Bitcoin Forum

The price bounced back as expected, will a new all-time high appear?

Learned this while watching the movie The Wolf of Wallstreet, Matthew McConaughey's character said something about how no one knows whether the prices go up, down or sideways, what matters is that you get the clients money in your pocket. I guess some parts of that line could be applied to bitcoin as well. The price always bounce back, it's just that there are many eyes on bitcoin market right now that we think that this bounce back is special.

No one has the crystal ball to see the future here. But if we will make our "wild and educated guess", sure why not. Maybe next month we will see $60k-$70k at least. The thing is we are in a bull run, and in this cycle the price really pick up very fast. And the current dip that we've seen is like a normal dip in a bull run. If you are going to look at 2017's all time high, it touches like 9-10 corrections leading to almost $20k at the end of the year.

Which fed's statement is he talking about?

There is a bullrun if the feds are going to make a statement that is positive I guess it will influence investors to come and buy BTC. And perhaps we'll reach a new ATH. Heck, the forecast like of Adam Back even said that BTC will touch $300K. Its possible, no one knows too.

Janet Yellen again shows that she is not a supporter of bitcoin. Treasury’s Yellen criticizes bitcoin again as ‘inefficient’ and highly speculative (https://www.marketwatch.com/story/treasurys-yellen-criticizes-bitcoin-again-as-inefficient-and-highly-speculative-11614013491)

She does it in many years and bitcoin has been increasing its price. The Catalyst for bitcoin growth is the increases of awareness of people, the investment from institutes and wider adoptions from companies, products and bigger noise from media. Who are care about FED, Yellen?

Not yet but you see that bitcoin has gone under $50,000 again. Very much normal pattern that we see in here and everyone is thinking that after this correction, it's about to break another ATH. We'll never know. What we can put into consideration and be happy about is that, bitcoin has fastly recovered after getting into $45,000.

Now, where's the FED statement? you blame whatever they've said for the plunge that happened?

We can know all possible,

News
Tweets
Sentiments
Technical analysis
further fundamentals

but talking about price bouncing back or do talk about all time highs then this one is always been a question.
For sure no one did able to guess for bitcoin to go back in 45k right?

This market is unpredictable thats why its really hard to give off answers.

Somehow the FED influences a lot of people, the news is really radical when it comes to Bitcoin, I have not seen any news that is in favor of Bitcoin, if you put CNN or CNN in Spanish, their analyzes are always based against the cryptocurrency, and taking into account that it has a wide public, the influence and mistrust that is generated is unique, obviously this affects the weak of mind, if they have BTC they sell quickly in panic, this is a whole chain that comes from the big moorings of the FED.

Almost certainly, it’s bull season, it’s inevitable. Might not be next week or even next month but we’ll see another ATH shortly 100%.

True they are all price speculation , many questions about price determination but it can't be determined. I know the best way is to trade from the eyes you see things and not how people have speculated. Analysis are done but cryptocurrency or bitcoin isn't like stock trading where all factors that will change market parameters are known but bitcoin is relying on whales transaction which is after that they have secretly done a transaction. The whales decision to carry out are not public so you can't really follow it before they click the order.

If this statement is true then jobs like fund managers, portfolio managers, research and financial analysts wouldn't exist but surely this isn't the case as there are thousands of them in existence. I would only consider this statement to be true on assets where the basis of its price is only through speculation, and supply and demand. Because in stocks they definitely have more data as compared to what cryptocurrencies have, they have financial data, physical projects, and other key performance indicators that can be analyze with and determine where it will go. In cryptocurrencies on the other hand you won't really have that privilege to analyze with since you will just rely on the news and what is happening in the market right now to determine on your next plan.

Of course, nobody knows

BUT

We are in a bull run cycle and to date Bitcoin has followed "the stock to flow" model
http://bitcoinmaximalist.net/what-is-the-bitcoin-stock-to-flow-s2f-model/

https://bitcoinmaximalist.net/wp-content/uploads/2020/08/Bitcoin-S2F-768x461.jpg

The price bounced back because Bitcoin was oversold. There were other bullish news today and yesterday, like Microstrategy's new purchase, outflow of BTC from centralized exchanges, but we still haven't returned to growth, we're still not far from the bottom of this dip, so even serious news are not enough to return the market to its bullish course when there's so much panic. Maybe a lot of people bought at $50k and now they are selling whenever the price trice to bounce, so they can break even.