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Author Topic: Bitcoin broke $12,000. Still a good time to buy imo.  (Read 260 times)
timerland (OP)
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January 28, 2018, 07:39:05 AM
Merited by 1Referee (1)
 #1

Bitcoin has just broken $12000 on coinmarketcap. That level has been the primary resistance for around 1 week right now. Whenever the price has came close to $12k(high $11k's) the price has dropped to under $11k.



What we consolidate from the above chart is

1. Bitcoin price is slowly stabilizing from the fall.
2. $10k support is very strong, if bitcoin heads that way then it'll naturally go up as a result to pre-correction levels.
3. A move seems likely soon, either way. The price shouldn't stay within this thin bracket of $10-12k for long.

I personally think that it's a great time to buy bitcoin, because considering all of these facts, the worst that is going to happen for this and next month is bitcoin going down to a little over or around $10k and no upward momentum builds up. You would be taking a 17-20% loss if that happens.

If bitcoin does break out, however, then we shall be looking at $14k as a short term target, potentially $15k. After that though we could be looking at getting to $20k finally.

What we will have to see over the next few days is that whether this $12k level can stand the test of time. If $12k's resistance becomes support, then $15k per BTC is just a matter of time.

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January 28, 2018, 08:25:01 AM
 #2

I think based on the 3 ponits that you menioned, its very unlikely to get under 10k, jan is always a bad month for btc and FUDs are al over the place. In few months it should get back to 15K+. Once the bullrun start I think it will like last year a very high climb in no time..... It can take a couple of months to get to start the bullrun but once started, I really woudnt be surprice if it goes even over 30-40K in a short period of time. Havving a couple of good news like LN beeing fully ready or some "good regulation news" be kick btc to an new ATH again. If anybody was waiting for a good time to buy and get in the btc train, its now the time.

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January 28, 2018, 09:19:57 AM
 #3

In GDAX, it has gone down to $11,400 per coin, after hitting the 12K mark. The prices are not stable and I don't know why the demand is not there. I could think of at least a dozen different reasons, but the most possible one seems to be the situation in South Korea. It seems to me that the South Korean users are dumping their Bitcoin and BCH holdings.

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January 28, 2018, 09:57:43 AM
 #4

In GDAX, it has gone down to $11,400 per coin, after hitting the 12K mark. The prices are not stable and I don't know why the demand is not there. I could think of at least a dozen different reasons, but the most possible one seems to be the situation in South Korea. It seems to me that the South Korean users are dumping their Bitcoin and BCH holdings.

I guess that the $12k mark is still resistance and is yet to be broken. I have no idea why people are still dumping their coins when $12k hits, perhaps it's because of the fact that none of the last few attempts to break $12k has been successful.

OP's analysis is interesting though, once $12k is hit it's probably going to blow up just like OP has said.

As notaki has said, Jan has always been a pretty bad month and December a good month for bitcoin... This bear market isn't going to last forever. As soon as a country legalizes bitcoin again, for instance, or the SK government clears up misconceptions or reviews their bitcoin strategy, bitcoin will go up straightaway. And buying at low prices like this will only benefit you over the long run, instead of buying when price is already going up.
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January 28, 2018, 10:22:50 AM
 #5

price is mainly testing the resistance at this point, i wouldn't call any breaking new for now specially since it is $11800 on bitstamp and $11920 on bitfinex.
but it is true that price has been stabilizing around these prices for now and even though sometimes the drops seem big but they are not big for bitcoin!

if a breakout happens, price won't stand around previous levels such as $14k anymore it may shoot back up to the ATH because right now there is an accumulation going on while a lot of investors are standing on the sides keeping an eye on bitcoin to see which way it goes.
that is how sideways action always works and that is why volume drops a little inside that triangle. it needs to break out so that big amount of money that is standing out decides what to do.

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January 28, 2018, 10:35:02 AM
 #6

It is very difficult now to predict the behavior of bitcoin. I bought bitcoin when the price dropped to $ 9700. Now I'll wait for a big price increase. I have a small Fund that I use to trade on the exchange. This allows me to have an income for everyday needs. The main asset I won't sell cheaper than $ 25,000.
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January 28, 2018, 10:45:48 AM
 #7

At this time, it is not about what we think is right on investing to a point what prices dictates but on our tolerance to it. We are far being to hard on ourselves in thinking much more of negavity that is not even a better start on investing a new but controversial cryptocurrency like bitcoin. I will go beyond what others think in strategical perspective that is not worthy to them is beneficial to others.
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January 28, 2018, 12:04:17 PM
 #8

We are still ranging and even if we go up to $14k another drop below 10k could easily happen again.
Therefore don't get too excited now. Nothing has changed. We had a crazy run up from that we are cooling down.
If we break $15k I may change to a more bullish perspective, but not now.
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January 28, 2018, 12:06:01 PM
 #9

The range is obvious, so from here the most interesting part will be how much market support there is for anything above $12,000, and for how long this support is able to last. It's very difficult to tease whatever entity to keep buying without any events or happenings ahead of us. The most bullish event to look forward is Lightning Network, but it may even turn out to be something that will be completely ready somewhere next year. The few successful tests of LN and the beta implementation of whatever service isn't sufficient. In most bullish short term scenario, I can see the range getting wider, but that's really it - the volatility within that range will remain.
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January 28, 2018, 12:24:38 PM
 #10

It is very difficult now to predict the behavior of bitcoin. I bought bitcoin when the price dropped to $ 9700. Now I'll wait for a big price increase. I have a small Fund that I use to trade on the exchange. This allows me to have an income for everyday needs. The main asset I won't sell cheaper than $ 25,000.

I think the recent price is correlated to the transaction fees. If the fee is low, the price is high. So if the fee is kept below 50sat/byte, the price will rise again.
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January 28, 2018, 12:59:16 PM
 #11

The price of the bitcoin at this moment is 11,330 dollars,  it's your choice you invest to the bitcoin now or not. For sure it will reach again $15 ,000 dollars each bitcoin in the month of february and that month possible become again$20,000 who is the highest pricd of the bitcoin.   But even it's good to invest,  invest only you can afford to lose incase that the price decrease your other money will be safe.

 
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January 28, 2018, 01:15:49 PM
 #12

The price rose to $12,000 because people on Bitfinex were trying to get rid of their tethers by buying bitcoin, and the arbitrage bots on the western exchanges simply followed them up, no realising that they need to decouple as 1 USD is no longer equal to 1 Tether.

Once the arb bots have their criteria changed, we should see a drop back down.

 
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January 28, 2018, 01:41:26 PM
 #13

I don't think this is a good time to buy bitcoin. Bitcoin price is still fluctuating, it can be reduced to $8000 before recovering. The price fluctuation is mainly about $10,000 to $12000. I predict the price will not up $15000 at least in a month again

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January 28, 2018, 01:55:33 PM
 #14

I don't think this is a good time to buy bitcoin. Bitcoin price is still fluctuating, it can be reduced to $8000 before recovering. The price fluctuation is mainly about $10,000 to $12000. I predict the price will not up $15000 at least in a month again

The price is indeed fluctuating between $10 000 and $12 000, but I don't think it will fall back to $8000. The $10 000 mark has a strong support, whenever the price falls below this mark, it quickly recovers back.



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Rainbot
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January 28, 2018, 02:51:36 PM
 #15

I really doubt that bitcoin is going to resume the wildly speculative and unwarranted rally that we saw it going on through 2017, especially towards the end. The overall trend seems to have clearly reversed, and the technical/scaling problems with bitcoin have become well known. Furthermore, there are very few buyers left to push the price up - nobody doesn't know about bitcoin anymore. On top of this, you have alt coin competition, drawing away investors. Coinbase makes it very easy to invest in bch/ltc/eth in addition to bitcoin, which makes the few new users coming in less likely to buy bitcoin.

This whole bubble has been a clear product of irrational exuberance. IMO buying bitcoin now is a bad idea. Buying an alt coin that has solved bitcoin's scaling problems could be a decent investment, but at this point, the entire space is wildly overvalued IMO and I am staying away from it for now.

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January 28, 2018, 03:45:09 PM
 #16

I don't think this is a good time to buy bitcoin. Bitcoin price is still fluctuating, it can be reduced to $8000 before recovering. The price fluctuation is mainly about $10,000 to $12000. I predict the price will not up $15000 at least in a month again

The price is indeed fluctuating between $10 000 and $12 000, but I don't think it will fall back to $8000. The $10 000 mark has a strong support, whenever the price falls below this mark, it quickly recovers back.
The range bound between $10,000 and $12,000 must be a good symptom to buy more bitcoins for quicker profits. technically bitcoin prices are sustaining around $11,500 levels which may launch bitcoin prices into $15,000 levels in very short period of time itself. I guess we may get new high prices by end of February as per current sustaining market situations.

$10,000 acts as a strong physiological levels, people do assume themselves for cheaper bitcoins around $10,000 as they have seen prices testing $20,000 levels too. So, we can be sure bitcoin will not break $10,000 or $9,000 at worse. As long as these levels are holding then we can freely buy more for short term target of $25,000 levels.
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January 28, 2018, 04:14:34 PM
 #17

It is very difficult now to predict the behavior of bitcoin. I bought bitcoin when the price dropped to $ 9700. Now I'll wait for a big price increase. I have a small Fund that I use to trade on the exchange. This allows me to have an income for everyday needs. The main asset I won't sell cheaper than $ 25,000.

I think the recent price is correlated to the transaction fees. If the fee is low, the price is high. So if the fee is kept below 50sat/byte, the price will rise again.

nah, there is no correlation between bitcoin price and the fees. at least not directly. of course when the fees come down and stay down it will help with more adoption and more usage and all that leads to a growing user base and with it the rising price.
but since (unfortunately) majority are investors, fees don't bother them much.

There is a FOMO brewing...
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January 28, 2018, 04:30:55 PM
 #18

If you are investing long term, then $12,000 is a good price to buy because in a year you will probably double your money. However, short term I don’t really know. I think we should be prepared for the price to drop again or at least fluctuate for a while. Recover from a crash can take months or more to happen. Just be prepared either way and hold long enough to make a profit.
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January 28, 2018, 05:00:11 PM
 #19

Now the price of bitcoin is reduced to 11300$,even now you can inverse in bitcoin to get some profit by just holding it for few months.After that you will get good profit in your hand.
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January 28, 2018, 05:59:02 PM
 #20

Bitcoin like a frog in a tube, its leap always goes back to the same place, between $ 10.400 to $ 11.700. It might take another week or two to break the $ 12.000 mark, and another 1 month to break $ 14.000 or $ 15.000.

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