Greeting BT Users,
As I am involved in the crypto world for the past 3-5 years and closely watching BTC when its price was around $400 - $700. When the BTC first pumped in 2017/2018 than it creates chaos in the whole world and more and more users are attracted because of the profit they see, but when the price suddenly down and BTC dumped to $5000 from $20k then a lot of new as well as experience users lost their money and also trust from Cryptocurrency.
Recently BTC again pumped and the price reached $60k and was predicted to touch the target of $100k but again the BTC price dumped around $35k - $38k. From all this pump and dumped I did not yet UNDERSTAND that why and how this happens and the difference is huge. BTC is considered the king of the crypto world and it causes the price Pump and Dumped of all the coins. Also Crypto market is untrustable as any person having a status/huge bank balance can easily manipulate the market as Elon Musk did.
Any expert can explain the reason behind those huge pump and dumped of BTC?
Its not easy as you think since the total marketcap of bitcoin even crossed 1 Trillion if I am not wrong so to manipulate the price of bitcoin the user who wants to manipulate should sell or buy few thousands of Bitcoin to create the price change.
The price manipulation is not only exist in cryptocurrencies, even in stocks the company itself boost their stock values with fake expenses and profit making records to create hype and sell them for profits.
Manipulation would really be there neither you do engage with cryptocurrency market or with stocks or forex markets which turns out to be a casual thing to happen since there would be people/institutions who would be always on the top of the game or always ahead due to financial capacity.
It might not be proven out specially on a decentralized market but its quite evident and bit obvious anytime there would be some pump and dump in price and we cant determine on whats the actual
reason on the said price movement.
The only thing we can do is to speculate and presume out things in the end but basing on the extent of possible price manipulation then it is something not an easy thing
since Bitcoin market is already getting huge.