This bullish momentum - Breaking through the $35,000 mark

[Kensure]

Last week was highly anticipated for Bitcoin (BTC) enthusiasts, as it saw the price surge above levels not seen in over a year. Taking a look at the moving averages, the MA-20 (in red) has shown significant strength compared to the MA-50 (in orange) and has managed to avoid any negative trends this month. This suggests a positive sentiment for the world's largest digital asset.
On the technical front, the RSI (Relative Strength Index) is poised for a potential move into the overbought territory. This might lead to profit-taking as BTC could reach new yearly highs once again.

This bullish momentum, breaking through the $35,000 mark, is largely attributed to the growing optimism surrounding the potential approval of a Bitcoin Spot ETF by the SEC.

Overall, the next targets for BTC can be placed at $36,000 and $38,000, respectively. In case of profit booking momentum, support levels can be placed at $33,000 and $30,000, respectively.

[tjtonmoy]

Bitcoin is really struggling to break the $38,000 price point. I will not stay bullish on Bitcoin for long. If it's unable to break the target, then it could eventually go down. I'm not so good at market analysis but it does seem like a hanging man pattern on the daily chart. From my analysis, it's going to go down and then push back up again maybe about in a week or two. And if it is unable to break the target point again then it will take more time to become bullish again.

I'm out of the market for a bit and I don't know about what trend and news are spreading on the internet about Bitcoin. Any good news can push Bitcoin to break the target point and become more bullish or a total opposite could happen. If your investment plan is for a long-term, then it is better to hold and not think about this small movements.

[Jegileman]

Your post is better situated in the speculation board than bitcoin discussion.
This is a great analysis that is currently surrounding the bitcoin market now. The momentum and anticipation of the bitcoin ETF is what has been fueling the increase in price of bitcoin recently and we might see a downtrend if bitcoin ETF isn’t approved by end of the year. That time will be the last time for those who haven’t invested a considerable amount in BTC or haven’t invested at all to get into the market. If for any reason the Bitcoin ETF gets approved, the market will continue in an upward direction until the time of the halving and eventually bull run.

[Marvelman]

Overall, the next targets for BTC can be placed at $36,000 and $38,000, respectively. In case of profit booking momentum, support levels can be placed at $33,000 and $30,000, respectively.

Aren't you a little late with these price targets? It seems like you copied someone's analysis that is at least a few days old.

By the way, you forgot to copy the TradingView chart in "your" technical analysis.

[Franctoshi]

Overall, the next targets for BTC can be placed at $36,000 and $38,000, respectively. In case of profit booking momentum, support levels can be placed at $33,000 and $30,000, respectively.

Bitcoin almost touched $38k from its last move, and it was just about a few dollars away from hitting the $38k price you talked about,  So we shouldn't be talking about $38k to be the next level because the price almost smashed that price target, we should be looking at a higher price of $40k-45k which if looking at the chart that should be the next destination point for BTC to reach.

[AmoreJaz]

Bitcoin almost touched $38k from its last move, just about a few dollars away from hitting the $38k price you talked about,  So we shouldn't be talking about $38k to be the next level because the price almost smashed that price target, we should be looking at a higher price of $40k-45k which if looking at the chart that should be the next destination point for BTC to reach.

that's the next target in this market, 40-45k range. and i guess, that's not too hard to achieve. once we surpass the 40k mark, it can easily go up in a matter of hours, or days, who knows? but before seeing those levels, you might want to think on how you can take advantage of such opportunity.
as we have seen, we are seemingly bullish these days. before this year ends, a lot of people may be are happy holding their satoshis. maybe, time to cash out some to enjoy what you've been waiting for long.

[mirakal]

Overall, the next targets for BTC can be placed at $36,000 and $38,000, respectively. In case of profit booking momentum, support levels can be placed at $33,000 and $30,000, respectively.

Bitcoin almost touched $38k from its last move, and it was just about a few dollars away from hitting the $38k price you talked about,  So we shouldn't be talking about $38k to be the next level because the price almost smashed that price target, we should be looking at a higher price of $40k-45k which if looking at the chart that should be the next destination point for BTC to reach.

Currently bitcoin is priced at $36k so expect if the market continuous to be bullish, then we can hit $40k-$45k just this month. Aside that good things happen at the last quarter of the year, the pressure that is created with the expected Bitcoin ETF approval and the upcoming bitcoin halving is high that's why I can't help but to stay optimistic with the future prices of bitcoin. And for sure a lot would agree to this.

However, while the volatility factor of bitcoin remains, we may expect for some price decline but most likely its only a preparation of the market before bitcoin price skyrocket again and reach a new price resistance or a new all time high.

[virasog]

Bitcoin almost touched $38k from its last move, just about a few dollars away from hitting the $38k price you talked about,  So we shouldn't be talking about $38k to be the next level because the price almost smashed that price target, we should be looking at a higher price of $40k-45k which if looking at the chart that should be the next destination point for BTC to reach.

that's the next target in this market, 40-45k range. and i guess, that's not too hard to achieve. once we surpass the 40k mark, it can easily go up in a matter of hours, or days, who knows? but before seeing those levels, you might want to think on how you can take advantage of such opportunity.
as we have seen, we are seemingly bullish these days. before this year ends, a lot of people may be are happy holding their satoshis. maybe, time to cash out some to enjoy what you've been waiting for long.

Well I think that bitcoin BTC is due for some correction and it needs to test the lower low on the daily time frame. Although the momentum in bitcoin is so strong that we can move straight up without retrace, but such moves are usually unsustainable and not considered good ones.

Also for the bull run to commence, a healthy correction is needed. We don't want to get too much in the over sold territory. The higher we go without retracement and testing lower levels , the bigger will be the dump.

[Fundamentals Of]

Were they anticipating it or were they all surprised how those previous weeks turned out? I wonder if anybody actually anticipated that Bitcoin would leap more than $10,000 in just a month's time. That probably caught a lot by surprise. That wasn't normal. Despite Bitcoin's volatility, nobody would have anticipated that it would grow that much in so short a time. That notwithstanding the fact that an approval of a Bitcoin spot ETF by the SEC is not yet announced.

[pinggoki]

Were they anticipating it or were they all surprised how those previous weeks turned out? I wonder if anybody actually anticipated that Bitcoin would leap more than $10,000 in just a month's time. That probably caught a lot by surprise. That wasn't normal. Despite Bitcoin's volatility, nobody would have anticipated that it would grow that much in so short a time. That notwithstanding the fact that an approval of a Bitcoin spot ETF by the SEC is not yet announced.

I think that whatever bitcoin market does, it will always surprise people no matter what, probably a smug few would say that they have expected the price to go that high but I don't buy that because they definitely just want to look like they are ahead of the curve. Sure they might have expected that bitcoin will go up since there's the ETF approval stuff but I still don't buy that people are expecting it. Now that you have given the actual figure, I would say that it's a lot of growth. I guess we should be safe to assume or expect that bitcoin's going to be going at more than 40k USD in December?

[Fundamentals Of]

Were they anticipating it or were they all surprised how those previous weeks turned out? I wonder if anybody actually anticipated that Bitcoin would leap more than $10,000 in just a month's time. That probably caught a lot by surprise. That wasn't normal. Despite Bitcoin's volatility, nobody would have anticipated that it would grow that much in so short a time. That notwithstanding the fact that an approval of a Bitcoin spot ETF by the SEC is not yet announced.

I think that whatever bitcoin market does, it will always surprise people no matter what, probably a smug few would say that they have expected the price to go that high but I don't buy that because they definitely just want to look like they are ahead of the curve. Sure they might have expected that bitcoin will go up since there's the ETF approval stuff but I still don't buy that people are expecting it. Now that you have given the actual figure, I would say that it's a lot of growth. I guess we should be safe to assume or expect that bitcoin's going to be going at more than 40k USD in December?

Not really, Bitcoin doesn't surprise us all the time. If it hits $40,000 by December, which I think is very possible considering that it has already reached $38,000 this early, I wouldn't be surprised at all. That's something I'm anticipating, just like I'm anticipating a new ATH or even $100,000 by 2024 or 2025. But if we talk of something incredible that Bitcoin suddenly does like growing $10,000 or 38% in just 1 month, that's unexpected and totally surprising.

What's probably not surprising though is the fact that Bitcoin surprises us every now and then.

[electronicash]

don't assume to much that it will plunge because its on the overbought high in RSI, they institutions want you to think that way which you will be waiting for the price to dump while the price soar higher.

if you compare it to the previous bull run, its almost the same where it shoots up instead and the whales got your coins. they don't care anymore whether they bought it at a high price. they only care about having more BTC. and we havn't got the ETF approved yet and the coming halving is still approaching.

[pinggoki]

~

Not really, Bitcoin doesn't surprise us all the time. If it hits $40,000 by December, which I think is very possible considering that it has already reached $38,000 this early, I wouldn't be surprised at all. That's something I'm anticipating, just like I'm anticipating a new ATH or even $100,000 by 2024 or 2025. But if we talk of something incredible that Bitcoin suddenly does like growing $10,000 or 38% in just 1 month, that's unexpected and totally surprising.

What's probably not surprising though is the fact that Bitcoin surprises us every now and then.

So you're the guy that I'm talking about, the people that say that bitcoin's significant movements don't surprise them at all? 100k by 2024 to me is still a dream and I don't think we will see it, anticipate is a big word for that because bitcoin didn't pump that big when the halving happened back then, it took about 1 year before it got to the ATH and then the prices starts going down again.

[Fundamentals Of]

~

Not really, Bitcoin doesn't surprise us all the time. If it hits $40,000 by December, which I think is very possible considering that it has already reached $38,000 this early, I wouldn't be surprised at all. That's something I'm anticipating, just like I'm anticipating a new ATH or even $100,000 by 2024 or 2025. But if we talk of something incredible that Bitcoin suddenly does like growing $10,000 or 38% in just 1 month, that's unexpected and totally surprising.

What's probably not surprising though is the fact that Bitcoin surprises us every now and then.

So you're the guy that I'm talking about, the people that say that bitcoin's significant movements don't surprise them at all? 100k by 2024 to me is still a dream and I don't think we will see it, anticipate is a big word for that because bitcoin didn't pump that big when the halving happened back then, it took about 1 year before it got to the ATH and then the prices starts going down again.

Personally, that's anticipation for me. I'd bet my money on it. As I've said, Bitcoin will hit $100,000 in 2024 or 2025. Don't compare the previous halving. When the halving took place in May of 2020, the price of Bitcoin was just around $8,000. More than a year later, it reached almost $70,000. Now the halving in 2024 is different because Bitcoin is already at a high point, perhaps more than $40,000. That's the starting point. So when the effect of the halving starts to reflect on the price, it would only need to double and a little more to hit $100,000.

[pinggoki]

~

Personally, that's anticipation for me. I'd bet my money on it. As I've said, Bitcoin will hit $100,000 in 2024 or 2025. Don't compare the previous halving. When the halving took place in May of 2020, the price of Bitcoin was just around $8,000. More than a year later, it reached almost $70,000. Now the halving in 2024 is different because Bitcoin is already at a high point, perhaps more than $40,000. That's the starting point. So when the effect of the halving starts to reflect on the price, it would only need to double and a little more to hit $100,000.

How much would that money be? depending on your answer I might be willing to bet on that if I can afford to bet the amount but given how you put the perspective on the growth of bitcoin I just hesitated on that bet while I'm typing my reply to you. I do wish though that you're anticipation is right and that bitcoin will reach 100k because I'm definitely going to be getting a big profit because I bought a considerable amount of sats at a 20k USD price. My only wish is that when it hits that 100k, it's not going to the new all-time high.

[adultcrypto]

Overall, the next targets for BTC can be placed at $36,000 and $38,000, respectively. In case of profit booking momentum, support levels can be placed at $33,000 and $30,000, respectively.

Aren't you a little late with these price targets? It seems like you copied someone's analysis that is at least a few days old.

By the way, you forgot to copy the TradingView chart in "your" technical analysis.

It was obviously a response to an old analysis like you rightly noted. It was a long time that price range made sense in a discussion like this because we have left there already. The focus at this point is how Bitcoin will reach $40k as I am projecting before the end of the year.  Bitcoin already reached the second target referenced there, further showing that the response was probably copied poorly.

[Fundamentals Of]

~

Personally, that's anticipation for me. I'd bet my money on it. As I've said, Bitcoin will hit $100,000 in 2024 or 2025. Don't compare the previous halving. When the halving took place in May of 2020, the price of Bitcoin was just around $8,000. More than a year later, it reached almost $70,000. Now the halving in 2024 is different because Bitcoin is already at a high point, perhaps more than $40,000. That's the starting point. So when the effect of the halving starts to reflect on the price, it would only need to double and a little more to hit $100,000.

How much would that money be? depending on your answer I might be willing to bet on that if I can afford to bet the amount but given how you put the perspective on the growth of bitcoin I just hesitated on that bet while I'm typing my reply to you. I do wish though that you're anticipation is right and that bitcoin will reach 100k because I'm definitely going to be getting a big profit because I bought a considerable amount of sats at a 20k USD price. My only wish is that when it hits that 100k, it's not going to the new all-time high.

Oh I like this. How much are you willing to bet? I hope it's not too small that it will just be eaten up by transaction fees. Also we will be putting our bet money into escrow, that also requires a fee. But I'm not also thinking of a really big amount because I don't have much and also the time frame of this bet is rather long. But I'm willing to bet on this because I'm bullish on Bitcoin and I'm almost sure that the price would hit $100,000 in 2024 or 2025.

[philipma1957]

Were they anticipating it or were they all surprised how those previous weeks turned out? I wonder if anybody actually anticipated that Bitcoin would leap more than $10,000 in just a month's time. That probably caught a lot by surprise. That wasn't normal. Despite Bitcoin's volatility, nobody would have anticipated that it would grow that much in so short a time. That notwithstanding the fact that an approval of a Bitcoin spot ETF by the SEC is not yet announced.

I have been saying 42k by nov 30 - dec 1. and 48k by dec 31 - jan 1

some jan profit taking down to 40k and a slow up tick grind toward the ½ ing in late march early april

[kentrolla]

Were they anticipating it or were they all surprised how those previous weeks turned out? I wonder if anybody actually anticipated that Bitcoin would leap more than $10,000 in just a month's time. That probably caught a lot by surprise. That wasn't normal. Despite Bitcoin's volatility, nobody would have anticipated that it would grow that much in so short a time. That notwithstanding the fact that an approval of a Bitcoin spot ETF by the SEC is not yet announced.

I have been saying 42k by nov 30 - dec 1. and 48k by dec 31 - jan 1

some jan profit taking down to 40k and a slow up tick grind toward the ½ ing in late march early april

If we look at the previous trends the bull run should start now itself because most of the time second half of December is the time when we see Bitcoin's downtrend and it was the 10th November 2021 when Bitcoin reached it's ATH and we ended the December around $48k and further during dropped further $12k before the end of January 2022, basically October and November are the months when we an yield profits and Bitcoin can further surge but December has been dull month and we witnessed drop even during December 2022.

I think we need to be very cautious in the month of December to avoid losing money in FOMO. As you have mentioned we can expect upward trend during March/April due to halving.

[yhiaali3]

I agree with you on the possible scenario for Bitcoin in the near term, as the next target is expected to be at 38K$ and due to the potential earnings momentum, we may see it rebound to the support levels of 33K$ and below.

But I disagree with your point that the reason for this bullish momentum is “increased optimism surrounding the potential approval of the Bitcoin Spot ETF by the SEC.” We have already noted in previous posts that the impact of the approval has diminished very much and is unlikely to be the reason of Bitcoin's current rise.