According to analysts we are right now a part of a sukcer rally. What is a Sucker Rally with respect to Bitcoins ?
"A sucker rally describes a price increase which quickly reverses course to the downside."https://www.investopedia.com/terms/s/sucker-rally.aspWhy is Bitcoins suspected of driving the investors In a Sucker Rally ?
*The price is stable even though the market is being funded
*Even though money is coming in the market , the amount is still not working for Bitcoins 2.3 trillion , right after 6 trillion liquidity fund , Bitcoins have not shown a positive dipAccording to the Analysts the Price was increasing
8%in a week approximately , but the Volume of Bitcoins was decreasing . . .
Therefore it has been believed that it is just a Sucker Rally.
https://cointelegraph.com/news/bitcoin-price-ignores-23t-fed-cash-as-pundit-warns-of-sucker-rallyWhat is your take on this ?
I do think instead of a Sucker Rally it is the economic situation affecting Bitcoins and the decrease in volume is directly related to people being scared to loose money when there isn't any during the Pandemic. Instead of a Sucker Rally maybe we are in a constant state where the buying and selling percentage is close to being equal.Also the money that the Author talks about in the Article is indeed a huge amount but considering the fact that in the US alone the Death margin is at all time high and people are being infected + Reinfected by the virus , It is not skeptical that all the money might be used in the healthcare + decreasing the prices of common commodities .
Should we worry about it ?
But I do think the whole concept of Sucker Rally might be contradictory , since investors are coming in meaning the price will rise , even though it is not 8% , even at this time if it stays stable it will be a big help for the investors. How do we plan on explaining the decrease in Volume as pointed out in the article? I am not sure 'Sucker rally' is a real thing. I mean, I get what's called this way, but is it justified to signify it at a specific phenomenon, and does it apply to Bitcoin? Setting that aside, Bitcoin is not in the bear market, there is not enough evidence that lots of money are being poured into it, Bitcoin is not exactly rallying, and this kind of behavior between $6k something and $7k something is quite typical of Bitcoin. I think what's happening with BTC is that it's quite stable around $7k (give or take), but it's not ready to to break another barrier because the support is not strong enough.