Bitcoin current range: $25K to $32K

[dragonvslinux]

Bitcoin price has been in a range between $25K and $32K since March 2023, which is 7 months as posting. Hopefully that's something we can all agree on!

When do you think price will break-out of this range (see poll above)? What direction do you think price will break-out in (up or down)?



Personally I have my own opinions expressed elsewhere that we'll remain within the range until the end of the year, or at least another two months similar to the 9-month range of $15K to $25K.

Bears were confident that $25K would break as support twice over and were wrong. Bulls were confident that $32K would break as resistance and were wrong. Likely the bulls will be wrong again.

Also think it'll be to the upside after breaking the long-term structure of moving from support to resistance, such as holding support around $28K after a re-test of resistance, sometime in Q1 2024.

Also well aware we could break-out any day now and this topic & poll will be irrelevant, in which case will lock the topic & poll, but otherwise still think we have some time left within the range.

[Poker Player]

I'd it will break out soon but it's just a hunch. There are so many variables that can affect, such as the start of another war or rate policies that you never know. There is a saying in the stock market that I am going to reproduce from hearsay, something like, "I don't know if the next 100 points will be up or down but I know the next 1,000 points will be up."

Similarly I could say whether 4 months from now the price of Bitcoin will be higher or lower than it is now but I am sure 4 years from now it will be higher.

[yudi09]

Breaking to $30K today in a matter of hours seemed like a bluff that shocked those who didn't believe that Bitcoin was headed for a bull market.
It's still available for about 11 days left in October and I hope it can be the new support price until the end of the year even though it's just a hope. At least I want the graph to be able to move sideways if it can't go up rather than down to below $29K.

[dragonvslinux]

I'd it will break out soon but it's just a hunch. There are so many variables that can affect, such as the start of another war or rate policies that you never know. There is a saying in the stock market that I am going to reproduce from hearsay, something like, "I don't know if the next 100 points will be up or down but I know the next 1,000 points will be up."

This is more or less my outlook as well right now. It's likely we re-test resistance level now we're not far away, but also more than possible price re-tests $25K before the end of the year as well in order to remain range-bound. Eventually it'll break out of the range and I believe this will be to the upside, but breaking out of the range at present seems like it'd be news-orientated, such as rate policies as you suggested, or otherwise ETF related. I say this as I don't see the momentum in either direction at present with bears failing to break $25K and bulls unable to keep prices above $30K. That much remains clear.

With that said I get the impression that the range is also somewhat fragile if significant news could cause a break of it, because clearly at present buyers & sellers are unable to move price outside of it. This is why I think (as well as hope) it'll take a few more months, in order for their to be more fundamental reason to break-out like the upcoming halving, rather than a news-style break-out that could easily result in a fake-out and therefore return to the range, as well as break it in the opposite direction thereafter. I'm certainly not complaining about the stability at the moment, especially if it indeed turns out to be an accumulation zone.

[Oshosondy]

Bitcoin price has been in a range between $25K and $32K since March 2023, which is 7 months as posting. Hopefully that's something we can all agree on!

When do you think price will break-out of this range (see poll above)? What direction do you think price will break-out in (up or down)?

No one can answer that. If anyone gets it correctly, it is just a guess.

Bears were confident that $25K would break as support twice over and were wrong. Bulls were confident that $32K would break as resistance and were wrong. Likely the bulls will be wrong again.

I am more of the bears as bitcoin increased to $30000 in this past, but it is confusing right now. But I think if bitcoin spot ETF is not approved, this may not change.

I am still expecting $25000 again but I do not know yet until I see what happens in the next 2 to 5 days.

[Odohu]

Breaking to $30K today in a matter of hours seemed like a bluff that shocked those who didn't believe that Bitcoin was headed for a bull market.
It's still available for about 11 days left in October and I hope it can be the new support price until the end of the year even though it's just a hope. At least I want the graph to be able to move sideways if it can't go up rather than down to below $29K.

From all indication, the bull run is upon us. History might just be getting set to repeat itself. Well, it is too early to conclude, but the market has shown great reluctance to go lower.

Indeed, coming weeks will really show the face of where we are going and I am optimistic we are on the right track. The moment the $32k resistance is shattered, the coast is clear for a decent sail towards the north. 

[pooya87]

The price is slowly rising and has already touched $30k again which shows the potential for the rise but unfortunately I think the world is currently too chaotic to be able to predict anything

For example we already have a huge tension in the oil rich region of the world which is West Asia. The Palestinians are going to fight the occupiers possibly for a total of 55 days so that would mean till December 1. This is why I voted for Jan next year.
During that time we can see a wild energy market with possibly big swings (oil is already on the rise) that will affect the inflation and in turn affects the bitcoin market positively, which means it would help price go up.
As it is right now.

This would also affect the gold market which could restart other markets as investors start to come back and invest in gold and by extension in bitcoin. Which is again positive.
In other words it eliminates investors "shyness" and "uncertainty"!

However, with inflation rising we could see another wave of idiotic interest rate rises that would not only worsen the recession but also it sweeps all the money from other markets like a vacuum. This is the only negative scenario I predict that can affect bitcoin price negatively.

BTW I consider other things like ETF to be smaller news that could only act as catalysts not to mention that I don't think it is going to be approved in US anytime soon...

[spectre71]

Just a knee jerk reaction to ETF news then it will settle down again. Nothing has changed.

[KiaKia]

Do not bet on this, retesting 17k looks more possible than surging from here on, XRP win their lawsuit that's a positive news not only for XRP but for the whole crypto space, believe this will pass and yes election is upcoming so I still believe Bitcoin isn't ready for the bull market just yet.

I am not always right so do not take this as a valid advice, all I am doing is getting ready for the dips, this still doesn't affect my DCA, whatever you doing do not run out of money for dips opportunities, we still have some months to go so have it in mind that there is enough time for Bitcoin to still retest it's base again.

For all those who aren't ready to hear the truth, here is one, this whole ETF approval drama won't be in favour for crypto in the longest run, we haven't seen real manipilation yet, this ETF thing will give power back to centralized organization, what is coming will change everything for crypto.

[Baofeng]

I don't know, but I voted that we can reach that price at the end of 2023.

Usually in the last quarter, we might see some spike in the price, just like what we witnessed this month. We reach $30k->$28k->$29,500. So the sentiments looks very positive even though we have the war in the Middle East in the background.

And even with that tension, I think bitcoin will continue to become a hedge, just like what it shows during the pandemic.

[Sim_card]

Nobody can say maybe or not bitcoin price will move upward or downward but from the information read this morning for the sudden pump, it states that there was pressure last week on SEC not to take so many protocol and make ETF approval easy, and maybe by January it will be approved. If this is true, then it is likely that we will see the price of bitcoin going up, but who knows if the SEC will listen and approve it quickly. I know that from next year we will see a good pump and we will know this from the price of bitcoin by December this year.

https://www.coindesk.com/markets/2023/10/20/bitcoin-inches-closer-to-30k-as-etf-hope-drives-bulls/

[Woodie]

2 months just in this range till the beginning of 2024?? I don't agree with you, we are already experiencing some bullish intent from our markets which has shown a 1000+ again in less than a week and with continued rumours of the Bitcoin spot ETF approval I expect this to keep going up and am certain something big will happen that we spike price up...thought the Ferrari due would get markets excited but unfortunately didn't have much of an impact.

Just a knee jerk reaction to ETF news then it will settle down again. Nothing has changed.

Still enough to upgrade price for ranging in the 26k-27k to ranging between 28k-29k and could go higher.

[Aanuoluwatofunmi]

Bitcoin price has been in a range between $25K and $32K since March 2023, which is 7 months as posting. Hopefully that's something we can all agree on!

When do you think price will break-out of this range (see poll above)? What direction do you think price will break-out in (up or down)?



Personally I have my own opinions expressed elsewhere that we'll remain within the range until the end of the year, or at least another two months similar to the 9-month range of $15K to $25K.

Bears were confident that $25K would break as support twice over and were wrong. Bulls were confident that $32K would break as resistance and were wrong. Likely the bulls will be wrong again.

Also think it'll be to the upside after breaking the long-term structure of moving from support to resistance, such as holding support around $28K after a re-test of resistance, sometime in Q1 2024.

Also well aware we could break-out any day now and this topic & poll will be irrelevant, in which case will lock the topic & poll, but otherwise still think we have some time left within the range.

Wit what is happening currently happening in the crypto market, bitcoin is seem to be already on the verge of unveiling it momentum towards bullrun considering that we are fast approaching the end of the year, we can also attest to this through the recent spike on the market price recently experienced, despite it was attributed under fake news but it is glaring that after that the market went down the same way it rises, but before then.

Bitcoin has being maintaining this dip for a while until this month it begin to show more possibilities for a bull market by implying the exit of the bear market, there's this indications from the current speculation that bitcoin is going to $32,000 before the end of October and before then, it will maintain strong resistance against bear market than it has been of recent.

[michellee]

Rather than guessing and speculating on prices that are still irregular like now, I would rather enjoy every movement. We know that no one can guess and everything is just speculation, especially when world conditions have changed.

It may seem very close, from $29k to $30k to $32k. But it may take time and we can't predict how long it will take. It will only make us tired of waiting for times we will never understand, only to see prices of $32k and other high prices.

We can't guess when the price will reach $32k. But if it is not supported by much positive news about Bitcoin, the price still needs more time. And we won't know when the $32k or above higher price will be achieved.

[dragonvslinux]

Do not bet on this, retesting 17k looks more possible than surging from here on

Ironically I agree with you, as I don't see a break to the upside in a hurry. If we break to the downside of the range this year, then sure, price can return to the lows.

2 months just in this range till the beginning of 2024?? I don't agree with you

We've already been in the range for 7 months, with two tests of both resistance and support now. I don't see how remaining in it for a few more months is out the question anymore.

we are already experiencing some bullish intent from our markets which has shown a 1000+ again in less than a week and with continued rumours of the Bitcoin spot ETF approval

Remember that we saw bullish intent in March this year, followed by June, now September/October, so there is a pretty clear pattern here - it's roughly every 3 months. The only relevant aspect that came out of all this bullish intent was establishing a long-term range between $25K and $32K however. Your reasoning sounds like hopium though rather than fundamentals.

Eventually speculators will stop falling for the rumours of an ETF getting approved anytime soon, and simply wait for it to be confirmed, knowing it could be months away still.

[Hamza2424]

Bears were confident that $25K would break as support twice over and were wrong. Bulls were confident that $32K would break as resistance and were wrong. Likely the bulls will be wrong again.

Also think it'll be to the upside after breaking the long-term structure of moving from support to resistance, such as holding support around $28K after a re-test of resistance, sometime in Q1 2024.

The Bitcoin market is on the way and with the current scenario I will consider it very bold to say it will move within a speculated range, a few more positive developments can make it very easy for the market to break through this range. Keeping in mind that any sort of upset can cause the market the move sideways again.

The support level of $28K will soon face regular tests if the market moves without any major development boost. Initially, before the end of Q3, I was expecting this year's closing around $40k+, but now seems like $35k will be an even bigger hit.

[ajiz138]

Rather than guessing and speculating on prices that are still irregular like now, I would rather enjoy every movement. We know that no one can guess and everything is just speculation, especially when world conditions have changed.

It may seem very close, from $29k to $30k to $32k. But it may take time and we can't predict how long it will take. It will only make us tired of waiting for times we will never understand, only to see prices of $32k and other high prices.

We can't guess when the price will reach $32k. But if it is not supported by much positive news about Bitcoin, the price still needs more time. And we won't know when the $32k or above higher price will be achieved.

A Holder will have this view because they don't want to speculate and prefer to enjoy the price movement in which direction it goes, if it is still in the range of $30K and above they will continue to consider buying, another for traders they will think about the current chart pattern.

$32K is still very possible if only the duration of guessing until the end of the year because a little spike again may occur due to the effect of some news that will come later, but I am curious that in October it has broken $30K but soon it seems that it will return to $30K again.

My view is that $32K will not be long, usually a little positive news the price can stick out again but the resilience of the market often sees support always not strong to break through its resistance, my guess is maybe it will soon go to $32K.

[danadc]

Rather than guessing and speculating on prices that are still irregular like now, I would rather enjoy every movement. We know that no one can guess and everything is just speculation, especially when world conditions have changed.

It may seem very close, from $29k to $30k to $32k. But it may take time and we can't predict how long it will take. It will only make us tired of waiting for times we will never understand, only to see prices of $32k and other high prices.

We can't guess when the price will reach $32k. But if it is not supported by much positive news about Bitcoin, the price still needs more time. And we won't know when the $32k or above higher price will be achieved.

A Holder will have this view because they don't want to speculate and prefer to enjoy the price movement in which direction it goes, if it is still in the range of $30K and above they will continue to consider buying, another for traders they will think about the current chart pattern.

$32K is still very possible if only the duration of guessing until the end of the year because a little spike again may occur due to the effect of some news that will come later, but I am curious that in October it has broken $30K but soon it seems that it will return to $30K again.

My view is that $32K will not be long, usually a little positive news the price can stick out again but the resilience of the market often sees support always not strong to break through its resistance, my guess is maybe it will soon go to $32K.

I had not thought about $32k but that range is very good, I do not think it will go below $25k because from what I am seeing there are many analysts who are predicting that it can reach $30k and that is a very good thing, because I'm hoping it can reach that price, but if it doesn't it could be that now things could go up to more than that, I think this easy year can reach up to $40k because everyone buys in December and in December everything is more cao, and that means that they can make many who can give bitcoin as a gift and that is a good gift that can be Appreciated.

[ShowOff]

Breaking to $30K today in a matter of hours seemed like a bluff that shocked those who didn't believe that Bitcoin was headed for a bull market.
It's still available for about 11 days left in October and I hope it can be the new support price until the end of the year even though it's just a hope. At least I want the graph to be able to move sideways if it can't go up rather than down to below $29K.

After the panic caused by fake news about ETFs, today we see bitcoin showing a good trend again. The $30k resistance was broken which proves that there is a possibility that the $32k resistance could also be broken during the end of this month, however I prefer to get that resistance broken in the November to December range. The end of the year will certainly be more convincing, so I think bitcoin will past away of the $25k - $32k area by December.

The assumption regarding sideways is not wrong, but JP Morgan's analysis of the possibility of ETF approval will certainly have an impact on increasing demand. I agree that faster is definitely better, but slow but sure is fine as I tend to hodl with it in the long run.

[bbc.reporter]

My vote is on November 2023 hehe. This pump might be caused by a speculation on the approval or rejection of Global X's ETF application which will occur on November 21. Also, similar to what I have said before, the market might also be in a stage of disbelief where it might cause fomo if bitcoin pumps very strongly over $30k. The people who are waiting for another big dump will certainly buy wildly on any price and cause a short squeeze against the traders who are short selling and speculating on a big dump hehehehe. This is before November 21.

On November 21 and after this, it might be different. It might be sell the news. It might be good news, however, there might be traders who will still dump to take profit. However, price of bitcoin might not anymore dump under $30k and this might cause disbelief to become hope. Everyone who was waiting for another big dump will be forced to buy and this might pump bitcoin to $40k heehehe.