Thread: [Merged] Bitcoin - Part 3
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Old 30th May 2019, 03:45 PM   #51
Samson
Penultimate Amazing
 
Join Date: Oct 2013
Posts: 11,941
Originally Posted by psionl0 View Post
Bitcoin does seem to like bad news but you can't count on it to follow the news cycle.

The most recent price rises seem to have originated from a large buying spike in early April. Whether this was due to a whale pumping it or a larger number of speculators reading the economic tea leaves is hard to tell. Similarly, we don't know if this heralds a return to unbelievably high prices or if it will crash and burn long before then.

I suspect that FOMO is more likely to be driving the current trend than the trade war.
Looks about right and this article looks like common sense, and could be the sagest I have read.

https://seekingalpha.com/article/426...ll-limit-rally

concludes:

"I'd personally prefer $8,850 cash right over a bitcoin, and since most people would likely make the same choice if given the option, this leads me to believe that bitcoin is overvalued. I see choppy trading with ultimately lower prices."
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