That is what many of you may think now. Bitcoin has hopped up roughly 40% compared to the start of the month, with even higher prices in between.
Normal market movement? Hell no!
I am convinved that Bitcoin prices are 90% "managed" by speculators, and this is one time more where I can "proof" that.
About three weeks ago or so, when the Bitcoin rally begun, there was a sort of syncronized movement of the cryptocurrencies. For me it looked like someone was preparing for something. But I did not want to bath in speculations on that and didn't wrote a post, too bad :D
Anyway...
The sudden spike in Bitcoin price is going together with price spikes in practically all other currencies. Here number 110-120 (or so) on coinmarketcap.
More than 80% of all coins had a ~10% spike at nearly the same time, at least half of them at 5:00 UTC, the rest a bit sooner or later, but that may just be the price averaging mechanism of coinmarketcap or some trades not going as planned.
Fact is: ALL Alt-Coins rose at exactly the same time point as Bitcoin (see first screenshot), both in $ and BTC price.
In other words, it was no exchange crypto for crypto and no normal trade of a billionaire getting into that Bitcoin thingy. Someone put in a lot of real money into the whole market in a concerted, automated effort.
Who that is... you are free to speculate. But whoever that is has now a lot of ammunition for price manipulation. Be prepared for a hot summer, eh!
The crypto market is tiny. Any big person from the financial industry has enough cash to move this market.
The only thing will be when the OTC price and the exchange price really diverge (and you can't withdraw from the exchange)