Bitcoin current range: $25K to $32K

[bayu7adi]

The key factor here revolves around the news of Bitcoin spot ETFs. Global X's proposal is set to be announced no later than November 21, 2023, while the deadline for ARK's Bitcoin ETF falls on January 10, 2024. My prediction is that between November 2023 and early January 2024, Bitcoin will demonstrate its response to the SEC's announcements.

Late December 2023 coincides with the festive holiday season, making it a fitting year-end gift for all of us. BTC may well surpass the $32,000 mark by the end of this year.

However, let's circle back to our emotions. A rejection by the SEC in their announcement will only marginally rattle the market. It won't plummet below $25,000, and there are still other potential announcements on the horizon that could threaten the bullish market. It's a ticking time bomb, and Bitcoin's bullish trajectory hinges on the SEC.



BlackRock is set to follow suit in March 2024 next year. Stay composed, and hold onto your Bitcoin, my friend.

[adaseb]

Yes we have been in this range since March and it’s starting to look like a diamond pattern if you pull up the daily chart and zoom out. These patterns are hard to trade because you don’t know which way it’s going to go until it’s too late to enter. Basically if we break $32K and hold and then head towards the $35K area then we got a bullish confirmation but if we break $25k then it’s the complete opposite.

Right now all eyes are on the etf news. However with what is going on in the political world and the way bonds are trading I don’t know if there will be a massive dump of equities which might make bitcoin also decline.

[sunsilk]

Just to be safe in my prediction, I have voted for Apr-Jun 2024 or later. I'm basing on the past movement of Bitcoin pre and post halving. But if I'm wrong on this one, just fine since we're all just having our thoughts, opinions and guesses on this one.

Another factor aside from the halving will be the ETF news. Once there's a legitimate news about just one approval from those, we'll actually see the break out.

The fake one did a huge jump so we're putting also our faith on the legit one.

[justdimin]

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. 

I think market not allowing to go any further down was the breaking point, we got stuck at around 28k levels for a long time and the market probably tried to go down but it didn't, which basically told all the sellers that you shouldn't sell at this point because we are not going any further down and that would be a bad move to sell at the bottom. So that resulted with market realizing they have to end up buying, or at least not selling since it is not going down that's the only options that makes sense. This resulted with price going a little higher and I am hoping that it will continue to go higher.

I wouldn't even say 25k is in the range anymore, we haven't been 25k for a long time and there is a slight possibility that we may never see that ever again, just like how we didn't see anything under 10k for years now, 25k might be long gone and never coming back. That's of course too soon to tell, we need to wait a bit longer to make sure that's true.

[Nrcewker]

Price will definitely go up. Yes we just don’t know the exact time when it will go up. But that means we shouldn’t lose hope from it. We have seen the capabilities of the coin, so it will be great if we keep the faith on. Bitcoins are limited in numbers, hence we should always accumulate as many coins as we can. We have also seen Bitcoins following a 4th year cycle pattern to reach new ATH price. 2024 is the 4th year, so we can say we might see a new ATH price soon.

[salad daging]

Just to be safe in my prediction, I have voted for Apr-Jun 2024 or later. I'm basing on the past movement of Bitcoin pre and post halving. But if I'm wrong on this one, just fine since we're all just having our thoughts, opinions and guesses on this one.

Another factor aside from the halving will be the ETF news. Once there's a legitimate news about just one approval from those, we'll actually see the break out.

The fake one did a huge jump so we're putting also our faith on the legit one.

We are just speculating here so you are free to say what you say because the accuracy of guessing prices is not 100% - my own observation is probably in November or the end of 2024 as we will see market growth.

We are waiting for the next ETF news, I think it will come with something positive which we will enjoy hearing in the media because it has been approved by the SEC, now we are still very curious about what will happen next and maybe this is the factor that Bitcoin can fly.

Your last words, I don't understand fake and genuine products, I don't digest them properly.

[dragonvslinux]

Just thought I'd add that Daily RSI is at it's highest level since January 2023, so highest level since price has been >$25K and in the current range.



Not sure of the significance but does suggest that sellers aren't in a rush to be taking profits back to fiat at current prices. 

Maybe also unsurprising given that the main resistance level is now up to $32K rather than $30K.

[cryptomaniac_xxx]

^^ It's good if we are seeing the resistance at $32k now, as we have breach $30k again. But hopefully, this time $30k will be sustained as we have been in this situation before wherein $30k is the price that speculators are taking profits, I'm basing this on the year's movement. If I'm not mistaken, around April as well, we have this kind of movement but suddenly goes down to $28k.

But it could be very different based on the data that you have shown, maybe it's because we are nearing the end of the year and it's pretty much the attitude is that we should be really accumulating as next year comes bitcoin halving.

[Wiwo]

Price will definitely go up. Yes we just don’t know the exact time when it will go up. But that means we shouldn’t lose hope from it. We have seen the capabilities of the coin, so it will be great if we keep the faith on. Bitcoins are limited in numbers, hence we should always accumulate as many coins as we can. We have also seen Bitcoins following a 4th year cycle pattern to reach new ATH price. 2024 is the 4th year, so we can say we might see a new ATH price soon.

I expected us to see that 32k in this coming new week,  because at the moment Bitcoin is gradually climbing to 31k and if the trend continue in the current strength,  it won't take long before we begin to see that happening just like what we witness as Bitcoin moved from around $25k+ to the present price,  this is a great and a whole new level for the market and of spectator,  we may not see a new all time high in bitcoin price right away,  but then also we should expect to see some form of recovery for the market as the days pass and if care is not taken,  bitcoin could possibly break up to $35k in this coming week.

So while we handle we should also DCA along the way up to take profits,  and that is for those who bought bitcoin at below 25k level,  because at the moment,  you are already in gain,  so taking profits ain't a bad idea at all.

[_BlackStar]

The $32K resistance will not be very strong as the market continues to test higher resistance after $30K is broken. Optimism about the market recovery is running high considering that rumors about the approval of a spot bitcoin ETF have given strong fundamentals. I'm not sure about when we'll get past that range - but $32K shouldn't be considered too strong right now.

Currently the price of bitcoin is above $30K - that's good, but it would be even better if $30K became support. I expect the $31K resistance to be tested over the remainder of October - so that would make $30K good support for a breakout of $32K in November. I see people are more optimistic in December - but I tend to agree that it will start from November.

[Baofeng]

The $32K resistance will not be very strong as the market continues to test higher resistance after $30K is broken. Optimism about the market recovery is running high considering that rumors about the approval of a spot bitcoin ETF have given strong fundamentals. I'm not sure about when we'll get past that range - but $32K shouldn't be considered too strong right now.

Currently the price of bitcoin is above $30K - that's good, but it would be even better if $30K became support. I expect the $31K resistance to be tested over the remainder of October - so that would make $30K good support for a breakout of $32K in November. I see people are more optimistic in December - but I tend to agree that it will start from November.

We might stay at the $29k-$30k range for a while though. But if we continue to trade above MA200, then we might see long term growth.

So it will be interesting whether we can really break $30k and remain bullish, because if that happens, then the bullish sentiments might continue till the end of the year and we will have a break out run to $40k.

It's really hard to comment on the effect of Bitcoin ETF though, yeah it could bring more money, but for me it's better if we really see it actually happen. And it might align with the bull run that can happen next year. So everything hangs on SEC right now.

[bettercrypto]

In my personal assessment, I think that before the end of this year, Bitcoin's price range will play 35k–40k, and entering 2024, either in January or February, it is possible that the bull run will start gradually in the market based on my apparent understanding of the chart in the timeframe I have set up.

But anyway, as others have said here, this is just my speculation, so the breakout is really possible when we enter the price around 32k, according to my prediction that is visible at the moment, even though how.

[philipma1957]

32-34k by oct 1.

35-39k by dec 31

45-48k some time before the april ½ ing.

[Vaskiy]

As most users have predicted we'll see the price reach high around $35k as we've got two and a half months to end the year. If some good news as the adoption from corporates happen even this could go much higher. For now the market have turned bullish and in between market fluctuations will continue while reaching price barrier. Good is to make use of the opportunity and increase the holding volume.

[LogitechMouse]

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)?

At least this year I guess.
I did a quick research on how the Halloween effect affects the market, and I saw this paragraph on one websites: LINK

The Halloween Effect, also known as the October Effect, refers to a historical stock market pattern where markets tend to perform better in the period from November to April compared to the period from May to October. This phenomenon is sometimes summarized by the famous adage, "Sell in May and go away, but remember to come back in November".

Basically, markets tend to be better in the months of November to April than that of May to October. This Halloween effect isn't a certainty that the market will be better after this month, but base on the website I shared, it also shows that S&P500 tend to have better returns in November to April. We know that the price movement of Bitcoin and S&P500 are somewhat correlated, so... yeah there's a chance.

Overall, I expect Bitcoin to go higher than $30,000 in the final months of 2023. Will it surpass $32,000? Let's see first because it seems like there's a huge selling pressure at around the $30,000 as we've seen in the last few days.

[traderethereum]

It is really difficult to predict when bitcoin will break through its current price because market conditions are still difficult to predict.
From the poll list, many possibilities could happen while we don't have exact information on when it could happen. And if I had to choose, maybe I would choose December or January, bitcoin could get out of $32k.

But I don't know, I don't have any idea what will happen. But as a bitcoin investor, I'm not worried about when the price will break through to its current price. My target is still very far away, especially since Bitcoin has not yet reached its final ATH.

[_BlackStar]

-snip-

We might stay at the $29k-$30k range for a while though. But if we continue to trade above MA200, then we might see long term growth.

So it will be interesting whether we can really break $30k and remain bullish, because if that happens, then the bullish sentiments might continue till the end of the year and we will have a break out run to $40k.

It's really hard to comment on the effect of Bitcoin ETF though, yeah it could bring more money, but for me it's better if we really see it actually happen. And it might align with the bull run that can happen next year. So everything hangs on SEC right now.

Damn - I see it dropping to the $29,800 area now, but that's not bad at all. To settle above $30K we need to prevent selling pressure among traders - but that will never happen because there are many traders who exploit daily volatility to gain profits. To say sideways between $29K to $30K at the moment is very reasonable - but I think we have hope of breaking $31K before October is over.

The positive impact of ETFs is certainly expected - but ETFs haven't happened yet and the SEC hasn't approved them. Big price moves are of course expected due to ETFs and halvings - but it's true, we may need to be more patient to see the reality. However, preparing a portfolio is important to do now, regardless of whether the ETF is approved or not.

[STT]

Todays top price and this weeks top price is the 78% retracement of the highest to the lowest prices of the last six months.  Its retracted a bit from that measure but seems like it can continue to do more before any reason to sell is found properly.  The volume with days with positive action is better then pullbacks, thats a good indicator of strength for us to continue also.

[Odusko]

Price will definitely go up. Yes we just don’t know the exact time when it will go up. But that means we shouldn’t lose hope from it. We have seen the capabilities of the coin, so it will be great if we keep the faith on. Bitcoins are limited in numbers, hence we should always accumulate as many coins as we can. We have also seen Bitcoins following a 4th year cycle pattern to reach new ATH price. 2024 is the 4th year, so we can say we might see a new ATH price soon.

We have a lot awaiting Bitcoin going forward and this is because Bitcoin halving and the ETF is all about the cardinal point that will lead us to a more visible Bitcoin market,  although bitcoin may not go too much above the present price and value,  but then we may not see any price decline either, that is to say the price of bitcoin is going to be relatively stable for sometime before it can take any possible position after then, i don't know how and when or which direction the price of bitcoin may take, but on the long run, we will all see the reality of the market for yourself and being able to forecast more thereafter

[Mate2237]

The price is going up and it was $29,975  when I checked last. And I am predicting $35+k to $45+k at the end of this year. The price entered $30,300 on the morning hour on Sunday 22/10/2023. And came down a little bit and it rising up again. Base on the way it moves now o don't think the price will still come back to $25+k again before the end of the year.

It was late this month the price of bitcoin also rose up last year. So it is the same way it did last year is the same in this year.