Bitcoin hits 20,000$ again, what is the reason?

EarnOnVictor

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Quote from: Bitcoin_people on March 19, 2023, 09:44:17 AM

I was motivated by the desire to see the Bitcoin price rise at the beginning of the new year. The price of Bitcoin has increased significantly in a few days. Currently Bitcoin price has crossed $27000 and the next target will cross $30000. The market is likely to grow substantially towards the end of the year. And I think this is the best time to invest in Bitcoin. If the market rises later, then there is not much desire for profit, so it will be profitable to invest now.

It's a very good thing to see Bitcoin rising since the beginning of this year, and it's also worth noting that the buying was accurately predicted by many, thanks to the inflation reports that made it go haywire between January and February. However, many might not know what makes it reach $27k as I'd read a lot of theories that are not even the cause.

The issues of the US banking system with the bad Average hourly earnings and Unemployment report is making all the risk-on market rise against the USD. These have exposed the fragility of the US economy, who knows to what extent would it help Bitcoin?

Bitcoin_people

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I was motivated by the desire to see the Bitcoin price rise at the beginning of the new year. The price of Bitcoin has increased significantly in a few days. Currently Bitcoin price has crossed $27000 and the next target will cross $30000. The market is likely to grow substantially towards the end of the year. And I think this is the best time to invest in Bitcoin. If the market rises later, then there is not much desire for profit, so it will be profitable to invest now.

Pujangga

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The price of bitcoin will always fluctuate, this week the price rose by more than 35% and March recorded a good record, namely the price has risen more than 20% in a day, but we must be aware that prices can drop at any time so we don't be surprised if the price returns to $ 20 k or below.

Joshapat

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Even though the price is currently rising and is close to $30k but there is always a chance to fall, when the price reaches $68k at the end of 2021 many are boasting that bitcoin will not fall again and will soon reach $100k, but the price continues to fall and drop more than 70 % at the end of 2022 or a year after it happened, As investors, of course, we must always be alert.

yohananaomi

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Quote from: Smack That Ace on February 15, 2023, 10:16:53 AM

Bitcoin may go below 20k, or we will never see 1BTC=20k again, bitcoin will go up from here, anything can happen, and no one can predict. Whatever happens, don't try to find a reason or ask why, just think that bitcoin is always moving, and that's completely normal.
Bitcoin only has 2 uptrends and downtrends, so always prepare yourself with a plan and always have a solution in any situation.

there will always be a decline again even though it has increased, agree with you that it is very difficult to be able to accurately predict the movement of btc, but you can see from the trend that has been done. btc will always repeat everything that has been done once every 4 years, so ahead of the halving period there will certainly be surprises, and there is only one year left.
prepare yourself to keep saving and holding the best coins until you touch the renewable ATH.

tygeade

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Quote from: GigaBit on January 28, 2023, 10:18:27 AM

BTC price started to decline in late 2021 and in 2022 it went from bearish to more bearish for the whole year. There are some unexpected events that help to further this bearish trend. Since it has been bearish for a long time, naturally we can expect its bullish trend. Moreover, just a few days ago when we recognized that the CPI had dropped to 6.5% in December from 7.1% in the previous month, we started to see the BTC price go up. This situation is not unusual. However, one has to rely on the CPI results of the next few months to get more certainty about where the market will go in the future.

I think the future will be a lot more bright because CPI will keep dropping, and we are going to just end up with a lower interest rate in the near future as well, just like how it went up, it will also start to go back down as well when the time comes and when that happens bitcoin will skyrocket for sure.

Too many people sold their bitcoins and started putting their money in savings, most of those people will stop doing that and start putting their money back into bitcoin when the rates are much lower. I know it is not an easy subject and I know it will take some time for this to happen but it is just simple economics and it will eventually happen and I will have some coins before it happens.

Smack That Ace

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Bitcoin may go below 20k, or we will never see 1BTC=20k again, bitcoin will go up from here, anything can happen, and no one can predict. Whatever happens, don't try to find a reason or ask why, just think that bitcoin is always moving, and that's completely normal.
Bitcoin only has 2 uptrends and downtrends, so always prepare yourself with a plan and always have a solution in any situation.

lepbagong

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economic indicators regarding the economic crisis this year still say that not all have recovered. maybe some have been able to slowly get through, but there are still many countries that estimate they are trying not to sink.
so expecting bitcoin price to be probably the same as last year and trying not to get any worse is certainly a very good thing.
but if the economic crisis can be resolved more quickly, it is not impossible that in the middle of the year there will be an increase in bitcoin to lead to the next halving period.
currently moving at a price of $20K+ is absolutely amazing and hopefully that's a good indication.

GigaBit

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Quote from: EarnOnVictor on January 17, 2023, 05:41:35 AM

Bitcoin has indeed hit above $21k in January, this is not new to me as the new year comes with new possibilities. If you remember, last year was turbulent for the coin as inflation and global economic woes plagued it. Now, the inflation figures are now subsiding, and so is the world economy having more hope daily. These are the major reasons why BTC is appreciating in value, and more are to be seen because the market sentiment through technical analysis is now bullish in the long-term disposition.

BTC price started to decline in late 2021 and in 2022 it went from bearish to more bearish for the whole year. There are some unexpected events that help to further this bearish trend. Since it has been bearish for a long time, naturally we can expect its bullish trend. Moreover, just a few days ago when we recognized that the CPI had dropped to 6.5% in December from 7.1% in the previous month, we started to see the BTC price go up. This situation is not unusual. However, one has to rely on the CPI results of the next few months to get more certainty about where the market will go in the future.

Kemarit

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Quote from: GreatArkansas on January 17, 2023, 08:59:01 PM

Another thing that could be the reason is if you noticed, these past few days especially when the year 2023 started, the value of the United States Dollar (USD) started to fall also while the cryptocurrency market or even stock markets started to rise.
There are a lot of reasons for me, especially since the Bitcoin block halving is fast approaching, it will happen next year, so for me, that's one of the reasons too why we started to pump recently.

So it means that the US economy is recovering as the USD exchange is falling? as far as our local currency though, yeah I've seen the price going down as well with some points.

But it's interesting where this pump will go down, maybe we can't pinpoint the real single reasons, CPI, or miners or the hashrate or simply investors putting their money again. So yeah, will it go to $25,000 before heading for a correction. What if there is a pivot as far as the CPI numbers again for the next month?

Block halving is next year so we should be preparing already.

GreatArkansas

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Another thing that could be the reason is if you noticed, these past few days especially when the year 2023 started, the value of the United States Dollar (USD) started to fall also while the cryptocurrency market or even stock markets started to rise.
There are a lot of reasons for me, especially since the Bitcoin block halving is fast approaching, it will happen next year, so for me, that's one of the reasons too why we started to pump recently.

GeorgeJohn

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I'm responding directly base on the subtitles or subject. Bitcoin can hit to twenty thousand this year and even above such specific amount, but the problem is that after ascertain such value of twenty thousand will it be same continuously going to be maintained such increment. Basically the rising of Bitcoin is dependable by the gravitational force of the investors. So therefore what we are making here is a speculation of Bitcoin, which we don't really know when the price will rise and when the price will fall in value.

zaki12

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2023 will be a very important year for the cryptocurrency market, with many predicting that the industry is on the verge of a boom. Recent evidence suggests that the world's leading cryptocurrency may experience a surge in value in the middle of the year.

Analysts point to the global macroeconomic environment, stock prices, inflation, Federal Reserve data and possible recession as catalysts for the upside move. High inflation and lack of trust in the current financial system will fuel these factors, so don't miss the Bitcoin Bull Run.

Kelvinid

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Quote from: fzkto on January 17, 2023, 07:02:59 AM

Quote from: EarnOnVictor on January 17, 2023, 05:41:35 AM

Bitcoin has indeed hit above $21k in January, this is not new to me as the new year comes with new possibilities. If you remember, last year was turbulent for the coin as inflation and global economic woes plagued it. Now, the inflation figures are now subsiding, and so is the world economy having more hope daily. These are the major reasons why BTC is appreciating in value, and more are to be seen because the market sentiment through technical analysis is now bullish in the long-term disposition.

Bitcoin has no inflation because no additional coins can be created. This year we are likely to see a rebound because the price has been falling for a very long time. But I wouldn't be sure about the long term, because the world situation is still not stable. I think we are going to see a fall yet.

That 1 year passed is not a very long time for me, I was thinking about the 2018-2020 bear season, that gonna be considered very long...That is why we should not be confident enough that this current pump will be an indication of recovery going to bull season. We can't just forget that we already reached almost $25k last year but it drops back again hitting the bottom price. Whatever will be the reason for these pumps, I did bother not to dig into it - I was just thinking about the volatility of the market.

fzkto

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Quote from: EarnOnVictor on January 17, 2023, 05:41:35 AM

Bitcoin has indeed hit above $21k in January, this is not new to me as the new year comes with new possibilities. If you remember, last year was turbulent for the coin as inflation and global economic woes plagued it. Now, the inflation figures are now subsiding, and so is the world economy having more hope daily. These are the major reasons why BTC is appreciating in value, and more are to be seen because the market sentiment through technical analysis is now bullish in the long-term disposition.

Bitcoin has no inflation because no additional coins can be created. This year we are likely to see a rebound because the price has been falling for a very long time. But I wouldn't be sure about the long term, because the world situation is still not stable. I think we are going to see a fall yet.

EarnOnVictor

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Bitcoin has indeed hit above $21k in January, this is not new to me as the new year comes with new possibilities. If you remember, last year was turbulent for the coin as inflation and global economic woes plagued it. Now, the inflation figures are now subsiding, and so is the world economy having more hope daily. These are the major reasons why BTC is appreciating in value, and more are to be seen because the market sentiment through technical analysis is now bullish in the long-term disposition.

franky1

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Quote from: uneng on January 15, 2023, 09:06:59 PM

Quote from: franky1 on January 15, 2023, 07:25:37 PM

december had an artificial whale wall holding the spot price down below $17k because whales had "futures" contracts on the futures markets, whereby, if at year-end. when many contracts expire and if price is below $17k= they win.. and so they held the spot price below $17k to win. and they did.

Why do they win when price stay below 17,000$?

Quote from: franky1 on January 15, 2023, 07:25:37 PM

the new year began so they removed the whale wall.. to allow free flow of more normal speculation..
and that was it

and new contracts this week show a new artificial spot market wall of $21k where they dont want to see prices go above $21k

when those contracts expire they will remove that whale wall also

Today has started with a nice new fluctuation above the 21,000$'s line. Let's see if the wall you say will be kept by whales, preventing BTC from breathing above the resistance level. I like to see the day begins on bullish mode!

Quote from: franky1 on January 15, 2023, 07:25:37 PM

when you see a chart have a weirdly unnatural flat-line(zoom out if you cant) it keeps hitting. explore the reasons for that wall/line

Alright. Thanks for clarifying.

i said $21k but thats rounded. i think its more of a $21.5k wall lastweek-this week

as for why they won in december..
because they put a bet(futures) that the price would be under $17k by year end 2022.. and it was. so they won
it was only under $17k becasue they also as a side investment used another stash of funds to arbitrage the spot markets to keep it down. to ensure their win.

and since they got their win they no longer needed to keep their stash arbitraging the price below $17k so they stopped thus releasing that wall..
now the new wall is at ~$21.5k

..
2022 was a slow bear.. starting from like MAINLY april 2022 where the whales done their fortnightly/2monthly step downs using method i said but lowering the resistance wall each period

i feel we will see a slow raising step of the same fortnightly-2month step UP where whales control the spot market to get their bet(futures) wins per period, on the way up

uneng

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Quote from: franky1 on January 15, 2023, 07:25:37 PM

december had an artificial whale wall holding the spot price down below $17k because whales had "futures" contracts on the futures markets, whereby, if at year-end. when many contracts expire and if price is below $17k= they win.. and so they held the spot price below $17k to win. and they did.

Why do they win when price stay below 17,000$?

Quote from: franky1 on January 15, 2023, 07:25:37 PM

the new year began so they removed the whale wall.. to allow free flow of more normal speculation..
and that was it

and new contracts this week show a new artificial spot market wall of $21k where they dont want to see prices go above $21k

when those contracts expire they will remove that whale wall also

Today has started with a nice new fluctuation above the 21,000$'s line. Let's see if the wall you say will be kept by whales, preventing BTC from breathing above the resistance level. I like to see the day begins on bullish mode!

Quote from: franky1 on January 15, 2023, 07:25:37 PM

when you see a chart have a weirdly unnatural flat-line(zoom out if you cant) it keeps hitting. explore the reasons for that wall/line

Alright. Thanks for clarifying.

franky1

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its got nothing to do with the CPI reports or other social drama of fiat

the real reasons

december had an artificial whale wall holding the spot price down below $17k because whales had "futures" contracts on the futures markets, whereby, if at year-end. when many contracts expire and if price is below $17k= they win.. and so they held the spot price below $17k to win. and they did.

the new year began so they removed the whale wall.. to allow free flow of more normal speculation..
and that was it

and new contracts this week show a new artificial spot market wall of $21k where they dont want to see prices go above $21k

when those contracts expire they will remove that whale wall also

its not rocket science

when you see a chart have a weirdly unnatural flat-line(zoom out if you cant) it keeps hitting. explore the reasons for that wall/line

STT

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Lighter DXY, everything priced in dollars moves with a lighter atmosphere to markets. Dollar index has been on ski slope since peaking late September, there was an exceptional event both in Sterling and the YEN at the same time together with Europe facing war and an energy crisis for weaker EURO it meant Dollar at highest nominal values since the start of the century.
I'd say the gradient since the peak has been in average quite consistent and linear in decline. YTD in 2023 we've had some further data in that inflation has receded and this raises the hopes of a market for a lighter touch by the Federal reserve. Crypto is quite different to dollar politics but when we discuss trillions and movements quite large, it displaces the movements of almost anything else I think.

Topic: Bitcoin hits 20,000$ again, what is the reason? (Read 685 times)