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Author Topic: Bitcoin Price Prediction – $24,000 BTC/USD before Christmas 2019  (Read 297 times)
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August 05, 2019, 10:21:14 AM
 #1

Excerpt from original gamblerock post:

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Bitcoin price has been an yet another unbelievable tear in 2019, similar to the major bull market run it saw in 2017, rising from only ~$800 to start the year to an all time high of ~$19,600 in December 2017 before crashing in 2018 eventually reaching low of ~$3,150 in January 2019.

I’ve been betting on Bitcoin on both the long and short sides since 2017. There have been a lot of hard knock lessons learned along the way. Unfortunately, I was shorting it in 2017 (one year early) so what should have been an amazing year of BTC/USD price appreciation, I experienced liquidations for leveraged margin positions. What was even worse is that I was trading on Kraken at that time. They we’re constantly going offline every time there was heavy buying volume, making it impossible for their customers to buy and sell Bitcoin at premium valuations during heavy market volume and volatility.

I made a lot of spot on predictions in the price of Bitcoin during the first half of 2017. Then I thought it was overvalued and needed to return to test the $2,850 major resistance level of early 2017. It actually tested $2,950 once after it hit $5,000. It had a second retest of $3,000 and then it took off. I was so fixated on it going to retest the exact price of $2,850 that I overlooked the notion that buying demand could be too strong for it to reach that exact level. Then again in January 2019, Bitcoin once again retested $3,000. It found solid support and has been on a bull run ever since rising nearly 400% this year at current levels approaching $12,000.

Continue Reading the entire details of the prediction at GambleRock: Bitcoin Price Prediction - $24,000 BTC/USD before Christmas 2019
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August 05, 2019, 10:36:39 AM
 #2

Daily chart looks very bullish so lets hope we can have a bullish close to follow it up. It would really suck if this ends up being another lower high, which is a scenario I personally haven't discarded yet.

Another positive aspect is that people are more short than long, which may offer a helping hand in form of a short squeeze to break through resistance levels easier. Bulls right now are definitely the dominant force.

I however think we need a bit longer to actually break the $20k all time high. I can see sellers line up unloading whatever it is they bought way lower, or they were still holding heavy bags from 2017/2018.

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August 05, 2019, 01:10:23 PM
 #3

I however think we need a bit longer to actually break the $20k all time high. I can see sellers line up unloading whatever it is they bought way lower, or they were still holding heavy bags from 2017/2018.

Same thoughts. I think a good number of people who bought close to the top in December 2017 are planning in on selling somewhere close to $20,000 to hopefully just breakeven from their initial buy-in. I think $24,000 is pretty realistic though, so there's a good possibility.

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August 05, 2019, 01:40:06 PM
 #4

I share similar opinions as members above, but I always wonder how many people actually invested in Bitcoin in December 2017 when price was close to $20 000. Some of them probably hold and wait, but the majority is sold at the first sign of cessation of further growth, maybe even with some loss.

Regarding of new ATH in this year, in my opinion this should not happen just because such things happens after halving, but the events from the past few months may suggest that some things are changing, and that Bitcoin will not follow its usual history patterns.

Accordingly to that $24 000 would not be a big surprise, but I doubt price could stay there for a long time. Based on last correction from $14 000 to $9000, it would be realistic to expect $5000 - $10 000 in loss of value.

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August 05, 2019, 06:19:24 PM
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 #5

It would really suck if this ends up being another lower high, which is a scenario I personally haven't discarded yet.

No reason to discard it until we break above $13,200. My opinion is that we'll still be trading within the $9K-$13K range for several more weeks.

Another positive aspect is that people are more short than long, which may offer a helping hand in form of a short squeeze to break through resistance levels easier.

What data are you looking at? Both Bitfinex and Bitmex are heavily long. Bitfinex longs outnumber shorts 3:1, and on the Bitmex perpetual swap longs are paying 0.0583% interest with high open interest.

https://www.bitmex.com/app/contract/XBTUSD
https://tensorcharts.com/u/bitmexstats
https://blockchainwhispers.com/bitmex-position-calculator/

We've already been squeezing shorts hard with a >30% rally here so I'm starting to expect a squeeze in the other direction now that longs have built up so much.

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August 06, 2019, 06:27:48 AM
 #6

I would call it a good prediction as it matches my prediction for this year.
I always believe from the start of bitcoin's recovery this year that we will have a new ATH this year, for sure over $20K but i don't know where it will stop by the end of this year. With the recent uptrend of BTC, it awakens my excitement and I believe not only mind but to all people who are bullish with bitcoin.




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August 07, 2019, 04:37:31 PM
 #7

very good prediction. bitcoin price increases today are very supportive for very high prices before Christmas. That can happen when supported by FOMO, or very accurate information that can happen in 2020. For now, I believe that the price of bitcoin will be very high at the end of this year, so I am currently focused on gathering it.
It is a good deal but how feasible would that be? Having studied the pattern of increase from the beginning of this bull run, it occurred to me that we have little people now falling for FOMO, and those little ones are not enough to sustain or continue to make the price increase.

If it was for FOMO factor, from that period that bitcoin made a major breakout from the 1st o April is when fomo would really have landed us into a very peak price of bitcoin now, but people don’t respond that much to fomo values again, they would rather take their time to study the market carefully before investing, after all, when we advise people, we are the ones that usually advises them not to fall for FUD, panic sell and fomo, so why do you think Fomo would still be quite effective again?

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August 07, 2019, 09:04:51 PM
 #8

Bitcoin will cross $24,000 before end of this year and it is going to reward those that will be able to hold for long. For the fearful they are going to be kick out of the next bull run. Since the day before yesterday bitcoin has been trying to cross and remains above $12,000 but it always follow with huge dump and the weak hands keep selling off.



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Rainbot
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August 07, 2019, 10:29:51 PM
 #9

I'll convert my short to a long within two hours from now if we don't get a sudden crash. It will be the first actual daily close above the descending wick to wick peak resistance line. My gut feelings say we're still not out of the woods, but I'm following the charts and not my gut feelings, which is how it should be.

I would say that November/December historically have been great months to actually start taking out profits, regardless of the price. Bitcoin is a poor performer in Q1 of each year so there is a fantastic opportunity to stack up more satoshis, which is what I will be doing and so should others do.

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August 07, 2019, 10:39:35 PM
 #10

Same thoughts. I think a good number of people who bought close to the top in December 2017 are planning in on selling somewhere close to $20,000 to hopefully just breakeven from their initial buy-in. I think $24,000 is pretty realistic though, so there's a good possibility.

They said the same about the return to $1000. It passed without much of a squeak. Many who bought at that level will be long gone by now. Others will be hanging on for much higher. Very few will pull the exact same amount they put in and have wasted 2-3 years worrying.

Personally I don't think we'll see those sorts of figures until well into next year but I'm almost always wrong.

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August 07, 2019, 11:04:19 PM
 #11

I however think we need a bit longer to actually break the $20k all time high. I can see sellers line up unloading whatever it is they bought way lower, or they were still holding heavy bags from 2017/2018.

Same thoughts. I think a good number of people who bought close to the top in December 2017 are planning in on selling somewhere close to $20,000 to hopefully just breakeven from their initial buy-in. I think $24,000 is pretty realistic though, so there's a good possibility.

I would certainly do that and will start to be more optimistic with my altcoins investment also.
Though I can't deny I bought some BTC during the peak but I still feel the relief even at the current price now as I was able to buy BTC at its dip as well, so even if it will not have to reach at $24,000 per btc, I can still be at profit once BTC's price is close to its ATH.

In addition, I'm confident at that time that it would be a different altcoin market compared to now, so selling BTC and altcoins at the same time would certainly make me profitable in overall.

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August 08, 2019, 02:51:26 PM
 #12

unfortunately at this point that is not something anybody can predict. because this market is known to be volatile like an explosive, all it takes is a little bit of excitement and a couple of major resistances to break then we can easily see the next big bull run begin.
we just got out of the recovery phase to come back to more realistic prices after the undervalued 2018 drop. and the momentum is great these days. if it keeps up, then in 4 months we can easily see $30k.

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August 09, 2019, 06:50:11 PM
 #13

unfortunately at this point that is not something anybody can predict. because this market is known to be volatile like an explosive, all it takes is a little bit of excitement and a couple of major resistances to break then we can easily see the next big bull run begin.
we just got out of the recovery phase to come back to more realistic prices after the undervalued 2018 drop. and the momentum is great these days. if it keeps up, then in 4 months we can easily see $30k.
Feels like most people that we have been seeing speculating in this bitcoin market are more of gamblers that just predict any price without really analyzing it through the different tools that is available in the market for them to use to analyze their predictions. When we make some predictions, we have to ensure that we bring together a realistic data that would lead to affirming our prediction, and like you rightly said, bitcoin is too volatile that prediction sometimes does not just work.

For us to get to $24k by end of the year, we must have been in bull run but then because that value has already passed the last All-time high, and we ought to have been seeing signs now If there was going to be any bull for this year, so I am not so sure that such figure will be easily achieved this year.

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August 09, 2019, 09:41:33 PM
 #14

I'm new to the whole speculating thing, I've only recently began to follow a couple of tubers that legitimately just sit there and run through their take on the charts. The target here might be conservative compared to a lot of the "predictions" out there but I like keeping grounded. Looking at Christmas this year I think we could see a 24, 000 BTC. That's about 1/3 of the time remaining to the next halving, which I think is a window where we will probably still be seeing higher highs, before a pull back leading into the last few months before the halving. Mentioned above is that November into December are months that generally produce higher price points.

Kind of kicking myself for picking a poor time to begin diversifying a while back.

From the few that I legitimately new who bought  in near the top, it's about 50/50. Some sold once it dropped about 30% as they were hoping to ride it to some instant profits. Most are still holding, as it was a long term buy they went in for.

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August 10, 2019, 09:55:57 PM
 #15

There had been a lot of prediction about Bitcoin breaking 20k barrier at the end of the year but I think it is still early to tell.  Just look at the recent prediction of Max Keiser, it seem it will be a failed prediction.  I think Bitcoin must break this 15k barrier before even saying that it will hit $20k plus  before Christmas.  Sometimes I think, this kind of stuff is just for publicity and nothing else.
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August 10, 2019, 11:56:59 PM
 #16

These kind of predictions are just people jumping on the band wagon, the graph says we have left the uptrend so far.   It could start another rise but I'd like some solid reasoning why many speculators arent just taking profits now.
Price is alot more genuine when you can see each step up and how many sell after profiting from the rise.   We fall back, it settles out and time develops the situation like a cake until its solid enough for another rise.   Thats the normal process.

That process puts us past 2019, we'll be onto another year before this rise comes through again strong enough to double the price.    If the reasoning were there is a potential difference, a vacuum that has us moving to 20k quite easily because we fell too soon.   Some kind of theory why this rise to 24k is coming so easily.   Iam aware we already rose, I think that makes the double of this price harder to do right now unless there is an imbalance causing it. 
   The most likely suspect would be greater usage, some world event that relies on BTC to convey value over borders ?  I could believe that but why not gold or many assets.
   Iran for example has a giant harvest of Saffron, more valuable by weight then gold and greatly used in India so they could bid up the price of this as an asset as easily I think.   BTC is special and unique but I doubt we get all the success needed at once.

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August 11, 2019, 05:30:31 AM
 #17

Daily chart looks very bullish so lets hope we can have a bullish close to follow it up. It would really suck if this ends up being another lower high, which is a scenario I personally haven't discarded yet.

Another positive aspect is that people are more short than long, which may offer a helping hand in form of a short squeeze to break through resistance levels easier. Bulls right now are definitely the dominant force.

I however think we need a bit longer to actually break the $20k all time high. I can see sellers line up unloading whatever it is they bought way lower, or they were still holding heavy bags from 2017/2018.

Bitcoin may reach 24000$ or even more but at the present it will not be able to do so. Also the marketcap needs to be double to be able to touch 24K.
Bitcoin halving hype plus the introduction of Bakkt platform will be enough fuel to pump bitcoin to this level.

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August 11, 2019, 02:23:09 PM
 #18

I am really torn between what I think at the upcoming price of Bitcoin because if you say $24,000 USD this coming December of 2019 I am thinking that is a short time to speculate such price for now and I am seeing the resistance that is why we are having a slight movement up, But if I am wrong with some resistance in the level of $12,000 USD a parabolic trend is another thing that may happen and would take aim to put us in the $100,000 USD on the upcoming 2020, if the price would seize another height, Well how I wish the Parabolic trend is real and can make the price in another level that is beyond expectation again, Because I think there are many investors and traders that will surely return in bitcoin.
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August 11, 2019, 03:26:46 PM
 #19

I think 24k is still a bit to go, I mean surely we will reach there but not right now, it will take a bit more time. I think next summer we will be at 24k for sure. I can't predict the precise price because I have no idea what would happen and I have no idea what it could be, I am not a fortuneteller after all and if I was someone who would predict the market beforehand I would have been super wealthy already.

However, my understanding is that miners will lose a lot of money and they would try to sell their coins later after the price went up after the halving which would keep the price low for a while and after they run out of ammo the price will start to go up. Hence I am expecting first a big increase then a decrease then even a bigger increase afterwards but I could be totally wrong.


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August 12, 2019, 01:26:14 PM
 #20

The reading expert literally talks about how he failed to understand the way bitcoin moves and lost a lot of money because he thought bitcoin would eventually go back down whereas it went up and dude lost a lot of money.

Now, we are here talking about how it will be 24k because the same dude claims? I doubt so, I still think that over 15k is quite possible and eventually will happen because of the halving but 24k is too specific for me and above the all time high, I am not sure if it will test the all time high if you ask me the correct one would be something between 15-18k range and it will stay around that like right now, it will go up to 18 then fall to 15 and go up to 18 an.. and will keep doing that for a long time. That doesn't require too much money involved and could basically happen very quickly even right now whereas 24k would require a lot of new money coming into the market.




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