What I currently see on the plot of the price of Bitcoin strongly reminds me the first wave of 2018 of Bitcoin.
I wonder if someone studied or understood why Bitcoin price has these waves? People say it's influencers who manipulate the market, but I don't buy it.
Even tweets of Musk don't regularly change the price. Even some government news don't change the price substantially (e.g El Salvador accepting bitcoins or China bans of mining).
So why there is a steady and fast growth of the price and then a fast decline? Many people and organizations that I know that bought crypto do not withdraw it to fiat money but rather hold it, so there should not be a huge supply of Bitcoin.
More importantly, can we say that there will be a third wave?
Cryptocurrency prices are in the green on July 29. The whole market cap on crypto-currency is US$1.54 trillion, up 6.42% over the last day, while the overall market volume for crypto-currency for the ...