Bitcoin hits 20,000$ again, what is the reason?

[uneng]

Bitcoin is unstoppable, advancing fastly forward with non-stops! Without any dramas or delays it has just hit the 20,000$ mark for the first time since November, 2022.

Right now we are already at 20,200$ price range, and heading to 21,000$. It seems nothing special has happened to justify such fluctuations in price, besides we being in a new fresh year. What do you think has motivated Bitcoin to suddenly revert the bearish tendency?

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[Edwardard]

What do you think has motivated Bitcoin to suddenly revert the bearish tendency?

I've already posted here about the bullish div we got on btc on weekly timeframe. It just followed that exactly as predicted. And as you already know the CPI came in as neutral (6.5), which helped the bulls more to push the price. Im fully celebrating this rally. It didnt come out of nowhere, this was totally anticipated in the TA.

[Dave1]

What do you think has motivated Bitcoin to suddenly revert the bearish tendency?

I've already posted here about the bullish div we got on btc on weekly timeframe. It just followed that exactly as predicted. And as you already know the CPI came in as neutral (6.5), which helped the bulls more to push the price. Im fully celebrating this rally. It didnt come out of nowhere, this was totally anticipated in the TA.

Yeah, it was due to the CPI announcement so we shouldn't be surprised as mostly investors are waiting for what could be the data look like. If the Fed sounds positive then it's going to be a bullish sentiments for us and that's what we are seeing right now.

Part of us could say 'meeh', this is nothing, but for me it's very optimistic sign that the market has settled down already regarding the FTX and we could be around $30k-$40 at the end of the year.

[TrustedBitcoiner]

there's plenty of good news we can attribute this rise too, but the news didnt hit the buy button... I think there has been a build up of money on the sidelines waiting for "the bottom" and part of that money just got spooked and is mofoing in right now thinking 15.5K was bottom ( which is believable )

[TravelMug]

there's plenty of good news we can attribute this rise too, but the news didnt hit the buy button... I think there has been a build up of money on the sidelines waiting for "the bottom" and part of that money just got spooked and is mofoing in right now thinking 15.5K was bottom ( which is believable )

If that is the case then it took months for investor to buy, and now they are FOMOing again. So I believed that it could really be that the  (CPI) report has something to do not just for crypto but all across financial market as making a good gain. It's that the crypto is very volatile so obviously the increased is going to be higher as the risk is higher as well. Nevertheless, we might have seen the bottom already as technically 2023 should still be in the bearish zone. So we will have to stay awake and see if $20k-$21k will hold from this rally, otherwise this could be a fakeout just like when we reach $22k, (pre-FTX).

[uneng]

What do you think has motivated Bitcoin to suddenly revert the bearish tendency?

I've already posted here about the bullish div we got on btc on weekly timeframe. It just followed that exactly as predicted. And as you already know the CPI came in as neutral (6.5), which helped the bulls more to push the price. Im fully celebrating this rally. It didnt come out of nowhere, this was totally anticipated in the TA.

Yeah, it was due to the CPI announcement so we shouldn't be surprised as mostly investors are waiting for what could be the data look like. If the Fed sounds positive then it's going to be a bullish sentiments for us and that's what we are seeing right now.

Part of us could say 'meeh', this is nothing, but for me it's very optimistic sign that the market has settled down already regarding the FTX and we could be around $30k-$40 at the end of the year.

Alright, so both of you attribute the recent bitcoin's rally to the decreasement in US inflation from 7.1% on last November to 6.5% right now. So I guess by January 31 or February 1 we are going to have a clearer sign if the trend continues in crypto market, because it's going to happen the next FED's meeting, which could announce the reduction of interest rates in US. If that happens as awaited, it's possible Bitcoin enters an impressive rising mode, rewarding us with a pre-bullish season appetizer. That is a very significant hypothesis in my opinion. It really shouldn't be seen as nothing.

[thecodebear]

I figured Bitcoin is basically going to be in a holding pattern in the bottom range until the Fed announces no more interest rate raises. I have been assuming the last rate raise will be March or May. But the inflation dropping down to 6.5% was great news and so investors are probably speculating that there will maybe only be a couple more 25 point raises and that's it. So yeah, the Bitcoin machine started building up after that and the people just started getting real hyped about the possibility of the bear market ending soon.

It'll be interesting to see if Bitcoin holds above $20k or so or if it falls back to $17k/$18k for a while before truly breaking out of the bottom of the market sometime in the next few months. The market may decide it was overly exuberant today and that the price shouldn't really break out until the Fed stops raising rates.

I expect whatever the rate ends up being, the Fed will probably keep it there until late in the year or early next year, but once the Fed does finally start actually reducing the rates again that's really gonna make investors dive into Bitcoin (even though it shouldn't because the rate doesn't actually affect Bitcoin at all lol, but investors are silly people and they just think Bitcoin is a tech stock haha). But that's not something to worry about now as there won't be any rate cutting for a good long while, right now it's all about when does rate raising end.

As soon as the Fed signals no more raising rates, Bitcoin will fly. What we saw today is probably just the earliest group of people getting in before the crowd does, front-running all the people who are actually waiting for the Fed to stop QT to start buying.

I didn't think we'd see $20k until March at the earliest. Not complaining haha. Hopefully today at least convinced plenty of the doom and gloom people that no Bitcoin of course is not going down to $10k or $6k or $3k or whatever silly number they are waiting for haha.

[TrustedBitcoiner]

there's plenty of good news we can attribute this rise too, but the news didnt hit the buy button... I think there has been a build up of money on the sidelines waiting for "the bottom" and part of that money just got spooked and is mofoing in right now thinking 15.5K was bottom ( which is believable )

If that is the case then it took months for investor to buy, and now they are FOMOing again. So I believed that it could really be that the  (CPI) report has something to do not just for crypto but all across financial market as making a good gain. It's that the crypto is very volatile so obviously the increased is going to be higher as the risk is higher as well. Nevertheless, we might have seen the bottom already as technically 2023 should still be in the bearish zone. So we will have to stay awake and see if $20k-$21k will hold from this rally, otherwise this could be a fakeout just like when we reach $22k, (pre-FTX).

The CPI might of been the spark that started the rally, sure, but it's MOFO that's really in control right now. it's hard to say how high it will go, but we wont know if 15.5K was bottom until we see how the market reacts to the up coming falling prices. something tells me that it would be so easy for btc in 2023.

[yhiaali3]

Most likely the reason for this rise, as mentioned by most of the members here, is due to “lower inflation in the US from 7.1% last November to 6.5% at present.”

But in my opinion, we have not entered the positive zone yet, in other words, the news of low inflation led to a strong rally in Bitcoin, but this rise may be temporary and not last for a long time, so I cannot confirm that we have entered the positive zone so far, and these goals are all temporary.

Most likely, Bitcoin may slightly exceed $21,000, and then it will rebound again.

[tabas]

Bitcoin is unstoppable, advancing fastly forward with non-stops! Without any dramas or delays it has just hit the 20,000$ mark for the first time since November, 2022.

Right now we are already at 20,200$ price range, and heading to 21,000$. It seems nothing special has happened to justify such fluctuations in price, besides we being in a new fresh year.

I'm shooked to see it hit $21,000 again this morning for a while and then back to $20,800. Within a week, coming from $16,900+ then now it's $20,800 and will likely to be staying there for a while. It's funny when I was browsing on the web and for some other groups, people which are likely new to the market saying that it's because of the outfit of Ms. El Salvador. Honestly, it made me laugh and thought that these people really are believing with such but it's fine because I've been there as well. I also start people telling that everyone should secure their profits, yeah, secure yours folks while me I'll just keep on chilling and continuing with my plan that I'll keep holding no matter what happens.

What do you think has motivated Bitcoin to suddenly revert the bearish tendency?

We're just a year and a few months away from the bitcoin halving. And I think that there's the essence of this recent pump and as well as other traders and investors in other markets do consider it when they've studied about what's the effect of it.

[Poker Player]

I simply believe that we are getting back to normal. Under normal conditions, without so much bullshit leverage cascading and cases like FTX affecting the ecosystem, we would not have gone below $20k at the bottom of the bear market. Now we are back to what would be normal, as sub $20k levels are priced in and in the next few cycles will be seen as a bargain. Take the opportunity to load up now while it is still cheap (this does not affect those of you who do DCA).

[uneng]

I thought this very interesting:



Resistance level at 21,046$, followed by a small correction to 20,725$ after 50 minutes, and right after that, Bitcoin was pumping again to 21,000$! Although there was another small correction to 20,800$ next, Bitcoin is constantly attempting to hit 21,000$ once again, and that is the currently resistance level it has to break. Fluctuations are looking pretty strong and bullish!

I read all replies and agree with what you have written.

[Popkon6]

The Bitcoin market is just starting to normalize.  We already try to look at the market improvement of bitcoin but currently the price of bitcoin is 20,8k dollars.  But the market reached 21,2k dollars, the market has been a little lower but will rise again.  Investors still have time to load but those who are yet to invest should soon.  Currently this opportunity is not available anymore so all investors should take advantage of this market opportunity in Bitcoin.

[justdimin]

I'm shooked to see it hit $21,000 again this morning for a while and then back to $20,800. Within a week, coming from $16,900+ then now it's $20,800 and will likely to be staying there for a while. It's funny when I was browsing on the web and for some other groups, people which are likely new to the market saying that it's because of the outfit of Ms. El Salvador. Honestly, it made me laugh and thought that these people really are believing with such but it's fine because I've been there as well. I also start people telling that everyone should secure their profits, yeah, secure yours folks while me I'll just keep on chilling and continuing with my plan that I'll keep holding no matter what happens.

Although it's not new for BTC to pump in a quick amount of time, still we can't help but be surprised to what it showed lately since January started poorly and then many are expecting for a slow recovery or none recovery at all but only just an added dump.

Those who link the recent increase to the move did by El Salvador in Miss U., might be right since I don't see any positive news other than this. Even in this forum, a lot of forum veterans here are also saying the same thing.

If you want Bitcoin to be more successful then you should encourage people to buy more and HODL, and not to give them a notice about securing their profits now. BTC isn't just a nobody but it is an extraordinary coin.

[MoonOfLife]

I just saw people talking about CPI news but no one is sure, anyone has any other positive updates? I've also tried to search but can't seem to find any news greater than CPI.
I'm having mixed feelings because bitcoin price is rising so fast I won't be able to accumulate many cheap bitcoins anymore. On the other hand, bitcoin is up, I'm also glad my portfolio is recovering too.

[Jating]

I just saw people talking about CPI news but no one is sure, anyone has any other positive updates? I've also tried to search but can't seem to find any news greater than CPI.
I'm having mixed feelings because bitcoin price is rising so fast I won't be able to accumulate many cheap bitcoins anymore. On the other hand, bitcoin is up, I'm also glad my portfolio is recovering too.

For now that is the only positive news that we have heard about what could have been the reason of the huge uptick on the price in the last 24 hours. Lol, others says it was due to Miss El Salvador wearing a costume with BTC logo on it, but I highly doubt that is the reason.

Perhaps investors are just tired of the market specially with the SBF drama, and now that we are over with it, time to pump the market again so what's next? what could be the resistance level? $21k have been broken so most like the next biggest wall which is $25k which we haven't seen for a while now.

[_act_]

I just saw people talking about CPI news but no one is sure, anyone has any other positive updates? I've also tried to search but can't seem to find any news greater than CPI.
I'm having mixed feelings because bitcoin price is rising so fast I won't be able to accumulate many cheap bitcoins anymore. On the other hand, bitcoin is up, I'm also glad my portfolio is recovering too.

Bitcoin and other crypto coin price can fluctuate abruptly immediately after CPI news, but their effect on bitcoin and other crypto price only do live short for a short time, the last CPI news do not favour bulls or bears and the market at the times was in both directions. Let me tell you something, do not believe that anything cause this present bull run other than it is just time for bull run to occur.

[palle11]

I don't think anything specific or special happened to the price of bitcoin, it is a festive period and we can expect anything during this period so if the price of bitcoin begin to appreciate at this time, it may not be surprising. Maybe the investors confidence is growing now that the bear bars are no longer stronger.

[tabas]

I'm shooked to see it hit $21,000 again this morning for a while and then back to $20,800. Within a week, coming from $16,900+ then now it's $20,800 and will likely to be staying there for a while. It's funny when I was browsing on the web and for some other groups, people which are likely new to the market saying that it's because of the outfit of Ms. El Salvador. Honestly, it made me laugh and thought that these people really are believing with such but it's fine because I've been there as well. I also start people telling that everyone should secure their profits, yeah, secure yours folks while me I'll just keep on chilling and continuing with my plan that I'll keep holding no matter what happens.

Although it's not new for BTC to pump in a quick amount of time, still we can't help but be surprised to what it showed lately since January started poorly and then many are expecting for a slow recovery or none recovery at all but only just an added dump.

Those who link the recent increase to the move did by El Salvador in Miss U., might be right since I don't see any positive news other than this. Even in this forum, a lot of forum veterans here are also saying the same thing.

Yes, it's not new but with all of the days and months when bitcoin was too slow moving and doesn't have that much movement at all, this is giving us the chills as why it's very exciting to see it go up. And you expect to see people have that predictions telling that "we're now in a bull run". That's a common thing but to see such is making me feel happy as well as they're sharing the good vibes that they're getting from the market. Well, those that are saying that it could be all about bitcoin's logo and Ms. El Salvador's outfit, well, let's just be happy about it although for me, there's really no significance at all.

If you want Bitcoin to be more successful then you should encourage people to buy more and HODL, and not to give them a notice about securing their profits now. BTC isn't just a nobody but it is an extraordinary coin.

Well, I'm done on this. I'm sure that they'll be back asking me again how to invest when bitcoin's bull run is validated.

[Marvell1]

Let me tell you something, do not believe that anything cause this present bull run other than it is just time for bull run to occur.

Maybe you are right, at the right time bitcoin will go up for no reason, we have been in a sideways and bearish situation for a long time, so bitcoin recovery should also be considered normal. Because no market goes up forever and no market goes down forever. The fact that bitcoin is still a market that is manipulated by sharks, they can pump bitcoin whenever they feel like it, so we shouldn't be too surprised. Bitcoin is on strong bullish momentum, breaking all predictions, and all previous technical analyses, bitcoin is really unpredictable.