Ask a group of traders what moves Bitcoin and you’ll probably walk away with a dozen competing theories. Halving? Some say that’s it. Others point to the Fed, the whales, ETF inflows, money printing, Binance order book flows, or just plain old greed and fear—sometimes even the meme-driven “number go up” mindset. Frustratingly, each answer grabs a piece of the truth. Bitcoin’s underlying design is straightforward, but the price action rarely is. Jim Ferraioli at Charles Schwab breaks it down simply: for the long haul, it’s money supply growth, the four-year halving, and adoption that matter; short run, you’re looking at risk appetite, rate moves, the dollar, liquidity, supply held by big players, and potential spillover effects.
