Why Bitcoin price is so high?

[superstarsp]

The main catalyst of the sudden 50% decline in the price of Bitcoin within a span of eight hours was the 9.99% drop of the Dow Jones Industrial Average. The United States stock market experienced its worst sell-off since 1987, as panic over the coronavirus pandemic intensified to unprecedented levels

[syedrasool2011]

because whales are in bitcoin target 2020 20k

[syedrasool2011]

more pump is coming because whales are coming back

[syedrasool2011]

Carl - btc dominance rises as btc price rises up to 20k. It will drop after 20k. This happened in 2016/17 on the approach to 1k.

[lepbagong]

Carl - btc dominance rises as btc price rises up to 20k. It will drop after 20k. This happened in 2016/17 on the approach to 1k.

but at that time the highest price increase occurred in December, if the highest increase next year also occurs in December and currently bitcoin is in the position around $ 11K then it is likely that December 2020 will reach a price of $ 15K.

means that next year there will be a very sharp increase from bitcoin if the highest price falls in December.
maybe even 2 or 3 times the highest price in December 2017. We will wait for the movement of bitcoin in December 2020 first.

[Rakin343]

The reason why the price of Bitcoin is so high is that now almost all people are getting into cryptocurrency. People are investing more and more. The price of Bitcoin will go further. The price of Bitcoin is expected to reach 20000+ in 2020. And the price of Bitcoin could be even higher than that. Now just waiting for the time.

[Gurujebs]

It's simple as principle of economics, the higher the demand, the higher the price with lower supply. Bitcoin is very limited in number with enough demand that's why the price keep skyrocketing.

[Octoalts]

Bitcoin is very popular right now, many Bitcoin investors and traders believe Bitcoin will have a very high price in the future.  Therefore the demand for Bitcoin continues to increase, while the stagnant supply of Bitcoin makes Bitcoin holders sell their coins at an ever-increasing price. That's why the price of Bitcoin can get very high.

[KryptoBull]

I think the price of BTC is determined by a number of factors:
- network maintenance cost of mining farms, about $7000/BTC;
- transaction costs;
- the community's expectations for the future of BTC;
- the tendency to buy BTC when there is a fluctuation in the traditional economy;
- BTC is the most famous cryptocurrency;
As we continue to trust and participate in the crypto world, the price of BTC will increase over time.

[pacar_tiri]

You know why because the demand for bitcoin is so high and at that it price will go up constantly, that is what it is when a product have high demand.

I agree with your opinion, demand of bitcoin is so high. Bitcoin is so popular and more popular than other crypto. I think It is the reason why the bitcoin price always so high. Bitcoin is the King of crypto currency. No King is cheap, It is my opinion.

[syedrasool2011]

Exactly, I agree! stock market seems overvalued. The protesting is going to hinder reopening and be a catalyst for the spread of the virus. Timing the market is extremely difficult if even possible. Crypto investment right now will be at every wise individual's list. In two to three years you'll be ecstatic with the decision you made today.

[ranaprime]

Crypto currency is starting by Bitcoin. It is the oldest coin in Crypto market. People are very familiar with btc and lots of people invest in this coin. If the price of coin up then most of the also coin up that means altacoin depends on btc. People are positive on investing btc. This is the main reason of BTC to go in high price.

[syedrasool2011]

bitcoin cycle start it will stop on 20k

[TERMINO]

Because there's nothing like bitcoin. From the beginning btc captured the legacy as the king of cryptocurrency that will last forever. Big whale's and other countries support btc that's why it is expensive.

[Muneeb22]

there are some reasons why the price of BTC is higher than other cryptos and why the price is so high.
1. This is the first cryptocurrency, it has very low price and then growing up having very high price.
2. Many people use and hold this with its limited supply
3. the supply is limited, but the demand of BTC is very high
4. It has very high trading volume
5. It is trusted, worthy, available to use as payment transaction, and more others.

Yes, you are right so many peoples hold the BTC becasue its price is going to be high so much in the future and thats the reason that peoples hold this.