Could it be that BTC is actually being pushed up by people?
It might be a possibility because it would seem that now that the first cryptocurrency has reached 60,000 the next goal is $70,000 but is that really what is happening?
Some have postulated that 100,000 is what BTC should be by the end of 2021 others say 2025 but in reality the real price may be much lower.
Over the last four days the price went from the high 50s to 61,500 or perhaps even a little more.
logically and mathematically the price should have returned to around 55,000 at least a lot of economists seemed to indicate that a lower price would be more feasible.
However it looks like the price keeps moving between 59,500 and 61,400 this is defying gravity at least that is what it looks like.
Perhaps it will go up to 70,000 and if it does will it drop suddenly to a much lower and logical price?
On some of the forums such as bitcointalk discussions ranged from surprise to disbelief with one poster suggesting that the stimulus checks might play a big part of this sudden rise.
However, the average person is not as likely to be so BTC savvy and the suggestion that people will be buying bitcoin is not really logical either.
So, will Bitcoin start moving higher or will it begin to go lower.
One thing is clear a correction is likely sooner than later but just about everyone has been wrong about BTC over the last few years anyway so anything could happen.
I would be cautious, (disclaimer, this is not financial advice) because some people might believe that the price is going up and buy in at this somewhat inflated price only to watch in horror as the price goes back down to the 50,000 again.
If it does go back down it is likely to stay down for a good long while.
Meaning that if you buy now, you are going to have to wait perhaps as long as six months to see a return and a lot of people are probably not going to be able to do that.
I suspect that in the next few days, we are going to see a lower price probably around the 57,000 to 58,000.
Just do your research otherwise you may find that putting money into BTC now may backfire.