Because everybody wants it to reach $10k by the end of the year. However I think it won’t reach $10k by the end of the year. Here’s why:I think that those who wanted to buy bitcoin because bitcoin would reach 10k by the end of the year, have already bought all their coins last Saturday November 25 2017. That is why the price soared from $8.2k in the early hours of UTC time to around $9k by evening. Now the interesting part is that there was no major correction after it reached $9.1k. It's still trading at roughly 8.9k! This means that no one wants to sell their coins soon i.e. before it reaches $10k. Everybody is holding on to their coins. Having said this, for the price of bitcoin to reach $10k by the end of the year, we will have to see either a major price increase in a short span of time or a gradual increase of price. My hypothesis is that those who wanted to sell at $10k have already bought their coins and they're waiting. The rest of the population that will drive the price to $10k now thinks it's too late to make big profits and therefore will not put their money right now. This can have either of 2 consequences: the price will go down to the more logical price of $8.3-8.5k or it will stay stable until after the new year. What do you think?
PS: The cryptocurrency market is know to be highly volatile. This is just a prediction based on my analysis and behavioral finance. Please don't consider this investment advice.
EDIT (26 Nov 2017) : Forget it guys. I'm an idiot. It's gonna reach $10k by the end of the day!
PS: The cryptocurrency market is know to be highly volatile. This is just a prediction based on my analysis and behavioral finance. Please don't consider this investment advice.EDIT (26 Nov 2017) : Forget it guys. I'm an idiot. It's gonna reach $10k by the end of the day!PS: The cryptocurrency market is know to be highly volatile. This is just a prediction based on my analysis and behavioral finance. Please don't consider this investment advice.EDIT (26 Nov 2017) : Forget it guys. I'm an idiot. It's gonna reach $10k by the end of the day!