Exactly, it is something that actually been happening for a very long while right now which was why the recent fall in the prices of cryptocurrency happened when Ellon Musk withdrew billions of dollars that he invested in Bitcoin.
What needs to happen for Bitcoin to keep rising?
- Thread starter Grant
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Exactly, it is something that actually been happening for a very long while right now which was why the recent fall in the prices of cryptocurrency happened when Ellon Musk withdrew billions of dollars that he invested in Bitcoin.
Bitcoins will need a powerful selling Force before it can brake the 48,000 dollars resistance .after that we may see the price of bitcoins at 55000 and $58000 it's just a matter of few days or weeks
If you follow news, you would have understood Elon Musk has not withdrawn his investment in Bitcoin and Dogecoin. He has time and again confirmed that his investment is intact.
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There was a statement that he made about bitcoin which actually affected it because it's all appeared that he didn't have full trust in the cryptocurrency or looking at getting investors to move their funds to other coins.
The statement which is made was the fact that is not going to accept Bitcoin as means of payment in his company for the time being considering the effect of Bitcoin mining on the environment personally I don't see this to be a bad statement is just being concerned but because we want to make money at all costs in cryptocurrencies we see it as a bad person.
the price of bitcoin depend on the total number of demand, so when there is a greater number in demand then certainly we would see the coin rising.
another way that would help the bitcoin market is by adoption.
when many countries, companies and individuals come to accept it as a payment option then we would see the price go up once again
another way that would help the bitcoin market is by adoption.
when many countries, companies and individuals come to accept it as a payment option then we would see the price go up once again
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Musk said he is not going to accept Bitcoin payment for Tesla. He did not say that because he did not have trust in cryptocurrency. he said Bitcoin is using too much coal power for mining an he cannot accepet the currency that is generating a lot of greenhouse gases.
Yes, there are a lot of factors to be considered before the increment of a crytocurrency. Firstly, the purchasing power cannot be underestimated
In also new investment is the main reason do the rise of any crypto currency, for example when Elon musk invest heavily on dogecoin , dogecoin rises back then and the same thing goes for bitcoin.
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For bitcoin price to keep rising, then a lot of people need to start investing into adoption of Bitcoin because once that starts then his popularity is going to increase.
Yes when whales invest in bitcoin or any other crypto currency, the price might drastically go up. Well, the pump and dump is a term used for whales who invest a lot of money in a coin to increase the price and then sell the the coins to earn quick profits.
Trading frequently and investing in Bitcoin can sustain it. Also, Bitcoin is too expensive to invest in that's the more reason people opt for other crypto currencies.
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Personally, I think the rise in bitcoin or any other coin depends on demands and supply. If more bitcoin is bought or demanded, I think the price will definitely go and vise versa. That is just my thoughts though.
For now I believe that people should start to adopt Bitcoin in mass like institutional adoption and that will make a lot of people to start trusting the block chain and then investing in it
More adoption and acceptance by many companies and government would see the price surge even further.
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I believe it can mainly be affected by the demand and market supply. If it becomes scarce,the demand would rise
I am telling you one thing for sure, Bitcoin will rise well above 50,000 dollars to the level that even if it will ever go down in value, it will never go down beyond 50,000 dollars. Bitcoin should just continue the way it is presently.
You should try instead to understand how the cryptocurrency market works rather than wishing that the Bitcoin price should only keep rising. That is not how things work in cryptocurrency
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Volatility is a fact,but market factor is what brings about the market to be volatile,because if the market forces of demand and supply is unequal then the price wil definitelly go high.
I think Bitcoin rise due to how people demand for it just like any other market so I don't think there's anything special in it
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