Are we going back under 20K or is it only going up from here?

Wondering what the majority of the sub believes, have we hit bottom?

Bitcoin has been bouncing between 23K through 24K after reaching a low of 17.6K on June 18th, could we have already seen the bottom or is this a bull trap, dead cat bounce (whatever you want to call it)?

Biggest upcoming event for bitcoin is probably the 142,000 btc that could be sold off from Mt GOX.

we are also still in the beginning, middle or end of a global economic down turn depending on who you ask. Is this is good or bad for bitcoin? Everybody seems to have a different opinion on this with most being split between two camps.

* some believe that seeing fiat currencies lose value will show why bitcoin is superior and needed, shooting the value up and leading to a price increase for crypto in general.
* others think that most people will be struggling to make ends meet, needing to prioritize food and shelter over speculative assets such as bitcoin. Which will cause the price of bitcoin and crypto to fall.

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37 thoughts on “Are we going back under 20K or is it only going up from here?”

  1. I’m a TA expert. The 200 WMA on the inverted EMA bollinger suggests the RSI is too high at the moment, so a retest of previous support, which is now resistance, seems the most likely scenario, however, this could easily be undone through a breakout of the KDJ fear and greed index chart, especially if bears can manage to keep bulls from breaking the resistance but this all depends on the doji formation on the weekly and 4h in the case of a false breakout/fakeout in a clear 5 wave formation.

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  2. I remember a few people once on here telling me I was dumb because I didn’t think eth would hold above 4k. Its so predictable that most of this sub thinks we have hit the bottom lol.

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  3. I would like to get another chance at buying at those prices, since I sold most of my bought stack from the previous yearly lows, but I’m rather uncertain it will happen again in the short term.

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  4. Tomorrow Bullard talks on behalf of the Fed, people seemed super amped about FOMC last week which is why tech and crypto pumped. Itll give some good clarity if people misinterpreted

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  5. The world economy is not getting better right now. There are some individuals/corporations that are trying to squeeze out a last hurrah from retail during this cycle, hence why we hear talk of stock market rebounds and crypto pumps. The liquidation of BTC shorts right after the FOMC announcement definitely smelled like smart money playing dumb money.

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  6. These are some very specific options in the poll. I do think 17.5k was the bottom and I bought a shit ton at 17.7k but I don’t think we are out of the woods yet. We can definitely test some lower prices.

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  7. My buy orders are waiting from $17-21k to gobble up some bitcoins, so I hope it keeps going back and forth 🙂

    It depends on the overall stock market and appetite for risk assets. Today the market was down on the news of Pelosi landing in Taiwan later/already.

    Traditionally this is kind of the mid-zone. I’d expect a pop to $28-30k at some point only to come back down again and keep testing lower, maybe down to $12-13k with recession.

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