Topic: Is the $17,000+ bitcoin price breakout benchmark to new price direction - page 4. (Read 927 times)

But still a good start for year 2023, and it seems that investors have forgotten already the FTX debacle and that's why they are pouring their money in the market again pushing it above $17k once more.

Hopefully this can be maintained at the end of the year, maybe the Feds will make a pivot again when they released their CPI and this could be a good news for us as it might signal a bullish return for this month.

With that exceptional predictive ability you have, you must be tweeting from your yacht on your way to your private island, right? One of these days, apart from being a big mouth, you could post proof of how you short Bitcoin and make money with it.

In response to the OP, I think this year is going to be one of slight rises, but we are very low and the normal thing is to go up, but we should not be too excited about the slight rise of these days that may be due to pure variability in the short term, there is still a long year ahead....

it is as we are at least more than a year before Halving so in this behalf I trust your prediction that  chopping for another months will take effect and also expecting so much this year or month just because of small increase this January isn't enough to make me believe that bottom had been over.
lets see in the coming at least before December? if we truly break that 20k and starts heading up more then i must take that to be benchmark to new direction .

We can't predict future prices but the market hasn't hit a recovery high and isn't bullish yet, if you compare last december prices there may have only been a $1K increase in price but good impact for a positive move in the first quarter of this year, we are already feeling confident that current price movement could signal that the market will be bullish this year.

Not sure how long that bullish look will continue last with Bitcoin, but I am very happy that this is happening right now when many did not expect such a price recovery, but seeing bitcoin above $17,000 is a big relief for most investors at least after a long period of a bear market, seeing a bullish recovery move is a big relief.

Let's just hope this momentum will be continued, and as such we will see more significant price benchmarks in the coming days.

Well I have to classify the outlook for the moment as optimistic.   I drew these lines last year (thats ages right) and its pushing past with a 50 day average (in blue)also ascending also is a positive sign to include in assessment.   I do think 20k is more important then these levels but it cant be ignored that we've been this low for so long and are leaving it behind.  Would be nice if we built a base here and its been the groundwork for more positive price action.  Longer term its the 20k level and that 200 day in yellow that is a proper challenge but we can rise to that area

Really hard to tell since we've bee able to test out this range for how many times which the price is trying to break that $20k but it do fails up when it do hit up that 17-18k resistances which it is really that hard to make

some breakout which anything it do touches up the ceiling then it do bumps down or been rejected.No one really knows if this current small steps would be able to hit up that 20k in few months or weeks.
It is really that hard to make out some decisions if we do see that there arent much news or events on the market or around just to make out some investment decisions.
We do need up that catalyst because it is really that putting in doubts whenever we cant see anything.

Yes, but the price of Bitcoin has been dangling around d that 17k price for over 24 hours now and there has been significant market pressure for the price of Bitcoin to pull up to 17500 but the bear market is still putting intense pressure to pull the price down.

But we believe that in the coming days ahead bitcoin will make a further market recovery because the market is already recovering from the many crises that faced the market in 2022 which have put pressure on the market pressure that led to the collapse of many token and coins market, but some of those altcoins are recovering at the moment.

The increase in the price of Bitcoin cannot be said to be significant because the current price range is still very far from the all-time high that has ever happened to Bitcoin. In the last 24 hours the price of Bitcoin has touched $17,398.8 on the exchanges that I saw and it's still not very significant for Bitcoin because it's still under $18K. I just hope that Bitcoin can have a gradual increase every month before a new ATH is formed, because I still imagine that a correction can still occur suddenly in Bitcoin this year.

I also believe that the first quarter of the year will be bearish. Even with its recent upsurge to $17K I see it coming down to the 16K mark since it has find support there. The second quarter of the year might see it at the $20K+ price. Then if it finds support there for a longer time and without any major saga like FTX then we might be able to test bullish period in the last quarter. As it is right now there’s isn’t any thing to be concerned about just accumulate by averaging

There might be no significant improvement at all. This movement is a small response from buyers after many weeks of selling. 

The hype has been over so unless you are a day trader or a swing trader, you should only focus on accumulating bitcoin without overthinking its price. New glory will return, but I suspect it will happen in 2023. Late 2024 is what I expect

And until now, the price of bitcoin is still able to stay at $ 17k even though there have been several corrections that have occurred in bitcoin but bitcoin can still last longer. The bitcoin price can go down again and there is a possibility of a return to a lower level than the previous price but we hope that will not happen. And if there is a deeper correction, let's hope the price stays in the $17k range and doesn't drop further down. The bitcoin price will start to gain traction after the first quarter of the year passes well and the price doesn't drop below $17k.

In Bitcoin's move through the $17k new value in recent days Bitcoin we saw Bitcoin starting to show bullish fangs and to the delight of some of its investors, we ourselves are very pleased with what is happening in the market, the rise of Bitcoin brought several other Altcoins to rise as well, which we are now waiting for saw a significant market change rocketing upwards in early to late this year.

No I don’t think breaking $17k means anything. We can still go back in the range. I think once we break $20K and regain the 200WMA then there is a confirmation we might of bottomed.

I think this don’t happen anytime soon. We will most likely chop for many months until we get a clear trend of what is happening with the macro market. This week will be CPI and will clue in how the rest of the quarter will look like.

17k is just the very lowest bar, I'd argue 20k is more like the proper first rung on any ladder to consider a change in direction or proper move up.     I dont agree on most points above but I do like the idea you really dont take a price as a serious statement to discuss until its maintained that level or higher for 5 days or more.   Basically 5 days as a working week or the full week is a fairly low ask.
   The reason why you wait 5 days and also why the other points are wrong is that volatility exists.  We can reach any price in theory when weighing in volatility in a price, this is not a steady ship we're on its in fact all over the place and price will swing wild high and low inaccurately.    I will also argue that is why BTC will be used so long as it is useful to a global online audience.
  Why would you state inflation in all other assets but not Bitcoin, can we agree if its used the price goes up.   Disagree outside of that that you decided BTC is not useful to you personally so perhaps you cannot envisage anyone else using BTC.
  BTC is not a perfectly assured physical asset, it is speculative but it also will continue to be used so presuming only negative progression in price from here is not adding up.    I'll be waiting for anything better to be invented, of course society does benefit when new improved assets arrive especially when more efficient so price negative for one thing is often more then just inflation its the rebalance to greater efficiency elsewhere; right now all I see is very likely continued currency failure not improvements.   Society will suffer from that failure, anything more reliable will be positive imo.

There is some good possibility that we could have something like that, doesn't mean it will happen but its not unlikely neither. Breakouts are a bit unknown and they rarely happen, look at the whole year of 2022, we never had a proper breakout at all. Which means that its going to be pretty tough to end up with a good breakout. At the end of the day there is a good chance that it may not happen at all. If it does though, its definitely possible to start at 17k+ level right away and go to a great level after that, it will definitely have some good standing ground because we have built a great support here.

Is this growth another Bull trap?  Why I am feeling that it is another trap full bulls?  Looking at news, there isn't really good one to back the current recovery of Bitcoin.  Instead there is another news that can be a source of FUD that can derail this recovery which is the current update on quantum computers[1].  So I think we have to wait a bit before jumping into conclusion that this uptrend of Bitcoin is the break out to bullish market.

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[1] https://news.bitcoin.com/chinese-researchers-claim-success-in-breaking-rsa-encryption-with-quantum-computer-experts-debate-veracity-of-discovery/

Yeah, these market bounce can be used by the traders to book short term profit. Following the rise in the price of bitcoin, the same is being experienced on ethereum. We can expect similar level of market fluctuation to continue for long term. Right now it seems to be the accumulation phase where we need to be good trying to have as much in the wallet.

This possibly be a bull trap so don't get your hopes up yet the real bull market will not happen this year but it's fine to appreciate the small growth of price. Traders are happy for this since they can make a good profit after staying for the $16700+ for a while. It can't sustain for a long period of time thus, what the above said was you don't consider this as a long time pump. Make some profit out of it then wait for the right time to sell when it's going down again.

Possible but could also stabilize at such market price point. I'd more hope for a higher market value if it would be able to reach $20k barrier, but also won't be certain. Everytime the market becomes bullish, news relative to the increase surfaces the web but there ain't any so if there will be a sudden increase at this point, I doubt that it would be continuous. There was a huge downfall fro its ATH so I guess there should be something 'big' in order to be back to its original price and that is what I am hoping for if not this year, for next year, in relation with the next anticipated Bitcoin halving. But ofcourse if it is possible for the increase to take place earlier, then that would be better for sure.