Topic: BTC price consolidation at $20k for 4 months - page 2. (Read 505 times)

It happened already long time ago. Before, where the interest rates are still low, many people are already treating btc as store of value even until today where the interest rates are now increasing. I still remember those days where btc price plunge down to $3k. I think non of us expected that.

What we only know is that it's possible for btc to go down right after a pump. $65k is also unexpected but now that we knew it was possible. People are not afraid to predict higher prices. The op only post two scenarios. That was too low and I think there are still more scenarios which can lead for btc to pump but for now, the consolidation for $20k might continue.

It seems like bitcoin wants to make many investors, especially small investors, impatient for another bull run.
With bitcoin prices persisting in the $18k-$20k range, sooner or later, it will trigger boredom in people holding bitcoins and maybe they will sell bitcoins little by little.
And when their boredom has peaked, the price of bitcoin will start to rally, gradually break the high price, and eventually arrive at the latest ATH.
Maybe this month, market conditions will continue, so we must be more patient in waiting for the bitcoin price to rise.

and still continues until this month. I can say the current state of Bitcoin is a test of patience for holders. Whoever holds fast will arrive at the goal. Those who are weak will fall in the middle of the road because they let go.
We can still gain valuable experience from the $20K hold and the price below, which will allow us to see how the cycle of Bitcoin moves. Instead of worrying about not increasing as expected, we should better focus on the portfolio.

the bear market will definitely pass, it's impossible forever the market will continue to fall, if world conditions such as war,
inflation and some other things are no longer discussed then I'm sure good news will come and make the crypto market excited again,
we are in the accumulation phase meaning a lot of people want a low price under $20k, so we have to follow this path.

Mostly seems correct, in sum total we go sideways but there is a wider debate on our negative or positive bias during this time.   Nobody wants us to break out this range downwards and go further down but it could apparently happen unless we do challenge properly to the upside again.  Right now its looking possible we fail to recover a prior uptrend, as we had already broke the main June recovery trend this might prove serious.

Bitcoin really likes his range around 20k. 
Even bad inflation news from today have only caused a very temporary setback and now, we are even at higher prices compared to yesterday.
Next big news from regular markets will be Fed's announcement about rate hikes on November 1st.

My prediction is still bearish until end of the year with limited downside potential. On the other side, Bitcoin's recovery from today is bad news for bears...

In my persoective, the current situation simply shows how unpredictable this industry is. If we would base from the calendar and the past, there should already be an uprise pressure with market price of cryptos because of the season, but what happened is the other way around. Cryptos are prone from factors such as what we are experiencing right now wherein economic crisis is a problem to many countries around the globe which reflects as well in this industry. Whether it will go up before this year end or not, it would be surely hard to tell. The best thing we can do is to patiently wait and cope with market behavior.

Yes this seems like a repeat of nov 2018. Basically extremely tight range. Most days it stays well within $1000 range from top to bottom. Very low volume.

The OI is actually going up. So it’s going to explode. However which way is the question. Best to play this with some options since it’s anyone’s guess where it will go.

Might as well remove this scenario as it is close to impossible atm.
Russian - Ukrain war went silent for a few days and then boom another bomb dropped in Ukrainan soil. There's no chance for an "instant resolution" of this conflict.
We would not hope for Russia and Ukraine to make peace because we can see an opportunity for Btc to pump, but we should hope the conflict would end, because we do not know how close Putin is in using his nuclear weapon.

I really want this to happen as a cryptocurrency enthusiast but it is going to happen anytime possible???

Not really in the near future, even if you take the last bearish days the price hit rock bottom of $3000 and managed to hit 65k which no one really expected do BTC never stop giving the surprises which beyond our expectations.

#HODL

I have to say we have been here for long enough and it would be better if we could end up with something much bigger soon enough. It reached the peak ATH price last year around these days, which means it has been either going down, or not going up for the past 1 year, and that is a long enough period to stay low.

It is high time that we start climbing back up again and that would be great, but of course that would require us to rally and in order to do that we need everyone. It means there need to be something to hype, ETH merge was something to hype and people did not even care about that, so I do not know what we can do to rally everyone together for a bull run.

I remember that the only case in which Bitcoin united with all investments was when the Corona pandemic was announced, and after that all attempts to link the schemes are an attempt to twist the facts.

the best guess is that the Third World War is the only variable that will change the price sharply, other than that, I don't think we will see a bottom beyond 17 thousand dollars.

Hmm, as for me if we are talking about bitcoin, then we have seen the capitulation already when we go $17k, that is way below the precious all time high we hit in 2017.


Still 50/50 to me, if we suddenly hear the news that Putin surrendered, then maybe the price will go up. But if the war resolved through other means like Russia being invaded by coalition forces then the price could still tank despite the Russian government government.


For me, I'm not seeing bitcoin decoupling to any traditional market.

Well we can only tell if the Russia-Ukraine is over, so far it has escalated. I'm not telling if it will have a big impact on the financial market when the war is over, but for sure, the market now is in recession.

I guess there are smart investors who are putting their money on bitcoin and make it as a store of value. But majority of investors are still waiting at the background and wanted to see if everything has settled down before they will decided to invest or not.

Yes, because the time for investors to experience bear season in the crypto market has come, because during the pandemic that affected many assets in the countries didn't affect Bitcoin investors. I guess, this is a sign that bull season will be longer than this bear season that just completed 4 months and some days in the community for investors to continue holding until the price increase to $50k before they can sell to make a good profits.

I definitely agree.  I'm already surprised at how strong it is.  I would have figured we'd be around $12K by now if I were making a prediction a year ago (which if you're in my slack group you would have known when I was contemplating betting people we'd hit $10K before $100K as we were touching all time highs). 

Looking back, we'll probably compare Bitcoin to the European countries' fiat currencies that fell like a stone during the current crisis.  Definitely impressive performance from Bitcoin given the state of things, but I think we have another 9 months or so of trouble before we're out of the woods.

Could be, but I guess if you are talking about prices going up and seeing a bull run? I doubt that, maybe we can go as high as $30k++. But we are still in the bearish trend, unless the news of the war ending will happen right after the bitcoin halving then yeah. But it makes me think now, if we will have a massive bull in 2024, this could be one news that will help it pushes to what we all have been imaging the price, $100k++

This is a sign of strength for Bitcoin after all the events that is happening around the world and Bitcoin is able to maintain this price level 19k-20k after that Euro and Great British pounds crash but Bitcoin is able to absorb all the pressure (rate hikes) and too 20k -21k is the average price of Bitcoin's if using a 4 years simple moving average, and lastly coupled with the fact that 20k is previous all time highs , hence this results to a lot of consolidation and makes Bitcoin continue to move sideways in this zone.

We'll probably look back on bitcoin surviving these times and realise how strong it actually is..

1. The only way I see the Russia-ukraine problem resolving itself fairly quickly is if at least one of those countries goes into civil war (it's more likely to be Russia due to the lack of democracy - but it's also likely Russia can remain stable with a bit of restructuring - or nothing).

2. Interest rates probably need to go down for everything bitcoin related to improve for a fast return to higher prices. That's unlikely to happen, a drop to 4% is predicted by 2022 but that's long enough away that we'll see more stagnation internationally.

This is only an assumption, the probability that it will happen is significant, but it is not a solid fact that should be counted on. The majority believe in the next halving and the bull run that will follow after that simply because that is the only thing that has a very clear point in the future in the sense that the halving will happen, but you should always be careful because no one can predict the future.

I also think that it is not realistic to expect that the price of BTC can go below $10k, but who thought that it would be this low today after it almost touched $70k? Being prepared for something completely unexpected is something that everyone should keep in mind, because that way there would be much less panic that often results in financial loss for most people who invest their money thinking that profit is assured.

As for the war, I would say that it affects everything, especially the markets in Europe, which suffer the most. The uncertainty caused by the war certainly affects the decisions of people who are less willing to make any risky investments, and when we talk about the EU area, it is about 500 million people who are generally people with considerable purchasing power. First they were hit by inflation, and then a bloody war broke out in their neighboring yard, which in any case is very bad for any business, unless you produce weapons and similar war supplies.