best bet is to find a good spot and trade at a margin possibly to avoid losing more, and keeping some aside in a secure wallet is ones investment in the future if BTC and cryptocurrencies in general.

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Quote from: hugeblack on October 24, 2023, 06:10:39 AM

The price of Bitcoin continued to reach the resistance point and was unable to break it several times, but it succeeded this time because every time the price approached the resistance level, it became weaker. The way is now open to reach $38,000. the more we continue to close at levels higher than $32,000, the more possibility that we would not see $20,000- $30,000 levels soon.

we have until the end of the month. If the price continues above $32,000, we will most likely begin the beginning of the bull market.

Beauty of Bitcoin market is strong resistances will be rejected many times before Bitcoin breaks out. But the story and beauty of Bitcoin does not stop here, after its break out, Short Squeeze, Forced Liquidations will boost Bitcoin up a lot.

I love strong resistances because I know how Bitcoin will skyrocket after strong resistances are broken.

Quote

I do not think this is true. The price fell after this false news, so its impact now is very limited.

It is true. Effects from fake news can not last long but if people who were FOMO with fake news can sit back and think, they will know Bitcoin halving is far from today, 6 more months are far enough.

Good news, but not fake news, for them is in SEC, there are two supporters for Bitcoin Spot ETF and we only need one more support to get an approval for a First Bitcoin Spot ETF in the USA. The last one supporter needed can be Gensler or one of two staffs in SEC.

Because by laws, it only requires 3/5 vote on support to approve Bitcoin Spot ETF.

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Quote from: [email protected] on October 24, 2023, 05:32:10 AM

Why are all cryptocurrencies soaring these days? Does anyone know the inside story? Huh

That is the movement of bitcoin and the market. Do you want the market to always be bearish? The financial market has only two directions: up and down, so you don't need to be surprised when it starts to increase after many days of decline. This is also proof that just by actively accumulating bitcoin, bitcoin will bring you sweet results. I have been accumulating since last year so far and my portfolio has had pretty good returns but I won't be in a rush to sell it all anytime soon as I believe bitcoin will take me to the next level.

philipma1957

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Quote from: hugeblack on October 24, 2023, 06:10:39 AM

The price of Bitcoin continued to reach the resistance point and was unable to break it several times, but it succeeded this time because every time the price approached the resistance level, it became weaker. The way is now open to reach $38,000. the more we continue to close at levels higher than $32,000, the more possibility that we would not see $20,000- $30,000 levels soon.

we have until the end of the month. If the price continues above $32,000, we will most likely begin the beginning of the bull market.

Quote from: lombok on October 24, 2023, 05:43:21 AM

Simple. Bitcoin price continues to rise after fake ETF news emerged until now. Because the price of the crypto parent rises, the altcoin market automatically also rises. The pattern that can be accepted in simple terms is that a lot of money comes in (investors and retail) and floods the Bitcoin and altcoin market capitalization.

I do not think this is true. The price fell after this false news, so its impact now is very limited.

For me the key number was 33333 they past it and are still above it.

I feel we are repeating the 2015-2016 pre ½ ing runup pattern. basically 350 usd to 770 usd then it trailed off to 660 just after the ½ ing. If it is a full repeat we go to 45-48k Around Jan 2024 then drop to 35-39k right after the 1/2ing in April.

Doing the real rally oct 2024 hitting a new ATH by dec 2024 say 70k and running up till late spring of 2025 to 200k

NotATether

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If you ask me, the long term outlook of the bitcoin price is going to look something like this:

Now: Price rises to 35k, maybe somewhere lower than 40k, and stays like that for a few months
Mid-2024: Something bad happens and tanks the price to 30k or less than that, but never below 25k
Sometime in 2025: The renaissance, when the effects of halving fully kick in and the price dramatically increases to new highs.

So don't worry about what happens in between. Just chill until 2025.

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Quote from: hugeblack on October 24, 2023, 06:10:39 AM

I do not think this is true. The price fell after this false news, so its impact now is very limited.

I think the green candles a few hour ago were influenced by the result that the Bitcoin ETF is now about to be approved.
Officially we are still waiting for approval from the SEC, but there are now indications that it might not take too long tho Roll Eyes

The Ishares Bitcoin ETF can already be found at https://www.dtcc.com/products/cs/exchange_traded_funds_plain_new.php under the trading symbol IBTC and the CUSIP number (security number of) 46438F101.

hugeblack

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The price of Bitcoin continued to reach the resistance point and was unable to break it several times, but it succeeded this time because every time the price approached the resistance level, it became weaker. The way is now open to reach $38,000. the more we continue to close at levels higher than $32,000, the more possibility that we would not see $20,000- $30,000 levels soon.

we have until the end of the month. If the price continues above $32,000, we will most likely begin the beginning of the bull market.

Quote from: lombok on October 24, 2023, 05:43:21 AM

Simple. Bitcoin price continues to rise after fake ETF news emerged until now. Because the price of the crypto parent rises, the altcoin market automatically also rises. The pattern that can be accepted in simple terms is that a lot of money comes in (investors and retail) and floods the Bitcoin and altcoin market capitalization.

I do not think this is true. The price fell after this false news, so its impact now is very limited.

lombok

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Simple. Bitcoin price continues to rise after fake ETF news emerged until now. Because the price of the crypto parent rises, the altcoin market automatically also rises. The pattern that can be accepted in simple terms is that a lot of money comes in (investors and retail) and floods the Bitcoin and altcoin market capitalization.

Plus there is talk of reducing the interest rate from the FED.

[email protected]

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Why are all cryptocurrencies soaring these days? Does anyone know the inside story? Huh

Topic: Why has Bitcoin skyrocketed recently? (Read 423 times)