The price of Bitcoin has exceeded $34,000. Is it still suitable to buy now

[artdisrupt]

the price of bitcoin drop sharply to it low within 24hours on 12th of on janaury , although the price  recover to some few percentages , is the crash over now or more sell position will come in few days time . am thinking of buying at 34k , my question is it good to take a long position now ? what is your bias towards the market today .

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[tinopener]

the price of bitcoin drop sharply to it low within 24hours on 12th of on janaury , although the price  recover to some few percentages , is the crash over now or more sell position will come in few days time . am thinking of buying at 34k , my question is it good to take a long position now ? what is your bias towards the market today .

Bitcoin must have heard you as it's starting to break out again lol.

[Kakmakr]

I am always hesitant to give advice about the Bitcoin price and more so when the price is near the new ATH price, but I want to make an exception now...because I am very bullish about this new ATH price. When the price hit $18 000+ in 2017..I thought it would not go up much higher than that... and it did not.

Now I am thinking that the price might go much higher than $34 000, because it reached $41 000 before and the PayPal thing is not played out yet... so there is still room for a price explosion. 

[teosanru]

the price of bitcoin drop sharply to it low within 24hours on 12th of on janaury , although the price  recover to some few percentages , is the crash over now or more sell position will come in few days time . am thinking of buying at 34k , my question is it good to take a long position now ? what is your bias towards the market today .

Going Solely by the charts and not considering any fundamentals if we see the daily candlestick chart. You will see a moving average crossover happening on the daily chart in which the faster average is intersecting the slower average from above which indicates that a bearish trend is somewhere around the corner. Along with this, you can even see a bearish MACD Crossover on the daily chart. Even though the RSI is now no more in the overbought zone I still feel we are not going to get an immediate pump from here we might see a move downwards from here I think everyone would get a chance to accumulate at around 25K which is the correct point for a retracement after such a big move. So hold your horses don't get into FOMO. Moreover, if we go by technical analysis right point for buying will be above the all-time high as it would indicate a bullish breakout.

[cr1776]

the price of bitcoin drop sharply to it low within 24hours on 12th of on janaury , although the price  recover to some few percentages , is the crash over now or more sell position will come in few days time . am thinking of buying at 34k , my question is it good to take a long position now ? what is your bias towards the market today .

No one knows.  Just remember that every so-called bubble in the past - $1, $10, $30, $100, $1000, $2000, $10000, $20000 - has had pullbacks.  However, everyone who bought (or mined) at any of those points has done tremendously.  Will that be the case here?  Yes, if all the uses for bitcoin continue.  However, no one knows that for sure.

I never know what to tell people except that everyone who purchased at any time except a few days ago has done well in fiat terms.  I have said the same at $10, $30, $100, $1000, $2000, $10000, $20000.  

I see no reason why big companies wouldn't continue to use bitcoin to add stability and performance. 

[dothebeats]

$34k is still too high of a price point to buy-in right now, or that's just me. Personally, I still believe that averaging your buys over the course of a few months/years is still the king when it comes to maximizing your investments, although at this point in time there is a high potential for the price to drop even further, even though the market's current sentiment is still skewed on the upsides. If you're in for the long term, buy in @ $34k and forget about your investment for a little while. If you're looking to make some quick buck, then perhaps it'll be a tough call to do unless you're well versed in TA and reading charts. Most traders think that the movement will be on the positive side for the coming weeks, then again nothing's certain about bitcoin's volatility.

[sallybein987]

the price of bitcoin drop sharply to it low within 24hours on 12th of on janaury , although the price  recover to some few percentages , is the crash over now or more sell position will come in few days time . am thinking of buying at 34k , my question is it good to take a long position now ? what is your bias towards the market today .

34k is too hight and risky to invest. Try to separate, for example 1/3 in BTC, 2/3 ALTS.

[cr1776]

the price of bitcoin drop sharply to it low within 24hours on 12th of on janaury , although the price  recover to some few percentages , is the crash over now or more sell position will come in few days time . am thinking of buying at 34k , my question is it good to take a long position now ? what is your bias towards the market today .

34k is too hight and risky to invest. Try to separate, for example 1/3 in BTC, 2/3 ALTS.

The alt coins are almost uniformly just trash.  Little innovation, centralized or both.  At worst, 90% bitcoin, 10% alts.

As far as bitcoin being "too high" at 34k, people said the same thing at $1, $10, $30, $100, $1000, $2000, $10000, $20000.  Really, go back and read the forums.  Look at slashdot when it hit dollar parity and then gold parity and the milestones in between.  People may still be waiting for it to get "back under $1"  (or $100, or $1000).  The correct answer is that NO ONE KNOWS.  

If you believe in the use cases for bitcoin, of which there are numerous, then the price will be higher in the future.  If you don't, then you shouldn't be in any crypto at all.  At worst, dollar cost average into your position.  Of course if you started that in November or March of 2020, you'd have been better off going all in.  No one knows the future though.

Market timing is only luck.

[sallybein987]

the price of bitcoin drop sharply to it low within 24hours on 12th of on janaury , although the price  recover to some few percentages , is the crash over now or more sell position will come in few days time . am thinking of buying at 34k , my question is it good to take a long position now ? what is your bias towards the market today .

34k is too hight and risky to invest. Try to separate, for example 1/3 in BTC, 2/3 ALTS.

The alt coins are almost uniformly just trash.  Little innovation, centralized or both.  At worst, 90% bitcoin, 10% alts.

As far as bitcoin being "too high" at 34k, people said the same thing at $1, $10, $30, $100, $1000, $2000, $10000, $20000.  Really, go back and read the forums.  Look at slashdot when it hit dollar parity and then gold parity and the milestones in between.  People may still be waiting for it to get "back under $1"  (or $100, or $1000).  The correct answer is that NO ONE KNOWS.  

If you believe in the use cases for bitcoin, of which there are numerous, then the price will be higher in the future.  If you don't, then you shouldn't be in any crypto at all.  At worst, dollar cost average into your position.  Of course if you started that in November or March of 2020, you'd have been better off going all in.  No one knows the future though.

Market timing is only luck.

What altcoins you talking about? I mean ETH, XLM, XRP after SEC maybe.
invest in 34k and in 1 dollar - different things, you know.

[ololajulo]

Buy what old time traders are buying now, they are going for altcoins, ethereum, Defi, NFTs, exchange coin of DEX etc. which is consider to be where profit from bitcoin will go now. You might have to do little research on the new coins and old to ascertain the price but at the end of the altseason move to bitcoin. Bitcoin can be held all through season, bull or bear.

[Ratash]

I am hesitant too because when the bullrun started to hitting new ATH every week i thought that this is the bitcoin chance to grow during this panademic and especialy when whales started investing i thought that the price can hit even 50k but after i was also afraid that when investors got their profits they would sell their BTC and the price would go down again since nothing major happened for bitcoin so i am not sure if its a good idea to buy now.

[cr1776]

the price of bitcoin drop sharply to it low within 24hours on 12th of on janaury , although the price  recover to some few percentages , is the crash over now or more sell position will come in few days time . am thinking of buying at 34k , my question is it good to take a long position now ? what is your bias towards the market today .

34k is too hight and risky to invest. Try to separate, for example 1/3 in BTC, 2/3 ALTS.

The alt coins are almost uniformly just trash.  Little innovation, centralized or both.  At worst, 90% bitcoin, 10% alts.

As far as bitcoin being "too high" at 34k, people said the same thing at $1, $10, $30, $100, $1000, $2000, $10000, $20000.  Really, go back and read the forums.  Look at slashdot when it hit dollar parity and then gold parity and the milestones in between.  People may still be waiting for it to get "back under $1"  (or $100, or $1000).  The correct answer is that NO ONE KNOWS.  

If you believe in the use cases for bitcoin, of which there are numerous, then the price will be higher in the future.  If you don't, then you shouldn't be in any crypto at all.  At worst, dollar cost average into your position.  Of course if you started that in November or March of 2020, you'd have been better off going all in.  No one knows the future though.

Market timing is only luck.

What altcoins you talking about? I mean ETH, XLM, XRP after SEC maybe.
invest in 34k and in 1 dollar - different things, you know.

I'm talking about pretty much all of the alt coins - they are centralized either in mining (or equivalent) or in the developers etc.  Even ethereum is highly centralized although it is one of the better alts.

I know 34k and 1 are different, but you can buy $20 worth of bitcoin as easily as $20 worth of something else.  You do not have to buy a full bitcoin.

[cr1776]

I am hesitant too because when the bullrun started to hitting new ATH every week i thought that this is the bitcoin chance to grow during this panademic and especialy when whales started investing i thought that the price can hit even 50k but after i was also afraid that when investors got their profits they would sell their BTC and the price would go down again since nothing major happened for bitcoin so i am not sure if its a good idea to buy now.

The odds are that *investors* won't be selling.  The companies you see buying it, GBTC etc are buying for the long term, not trading.  They are buying because of the long term benefits - protection against inflation, appreciation, protection against seizure, capital controls etc.

The traders on the other hand are buying and selling daily, maybe hourly, maybe quicker.  There is place for trading for sure, but there is a big difference between trading and investing.  The traders who are buying on the margin and then getting wiped out when it drops to low before rebounding are just compounding the volatility.

If you are hesitant, don't do it because you might get scared when it goes from $40k to $30k in two days and then sell at 30k, and miss the rebound to $36.2k now.

Or just buy 10% now and 10% each week.  Sure, you'll miss a run-up if it goes up, but you'll also miss the down if it goes down. 

[yohananaomi]

Personally think it is suitable. Recently, I have been reading ZB.com research reports. Bitcoin has been recognized by many authoritative organizations. Financial institutions and celebrities in the investment community have begun to buy Bitcoin in large numbers. The price of Bitcoin will definitely rise in the future. So, when are you not participating now?

True friends, but who can buy bitcoin at such a high price today, other than wholesalers or companies. where they have enough cash reserves and maybe a lot of bitcoin supply too. even though we know that bitcoin will increase in the future, the most we can buy is in the fraction 0.1 / 0.2 etc.

During a period like this, people like me clearly prioritize daily needs who are in financial difficulty, if there is a bounty that pays quite well, maybe we can put it aside but also maybe for altcoins and not for bitcoin, so we hope altcoins will increase this year.

[Asuspawer09]

the price of bitcoin drop sharply to it low within 24hours on 12th of on janaury , although the price  recover to some few percentages , is the crash over now or more sell position will come in few days time . am thinking of buying at 34k , my question is it good to take a long position now ? what is your bias towards the market today .

Because of the increasing number of investors in bitcoin for me, we could still consider it as bullish, buying at 34k is a little risky since it's not that deep but I guess it's still worth taking the risk since the number of address who has more than 1k bitcoin has on its ATH so we could easily expect a high market price soon.

The drop in the market price was just because of the miners selling there bitcoin in order to make a profit, Personally, I invested a small volume again and I really think that the market price is gonna pump, and its already in 36k$ which is a good profit already for a short term investment. Would invest a much higher volume if the market price continues to dump and sell for short if the market price pump.

[LUCKMCFLY]

the price of bitcoin drop sharply to it low within 24hours on 12th of on janaury , although the price  recover to some few percentages , is the crash over now or more sell position will come in few days time . am thinking of buying at 34k , my question is it good to take a long position now ? what is your bias towards the market today .

At the time of Bitcoin's $34,000 which you have said. but it is $37,300 now, we can see the difference. So each person's views on investment are hard to guess and too mysterious.

For some it is difficult to buy at highs, since they have the experience of 2018 when it reached almost $ 2k in $ 20k, but at the moment it is not the same as the situation in 2018, based on the fact that there is a large increase despite the fundamental Covid -19, this means that if the world stabilizes, managing to beat the fundamental, the price that Bitcoin would take will be very stratospheric, so if it is bought right now, what you should do is wait as long as necessary until it rises again .

[Harlot]

@OP these types of questions is both a yes or no and it all depends on your risk tolerance and what kind of buyer are you. If you are planning to hodl Bitcoin this might not be the right time to buy it, yeah the price of Bitcoin may have temporarily drop and it may look like it is ready for another take off but the risk is still there and you might not really profit at all. If you are a trader and is just planning to profit in a 4-7% price change I think you can go in now and wait for that price action to happen.

[Kemarit]

the price of bitcoin drop sharply to it low within 24hours on 12th of on janaury , although the price  recover to some few percentages , is the crash over now or more sell position will come in few days time . am thinking of buying at 34k , my question is it good to take a long position now ? what is your bias towards the market today .

We already have a good bounce in the last 24 hours, probably we might close this week $38,000 or above. So I do hope that you have bought when the price is $34,000 because if not then you have miss the perfect opportunity to get it at a discount.

And if ever we close out this week at $38,000 then for sure we are definitely on the bullish phase again and might target $50,000. Still your choice though, so make it right.

[kotajikikox]

the price of bitcoin drop sharply to it low within 24hours on 12th of on janaury , although the price  recover to some few percentages , is the crash over now or more sell position will come in few days time . am thinking of buying at 34k , my question is it good to take a long position now ? what is your bias towards the market today .

Don't ask again next time just do it when your instinct tells you well , Look at it now ? if you did purchase yesterday then for sure now you are accumulating profit because the price exceed to 37,000 again and still climbing.
In investing in crypto Chance are always on the spot and the Minute you lurk around first is important if you did invest than letting Minute passes by .
then what more now that you let a day passed on ?
well Learning is needed always so you wont let it happen again next time.

[Landazar]

And just a few years ago, people who bought bitcoins seemed like real crazies and few people even understood what cryptocurrencies are and what prospects it will bring to our trading sessions and to our action plan in the coming years...
And yet some of the traders sold it right away or lost bitcoins by some ridiculous accident. And I can't even imagine what those people are experiencing right now when they see the bitcoin numbers and realize that right now they could be real professionals and quite successful in terms of investing.
But maybe that sends a certain signal that we should be more open to experimentation and to some new solutions...