As we approached sub $6k and actually hit $5.9k... we see another huge pump to $6400. Impressive, a $500 dollar move up just like that, on a single candle. Someone bought a pretty decent amount of coins.
I wouldnt say its just like that, we got people watching like hawks looking for entry and when to catch a tide for ride up and so on. BTC is famous for its speculators of course. The scenario I see now is of a negative trend but also exhaustion and the end of that trend. People typically get gloomy at their most extreme on the tail end of this negative trend but the important note is we already fell, its too late to be gloomy now the smarter thing is keen eyes looking for a change in the prevailing wind.
Doesnt have to happen but my view of this 'sudden rise' is people carefully noting and entering for a possible rise. It takes more then one factor but for a global market its complicated to see all points of views in all currencies. In some very troubled currency like Turkish Lira for example they already are grateful to hold some BTC I think
In order to profit from the hedge that bitcoin delivers against fiat currencies deprecating against it, you must own bitcoin before your local fiat currency crashes.
The problem is just like in previous fiat disasters, people usually don't own BTC when the fact happens, they start looking into it after the fact, which mean is harder to obtain. You must have some longer term planning. So if I was turkish I would have already BTC instead of waiting for my currency to dump 25%.
Also most people are computer illiterate and don't know how to act fast. But it's only a matter of time they start catching up.
Do you have a guarantee that Erdogan will not prohibit the use of cryptocurrencies? He is a dictator. What does not fit in his head for him evil. Turks in any case will lose their savings even if they have dollars and bitcoins. That's the price people pay for bringing dictators to power.