Topic: The low support level may still be tested during 2023. (Read 660 times)

Even still, I think that you should know that there's bound to be a black swan that will probably happen before you can finally dispel that worry because I am telling you right now that the said event hasn't happened yet and the halving hasn't arrived yet so the possibilities are endless but fear not as that event can be a good time to buy bitcoin because it's a prelude to whatever positive is happening in the bitcoin market is going to happen.

Let me say you just wrote this just for writing sake because even if you are not a good speculator you shouldn't have spate something as outrageous as that. Do you mean Bitcoin can still go down about half of its current price this year and about $300B market capital gone? That's insane, and if you had taken your time to carefully study the market chart, you would realize that it took Bitcoin 11 months of struggle to get to the current levels, and ever since the market breached above $20,000 early this year it has never hit the price again. The worse we saw was around $24,900 which I believe the market would never get to hit anymore till next year and even many years after because there will be a massive bull run between now and about 1.5 years to come. This will make sure that Bitcoin stays afloat.

And for the fact that when the coin rose in the past, there are some certain lower levels it never meets again, just as it tried so hard to sell but never met $10,000 anymore after the last halving that hit the ATH of about $69,000. Such might repeat itself again where the $20,000 would never be met again as Bitcoin has a very bright future and as it goes up with more liquidity being pumped into it, it would have locked some levels with that level ($20,000) included.

For more understanding, this is just like in the case of Gold, it will be very difficult for gold to reach $200 again.

Avoid more worries by increasing your optimism about the potential for good bitcoin prices ahead of the halving. I have removed $20k from my list of risks to consider since bitcoin broke $38k, but of course I can still consider some corrections that make many traders panic like a drop below $35k or $32k.

I expect a gradual increase until $40k is reached before the end of the year. I have high optimism about it in December, but whatever happens then I won't try to ruin long-term investment plans. Be strong for whatever happens even if the price can correct below $32k or deeper. As I write, bitcoin price is around $37,100, it is good to expect it to test resistance above it again at $38k.

The high volatility of Bitcoin really don't have to take anyone a surprise at a far range of fluctuations either appreciated or depreciated as long as long the digital coin could hover its trading rate values from the $0 and the $0.09 above til date. So as the volatility values of the coin rated $69K at 2021 in appreciations which has
also been depreciated to lower series of value rates and today it is around $37K yet 2021 history has not been surpassed.
Just as long as I am addicted to the Bitcoin volatility its value appreciations and depreciations can never have me a shock.
So @ OP, your optimistics to setup your Bitcoin portfolio at when the Bitcoin markets price is low may have you the tendencies of a long-term waiting.
You just don't hope on that to occur before you can set-up a purchasing budget. Just as we all who came into the system late are on regret why we didn't come earlier as the Bitcoin was introduced, this could also have you regreted in time after long-term waiting for a fail of the Coin before you could set-up a purchasing portfolio with a specific intension. If that doesn't happen in a close range of time, then it has proffered you wasted times waiting.

Of course having a planned accumulating Bitcoin budget is a good one especially when engaged on the long-term goals of investment because it the future would always have the best when you opts out of yesterday and todays fear or experiences.
However, I love to advice that a Bitcoin accumulating budgets shouldn't gaze at only when the price is gone low but some specific periods of schedules such as daily, weekly or monthly also as yearly. But this is only possible if the Investor is a stable income earner on a diversification off his long-term Bitcoin investments journey.

I think a drop to 20k for bitcoin could still happen even though it has increased to 38k this month, there is still 1 month left before this year ends.
and more importantly, next year there are still several other issues before the bitcoin halving occurs.

I don't think 2024 will be the last chance for we to invest and make life changing money, Bitcoin will always be volatile, the price will keep rising and falling based on the different market season we'll be having which is the bear and bull market. The big players would only reduced the volatility but they can't stop it as they won't be able to control the market. Bitcoin market is a decentralized market and not controllable, the big players will try but won't succeed.

Bitcoin can't fall that much any more this year as the bears are losing control of the market and the bulls are taking control as we enter into the bullish time of the market. All investors have to take the opportunity and buy more Bitcoin before it's too late. The price is going to rise more and not fall. The festive period coming up might be the last time we see Bitcoin price fall for a very long time as after the year ends next year is Bitcoin halving and the price always rise.

Big players will always come and go and it could be that 2024 will be the last investment opportunity of a lifetime and a good time to invest, but we also have to look at the fluctuations. If it falls again to 20-30% from the peak price towards the end of this year, you should take advantage of this second opportunity by adding to your position and holding on again.

This thread was created last June when bitcoin was worth $24k or more, but fortunately bitcoin has never touched below $24k since then even though it did drop to $24,900 in September. Considering that the support level being discussed is no longer relevant to the current conditions, I think this thread is worth locking instead of leaving it open. We are at $37,500 currently and it is highly unlikely that the $20k support will ever be tested again for the rest of the year.

I know anything is possible and nothing is certain because the bitcoin market is very volatile. It only takes big bad news to get a massive dump resulting in a price crash, but I wouldn't imagine that happening for the rest of 2023. The $40k resistance is likely expected to be tested instead of a severe dump to the $20k.

You cant say that we wont really be able to touch up 20k considering that we arent that too far off with that level and we know that when it comes to probability then this market isnt something that you could
draw out some conclusions just because of some gut feeling or intuition because you do believe that it is really that taking as of this moment. Well, we do have our own views and perceptions on how this market moves or behaves. So it is really just that normal that people would be having different views and there's nothing wrong with that. It is really just that we shouldn't forget on how fast prices could go into certain points
on which we didnt even believe that it could reach that high or low.

If you do really believe that low support level could be tested on 2023 which is its almost ending then better yourself that getting prepared for you to be able to DCA but it seems
that we arent that not likely to go not unless if there would really be some huge issues or events that might crash the market and reach out those levels
but for now we arent seeing any.

I basically not submissive to prediction rather I foresees the potentiality in the realms of Bitcoin because the nature of its volatility could be definitely or indefinite in its values.
I am Concious not to take further regrets waiting for the markets values to fall maybe to purchase with a specific amount just to obtains incredible values.
I buys and tends to hodl for long periods of time that is why I don't have to make a form of delay to accumulating more of Bitcoins in my trading wallets.

But OP talking table Investors to hodl and not to sell out on no matter what, that is depended if the Investors is determined for a long-term or a short-term investment otherwise hodling for long-term is best practices to higher profits in the space of Bitcoin investments.

Prices will not fall back to the $20K level for the rest of the year - I am very optimistic and confident to say that. No matter how much FUD there is to come - but the current positive trend seems very likely to be maintained until the end of the year. We've passed last year's low - so the hope is a major recovery and upside this year to be likely.

I can't completely rule out a correction to $30K if major FUD hits the market - but of course, this doesn't look certain to happen any time soon. I'd certainly be very surprised if $30K were to be hit before the end of the year because I'm basically expecting $40K to be hit.

For now and in the future - keep your optimism and hold on to your bitcoins without hesitation. We must be able to overcome obstacles and that volatility must be ignored if you have set up a long-term investment.

I feel like it would not drop under 20k ever again in our entire history. I know this is a big thing to say, but it has seen under 20k during the last bear market barely, it has gone down to 15k, and that was it, and I think with a new all time high coming, and potentially seeing above 100k, even in a situation where bitcoin drops 80%, that could be over 20k. That would be the biggest peak of bear run, and we would still be over 20k, I think that's an important situation.

I hope that we could end up with a situation that has to be a bit more careful, and it needs to be something that needs to be a bit more careful, that would definitely lead to a level where it would be profitable for the long run. I know that we may not end up with something that will benefit everyone, but at the end of the day it is going to be just a situation where it could profit everyone. So, we should just ignore anything under 20k, and even under 30k may not be seen anytime soon, maybe ever.

Those who have not been able to buy at low levels of bitcoin are sorry and have said that it is too late to buy bitcoin? but it is something that does not make any kind of sense, I think that there is a lot of opportunity now to buy and make a great profit for us, those who want to sell are welcome, only the smartest buy when the weakest sell, that's what it's all about This business, the one that is not prepared for something good, then it is not, but the support, or whatever you want to see? See, the important thing is that bitcoin is currently at less than $70k, that for me is enough to see it cheap.

It will be hard to believe that bitcoin price will drop below 20k again even not this year or in the
 next before halving , like now that we are expecting ETF approval next year early (but always we are expecting lol)
 and also there are big boys now that have their support aside from Binance not being dumped after the resignation
 of CZ , I believe that we are looking to stronger market till next year.

I think the market will still have some corrections until the bull season really comes and even when the halving takes place there will still be corrections. Unlike many people who have the notion that when the halving event approaches, bitcoin will never decrease more. But I agree with you two, bitcoin falling below 20k$ will not happen, I think the lowest will be 30k$ if there is a big correction.

Many predictions suggest that bitcoin could reach the $40k mark before the end of the year, I also hope that will happen but the future is unpredictable and we will wait and see what happens.

Yeah, I do agree, I'm not seeing a huge drop to $20k because it will be a disaster at this point. Last year, we can understand it as we are in the bear market. But now we are closing on the bearish sentiments and in the last couple of months, we have gain a lot, no more sideways pattern, but price increased as high as $39k.

And with that, December is just knocking on the corner, and if I will play guessing game, we might see the price going to $40k'ish or even higher. Usually December seems to be a good month to us and hopefully the pattern will continue.

I think low support levels and the possibility of a drop in Bitcoin price below $20k in the remainder of 2023 are unlikely to occur again. Especially now that Bitcoin is trading above $37k, and even has the potential for price increases to continue.

A fairly nice and realistic analysis you made here. The market is not sitting at 30k for long, it will make an upward or downtrend decision. There is a nice inclination that the trend will be upward.
In this speculation board, someone made a hash analysis of bitcoin moving to 48k or down to 8k. The analysis wasn't nice. We know nothing is impossible, but this present market we witness cannot go to 8k.

While true, we must not forget that those people are also not keen on overpaying for their bitcoins, so if they can create some FUD to scare enough weak hands and get cheaper coins then this is something they will do as it plays on their favor, only once they are happy with their holdings and the amount of bitcoin they have bought then that is when they allow the price to go up, as in this way they can maximize the profits they can get out of their holdings.

Yes, it's difficult especially BTC. Yes, as you mentioned above what really determines the rise and fall of bitcoin is the market demand and supply market and that shows in the daily transaction volume as well. I think it all comes back to each individual in terms of trading. But it's safe to stay in long-term HODL for sure.