The past two weeks Bitcoin’s price have been up and down numerous times. Watching the charts, the only thing anyone could get was a bad headache. This fast and parabolic upwards movement/trend made no sense at all, or it did?
As we have mentioned in the past, cryptocurrency market is the wild west of economy where everything can happen anytime. Knowing that and also knowing that this is a 24/7 open market for everybody in the world makes it difficult to monitor all illegal activities, like price manipulation.
Now it makes a little more sense about Bitcoin’s price actions the past two weeks. The peak to $14k triggered a massive amount of sell orders. It looked like some people with lots of bitcoins knew this would be the peak, or better rephrase it, wanted this to be the peak.
Then we have the instant drop to $12.5k in less than 30 minutes and today after two days, bitcoin is chilling at $10.5k. To me it looks like a pump and dump situation by the combined efforts of individual whales.
Even if all we have in the back of our minds that whales could be the sole reason of bitcoin’s activity, there is nothing we can do. In order to make it difficult for people to manipulate Bitcoin’s price, bitcoin’s market capitalization must increase to levels where whales can’t impact the price with their sell and buy orders.
All the above is just a theory based on personal experience and knowledge of how things work at the moment. This article does not and was not meant to provide any financial advises. Always make your own research. Believe nothing, and always search.