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

[Hulhala15]

For some reason I also have a feeling that this is far from over and that the potential for upward price movement is still very great. And here, in addition to the interest of traders in this asset and the fact that there are already electronic wallets specifically designed to work with these assets. You can at least rely on the fact that bitcoins are getting smaller every year and it is a familiar shortage of demand, which leads to the fact that the price of this asset periodically rises and creates the strongest levels. I am saddened only by the fact that such ups and downs - this is important from the trading point of view - do not happen that often, and the rest of the time the bitcoin chart looks quite calm.

[Kisida]

I have long been interested in this topic and am amazed at how ambiguously and interestingly each asset can "behave" and what surprises it can bring to work. And Bitcoin in this category of course can be called a real leader, which really surprises traders every time and really becomes more and more significant in the market and for active traders. And that means that we can definitely keep this on our radar, because it's going to give us many more opportunities to make money. And you should definitely try to do what you have planned, just keep in mind the risks and in any case, even if you are 100% oriented, then you should still allocate for this position the amount that you are used to using, because the market can also surprise us in this situation.

[exstasie]

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

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'll say it once and I'll say it again: the market doesn't really care about decentralization. At least, it's not a limit to upside potential. Anyone with a brain can see Ethereum is already highly centralized, and its blockchain bloat is going to make node centralization a serious problem in the future.

Yet, its network effect only grows and grows, and institutions are buying in now too. "Ethereum killer" talk reminds me a lot of "Bitcoin killer" talk several years ago. Not to mention the accumulation incentives being baked in with hybrid POS. It's going to the moon regardless of centralization.

My portfolio will always be heavily weighted towards BTC because it's my savings; it's what I believe in from the perspective of monetary soundness. But others (like ETH) do have more upside potential, in my opinion.

[artdisrupt]

@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.

I personally think that the future trend of Bitcoin has always been an upward trend. As the ZB.com research report said, the rise is related to the competition among institutions. So as institutions frantically join the Bitcoin market, $34,000 may be just the beginning. I don't need to say more about whether it is appropriate to enter the game now

[error08]

Bitcoin reclaims $40k and should be able to reach $42k again, the daily RSI recently rebound indicates that the bullish momentum is increasing once again. it's just time matter, when bitcoin break that mark then it's going to reach $45k and $50k. Alternatively, in case of bitcoin can't hold its position above $40K, we can expect the first level of support at $38k, so whoever wants to purchase bitcoin, can buy it now or wait for a slight pullback to $38k.

[South Park]

@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.

I personally think that the future trend of Bitcoin has always been an upward trend. As the ZB.com research report said, the rise is related to the competition among institutions. So as institutions frantically join the Bitcoin market, $34,000 may be just the beginning. I don't need to say more about whether it is appropriate to enter the game now

Correct, but there is nothing wrong with being cautious since we know very well how fast the price of bitcoin can move and while bitcoin is an exceptional assets and currency at the same time it follows the same rules as any other asset, and even if the raise we saw in the price was important at the same time a decrease in its price will be even faster, however it seems the market is on its way to recover and it is once again going to test the 40k level.

[BITCOIN4X]

Bitcoin reclaims $40k and should be able to reach $42k again, the daily RSI recently rebound indicates that the bullish momentum is increasing once again. it's just time matter, when bitcoin break that mark then it's going to reach $45k and $50k. Alternatively, in case of bitcoin can't hold its position above $40K, we can expect the first level of support at $38k, so whoever wants to purchase bitcoin, can buy it now or wait for a slight pullback to $38k.

Don't forget, make sure they have considered all the risks and don't be greedy. As long as they can afford to lose, anyone can buy bitcoin at any price.
I prefer to wait for the price to drop a few thousand dollar before I buy, I don't want to appear in a hurry to buy and this is the recommended way for trader and investor.

~Snip
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.

I'm not sure if that will come true, but if it manages to break the $41,950 resistance then there is a chance that bitcoin price will head up to $50K.

[pixie85]

It depends on your target price and time.

It's suitable to buy for most people, but you have to be prepared to wait a long time for it to double again. Most people buy to see at least 50% gains on their investment and won't simply sell at 50 thousand. So if your target is 50 or lower or you can wait 2 or 3 years if it takes that long, by all means buy it.

Just don't go all or nothing like it goes to 100 thousand this year or I'm fucked. In such case you probably are whatever you do.

[sayaya17]

If you look at the price movements from January 12 to now that have been a few days, indeed bitcoin is moving up and down between those prices and I monitor it the highest price over the past few days reaches $39k, and it will always experience a new price height. And it looks like it’s going to be like this for a while. If you look at history, bitcoin could create new prices again and again. For advice, it’s all up to you. If you have no doubt bitcoin will go up, then the price of $34k is good enough for an entry point. But you also have to have your own analysis, not based on other people’s analysis.

[CryptopreneurBrainboss]

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.

The altcoins season hasn't be confirmed yet, sure some specific coins are doing well but that's mainly because of the hype those coins are getting and not that alts generally are go to jump right in (investing). The dominance of bitcoin is still at its peak, it'll need some corrections for the alts to begin enjoying the institutional funds flowing into the industry.

It's surprising that ethereum is yet to cross it's previous all time so as other coins. That's just to sure the hype in alts aren't at its peak yet to cause a bullrun for them and that's mainly because bitcoin is till making the news, the prediction are coming in so traders are still foming into the bitcoin market.

The altcoins season would probably start form next month fully, probably by then the hype around bitcoin would have decrease and cause the price to remain static at a particular range just as we're currently experiencing but by then, the dominance have reduced to a range favorable to altcoins.

[South Park]

It depends on your target price and time.

It's suitable to buy for most people, but you have to be prepared to wait a long time for it to double again. Most people buy to see at least 50% gains on their investment and won't simply sell at 50 thousand. So if your target is 50 or lower or you can wait 2 or 3 years if it takes that long, by all means buy it.

Just don't go all or nothing like it goes to 100 thousand this year or I'm fucked. In such case you probably are whatever you do.

This is sensible advice, the higher the price of bitcoin becomes the harder it is for it to double its price, buying now means that you are actually making a very long term commitment to remain invested in bitcoin even if the price begins to go down, and unfortunately even if many people believe that they can become long term holders the majority of the people are not able to make that commitment and they lose money in the process because of that mistaken assumption.

[Husires]

I think the price of 34 is a good fit for those who want to buy long term.
Read this article This last rally Leg has been also bought by retail? by fillippone and you will find a logical answer to your question.
Institutional companies will buy more, which puts us at a point where demand stabilizes with supply and with increased optimism and lots of stimulus packages, we may see an increase in price.

[buwaytress]

I think the price of 34 is a good fit for those who want to buy long term.
Read this article This last rally Leg has been also bought by retail? by fillippone and you will find a logical answer to your question.
Institutional companies will buy more, which puts us at a point where demand stabilizes with supply and with increased optimism and lots of stimulus packages, we may see an increase in price.

Mentioned before that the death of retail isn't just quite here yet. It's still very much alive and strong in East Asia with a lot of millennials and growing middle class looking for more ways to spend their cash (or preserve it) and in developing economies we'll see the same repetition of middle class coming up over the next 2 decades.

Never going to have the early influence in Bitcoin's first 10 years, but it's still very powerful long term.

[TravelMug]

Bitcoin reclaims $40k and should be able to reach $42k again, the daily RSI recently rebound indicates that the bullish momentum is increasing once again. it's just time matter, when bitcoin break that mark then it's going to reach $45k and $50k. Alternatively, in case of bitcoin can't hold its position above $40K, we can expect the first level of support at $38k, so whoever wants to purchase bitcoin, can buy it now or wait for a slight pullback to $38k.

TA now is different though, it didn't reclaim the $40k as everyone has expected but on the contrary continue to slid further, so TA will need to adjust as well with the current market movement, although the pullback is just so minor and small.

So I think at this point, still a mix signal, and probably we are in the consolidation phase and then followed by a new all time high at $42k in the coming weeks, personally, I'm expecting that this consolidation will come to an end next week.

[Shasha80]

I have predicted the Bitcoin price will be corrected after reaching an all time high of $ 41,000. So if you want to buy Bitcoin, now is the perfect time,
because according to the results of the analysis I have done, it is very unlikely that Bitcoin will fall below the price of $ 30,000. So don't waste
the opportunity to buy Bitcoin at its current price, I believe that later this month Bitcoin will start to rise again towards the price of $ 50,000.

[bitterguy28]

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 .

Have you already consider that as "Sharp Drop"? remember Bitcoin comes from below 10k in 2020 but made its way to almost 40,000 before the year ends.

So this is not a sharp fall instead a Correction .

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and looks like the Price goes within 33,000-37,000 for the last weeks and this maybe the stable position for the whole january ? or just a indication that we will level at 20,000 again?

[Kong Hey Pakboy]

I have predicted the Bitcoin price will be corrected after reaching an all time high of $ 41,000. So if you want to buy Bitcoin, now is the perfect time,
because according to the results of the analysis I have done, it is very unlikely that Bitcoin will fall below the price of $ 30,000. So don't waste
the opportunity to buy Bitcoin at its current price, I believe that later this month Bitcoin will start to rise again towards the price of $ 50,000.

Indeed. I think bitcoin's correction is only in the range of $30,000+, so this might be the best time to grab the opportunity to buy bitcoin while its price is $34,000 because bitcoin could go back above $40,000 again. Since this time is not the same as what happened in 2017, there is a possibility that bitcoin will not go down below $20,000 again, and it will stay above $30,000.

[maydna]

I have predicted the Bitcoin price will be corrected after reaching an all time high of $ 41,000. So if you want to buy Bitcoin, now is the perfect time,
because according to the results of the analysis I have done, it is very unlikely that Bitcoin will fall below the price of $ 30,000. So don't waste
the opportunity to buy Bitcoin at its current price, I believe that later this month Bitcoin will start to rise again towards the price of $ 50,000.

Yes, I guess the price will be up and down at this range of the price. We still have time to buy bitcoin at the current price, and yes, this is a good time to buy before the price increase so high. In the next rally, I think the price will break $41k, and it could go up to $50k, so we need to prepare before we miss the chance to buy bitcoin. I think we don't have to worry about the current situations because I think the price is waiting for another good moment to increase.

[el kaka22]

It depends on your target price and time.

It's suitable to buy for most people, but you have to be prepared to wait a long time for it to double again. Most people buy to see at least 50% gains on their investment and won't simply sell at 50 thousand. So if your target is 50 or lower or you can wait 2 or 3 years if it takes that long, by all means buy it.

Just don't go all or nothing like it goes to 100 thousand this year or I'm fucked. In such case you probably are whatever you do.

This is sensible advice, the higher the price of bitcoin becomes the harder it is for it to double its price, buying now means that you are actually making a very long term commitment to remain invested in bitcoin even if the price begins to go down, and unfortunately even if many people believe that they can become long term holders the majority of the people are not able to make that commitment and they lose money in the process because of that mistaken assumption.

Doubling gets harder and harder but the price increases also means bitcoin becomes more mainstream meaning there is more money meaning it is easier to make it go higher as well. Now doubling from 1 dollar to 2 dollar was obviously easy, but since there were only a few people in bitcoin it took a time, it didn't happen the day after bitcoin was created, I do not know when was the first time it became 2 dollars but it was definitely not right after the release.

It wasn't easy to go from 100 dollars to 200 dollars, I was there, it happened very quickly when it happened but it took nearly 4-5 years to reach there as well. All these happened slowly in period but very quickly during the moment, same goes for 40k to 80k as well, we have A LOT more people now, meaning a lot more money, so taking from 40k to 80k will be same amount of period and same amount of moment because it may need more money but we have more money now.

[SirLancelot]

Price going higher usually indicates that there are more buyers than sellers, and going down means there are more sellers than buyers, we all know this much right? So we have to ask ourselves questions about why it goes down and why it goes up during that process to figure out why buyers buy a lot or sellers sell a lot

For example there has been some drops recently, which means people sold, we have to ask ourselves why people sold and why we want to buy right now. The answer for me is simple, people realized that it is going to double once again, from 40k to 80k would have been incredibly hard, so instead people got out because that was an easier choice, I understand that. Why would I want to buy? Because even though it goes down, I feel like I can keep buying from lower and lower and just sell when it reaches 50k, I can wait longer than they can stay solvent.