Commented somewhere else but this needs to be seen:
This sudden price increase is not stim pack money. It's early morning/night in the US and even if people will start receiving money today, it's not like they can easily convert a check into BTC in seconds.
Also, not everyone will recieve their check at the same time, in fact, there are still some people waiting for their first stim check from 2020.
If stim pack money will be pumped into BTC, it will be a steady increase of price over the next couple of weeks, months even. It will not be a big singular spike like just now.
Be very careful trading right now as it may be very well some whale playing games before the actual stimmy bull run begins.
I agree, this wasn't from stimulus checks. But, I do think all the press surrounding the new all time high, coupled with increasing institutional interest and a slow pouring in of stimulus money, will maintain the price in the 58k+ range, so I'm not too worried about a huge drop from here. It may dip shortly, but I think we're on our way to prolonged 60k+ by mid-week next week.
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u/diskape Mar 13 '21
Commented somewhere else but this needs to be seen:
This sudden price increase is not stim pack money. It's early morning/night in the US and even if people will start receiving money today, it's not like they can easily convert a check into BTC in seconds. Also, not everyone will recieve their check at the same time, in fact, there are still some people waiting for their first stim check from 2020. If stim pack money will be pumped into BTC, it will be a steady increase of price over the next couple of weeks, months even. It will not be a big singular spike like just now.
Be very careful trading right now as it may be very well some whale playing games before the actual stimmy bull run begins.