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

[dragonvslinux]

With price now at the 2021-2022 previous 18-month long support level around $30K, as highlighted, where do you think price will go next?



Is it finally time for a correction back towards the lows, or a continued relief rally towards $50K? Similar to $25K, this is a level where many speculators believe price might be strongly rejected, because the previous strong support level could well turn into new resistance. There is otherwise the argument that above this level Bitcoin is confirming a U-shaped recovery, with a target of up to 80% to the upside.

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[Oshosondy]

With price now at the 2021-2022 previous 18-month long support level around $30K, as highlighted, where do you think price will go next?

It is good to continue to DCA would be my advice. Definitely our thinking and speculation was that bitcoin would reach $30000. It is now $30000 and what people would be thinking about now is if bitcoin will continue to rise or not, or if bear market is going to follow.

In my opinion, I think bitcoin price may still rise further, but if it happens like how it happened while it was at $28000, it was a strong support price that made the bull market to continue further and hit $30000 today. If bitcoin do not fall or rising back to $30000, I will be expecting $35000 to be the next support price.

But I checked the monthly BB, all I think is that it is possible for bitcoin to increase to $35000 before falling again. Even if bitcoin may not increase further for now. It would be a good idea for people to still continue to DCA. I do not know about other people but I myself is believing in long term speculation and price increase, that bitcoin will hit over $100000 after the next bull market. Which means bull market would still be the overall result after long term holding.

[hatshepsut93]

I think 20k is more likely. Bitcoin tends to reverse the direction when momentum is lost. It's still to early for the big bull run, halvening is 1 year away. If there will be no big upwards push soon, those who bought recently will start taking profits (which are quite high if they bought below $20k), this will trigger more profit taking and create panic.

[Fundamentals Of]

I think the price would be moving up and down within $20,000 and $50,000 for the next few months. But I don't think it would hit either $20,000 or $50,000. $20,000 is more possible than $50,000 though. After all, this $30,000 is not secured yet. We could lose it any moment from now. The correction could cost us a strong blow that would pull the price down near $20,000. $50,000 is too far up there. If it arrives, it will be late third quarter or fourth quarter.

[bittraffic]

With price now at the 2021-2022 previous 18-month long support level around $30K, as highlighted, where do you think price will go next?

It is good to continue to DCA would be my advice. Definitely our thinking and speculation was that bitcoin would reach $30000. It is now $30000 and what people would be thinking about now is if bitcoin will continue to rise or not, or if bear market is going to follow.

In my opinion, I think bitcoin price may still rise further, but if it happens like how it happened while it was at $28000, it was a strong support price that made the bull market to continue further and hit $30000 today. If bitcoin do not fall or rising back to $30000, I will be expecting $35000 to be the next support price.

But I checked the monthly BB, all I think is that it is possible for bitcoin to increase to $35000 before falling again. Even if bitcoin may not increase further for now. It would be a good idea for people to still continue to DCA. I do not know about other people but I myself is believing in long term speculation and price increase, that bitcoin will hit over $100000 after the next bull market. Which means bull market would still be the overall result after long term holding.

$35k will be oversold in the weekly chart and it will dip again slowly that it take months before it will hit the bottom at around $25k or probably just $26k. before going up again to $40k.

Waiting for another 2 to 4 weeks before this $35k happens I guess but if this again is another bear market bull run, it will already be diving to $25K without hitting $35k.

[TravelMug]

We can't just go on parabolic rise, sooner or later we will have a correction. So most likely we might go $20k'ish again before another leg up. That's how the market moves in the past.

Right now, we are in the $29,400, as expected the rally was short to $30k and it didn't maintain that price.

So it might take another correction before we can go higher, so retracement then another move to $32k, and that pattern might continue assuming that there are no black swan events to happen early this year.

[Razmirraz]

The surge that reached a price of $ 30,000 was the moment that investors and traders had been waiting for, the recovery that occurred in the Bitcoin market caused a lot of speculation from analysts that currently the new trend in the crypto market is a bullish trend. The increase in the price of Bitcoin towards $ 30,000 has made many traders excited again, but in dealing with this situation traders must be careful because this is a strong psychological number, don't get caught in this position.
Traders have to be careful not to buy at high prices because that is like catching a falling sword for me because the market still likes to spin circles around psychological resistance or support. If the movement starts to increase slowly, the CDA may be the right suggestion.

[Merit.s]

It is possible for bitcoin price to hit 50k but it wouldn't be so soon because there will be correction I'm bitcoin price which will bring the price of bitcoin back to 25k or below but I don't think it will go dip to $20k. Which after this there will be a pump in the price which will make it hit 35k and above but it will take sometime,maybe three or four weeks from now. We have seen how investors are dumping USD and stacking their funds into bitcoin which makes me believe that the more people are using bitcoin as a store of value,the demand will increase with low supply, all these will make the price move up to 35k soonest. The best thing is to embrace the DCA logic for your investment

[Strongkored]

Not really sure where the price will go but my prediction is not going to be big bullish yet which is why this month the price range will be $28,000-$35,000 but pretty sure it will touch $35,000++ at the end of this month and early May will see the price drop back to rebalance before going back up, but to reach a price of $ 50,000 will probably happen later this year so Bitcoin will continue to play in the price range of $ 25,000-$50,000. Before Bitcoin finally slides up is a good time to continue to increase the amount we have, before finally enjoying big profits if you want to take profits this year.

[BenCodie]

After blasting off past the $29k region directly to $30k in a matter of a day, and liquidating a very large portion of shorts...I believe that a correction is due. Imagine how many high margin longs are in huge profit right now and are getting greedy? Also a lot of the indicators are pointing to a correction on 4hr and 1 day charts. I don't think it will be a large correction, maybe 2 - 5%, or a sharp one with a quick recovery to liquidate longs. It would be a very odd occurrence if there is no correction at this point though. Longs have not been liquidated for a suspicious amount of time now.

[thecodebear]

I don't think there is any chance of $20k happening. That was well into the bottom of the bear market and bear market is over so it won't ever go down there again unless in the near future there is some sort of horribly traumatic event for the market. So $20k I'd put at <1% chance of ever happening again just cuz nothing is ever 0%. So definitely $50k, but it won't be soon. $50k could possibly happen by end of the year, and almost certainly in the next 12 months.

[Yaunfitda]

I don't think there is any chance of $20k happening. That was well into the bottom of the bear market and bear market is over so it won't ever go down there again unless in the near future there is some sort of horribly traumatic event for the market. So $20k I'd put at <1% chance of ever happening again just cuz nothing is ever 0%. So definitely $50k, but it won't be soon. $50k could possibly happen by end of the year, and almost certainly in the next 12 months.

So the probably the worst scenario is $20k, and next is $25k which I think is going to be the biggest support line is the current sentiments that we have right now. But it might take a lot of going to $50k, maybe several corrections along the way, and possible that it could be breach at the end of 2nd quarter or start of the first quarter.

And after that $50k then we are all set for the bitcoin halving early next year. I still on the fence if we can hit a new all time high this year. The cycle is that the ATH will be after the halving. But who knows, if there is FTX collapse that change the course of the prices then maybe we will see something new as well.

[DanWalker]

I think 20k is more likely. Bitcoin tends to reverse the direction when momentum is lost. It's still to early for the big bull run, halvening is 1 year away. If there will be no big upwards push soon, those who bought recently will start taking profits (which are quite high if they bought below $20k), this will trigger more profit taking and create panic.

I tend to agree with this speculation, if from the moment after reaching ATH, bitcoin starts to fall, the bear season is only 1.5 years long, and if the market cycle repeats, we are still too far from the new season bull.

Bitcoin also increased continuously in the first 3 months of the year, and there has been no major correction. People are getting very excited and starting to believe that bears are giving up and we are entering a bull cycle, this is the right time for whales to take profits. I would still be more cautious than believe in a larger uptrend.

[Smack That Ace]

I don't think there is any chance of $20k happening. That was well into the bottom of the bear market and bear market is over so it won't ever go down there again unless in the near future there is some sort of horribly traumatic event for the market. So $20k I'd put at <1% chance of ever happening again just cuz nothing is ever 0%. So definitely $50k, but it won't be soon. $50k could possibly happen by end of the year, and almost certainly in the next 12 months.

So the probably the worst scenario is $20k, and next is $25k which I think is going to be the biggest support line is the current sentiments that we have right now. But it might take a lot of going to $50k, maybe several corrections along the way, and possible that it could be breach at the end of 2nd quarter or start of the first quarter.

And after that $50k then we are all set for the bitcoin halving early next year. I still on the fence if we can hit a new all time high this year. The cycle is that the ATH will be after the halving. But who knows, if there is FTX collapse that change the course of the prices then maybe we will see something new as well.

If you believe history will be broken and we will have a new ATH this year, it is not ruled out that bitcoin will drop below $20k or $15k again, because anything can happen, and it's also something new. I still believe that history will repeat itself until we have a new history.

Expecting the market to surprise and make new history can excite us even more by making profits faster. But in the long run, that makes bitcoin even more unpredictable, and we will have a harder time in the next cycles.

[CarnagexD]

With price now at the 2021-2022 previous 18-month long support level around $30K, as highlighted, where do you think price will go next?



Is it finally time for a correction back towards the lows, or a continued relief rally towards $50K? Similar to $25K, this is a level where many speculators believe price might be strongly rejected, because the previous strong support level could well turn into new resistance. There is otherwise the argument that above this level Bitcoin is confirming a U-shaped recovery, with a target of up to 80% to the upside.

That's on a weekly chart and would take months for the next price leg to materialize. given by the chart here's how I perceived it.
1. Market structure - Short term highs taken consistently and Higher lows created means where currently on a short term bullish until proven wrong. From where is price right now it could create another short term low at $23-25k ish  before going higher if bullishness is still supported.
2. The noted S/R level  is truly a significant level that how the price would react to that would be beneficial for future price moves. Would it reject? Consolidates? Breaks?
3. Volume- green candles are not yet supported by the expected volume for bullishness which gives a tendency to consolidate and create another low first.
4. Heatmap- it simply indicates liquidity and orders in the marketplace. You can see there are more orders below market place that what is above.

Remember. The goal is not to be right. The goal is to get in line with the marketplace when the direction is clear and right. Don't force any price action to materialize. When it is clear, it will be obvious. Anything could happen.

[fzkto]

I think the price would be moving up and down within $20,000 and $50,000 for the next few months. But I don't think it would hit either $20,000 or $50,000. $20,000 is more possible than $50,000 though. After all, this $30,000 is not secured yet. We could lose it any moment from now. The correction could cost us a strong blow that would pull the price down near $20,000. $50,000 is too far up there. If it arrives, it will be late third quarter or fourth quarter.

That's not a bad price range - 20-50k. That means bitcoin can do 2.5x each way in a few months. I don't think that has ever happened even in the best of bull markets. It seems to me that if bitcoin changed its trend, it is likely to continue to move upwards with small corrections and in the next quarter the price could be for example 40k. If 20k happens again, then all the previous growth was a bull trap or a dead cat bounce. A 50% drop is not a correction.

[dragonvslinux]

I think 20k is more likely. Bitcoin tends to reverse the direction when momentum is lost. It's still to early for the big bull run, halvening is 1 year away.

I agree that Bitcoin tends to reverse direction once momentum has been lost, hence price has increased dramatically since the bearish momentum was lost. I also agree that it's too early for a big bull run. I also see a bear market relief rally to $50K at best, prior to falling back down to $25K/$30K.  This would then further confirm the long-term bear market with a lower high.

$35k will be oversold in the weekly chart and it will dip again slowly that it take months before it will hit the bottom at around $25k or probably just $26k. before going up again to $40k.

I also noticed price is getting oversold overbought on Weekly chart, based on RSI. This makes $30K a relatively important "make or break" price. Either price breaks through this level into overbought like in 2019 at $6K, in order to be able to move considerably higher in a parabolic fashion, or we see the correction in order to cool off, that could well take a few months.

We can't just go on parabolic rise, sooner or later we will have a correction. So most likely we might go $20k'ish again before another leg up. That's how the market moves in the past.

Worth pointing out that in the most recent past, the year after a 1 year long bear market, price did in fact go parabolic and retrace 62% of the downside move, despite most people's expectations that it wasn't possible. There were notable corrections during that parabolic move, but they were short lived, unlike the correction to $20K that definitely broke the previous parabolic momentum. Ultimately we've already see one parabolic move from around $17K to $23K, so it can't be that out of the question to see another, logically speaking.

3. Volume- green candles are not yet supported by the expected volume for bullishness which gives a tendency to consolidate and create another low first.

Well spotted. This current move to $30K certainly isn't supported by strong volume. In fact there has been decreasing volume since November last year, despite the near 2x in price.  To me this suggests that this current move isn't the volatile high volume move that we are yet to see. The only questions remains is whether the return of high volume will be bullish or bearish, as high volume is rarely neutral.

[Husires]

How long do we need to confirm one of these two directions, closing Sunday, a week or a month?
I see that the lack of continuity of the increase, meaning that we did not witness 32k, indicates the end of the bullish trend, and therefore either maintaining the current level or returning to the nearest long-term resistance level, which is 26k, and thus confirming the bear market for the next 6 months, so that we will remain in the range between 25k to 32k.

[ajiz138]

It is good to continue to DCA would be my advice. Definitely our thinking and speculation was that bitcoin would reach $30000. It is now $30000 and what people would be thinking about now is if bitcoin will continue to rise or not, or if bear market is going to follow.

DCA the best way to accumulate at the moment it's still in the lowest area since ATH so it's still a good time to continue collecting, on speculation that bitcoin has reached $30,000 it's becoming a continuation trend for the upside to come whereas we don't know if a correction will come later maybe it could It just happened, but what is clear is that DCA must not miss this opportunity.

And after that $50k then we are all set for the bitcoin halving early next year. I still on the fence if we can hit a new all time high this year. The cycle is that the ATH will be after the halving. But who knows, if there is FTX collapse that change the course of the prices then maybe we will see something new as well.

Maybe it will happen before it gets close to the halving so there is a possibility of a price of $50,000 at that time but at this time of year it is still very difficult to talk about ATH again due to the fact that bitcoin is going to have some hurdles including negative news which makes the price of bitcoin drop again, obviously we are not going all the way seeing positive news as strong as any if there is sentiment can move to worse then that's the basis that is often seen but the current trend is a little bullish to hold on at a price that is quite ideal in the range of $25K - $35K.

FTX isn't going to change anything they're just trying to get out of bad news even though this company has collapsed,

[Marykeller]

This time, I only see a price range for Bitcoin between $25k and possibly $45k by the end of Q2 of the year. Anything less than that price is unlikely, in my opinion. Bitcoin crossed the $20k price long ago, therefore it won't be simple to see it drop to that level once more unless anything shocking occurs in the cryptosphere.

The best course of action at this moment is to use a DCA method up till there is a constant increase in the price of bitcoin. As things are, nobody can predict where the market will go in a few months from now