Was $17.5K the low?

[STT]

Still above the weekly average, see how we fair with this tomorrow and this week.   We do have pressure between this shorter term momentum & the 50 day average which is declining and will continue to do so.

However just this moment its looking bullish, weekly bar closes Sunday of course which gives a wider view.   For me to be especially bullish I need not just mild action but a proper rise upwards above and beyond  the 200 week average is what I want to see.   Apparently bond markets are moving slightly to ease the dollar strength so it remains to be seen if crypto benefits from slightly more optimism etc.

Try 22347 as a mark just because of the 50 day average.  However I really expect BTC to respect most boundaries like a monster truck observes curbs

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[Frengki_cisco]

My current outlook is that price will either rebound from the $17.5K lows towards $30K, or otherwise if this support is broken then price will capitulate further to $12K.

In the last few months, I often read speculation about Bitcoin later this year and entering 2023, some speculation said Bitcoin's lowest could touch 15-10k, that's the lowest prediction I have seen.

I believe speculation will occur in the next few months at the 10k point, I believe it is the lowest nominal traded at the end of this year, the comparison two years ago had touched $6000, this time it is likely to be $10k.

[Yaunfitda]

Today bitcoin has reached 24k, which is about 40% of the expected bottom at 17.5k. Unless a reversal back to the bottom happens at these levels, we can say that 17.5k was indeed the bottom. But I wouldn't be too quick to buy now, it's too easy to buy for all those wishing to buy at those prices. There is a chance that the bottom will be tested again.

Still too early though so say that bottom is in? I mean bear market is going to take even next year. And if we take the same pattern at the last bear market, the price still goes down hard  prior to the halving year. I'm not a perma bear, I'm just trying to be realist and say that I'm still considering the $17,500 to be not the all time high, without looking at the charts, just basing on past history price.

[yohananaomi]

it is difficult to predict accurately in a situation that is not good for bitcoin, I chose ;



even though it is possible that it will drop below my prediction, of course looking at the past situation which will repeat again and I see that it has fallen at $ 5K maybe now it will be 2x as much.

if it drops below $10K, it will obviously make it difficult for bitcoin to quickly increase which will result in the possibility that next year will also move the same as this year and continue to stay in the $30K range before it can rise again well into the halving year.

[OgNasty]

Even though we’ve seen quite a bit of an increase in price and less market fear, I’m not willing to say the bottom is behind us for this cycle. Especially with the mtgox coins still to be distributed. I am however fairly certain we’ll know for sure if that was the bottom by Halloween. I think come The Day of the Dead (El Dia De Los Muertos) we’ll have already seen the market bottom for this cycle.

[btc78]

Actually I don't know and I don't care? as I am for Holding and not for anything more .

Yeah I am selling for sometime but for this moment ? i completely hold my funds and not to compete in this crazy market .

but even if the lowest is 17k or 10? or even 5k yet i care nothing because I am ready to keep my funds for another couple of years I think ..

[Dave1]

Even though we’ve seen quite a bit of an increase in price and less market fear, I’m not willing to say the bottom is behind us for this cycle. Especially with the mtgox coins still to be distributed. I am however fairly certain we’ll know for sure if that was the bottom by Halloween. I think come The Day of the Dead (El Dia De Los Muertos) we’ll have already seen the market bottom for this cycle.

Yeah, that coins though, I mean when it is distributed, I'm not seeing those people not selling it for a price. They have been waiting for so long that the moment they got it, boom, sold-off.

So we need to monitor the news about when the distribution is, observed the market. If there is no effect then good. But if the market falters then we should take advantage of the situation and buy again.