I really wouldn't be surprised or disappointed if bitcoin price tests the low support below $20k again in 2023 (but I'm sure it won't). Even though bitcoin is still trading above $24k at the moment, the possibility of a drop cannot be ignored. I don't think prices will hold well over the next few months, so of course I need to set up a budget to plan my purchases and build a strong portfolio.
Don't panic, do some analysis and collect some bitcoins if you have more budget. I will be doing this for the rest of the year and hope it will benefit me for years to come. Don't sell at loss, that's good advice for anyone holding it so far.
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.
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.
