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

[Baofeng]

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.

Of course, everything is based on supply and demand. But there are certain factors that will make investors buy and sell, so for me there is reason and according to @Edwardard,

Just an update to this thread,
New CPI report just came in today

US CPI:
6.5% YoY, -0.1% MoM
Forecasted: 6.5% YoY, -0.1% MoM

US CPI Core:
5.7% YoY, 0.3% MoM
Forecasted: 5.7% YoY, 0.3% MoM

Next Fomc meeting at 1st feb expecting 25bps hike instead of 50, we are getting on track guys!

So yes, this could be be the positive news that we are waiting for after all and the effect that it bring to the market is huge.

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[Yatsan]

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.

The market price increase was so sudden and seeing it is already something to be happy for. Question is; how high would it be? The CPI really made an impact on the market price of Bitcoin as well as with the stock market (not still being felt I guess). Actually, I've anticipated such thing but for the last quarter of this year and I still think that the increase won't be consistent. It could be continuous if such report will be followed by another positive news about this industry which we should hope for. So that's indeed true. To those who are planning to ride with the wave, expect that profit won't be earned easily. If there will again be a sudden fall, be ready.

[Nrcewker]

Currently Bitcoins are at 20900 USD and it’s increasing. The reason might be simple. The demand of coins have increased, and due to the fixed amount of Bitcoins in number the price have increased in order to fulfil the demands. This simply means there are more buy orders and sell orders at all the exchanges. Moreover who cares about the reason? Long term investors are happy to see this growth. Finally we can say that Bear market is ending. Let’s hope for the best.

[buwaytress]

Unstoppable yes. But you are talking about price, aren't you? That is definitely stoppable haha.

Definitely nice to see us above 2017 ATH and yes, I still think US inflation sentiment has a lot to do with that but not holding my breath just yet.

So much to wait for. World Bank insists we are heading for worse and I won't mind being asked to wait a bit more for a true rally. Still, nice to have some relief so early in the year.

[Tony116]

Currently Bitcoins are at 20900 USD and it’s increasing. The reason might be simple. The demand of coins have increased, and due to the fixed amount of Bitcoins in number the price have increased in order to fulfil the demands. This simply means there are more buy orders and sell orders at all the exchanges. Moreover who cares about the reason? Long term investors are happy to see this growth. Finally we can say that Bear market is ending. Let’s hope for the best.

I don't think this bull run is due to the growing demand for bitcoin. If bitcoin stopped rising and then fell, we cannot say that the demand for bitcoin has decreased if the price of bitcoin has not increased. That's not a good reason.

But you are right, why care much about the reason? We just know bitcoin is going up, and we have been waiting for this for months, and now it has come true. Enjoy this precious time because no one can tell if bitcoin will continue to rise or fall tomorrow.

[snipie]

Unstoppable yes. But you are talking about price, aren't you? That is definitely stoppable haha.

Definitely nice to see us above 2017 ATH and yes, I still think US inflation sentiment has a lot to do with that but not holding my breath just yet.

So much to wait for. World Bank insists we are heading for worse and I won't mind being asked to wait a bit more for a true rally. Still, nice to have some relief so early in the year.

It is true inflation should promote cryptocurrency use but the action taken by the federal reserve tho to slow the inflation has a negative impact on the world economy and bitcoin normally. It is curious to see how the price went these days and hopefully we can see it consolidating at a higher level.

[Frankolala]

The lowest minimal price of bitcoin is over as it has hit 20k,I guess the less inflation in the US,has add to the increase in price of bitcoin because so many people can have enough for themselves and think of investing on a valuable asset like bitcoin to secure their funds,last year has taught so many people lesson due to high rate of inflation.

I don't think bitcoin price will rise higher than 21k and if it does, then it means that the bullish market will last for a while but we shouldn't be so excited, we should use this opportunity to accumulate more bitcoin,because the price is unpredictable.This is indeed a surprise in the new year after a frustrating bearish market.

[dezoel]

There are several factors that could be contributing to the recent price increase of Bitcoin. One possibility is that investors are becoming more confident in the long-term potential of the cryptocurrency. Despite the volatility and uncertainty of the past few years, many experts believe that Bitcoin has the potential to become a major player in the global financial system. This increased confidence could be driving more investors to buy in, leading to a surge in demand and an increase in price.

Another possible factor is the growing acceptance of Bitcoin by mainstream financial institutions and businesses. Major companies like PayPal, Visa, and Tesla have begun to accept Bitcoin as a form of payment, and more and more institutions are beginning to invest in the cryptocurrency. This increased acceptance could be making Bitcoin more accessible and appealing to a wider audience, leading to more demand and a higher price.

[fullhdpixel]

Currently Bitcoins are at 20900 USD and it’s increasing. The reason might be simple. The demand of coins have increased, and due to the fixed amount of Bitcoins in number the price have increased in order to fulfil the demands. This simply means there are more buy orders and sell orders at all the exchanges. Moreover who cares about the reason? Long term investors are happy to see this growth. Finally we can say that Bear market is ending. Let’s hope for the best.

I don't think this bull run is due to the growing demand for bitcoin. If bitcoin stopped rising and then fell, we cannot say that the demand for bitcoin has decreased if the price of bitcoin has not increased. That's not a good reason.

But you are right, why care much about the reason? We just know bitcoin is going up, and we have been waiting for this for months, and now it has come true. Enjoy this precious time because no one can tell if bitcoin will continue to rise or fall tomorrow.

I think it's a combination of factors driving the current bullish trend in the bitcoin market. One of the main factors is institutional adoption. We have seen more and more institutional investors entering the market, which is increasing demand for bitcoin.

Additionally, the current economic uncertainty caused by the pandemic has led many people to seek out alternative investments, such as bitcoin, which is seen as a safe haven asset. Furthermore, the upcoming halving event in 2024 is also causing investors to anticipate future growth in the bitcoin market. All these factors together are contributing to the current bullish trend in the bitcoin market.

[Odusko]

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.

The market is indeed normalizing from the many challenges that dragged the market down in the first place, hopes are beginning to return and Bitcoin investors are beginning to rebuild their motivation toward Bitcoin and other cryptocurrencies after the disappointment that followed the crisis as it involved FTX, Luna crash and all the other bad incident that rock the market in the last quarter of 2022.
The price of bitcoin made a sharp recovery in the early days of this week without any significant event to point to as the reason for the price recovery.
So therefore it can be said to be a natural recovery movement for bitcoin, and this show the positive outlook for the remaining days ahead in 2023.

[goaldigger]

Currently Bitcoins are at 20900 USD and it’s increasing. The reason might be simple. The demand of coins have increased, and due to the fixed amount of Bitcoins in number the price have increased in order to fulfil the demands. This simply means there are more buy orders and sell orders at all the exchanges. Moreover who cares about the reason? Long term investors are happy to see this growth. Finally we can say that Bear market is ending. Let’s hope for the best.

This is long overdue and many are waiting for this, now its about time and whatever the reason is hodlers are more happy to welcome it. Though the RSI right now tells its overbought already so there might be another correction but hopefully its not that big so we can finally reach the peak slowly but surely. Good thing as well to see altcoins pumping, they have to follow the trend of Bitcoin to attract more investors as well. Bull is about to come, hope everyone here are able to prepared for this.

[Guessti]

How are you guys seriously asking the reason BTC just had a big jump?

Why don't you look at the charts input the day FTX went down was when BTC crashed.

Now look at the charts again with the day FTX finds billions of dollars in assets, BTC explodes back up.

"Finding" billions in assets for people who used FTX is a huge deal.  Basically everything reversed if you check the charts in relation to FTX.

[Wexnident]

Wasn't it something natural? The drop off to 16k I believe was just due to the FTX fiasco (which lasted longer than I thought imo). Before it happened I'm pretty sure the price jumped back up to 20k already, but then the whole issue happened, went down, and it wasn't really showing any comebacks to 20 until now. It's also why I think we're not really going to steamroll or anything through the market after this point, maybe up to 22k at most then it'll go back down to 19,20 and again do its usual up and down movement. Might be more depending on what's happened though, not really updated or anything.

[Tony116]

Currently Bitcoins are at 20900 USD and it’s increasing. The reason might be simple. The demand of coins have increased, and due to the fixed amount of Bitcoins in number the price have increased in order to fulfil the demands. This simply means there are more buy orders and sell orders at all the exchanges. Moreover who cares about the reason? Long term investors are happy to see this growth. Finally we can say that Bear market is ending. Let’s hope for the best.

I don't think this bull run is due to the growing demand for bitcoin. If bitcoin stopped rising and then fell, we cannot say that the demand for bitcoin has decreased if the price of bitcoin has not increased. That's not a good reason.

But you are right, why care much about the reason? We just know bitcoin is going up, and we have been waiting for this for months, and now it has come true. Enjoy this precious time because no one can tell if bitcoin will continue to rise or fall tomorrow.

I think it's a combination of factors driving the current bullish trend in the bitcoin market. One of the main factors is institutional adoption. We have seen more and more institutional investors entering the market, which is increasing demand for bitcoin.

Additionally, the current economic uncertainty caused by the pandemic has led many people to seek out alternative investments, such as bitcoin, which is seen as a safe haven asset. Furthermore, the upcoming halving event in 2024 is also causing investors to anticipate future growth in the bitcoin market. All these factors together are contributing to the current bullish trend in the bitcoin market.

The economic crisis left many people struggling, limiting spending, and not having enough money to invest in the market, that's why last year I heard about when bitcoin price fell and could not rise. Currently, inflation shows signs of decreasing, but generally, our life is still tough, so investing at this time is not reasonable. Except for those who are economically well off and have started accumulating since last year.
Currently, on the forums, social networks have not shown any good reason for the price increase, and I only think that reporting about CPI is the most reasonable.

[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.

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.

Whatever the reason behind the price increase, I still believe bitcoin can still hit $25k in this bull run, but what happens after that is the question. If it can hold above 25k, then I think those who are waiting for bitcoin to drop to buy need to recalculate their plan, but if bitcoin falls back, it could be a big drop and will make a new bottom.

[AverageGlabella]

Unstoppable yes. But you are talking about price, aren't you? That is definitely stoppable haha.

Definitely nice to see us above 2017 ATH and yes, I still think US inflation sentiment has a lot to do with that but not holding my breath just yet.

So much to wait for. World Bank insists we are heading for worse and I won't mind being asked to wait a bit more for a true rally. Still, nice to have some relief so early in the year.

I think it is what we all needed because there was a lot of members here starting to get anxious about the long downturn. Now that we have had a confidence boost it might prevent people from selling their btc and causing further drops. I do not care what the world bank says they are often wrong and sugar coat the fiat problems that have plagued us for years.

[lizarder]

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.

Not very fast in my opinion, the current price shift mode has not yet shown its full strength in holding back the recovery process, it is necessary to compare the current rally with the rally of the next few weeks. If this recovery process continues, the main factor for bitcoin is progress, because the cycle has started to run according to the time loop before reaching ATH.

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?

Yes, it hasn't been that special in the last few days, as currently bitcoin is still stuck around $20,000. Although the price increase has started towards the recovery process, it is not clear exactly what motivations make bitcoin tend to be bearish, but it seems that the four-year cycle factor is one of the drivers.

[fzkto]

The lowest minimal price of bitcoin is over as it has hit 20k,I guess the less inflation in the US,has add to the increase in price of bitcoin because so many people can have enough for themselves and think of investing on a valuable asset like bitcoin to secure their funds,last year has taught so many people lesson due to high rate of inflation.

I don't think bitcoin price will rise higher than 21k and if it does, then it means that the bullish market will last for a while but we shouldn't be so excited, we should use this opportunity to accumulate more bitcoin,because the price is unpredictable.This is indeed a surprise in the new year after a frustrating bearish market.

Yes, it seems to me too that bitcoin growth is due to the fact that inflation forecasts are much lower than in 2022. It's not just bitcoin that has started to rise, but other stock markets as well. I don't rule out that the fall could happen again, but I see 2023 as a lull in the past economic storm

[bitgolden]

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?

I do agree that things are looking like they are slowing down and yes that could be one of the reasons why we have gone up as well. Economy looks like it is getting back on track, which makes a lot of people happy, and I am sure that it is going to make quite a lot of people to invest because they think the economy is recovering.

I am not saying that it is a very good thing and it will keep going like this, unfortunately in our world economy could always go worse at any moment but if it keeps recovering like it has so far, then I am pretty sure that it s going to be doing very well in the end. This is why I believe that we should be focusing on making a bit of a profit while we can.

[STT]

Lighter DXY, everything priced in dollars moves with a lighter atmosphere to markets.   Dollar index has been on ski slope since peaking late September, there was an exceptional event both in Sterling and the YEN at the same time together with Europe facing war and an energy crisis for weaker EURO it meant Dollar at highest nominal values since the start of the century.
   I'd say the gradient since the peak has been in average quite consistent and linear in decline.   YTD in 2023 we've had some further data in that inflation has receded and this raises the hopes of a market for a lighter touch by the Federal reserve.    Crypto is quite different to dollar politics but when we discuss trillions and movements quite large, it displaces the movements of almost anything else I think.