Is the $17,000+ bitcoin price breakout benchmark to new price direction

[Ojima-ojo]

Bitcoin have indicated some positive price movement in the early hours of today 9-01-2023 haven't stayed down below that price for several weeks back and haven't rely around $16,000 price for over the past few weeks.

Today bitcoin price suggested another new price movement direction and at the moment Bitcoin is around $17,277 which is a significant improvement.

Most especially for now as the market have struggle for long to resist a further pull back since the past weeks, even some speculators predicted a $15,000 low before recovery.

But at the moment bitcoin have broken that benchmark and if the present price is sustain for long and possible more price increase occurs it will become clear that we should expect more bitcoin price improvement in this first quarter of 2023.

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[fadhilz123]

Today Bitcoin holders in large numbers have seen the very sweet reality of the Bitcoin price having broken through the $17K level this month which is still a very good start to the year. And there is a possibility that it is true as you said that if this price level can last longer, especially this month. So it would be reasonable to expect more increases in Bitcoin after the month is over or within the first quarter of the year.

I personally am very happy to see that Bitcoin can increase again at the beginning of this year because this is what everyone, including speculators, expected during the past year when it was still in a bearish condition. And it would be extraordinary if in the first quarter of this year Bitcoin could immediately get a slow price level recovery in the market.

[proudhon]

Is the $17,000+ bitcoin price breakout benchmark to new price direction

No. The price will fall back below $18k before it can spend more than 10 days above $18k. There is no path for bitcoin to sustain greater than 10 consecutive days above $18k this year. We could possibly see it in 20-30 years when bitcoin is a digital collector's item, but by that time the cheapest Toyota EV will cost over $200k and a starter home will be over $2m.

[Husires]

Today bitcoin price suggested another new price movement direction and at the moment Bitcoin is around $17,277 which is a significant improvement.

It is not only related to Bitcoin, but many markets started to rise, and perhaps the reason is the US employment data, which may indicate a slowdown in the pace of interest rate hikes that the Federal Reserve may carry out.

the markets are preparing themselves for the next Federal Reserve meeting, which if it goes in the same direction as expectations, we will witness more rise, or a rebound to levels closer to $16,000.

This is an overview of the market trend.

    S&P Futures 3,932.25 +0.43%
    Dow Futures 33,878.00 +0.31%
    Nasdaq Futures 11,171.75 +0.52%
    Russell 2000 Futures 1,811.50 +0.45%
    Crude Oil 76.27 +3.39%
    Gold 1,879.50 +0.52%
    Silver 24.07 +0.37%
    EUR/USD 1.0696 +0.4493%

The price of $17,000 is nothing more than a convergence level, more than a psychological level, which means that we need to break the top at $19,000 to confirm the rise.

[EdenHazard]

I'll go for going back down to below $17k very soon and then swinging between $16k to $17k for a couple months before we found the right momentum to bounced back to $20k levels and so on heading to the next halving , we are currently entering a phase where people who cashing out the bitcoin for holiday expense ..

It is now officially back and we can witness it by now to have a steady rise.

[mk4]

I really hate being a total utter killjoy and while I'd really love bitcoin to go on a bull market already, are we really getting bullish over this, this soon?



Like come on.

[aylabadia05]

It is still very possible that the price will decline again. But for today the market is showing positive signals specifically on Bitcoin. If many speculate that 2024 is a possible year to see ATH, then at first glance the speculation is starting to come closer based on today's price situation.
We still consider the current price increase the first step to jump to the $20K price point.

Stay calm and never doubt the future of Bitcoin.

[uneng]

I thought interesting that bitcoin hit the 17,000$ yesterday followed by a small correction which pushed it back to $16,900. However, after that bitcoin started pumping again and in accelerated steps to 17,300$ already. It's undeniable the market has gained some sudden breath for some reason, on the opposite of what was expected, that was bitcoin facing a deeper correction yesterday.

Investors are putting hopes and expectations on bitcoin in this beginning of 2023. The question is, has this sentiment come to stay or is it just temporary?

[jostorres]

I thought interesting that bitcoin hit the 17,000$ yesterday followed by a small correction which pushed it back to $16,900. However, after that bitcoin started pumping again and in accelerated steps to 17,300$ already. It's undeniable the market has gained some sudden breath for some reason, on the opposite of what was expected, that was bitcoin facing a deeper correction yesterday.

Investors are putting hopes and expectations on bitcoin in this beginning of 2023. The question is, has this sentiment come to stay or is it just temporary?

Correction right after an increase is normal and it's also normal that an added increase will happen after it. Now we will see if this continues breaking over $20k or we will sit on this new price for a while. It's been a while since we haven't seen a major negative news so yeah the market should breath better now. Even though there are people who try to control their excitement for a while, that still can't do a harm in the market since they won't be selling but they may continue buying more coins so we can witness an increase after some time.

If you ask me if this will stay or not, of course, I will gladly say yes but for some, they can say that it's too early to tell yet.

[Ojima-ojo]

I really hate being a total utter killjoy and while I'd really love bitcoin to go on a bull market already, are we getting bullish over this, this soon?


Like, come on.

No man, we ant bullish yet but on the verge of celebrating a new price dynamism that will change the overall motivation level, Bitcoin reaching 17k is something to celebrate at this point most especially now that Bitcoin has suffered a long time in price volatile that forced its price to stay a little above 16k for long before this current price pushes up.

I am positive that this current market condition will continue and we go passed the face of the Bitcoin downtrend, even if we don't see any significant bull market.

[el kaka22]

I would say it is not really a fake out or anything by the looks of it. But while we are trying to get the price going up, and I mean really try and not a fake, there could be some people who may want to see it go down a lot more and that is fine because we do not have to accept our faith and let it drop, we could fight the bear ones and we could end up with fighting it out. That doesn't mean that something like this has to be a real issue, it's going to happen until the bulls win.

We just need one win, if we could get that, all the other bear wins will not matter. When we win just once, then it will come in like a snowball and keep growing until its ATH.

[Baofeng]

Bitcoin have indicated some positive price movement in the early hours of today 9-01-2023 haven't stayed down below that price for several weeks back and haven't rely around $16,000 price for over the past few weeks.

Today bitcoin price suggested another new price movement direction and at the moment Bitcoin is around $17,277 which is a significant improvement.

Most especially for now as the market have struggle for long to resist a further pull back since the past weeks, even some speculators predicted a $15,000 low before recovery.

But at the moment bitcoin have broken that benchmark and if the present price is sustain for long and possible more price increase occurs it will become clear that we should expect more bitcoin price improvement in this first quarter of 2023.

I was just replying on another thread saying that we should break $17k, so in less than 24 hours we were able to break that price and go as high as $17,200. So clap back to all investors and speculators who invest again.

I'd say though that we should look at how long we can maintain it, or the question is if we can sustain this price or there will be a lot of sell off for short term profits. Specially those who buy at the lowest low around November at $15,500. Those short term holders might do it if we somewhat goes to $17,500. So we will see as I'm not that confident with this break out run until we settled first and have a sustain momentum.

[Piesel]

We should not be too bullish for now as this 17k price has not sustained for long time, we saw how most of the market including some altcoins did a 40% to 50% price increase within just a few hours which seems like a pumped market to me.

Most of the coins lack the liquidity to sustain their current price but then investors are happy that this is happening after a long period of a bloodbath on their portfolio. But we should keep a close eye on the market, for now, to see how it will act in the next few weeks ahead.

[Yatsan]

Possible but could also stabilize at such market price point. I'd more hope for a higher market value if it would be able to reach $20k barrier, but also won't be certain. Everytime the market becomes bullish, news relative to the increase surfaces the web but there ain't any so if there will be a sudden increase at this point, I doubt that it would be continuous. There was a huge downfall fro its ATH so I guess there should be something 'big' in order to be back to its original price and that is what I am hoping for if not this year, for next year, in relation with the next anticipated Bitcoin halving. But ofcourse if it is possible for the increase to take place earlier, then that would be better for sure.

[Oceat]

This possibly be a bull trap so don't get your hopes up yet the real bull market will not happen this year but it's fine to appreciate the small growth of price. Traders are happy for this since they can make a good profit after staying for the $16700+ for a while. It can't sustain for a long period of time thus, what the above said was you don't consider this as a long time pump. Make some profit out of it then wait for the right time to sell when it's going down again.

[KennyR]

This possibly be a bull trap so don't get your hopes up yet the real bull market will not happen this year but it's fine to appreciate the small growth of price. Traders are happy for this since they can make a good profit after staying for the $16700+ for a while. It can't sustain for a long period of time thus, what the above said was you don't consider this as a long time pump. Make some profit out of it then wait for the right time to sell when it's going down again.

Yeah, these market bounce can be used by the traders to book short term profit. Following the rise in the price of bitcoin, the same is being experienced on ethereum. We can expect similar level of market fluctuation to continue for long term. Right now it seems to be the accumulation phase where we need to be good trying to have as much in the wallet.

[BitDane]

Is this growth another Bull trap?  Why I am feeling that it is another trap full bulls?  Looking at news, there isn't really good one to back the current recovery of Bitcoin.  Instead there is another news that can be a source of FUD that can derail this recovery which is the current update on quantum computers[1].  So I think we have to wait a bit before jumping into conclusion that this uptrend of Bitcoin is the break out to bullish market.



[1] https://news.bitcoin.com/chinese-researchers-claim-success-in-breaking-rsa-encryption-with-quantum-computer-experts-debate-veracity-of-discovery/

[Captain Corporate]

There is some good possibility that we could have something like that, doesn't mean it will happen but its not unlikely neither. Breakouts are a bit unknown and they rarely happen, look at the whole year of 2022, we never had a proper breakout at all. Which means that its going to be pretty tough to end up with a good breakout. At the end of the day there is a good chance that it may not happen at all. If it does though, its definitely possible to start at 17k+ level right away and go to a great level after that, it will definitely have some good standing ground because we have built a great support here.

[STT]

Is the $17,000+ bitcoin price breakout benchmark to new price direction

No. The price will fall back below $17k before it can spend more than 5 days above $17k. There is no path for bitcoin to sustain greater than 5 consecutive days above $17k this year. We could possibly see it in 20-30 years when bitcoin is a digital collector's item, but by that time the cheapest Toyota EV will cost over $100k and a starter home will be over $1m.

17k is just the very lowest bar, I'd argue 20k is more like the proper first rung on any ladder to consider a change in direction or proper move up.     I dont agree on most points above but I do like the idea you really dont take a price as a serious statement to discuss until its maintained that level or higher for 5 days or more.   Basically 5 days as a working week or the full week is a fairly low ask.
   The reason why you wait 5 days and also why the other points are wrong is that volatility exists.  We can reach any price in theory when weighing in volatility in a price, this is not a steady ship we're on its in fact all over the place and price will swing wild high and low inaccurately.    I will also argue that is why BTC will be used so long as it is useful to a global online audience.
  Why would you state inflation in all other assets but not Bitcoin, can we agree if its used the price goes up.   Disagree outside of that that you decided BTC is not useful to you personally so perhaps you cannot envisage anyone else using BTC.
  BTC is not a perfectly assured physical asset, it is speculative but it also will continue to be used so presuming only negative progression in price from here is not adding up.    I'll be waiting for anything better to be invented, of course society does benefit when new improved assets arrive especially when more efficient so price negative for one thing is often more then just inflation its the rebalance to greater efficiency elsewhere; right now all I see is very likely continued currency failure not improvements.   Society will suffer from that failure, anything more reliable will be positive imo.

[adaseb]

No I don’t think breaking $17k means anything. We can still go back in the range. I think once we break $20K and regain the 200WMA then there is a confirmation we might of bottomed.

I think this don’t happen anytime soon. We will most likely chop for many months until we get a clear trend of what is happening with the macro market. This week will be CPI and will clue in how the rest of the quarter will look like.