When it had a double top at $19500 it was a sign that it might not break ATH this time around and now we went to the low $17ks already.
I am not surprised, this was pretty much the max pain spot since people basically sold way too early at $14K and most wanted to sell at $20K or something like $50K or $100K. So the market does what the market does best, disappoint the majority of investors.
Mmm the time has come, as expected bitcoin may encounter a resistance level at $19,5k-$19,8k. Yesterday we thought BItcoin will break the new ATH soon but today it falls 16% to $16,3k because billions of dollars get liquidated from exchanges which Binance is the highest worth about $840 million. If Bitcoin would actually fall by as much as 35%+ then we can expect it to plummet to $12,6k within a few days. However, bitcoin seems to hold its position above $16k and gradually recover to $17k at the moment, has the correction been ended with only 16%? is it just a minor correction to create fomo among weak holders? |
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Interesting topic which created in mid-2020 when bitcoin price was just $9,3k. Many people in this forum didn't believe that bitcoin could reach $20k by the end of the year, but if you ask them now, they may have different idea about the price towards the end of the year. People tend to think pessimistic or don't want to expect much, perhaps afraid of being disappointed about the unexpected reality in the end.
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Thanks for pointing these members , who were truly against this blog post and never looked at the positive side. Now i would really want that they shall come up with their rebuttal and theory. I was never expecting much and never looked for 20k , but i always believed that you can compare analyst to doctors , some good and some not , but they can actually look into the scenarios differently and in depth . My pleasure, I understand that hard to believe what you can't see before your eyes or it's too far to achieve in a short time, such as the predictions that say Bitcoin will hit $50k in December 2020. However, within 6 months in the bitcoin market, many things could happen, hence $50k in mid-2021 more likely to be accomplished. Meanwhile, let's focus on the next target at $20-$25k and enjoy the rally until the end of the year. |
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Bitcoin has been so bullish from last couple of week and this is exactly how 2017 bullrun started and as we discuss this Bitcoin has already crossed $17k, so are we ready for bullrun and a possible correction period post Bullrun?
Last time we were not ready for correction period as a result many sold bitcoin lesser price our of panic which creates more negative impact, will it be different and mature response from users this time if similar thing repeats? Kindly share your opinions.
We have something to look back on what went wrong, so we know what's going to get wrong, I don't expect Bitcoin to dip or crash, we are better now, the situation is very different, the world is now looking on the development of Bitcoin and majority of the holders are now thinking long term, not unlike in the past everybody just want to take profit. it won't be so much different if institutional-investors aiming to sell at the peak as well, instead of holding Bitcoin for the long term. in fact, it always is the common move from every investor, sell at the peak and buy back at the bottom, such a good strategy to accumulate bitcoin as well. We know that it's inevitable yet we don't know at what point it will start to crumble or how much the major correction will be, is it 30%, 50%, or 70%? The history may be repeated. |
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As far as I've read and know the Btc information.I'm sure the Bitcoin price will go up to 22,000$
Can you share with us what you've read and what you know that makes you really really certain that bitcoin will reach $22k next month? Because as far as I know(you can correct me if I'm wrong though), no one can predict the markets, unless you have a magic crystal ball. yes, we can't say it is 100% but the chances for bitcoin to reach $22k in December are quite high. The predictions based on the analysis, based on the trend on the market and the probability to reach that point. This is one of the news which affects the market to grow bigger obviously. Is Bitcoin really “digital gold”? Dan Schulman, CEO of the digital payments giant PayPal, doesn’t think so. In an interview today with CNBC, Schulman explored PayPal’s plans to expand into cryptocurrencies, and doubled down on the idea that Bitcoin is more than just an asset. source |
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The main obstacle to deterring bitcoins is government institutions and banks that fear the growth of Bitcoin and thus the collapse of fiat currencies
That's not the main problem imho, the biggest obstacle is bitcoin scalability, bitcoin network can't keep up with paper money due to the block size limit which leads to the number of transactions that can be confirmed on the network approximately every 10 minutes. Although the bitcoin blocks now have a maximum size of 2 megabytes, the transaction fee still increases whenever the rally starts, too many queues of transactions on the mempool and people begin to pay a higher fee to get transactions confirmed. |
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The most important thing to success in trading probably "the information", that's what drives the trend in the market.
Always read and watch the news of what going on in the world, especially the economy, institutional investors buying more coins, stocks, projects development, even the elections, the point is up-to-date information about what's going on. The pattern will follow the trend on the market, that's what pushes the price to rise or fall to a certain degree.
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$20,000 17 December 2017 $50,000?  Will Bitcoin reach this target this year? it's too far for Bitcoin to reach $50k this year, the highest point is $30k according to probability analysis, so we can expect the price between $22-$25k by the end of December. 6 days left in this month, if bitcoin be able to hit $20k, then the predictions may become reality. However, the rsi indicates bitcoin is still overbought, doesn't mean it can't reach $19k anytime soon and hit $20k within a week. |
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How about the highest price every year? 2009 : $0 Just launched, no exchanges or market, only used by Bitcoin enthusiasts. 2010 : $0.50 (6 November) on 17 March 2010, the first bitcoin exchange BitcoinMarket.com started operating. 2011 : $31 (8 June) The first bubble in History, following by a big drop. 2012 : $13.50 (16 August) The first halving event occurred on 28 November 2012. 2013 : $1,242 (29 November) Surpass $1k for the first time, but crash -50% in December. 2014 : $1,017 (6 January) for a brief moment, price crash in February after Mt. Gox hacked, lost BTC850,000. handling over 70% of all bitcoin transactions worldwide. 2015 : $495 (4 November) The price spike from $225 start in October 2016 : $979 (29 December) The second halving event occurred on 9 July 2016. 2017 : $20,089 (17 December) BItcoin value rise 1,824% since 1 January 2017, set the All-time high. 2018 : $17,712 (6 January) Bitcoin price drop 76% this year after hit the ATH. 2019 : $13,129 (10 July) institutional adoption cryptocurrency, such as platform Bakkt begin trading bitcoin. 2020 : $18,977 (21 November) and still ongoing. The third halving event occurred on 11 May 2020. source : Wikipedia https://coinmarketcap.com/currencies/bitcoin/ |
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As strong bitcoin rally continues and we may see ATH soon do you think there will be a massive retracement as well? I think current rally is different from 2017, bitcoin became more mature with support of big and smart money so I don't anticipate major price rop.
Definitely will have, if Bitcoins goes up then there would be a down as well however, the thing is we don't know when. Correction is imminent, it always comes after the big rally, and of course, don't exactly know when it will occur. It seems the rally toward ATH wasn't like we had before in 2017 the price increase was phenomenal, unlike today's rally it is kinda mature indeed so the retracement wouldn't be that fatal as we had encountered way back in 2018. There are always few minor corrections when bitcoin on the rally like this, we've seen some after bitcoin break resistances at $17k-$18k. a bigger retraction probably 10-20% after bitcoin break the ath at $20k+ but not the massive one like 35%-50%. Many predictions said bitcoin still in the early phase of bull-run, not even start to pump rapidly like in 2017, it may on that phase in 2021 to reach $30k-$50k. |
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Also the fact that we're not even in the 2017 stage of the market cycle now. We're in the 2016 stage. The real bull run hasn't even begun, and is likely 3-6 months from even starting.
I think the most exciting thing about Bitcoin price possibilities at this point is that institutional investment as of late is driving this price surge back to nearly last market cycle's peak. This is exciting because institutional investment is still absolutely TINY! It's barely even started and it's already driven the price back to nearly the ATH. It is easy to see institutional investment growing 20x, 30x, 40x, 50x this decade from where it is now - taking a more long term view than just the rest of this market cycle, but even just in the next year or two before the next long term peak its easy to imagine that retail investment could go up several times over by then. Combine this with the fact that the retail frenzy hasn't even begun yet, well its not hard to imagine the price breaking $100k in the next year or two.
Yeah, that explains what's happening in the Bitcoin market at the moment. Institutional investors greatly affect the market, however we don't know for how long they plan to stay in the market, whether they want to accumulate bitcoin as a reserve asset for a long term or as a speculative asset to sell at the peak. Meanwhile, we can expect Bitcoin to reach a higher price until the time comes to reveal their plans in the future. |
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There is some misunderstanding going on in the cryptocurrency sphere ever since the day Paypal announced the integration of Paypal and the last time I checked most of the crypto done on Paypal was operated by another crypto company but people seems to believe every positive trend posed by the market was the role of paypal whereas Paypal was not among the holding big amount of Bitcoin.Do you mean 70% is a small amount and it's not driven the price to increase a little bit that it doesn't have an impact on the market? They've just started, not even really launch it fully on their app to buy on merchants and other features. PayPal has to do it, buy bitcoin as much as they could to keep up with the demand from users who buying bitcoin or they will end up lost in the future when the price keeps increasing. |
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For me the popular of investing bitcoin is invest when the price is low and sell it when the price is high, --but sometimes it makes me wonder how may I know when it will happen. The market is too volatile and unpredictable, it is not easy for us to predict the right time to invest. However, OP shared a great help to the beginners [including me], in fact, I bookmarked it and study when I have enough time to study.
The simplest way for newbies, in this case you have to wait a relatively long time to be able to generate profits, usually a few weeks to several months. Bitcoin isn't unpredictable, quite noticeable where it's heading, all you have to do is determine the entry point and at what price you will sell it, and be patient. For instance, buy at $18k and aiming to sell at $25k, don't tempted to sell at $22k or $23k, stick to the plan. |
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Impressive performance from the past couple of weeks is this the effect of American election?
At first same thought here because the Pump happens in Election days so what i have in mind is that Biden's advantage push the market up. BTC has pumped 9% in the past one week and has gained the momentum and inching towards 15k now after 2017 it has broked the 14 k barrier and setting up for new heights guys this performance from BTC was remarkable and a boost for many altcoins too. I guess it will break 20k barrier by the end of the year hopefully.
but a bit frustrating because we almost break the $19,000 but drops badly again now to $18,300. Correction before or after break a new resistance level is a common thing in the market, subsequent to bitcoin climb up from $17k and easily reach $18,9k. Many people expect a big correction after all this rally to $18k+ but bitcoin still holds its position above $18k, which means a positive sign to break $19k resistance. It's not a big drop, only a brief dip before a bounce back, retested the $18k-$19 zone for a few days because the real target for the end of November is $20k. |
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The current Bitcoin price is actually quite high. If you really want to sell, I think you can get a big profit. However, if you really want to hold until the end of this year, that is fine, because it is likely that the price will still go up again.
Your right, we'll waited from around 2018 till 2020 for a good way to take profit from our various investment but here it come; but there are series of confusion among members, on when to take their profit. As for me, am good for a profit at this time when Bitcoin almost hit the $18.9k+ becasue some of my holdings were back in 2019 when Bitcoin was low in it price, compare to now which is impressive. There are people who don't want to take profit now but wait for Bitcoin to hit $20k+ before they do, this can be risky becasue the price of Bitcoin can rollback again. Greed isn't wrong at all as long as we calculate the risk, $18,9k is safe for sure but it's too early in my perspective, if bitcoin predicted to fall after hit $20k, why not sell at $19,8k+? Bitcoin may encounter resistance level at $19,5k-$19,8k but if it manages to surpass $20k by the end of this month or in early next month, bitcoin should be able to reach up to $30k by the end of the year, so for me it is an obvious choice, keep holding until the end of December. |
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Is there a reason why majority of altcoins cannot be traded with usd or usdt like btc, litecoin etc? Why don't exchanges allow these to be paired then you have usd or usdt? Because if you want to earn money in usd or usdt... well you need to pay another fee to go from btc to usd/usdt.
Can someone explain why? Like if you trade btc, eth or litecoin or chainlink or bitcoin cash etc... you can trade it with usd or usdt. But why not majority of those altcoins?
Depends on the exchanges, there are some exchanges that support various altcoins/BTC pairs. Why not include the majority of altcoins? Because too much hassle to list all those infamous altcoins with low trading volume. If there are many requests from users or alts developers, the exchanges may consider listing those coins. |
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Depends on the time when we sell and the price of bitcoin/alts in that period.
Nonetheless, there is always the best way to maximize profit.
Because the price of bitcoin continues to increase while altcoins don't perform as well as bitcoin, the value can't compare to maximize profit. Hence, it's better to withdraw in USDT or any other stable coins.
A stable coin is one of the best approaches to maximize profit if the exchange doesn't support withdrawal in fiat currency.
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Fortunately, that's not the case for now, the world still has plenty of resources to share, the world economy does not work as usual doesn't mean it has stopped completely.
The Pandemic invected less than 1% of humans worldwide, 64% has been recovered, it shows that humans can resist the virus, moreover the vaccine has been found, we are heading towards world recovery gradually and expected that it will return to normal in early 2022.
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So, will we see a sudden miner fee rise this time?
The case in 2017 is different compare to 2020, there are some improvements such as segwit and lightning network. We will find out in mid-December when the price on the rise to new ATH, although it's not the price but how many unconfirmed transactions on the mempool, it's a common issue in the bitcoin network. However, I don't agree about miners intently cooperate each other to pump the fee, simply there is no evidence to accuse them. Even these days, the fee relatively cheaper than in 2017. |
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