I'll admit that my life is so devoid of any meaning at this point that my general mood is now closely related to the current Bitcoin price, which I always see on my computer.

When it lately has been going up a lot in short time, it makes me feel kind of happy and hopeful. After all, my future is entirely dependent on my one Bitcoin being worth a million USD or more so that I can buy a place to live and pay for the running costs.

But then it goes down or just "flatlines". For long periods of time. This both frustrates and confuses me.

What exactly is causing people to suddenly stop paying more and more for the BTC? Why, when it quickly rose from 20k to 27k, did it not just continue to 30k and beyond? Frankly, I'm very disappointed by how far from the 1 million USD the price is with just days left until "the end of 2020", when it was supposed to be worth that much.

  • Possible duplicate of bitcoin.stackexchange.com/a/2567/5406 – Murch Dec 29 '20 at 14:00
  • This could be cross-posted in economics.stackexchange.com, taking the psychological and bitcoin references out if you really want to know what causes an asset to be volatile – hedgedandlevered Dec 30 '20 at 15:19