Last week, Fundstart experts led by Bitcoin bull Tom Lee predicted that the price of BTC was to peak during the ongoing Consensus Conference. Their prediction was based on past data which showed a clear pattern of the price rising whenever the annual event was held. However, this time around things haven’t been the same as we have actually witnessed BTC lose value. Below we will look at one reason Bitcoin price hasn’t surged as predicted during this year’s Consensus Conference.
Bitcoin is currently trading at $8,372 which represents a -6.5% in the past week. We can all be forgiven for expecting the top crypto coin to be trading at $12,000 and above by now following the bullish predictions by Fundstart. The fact that this year’s event has seen more excitement with over 8,000 influential individuals from the crypto sphere attending compared to numbers registered in the previous years makes it more surprising.
One major difference between this year’s event and the past is the presence of institutional investors. Ever since Bitcoin and the other cryptocurrencies exploded towards the end of 2017 hence piquing the interest of the mainstream, we have witnessed massive flocks of institutional investors get into the space eager to get a piece of the pie.
However, the current situation is very different from the past conferences where common investors would rush to buy into the hype. These investment experts have solid investment principles they follow and they are not about to break them, not even for BTC. So they are using tactics they have learned trading stocks to manipulate the price of BTC as they place Iceberg orders.
This way they are avoiding spiking the price in one go which can result in mass profit taking leaving them holding the bags.
There is no doubting the impact Bitcoin has had in the recent past, the fact that big players like NASDAQ are trying to get involved in cryptocurrencies is a testament to this. Unlike past years, the presence of institutional investors this year can be cited as the main reason Bitcoin price hasn’t surged as predicted during this year’s Consensus Conference.
Do you agree with this assessment? Let us know in the comment section below.