Do you think that this skyrocket has something to do with Facebook's(Meta) massive drop? It could be the whales from there that have taken their share moved some of their wealth into bitcoin. I'm only thinking that it's one of the reasons on what we're seeing right now and it's my just mere opinion about the recent pump. It's likely that it will eventually hit back $41k.
I do not think this is connected to Facebook stock massive drop, I do not see how both price can even be related, this is just another bull run for bitcoin before the price may decrease again, I just know that this year will not really be so encouraging about bitcoin price, but I may be wrong.
That's just the idea that came to my mind and it's about the likely of the investors from FB(meta) stock that have sold and then reinvested it into bitcoin.
But yeah, let's settle that and forget about the connection. Because every time there's a drop or rise for bitcoin, there's also some significant move for the stock market.
Yes, this is the most logical reason why the price suddenly skyrocketed, the shift from FB stock to bitcoin market. And this is not just ordinary investors, this are whales, very deep pocket that can put millions upon millions of funds.
That's why the price suddenly went to $44k today. And I wouldn't be surprised if this goes up to $45k then the next barrier of $48k-$50k. So we can say that there is indeed some correlation between stock market and crypto market.
A big flow of money into cryptocurrency have happened. The same has caused the price pumping than any form of external push. Yes, the price can even cross $50k which is the best part. There is market correlation, but this won't happen everytime. Right now it is all because of the Metaverse drop. Everyone were speculating of bearish market, but everything turned to be positive in very short time period. This indicates the unpredictability of the market movements.