Topic: Why hasn’t Bitcoin’s price skyrocketed? (Read 536 times)

A lot of factors as to why Bitcoin has not yet skyrocketed. You know the market is unpredictable it may rise and low and it takes time to see it increasing. But as you can see in the current market there is still a good movement in bitcoin. Let's us not look only for the price rather the benefits of bitcoin can give to the users.

I think it is already flying because it has refused to go below 9,000.This is a good sign confirming that the bitcoin holders are safe with investing in bitcoin.


Bitcoin becoming a currency that everybody would use will take a lot of time. But at the moment, bitcoin is doing well if not for the fluctuation and volatility which are contributing to unstable price.

That's a tough question to answer.
I think there's still a lot of resistance for BTC prices to go up because many people had bought close to the peak. Sadly or not, it was the introduction many had to crypto when BTC was nearing its all time high and still rallying... These bags are still held and whenever there seems to be a break through resistance, it just amps up again by people taking profit from some down trends also.

BTC might have a second wave of exposure sooner or later. But I think that this is what's needed for prices to break through resistance for good this time. New money coming in the market en masse essentially.

Why it hasn't in 2019 or before that? At least now we have pandemic and slow economy movement everywhere but 2018 and 2019 were full of downfall markets except few weeks. Just due to recent halving, is it right to expect bitcoin prices to be skyrocketing right now? Probably the concept is right, but we must give it time to accumulate and then starts its rally. Moreover, bitcoin is obeying its four year cycle almost with all aspects. So, this year could be bullish mode in the second half but pandemic condition is making us not to conclude in concrete manner.

These are reasonable considerations, but they run counter to the expectations of most bitcoin users (I think these are speculators and not those people who use bitcoin purely for utilitarian purposes). I think that if in the medium term bitcoin does not show a bullish trend and closer to the ATH, then more talk will be about this, and not about the applicability of bitcoin, mass adoption, etc. no matter how successfully these areas develop.

Yes indeed and the price I see now is looking more solid rather than reaching 20k and then dropping to 10k in a week time. I have always wanted the price to be stable and if even if increases it should be because of the organic growth by mass adoption and slow growth actually indicates the organic growth now. I understand why people want a blast in the price because they have seen it in the years that have gone by and usually the price sky rockets multiple times every year.

I am personally glad the price is not rocketing because when it starts to rocket up there is a concern in my mind that while the highest of highs are always good there might be terrible lowest of lows and rather being stable is better.

There is no basic reason why bitcoin should do a surprising movement now and it is moving currently on a sideways. However, the next breakout is going to be a big one. If it is going to go up it might go as higher as 12,500 and likewise if it is going to go down it might get lower to $6500.

Whether to speculate or not, we will see many speculators out there saying that bitcoin will move, and they like to share what they think. Bitcoin is still stable now, and it still attracts people to invest in bitcoin, so bitcoin will start to increase when the right time comes.

For the bitcoin market, I think the market is not in a critical situation because bitcoin can still go up and down, giving us a chance to buy low and sell high to make a profit. People don't have to worry about the bitcoin movement if they use bitcoin as the investment. But if they use bitcoin as a commodity to make money, they need to try to buy low and sell high so they can make money from bitcoin.

I don't hope the price is going down for the rest of this year because we already at a price now, and people seem to wait for the next step that bitcoin will do in the market.

What we are having right now with btc price is already great, despite of the pandemic btc survives and slowly pushing thru. If you are a long time user, you will not wish for btc to skyrocket at a very short period of time as it is quite dangerous. The sudden fall is imminent if that happens. This slow increase is better than steep increase. And also, wish for more people and shops to use crypto so it will drive more adoption and so is demand in the market.

The 10k area should be enough for people to be grateful, why hasnt Bitcoin crashed is the constant question some asked many years and still now.  Perhaps the two are in equilibrium and hence we havent moved at all.     The desire to have BTC gain alot in a small amount of time is actually destructive because it represents price instability, price is not supposed to alter subtianally unless inaccurate.   Even a positive gain represents volatility so we should be careful what we wish for, I'm just glad the market continues and is meeting the needs of both sellers and buyers and I hope BTC just improves its utility and so a greater population find it useful and the price is secondary to that and probably rises.

Indeed, health is always wealth. There are actually a lot of reasons why Bitcoin remained at this level even after the very bullish predictions in the post halving, and one of them is the pandemic.



Base on the trend on 2016 halving, Bitcoin has been gradually increasing every month in the post halving.
And, of course it's not gonna be the case this year, but Bitcoin has been doing well maintaining in a $9,000 region amidst the world crisis. So, most probably the pandemic and global economic crisis is depriving Bitcoin to skyrocket.
I know Bitcoin has been created during the 2007-2009 global economic recession, but this time is different because the recession ties up with the national health security which is the most important matter above all.
Some businesses closed, workers can't go to work, some are in skeleton schedule, how else do we expand the Bitcoin adaption if people doesn't have enough money to buy Bitcoin due to this pandemic.

Health would be always the main priority and survival thing which is just normal for people to think about. Investment would always fall in second in line but actually we cant really tell if this had been the main reason
but we can presume out since we are having the same feeling specially now that we are on the middle of pandemic situation.Why bitcoins price hasnt rocketed? This had always been a question even we arent experiencing a pandemic theres always been had a case to be like this where price is stagnant for a long time being and doesnt show any signs of increase or whatsoever.For now we dont have any choice but to observe
on what would be the next possible move of the market.

We need to understand that the market is in a very critical situation right now where everyone is not sure where to invest and which asset they should divest and that is the primary reason why people even if they want to invest with bitcoins they are taking measures by not going all-in and investing smaller amounts because covid-19 has made a hoax among people that it might end all the trades in coming time.

I think the price is not going to bloom until the situation is more clear and there is a vaccine being developed that gives people assurance of their safety because no matter how professional we get the safety and well being of ourselves is still the highest priority.

No need to speculate on whether BTC gets stronger or not, this has always been true regardless of market conditions. Wallet users are growing, transactions on chain AND off chain are growing. More networks of merchants and users. Less hype, more adoption, more use. These are the signs we can't ignore and they mean BTC is stronger and will keep growing stronger.

It will become stronger than now. Bitcoin needs to wait for the right time to skyrocket, and I think right now, bitcoin is trying to reach more people to buy, so sooner or later, bitcoin price will increase. If it's not happening this month or next month, it will no problem because we have time to save more bitcoin from today. It will give us a chance to make a lot of money if we can have more bitcoin.

The market lose its upward momentum and that is why it is doing sideways while creating lowers lows and lower highs. The trend of bitcoin is sideways so expect that the price will consolidate more. The 20 moving average and 50 moving average are resisting to the current price, if the there will be a breakout in this dynamic resistance there is a high chance of a rally but there is a resistance $10,000. The current RSI is now showing weakness because it is also showing lower lows and lower highs. There is also a resistance there at 50 so I expect that it will bounce.

Not really the moment has come for Bitcoin to make another high. The current momentum show stability in the crypto prices, I don't know how the pandemic situation brought something to this bust most likely it affects the trend. However, though we can't see its surging price but look at its price for the past weeks, it still in good shape things that we can't be worried about.

Moving forward, Bitcoin adoption has to get stronger now. Though we can't see it is skyrocketed at this time but not in a way that we live like this forever. There is a perfect time for that, and I believe it to come sooner, we all just be positive for that will only help us to at ease than to worry.

Im not really that a fan of tagging things up from traditional markets or economic thing towards crypto market. We can say that there might be connection but not all the time.

We have seen that markets we've known are declining but here on this place we have seen the different movement.It might be somewhat stagnant for a long time but

this isnt something new that we have seen in the past. Anticipating bitcoins price to skyrocket will just eventually a stress burden for anyone.

Need more time I guess, although there are a lot of prediction which stated that bitcoin price will reach new all time high like $100.000, $200.000 and $300.000 in a few years ahead but it is not guarantee. You can't expect that bitcoin could reach that price since we are always face many thing in the proccess to reach it, most likely in regulation factor.

Moreover, many people have known bitcoin and its price movement even the crash that has happened in 2018 maybe has made many people afraid to buy bitcoin. But we have to thinking that the supply of bitcoin is limited it means there always many chance if bitcoin is trusted again by most people then we will see new all time high. We just need to convince another people to still love bitcoin and tempting to have it.

So much saying why it won't? Why the price remains at $9k? Why does the market turn like this? It is never hard to accept reality, and we already know the situation things that we can't deny how it affects the market. Besides, not only the crypto market suffered for this but also in the real stock market.

We can never fix this until the crisis declines. We have to wait for a few more days to see it back to move high. There is no magic in the market, either we like it or not, the market remains like this for quite sometimes. So better not to ask "why Bitcoin's price hasn't skyrocketed yet? Because we can hold that thing to happen as it also depends on the situation.

why ask as if it must happen.
The crypto market is not only predictable from history, but there are many supporting factors that can make the price of bitcoin the hope of everyone.
if you are in doubt I suggest not entering this volatile market.

Good point. In addition, it should be noted that against the backdrop of global problems, bitcoin behaves quite confidently, not as many holders predicted, but no worse than many other assets. It will be interesting to look at its behavior after the crisis is over.

That is all true but many users still think that Bitcoin price moves according to their wishes and without a reason.
Many also thought that halving would be a trigger for big price rise but that didn't happen and now they are disappointed, looking the reasons for that in corona pandemic and similar. They also forgot that halving could have caused the price fall as well. Although the Bitcoin price is quite decent many are still not satisfied.

If you really believe in the cycle and got the closest comparison of 2016, then we can have more discussion after the cycle for the bull when it reaches and we didn't see anything but am expecting surprises at your expected completion of the cycle. Bitcoin is not meant to be out-rightly predictable, the bull might come early or very well later than 2021 but we are going to see some tickle in at the time of the cycle.

Let us just focus on the ending part where you say that the bitcoin has been mirroring the price of stock markets. When the price of stock market started to drop, bitcoin also started to drop. And through this one event the whole article came to a conclusion that the investors now perceive bitcoin as "unusable" and not worth investing. Not sure if the article was based on the writers own opinion or if the writer actually interviewed a lot of investors before writing this whole article.
Though its a good thing now the investors don't "perceive" bitcoin as a stable investment. At least now they know that there are risks involved when investing in it (like all other investment). As for the dropping of the price, many investors started to dump the coin because they thought that bitcoin will also follow the same fate as the stock market. Haven't you noticed that bitcoin actually recovered faster than the stocks?

Well, price has skyrocketed from that time around to today? So yes, if the price is 1 dollars each bitcoin, that would be 10 thousand dollars for that pizza which is still quite skyrocketing prices as you might imagine. Now did it skyrocketed in the past 1 year? Of course not, and if it drops to 1 dollars that means it dropped significantly and there must be something wrong with bitcoin, that would be super bad, yet at the same time that doesn't mean that the price "didn't" skyrocketed for that pizza dude neither.

We should learn about how there is a difference between skyrocketed recently, and skyrocketed since "x" period of time. This is one of those situations and you just have to take a look at when does the starting point is to today when talking about skyrocketing.

Right. We are still facing the Covid-19 problem around the world, and the number of infected people still increases in many countries, so people are still trying to figure out how to save their lives first. After the situation can slowly back to a new normal, I think the bitcoin price will start to increase, but first, the price will be back to $10k and the next high price. Bitcoin needs more time to grow, and it will happen in one night, so he needs to have more patience to see bitcoin price to start increasing.

Because of more people "knew" about halving, price was higher prior to halving. Then covid-19 economic problems come and put a bit more reality to Bitcoins price. And then halving come. So I believe if we compare prices we are right now about at the same range. Yes we are. Price of Bitcoin was around $600, so half of previous ATH at autumn 2016, few months after halving.

Neah, he got hired this spring to try and promote that service with articles around here, I doubt he is even an investor, the account is used only for opening topics and he doesn't bother to respond to them, anyone really concerns with the fact the market is not going in the right direction wouldn't just stand on the side all the time.


Oh god!!!!!!,  again with the Laszlo, I wonder how the guy feels knowing he will be remembered as "the pizza guy"!
Based on that if the price drops tomorrow to 1$ it will still be good for those guys as it is still x200 higher than at that time, would you still say that the price has skyrocketed?

Hello ...!

It takes a process to determine something to be successful, especially for the price of Bitcoin this year, after halving occurs.

The process is not the same as in 2017, at that time everything was controlled both about the global economy, the world, society and crypto.
Different story (halving) this time in 2020, especially on crypto, the effect of the plague is the main thing to affect all this, many people are thinking about their own destiny, if everything is under control the world is as normal as it isfirst, BTC will reveal its true identity.
So, be patient for all that, nothing is impossible, anything can happen to Bitcoin to come, from prices up to down.

the reason is pretty simple and it has nothing to do with stock market, corona virus,... it is simply because bitcoin is not a pump and dump shitcoin so you can't expect it to just "get pumped" (aka skyrocket) for no reason.
i'd say it has been growing reasonably well for the past 2.5 years. keep in mind that you have to look at the long term changes not the short term and not the bubbles. ever since 2017 bitcoin has been growing in adoption (and after the bubble burst ended) in price too. not to mention that in many ways it has even "skyrocketed" when you look at the rise from $3,200 to $10,000.

I feel someone curse the price not to move high and nobody could stop it. So what we do now is to wait for that person to let go...

What I was trying to say is that we can make the market move as we wanted and so the entire market as well. The price moves according to the market demand and we find it that it wasn't that it looks like. The people now are just holding their money rather than investing. The situation is really not good and that is how it affects the price trend. But the price isn't mattered by now, the most important is we even stay at high even though in the hard situation.

Bitcoin will skyrocket on its time, we can't predict it when because it's very unpredictable.
Let's look back the last bull run, we didn't expect that so we don't see it coming, but of course the FOMO happens and the price skyrocketed, which does not have a good result for the overall market performance since we underdog a long correction and the project struggles especially the altcoins market.

I think more adoption would help the market to grow but to skyrocket, this is something not gonna happen easily unless people are again will to ride the FOMO and the economy will recover.

its more then doubled from the lows, thats enough excitement for this year seems to be the message now.   Its gone to sleep over the summer and be glad its not fallen just idle.    A rocket requires preparation and fuel and those conditions are not there to call that except by wild hopes.

Its in a slow decline by my reckoning, once again its slipped below 50 day average like its thin ice.   I dont find this encouragement to the upside, lower highs and multiple failure to hold some standard of momentum makes me think it tests lower mostly.   So far it hasnt done more then bob up and down again, theres no reasonable call to say rocket from here not in a stable way anyhow.

Yea, because when an economic collapse happens and a lot more people lose their jobs and don't have much to eat the best thing for them to do is to invest in a speculative asset; assuming people have money to invest in the first place. In the first place, we don't even know how bitcoin will do in an economic collapse. It's still very likely for bitcoin to go down along with everything.

Rome wasn't built in a day.  It's going to take time for bitcoin to take off in terms of becoming a currency, or global currency.  I like to think of it, or compare it to the internet.  It took a while to take off, and it took some time for the world wide web to be created, to truly change the game in terms of how the internet was used.  I see the same here.

Be careful what you wish for!

Bitcoin might end up just the way you and the rest of the easy-money investors prefer it to be, a mere tool to make money. If and when Bitcoin finally turns out that way, it will eventually die.

You should've asked, why hasn't Bitcoin still not the main currency right now?

You would think such if you are fairly new to crypto, otherwise you would think that it has risen significantly over the past few years and is continuing on doing so. People who complain about bitcoin's price stagnation are the same people who cry about its volatility making it unfit as a hedge against inflation. Given the current situation at hand, it is just normal that people would stay away from trading bitcoin in the meantime, but that doesn't mean that it is complete abandonment on their part. You know it's not only bitcoin that can be traded for profit during these times, right?

Except if OP were from Mars or any other planet apart from Earth, otherwise his sincere question should've been "Why Bitcoin hasn't crashed" seeing the whole gamut of this pandemic on global economies. For me, Bitcoin is doing fantastically well at the current price range.

Hypocrisy is the colour of seeing white and calling it blue.

Its also affected by the demand in the market. Its not that many are not holding, even they hold their coin as long the demand rate is just normal we can see it stable on that level. We are actually lucky that its price still at that particular zone even with crisis that we are experiencing now. Many people hoping we could reach the same ATH like the last time, of course we are, but it takes time for it to recover cause many factor are affecting it at the moment.

Everybody always asking the same question about price movement, no one is actually concern, how far btc go, did some company already implementing it or adopted it, always goes with the question when it would increase. Same goes, same goes.

We’re currently in a re-accumulation zone, it’s nothing to worry about. We’re still on track, the face melting rally won’t happen until Q3 or Q4 of 2021.

Have some patience OP, the good times will arrive.

I guess he was not paid to promote the crypto news site, he did it personally, he's just a lazy guy to think of something a far from the article. Not even his insight and opinion were given.


For the price that has not been skyrocketed, so what? that's a good sign of unpredictable market which means the speculation of the mass is good. There is a massive speculation to the price of bitcoin during the halving phase which did not happen, why? because you all did predict that to happen lol. Besides what else are you looking for? the price of bitcoin is incredibly high for its own class.

Aren't you the campaign manager of ByteBulls camp?

Pretty common question.  Glad you asked it.

I tend to look at the movements in price in terms of the entire ecosystem of cryptocurrency.  As more individuals or institutions participate broad scale adoption will occur.  Dollar Cost Averaging, my friend is key.  Make your strategy, identify your risk tolerance and move forward with rebalancing at scheduled intervals.

Play the long game!

This is what newbies are doing right now just to have a thread on their own (actually not their own).
Copying a portion of an article coming from a popular site which in this case cointelegraph and then pasting it here and just putting the link of the article so it will not be considered a plagiarism. :|

Regarding to the question, price of Bitcoin is based on the investors and with what you said regarding Bitcoin being a safe-haven, at first place Bitcoin isn't a safe-haven but some stupid shits are just considering it as a safe-haven where it really isn't. Well, next time you create a thread it must be in your own words not like this .

In case of an economic collapse the stock market is the first thing that crashes and then other domino falls. Thus to have a safer side a person should always hedge some of his money in crypto in order to have rainy day funds, as mostly it is seen that the crypto market used to rise when the stock market fall. Also when there was change in laws in China about capitalism in end of 2017 the Chinese stock market wasn't performing well, but guess what the bitcoin price rose tremendously back then reaching the ATH and that too in only a couple of months.

You still think that Bitcoins price is still not skyrocketed? It already skyrocketed for the guy that bought a pizza with Bitcoin. It already skyrocketed for people HODLing it to have a profitable value from it. Bitcoin is already at a good price where it can either improve for the better or for worst.

It depends on how we utilize Bitcoin because not everybody has that many satoshis on hold. The price was already high within the last two years and it is still that way until now. Bitcoin is an investment that must be made with risky decisions because it is our own money if we buy it.

I think he went all in when the price was near ATH, so he's been waiting since 2018

Bitcoin is not a safe-haven asset. No-one ever said it was. It certainly has the potential to be a safe-haven, but that's not the same thing at all.
Bitcoin at the moment is a highly speculative asset, and so at the first sign of global financial instability, it is natural that people take their money out of these speculative assets, which leads to dramatically increased sell pressure, which leads to the sudden price drop that you referenced.
The price drop is of little relevance as it was certainly to be expected and is a response to an external event. However the speed with which Bitcoin recovered much of the lost price is a welcome sign and suggests that fundamental confidence in Bitcoin remains strong. 


Exactly.

I'm sure you know how to read news right? We are facing a huge crisis by now and many people lose their job so expect that we will not see a skyrocketing price right now since many people cannot able to buy some bitcoins, and this is simple explanation so for sure you can weight those many reasons happening in the world. Maybe you are expecting to much on it by now but you should also consider the factors since bitcoin model is not design to go up always it's not a ponzi coin.

This is not true. A lot of people lost money investing in bitcoin, because the price now is 50% lower than ATH. Bitcoin is a risky investment, and anyone shouldn't invest their live savings in it believing it will preserve its value... Bitcoin price may go from 10k to 3k within a few days.

Although it can lost 70% of its value within days, it can sky rocket in the long term for values such as 100k, 200k...


But I fully agree with this. We shouldn't think bitcoin just as an investment. Even if the price is forever stagnant (which I don't believe, and I think its price movement is upward in long term, but that's just a personal opinion) bitcoin is an amazing tech which can a lot for individuals, specially in developing countries (where there is a lot of abuse from goverments printing money, taxes and fees to send money abroad and so on).

Because, bitcoin price is Bitcoin price, oh, do you want it skyrocket? Then, you're on the wrong side of this technology and need a change of mind. Don't think of quick money mate, the benefits from this technology should be the first we see before thinking about what we can potentially earn from it temporary.

Think about this for a second, do we really expect the people be like: "oh damn, stocks are soo volatile right now. I should get into bitcoin."

Because the right move is to move to bitcoin, a more speculative and a vastly more volatile asset, right?

bytebulls, how much are you paid to promote that crypto news site? Copying part of the article and pasting the link it is not considered something that is desirable in this forum, and shilling for that particular site has brought no good to anyone in the long run.

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As for the price, it is quite realistic given the overall economic situation, and the fact that summer is in the Northern Hemisphere, so the bulls enjoy their mega yachts and crystal white sand beaches. They can’t pump up the price all year, everyone deserves a vacation.

So?

If you are looking at BTC just as an investment to earn more money (FIAT), you do have the wrong intention in mind.
I don't care if the price skyrockets or not.

BTC will at least preserve your value, which can't be said about FIAT currencies. That's more than enough incentive to hold and use BTC.

When examining the issue of BTC’s current lack of price action, it is worth pointing out that if one were to look at the currency’s value movements at this exact point following its 2016 halving cycle, it would become quite apparent that the asset was behaving pretty much in the same way as it is now. In fact, it was a year and a half after its 2016 halving, around mid-December 2017, that BTC proceeded to reach its all-time high value of around $20,000.

Additionally, the volatility and uncertainty surrounding traditional financial markets have failed to translate into a direct increase in demand for Bitcoin because the coronavirus-induced panic has seemingly highlighted the need for alternative monetary systems rather than push Bitcoin to the center of the global finance stage. For example, when the coronavirus began to grip the world at the start of the year, BTC fell from almost $8,000 to around $3,600 on some exchanges, all in a span of less than three days between March 11 and 13, placing its safe-haven status under question.

Similarly, when stock markets all over the world were fluctuating wildly all throughout May, BTC also followed suit by mirroring the value drops being showcased by many traditional assets and commodities across the board, thereby worsening its perceived stability in front of investors all over the globe. On top of all this, the currency’s poor usability also seems to have limited its potential for widespread adoption at the time when it counted.