Crypto VIPS Drive Bull Market And Gets Investors Onboard
Among the several ups and downs Bitcoin [BTC] has faced in 2018, especially after its all-time high of USD$19,768, there wasn’t a day where crypto investors were yearning for some upward trend. At the time of writing, its price sat at USD$7,052, which finally broke out of its limit during July and most of August, of about USD$6,000.
This interesting increase would have not been easily projected, as many previous forecasts have failed to come true. So, on what basis are crypto investors betting in its market? According to a recent post by Quartz, it could be as little as a positive information or projection, especially coming from someone well-established in the crypto sphere.
Accumulation is key! I heard for many people, the first time they buy BTC is the most BTC they have had so far, even/especially after years of hard work trading/investing/etc. They sell, and price goes up. Does this ring true for you? https://t.co/AKJPi6c5yL
— CZ Binance (@cz_binance) August 25, 2018
An example of an influence was provided in the post, which dealt with Binance’s CEO, Changpeng Zhao. His since deleted tweet went as follows,
“I have a feeling this bull run will be a pretty significant one.” Although it was deleted, one particular user, dubbed C3INik called out Zhao for “trying to boost market sentiment.”
Such an impact will not be immediately witnessed. What starts off as a simple sign of positivity will result in increased retweets and likes, spreading the word across different crypto groups and communities.
Zhao isn’t the only one to have predicted something without actual backing, as Morgan Creek Digital Assets’ Founder, Anthony Pompliano projected BTC to go to $50,000 by year end. While he did admit that he was wrong, he shared that after further analysis, the amount projected was fine, but the time wasn’t.
Ultimately, this only proves that market sentiment has a major role in how the crypto market travels, but whether it is for the better is one worth debating over. What do you think? Is market sentiment essential for market trends or does it hinder progress?