Where next for Bitcoin: $20K or $50K?

[Sayeds56]

Although Bitcoin started off on a disappointing note yesterday with its price falling below $30,000, however later in the day it began to recover and now it is trading at around $29,916 which suggests that market is still in the control of bulls. It appears that Bitcoin has built strong support around $29,000 which is good sign and we may wee Bitcoin surpassing its next resistance level of $31,500 before making additional gains.

In view of the current positive outlook of market, which is expected to persist in coming months, it is possible that we may see Bitcoin surpassing $50,000 by the end of 2023.

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[maydna]

Nobody has the magic crystal ball, but I find it hard to believe that we could go towards $20k again. However, I remember how often Bitcoin surprised me already in the past when it crashed and I thought that X is the new floor and it went lower and lower. But the market looks relatively healthy right now and unless there isn't some specific event, I don't think that we are going to see another 50% drop. That would really be a blood bath from here, but I think that the risk to go short these days is quite significant. I wouldn't do it as I would rather expect a positive movement from here, or maybe some stagnation. But a crash would need some bad news in my opinion.

We've had lots of surprises from bitcoin in the past. We also just got a surprise in the form of a price increase that could touch $30k, even though the price got a correction after that. But we must remain optimistic because bitcoin will come back with higher gains and will work in our favour. For now, it's better to buy bitcoin again while the price is still around $29k because we don't know when it will increase. And now it looks like the price can stay afloat and hopefully, it can continue to hold on so it doesn't fall again.

I think that it wasn't that much of a surprise, but is great is the fact that we are strong despite all the bad news we have seen over the last couple of months. The only issue that could take us where we are or even a little bit down would be regulation. But then we have also seen so many reports about harsh regulations and also about collapsing companies or exchanges that it's hard to see what could now come that ends even worse for the Bitcoin community. I believe we will at least be quite stable and probably go up from here.

But still, it was surprising because when it hit $60k, we wouldn't have thought it could go back down to a low of around $15k and many people weren't ready for it. They panicked and sold their bitcoins because they thought that was the end of bitcoin. But if they don't panic and instead use the moment of the bitcoin price crash to buy bitcoin, now they can see how much temporary profit they can get. Regulation may be a factor that hinders the development of bitcoin in many countries. Still, if more and more people can find out what bitcoin is for them, they will continue to use it until their country does not apply regulations that are too strict for crypto.

[justdimin]

Although Bitcoin started off on a disappointing note yesterday with its price falling below $30,000, however later in the day it began to recover and now it is trading at around $29,916 which suggests that market is still in the control of bulls. It appears that Bitcoin has built strong support around $29,000 which is good sign and we may wee Bitcoin surpassing its next resistance level of $31,500 before making additional gains.

In view of the current positive outlook of market, which is expected to persist in coming months, it is possible that we may see Bitcoin surpassing $50,000 by the end of 2023.

Just because it went under 30k for a little bit doesn't mean that it was disappointing, those things needs to happen. There is no strong wall for support at 30k, there is one at 28k so that means as long as we are above 28k we should be doing fine and all other drops and increases are temporary. I haven't checked the latest resistance, but we are doing fine here, anywhere between 29k-31k range should be considered normal movements.

I can wake up to 29k tomorrow and 31k the next day and I would consider them both as the "same" situation we are in, those have no difference in the grand scheme of things. Obviously small intraday traders and leverage traders would have a field day with those, but for long term investors like me, they mean the same thing.