Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
What is driving the market, right now. During the last downturn it was pretty clear that a mixture of fear and TA were spot on. However, TA doesn't seem to be so applicable outside of a rout. So, what the hell is really driving the price, here. Is there some bad news we don't know about because there seems to not only be good news coming out, but less than priced in good news.
What was "driving the market" between end of 2011 and end of 2012?
Mostly price stagnation, and when there's finally a decent rally (to $16), it gets dumped back to half of that. And keep in mind, at that point, the "ATH" was $32, by that time about 1.5 years in the past.
So maybe that's what's going on now. Sure, the infrastructure is a lot better now, and investments have poured in by the millions, but that's the reason why we're trading in the mid 3 digits now, not lower 2 digits.
The next price level will be reached when critical mass of new investment capital is reached, speculative or usage driven, doesn't matter.
Plus, while I don't have the tools to test this hypothesis, I consider it completely possible that a price suppression regimen is in place, by large accumulating entities (i.e. buying off-exchange at roughly market price, selling a portion on-exchange to suppress market price, repeat). I know it's what I would do if I would plan to buy in to the tune of 100k coins now.