Do you think Bitcoin is gonna break its ATH soon?
There’s been a ton of buzz lately about Bitcoin trending upwards. A lot of folks are saying that ETF inflows might be hinting at a bull market on the horizon.
I came across this article that really zeroed in on that:
So, what are your thoughts? Is this something we should actually consider, or is it just a trap to get people to buy before the market takes a dive again?
Is Bitcoin about to hit a new all-time high?
19 replies 419 views
vectorone422Newbie
Posts: 51 · Reputation: 14
#2Aug 31, 2023, 05:00 AM
You don't invest into bitcoin because of the news you are hearing from social media, so that you don't invest due to FOMO. However, we are going to see bitcoin hit a new ATH based on past history but it shouldn't be a reason for us to invest for short-term profits. Rather, it should give you confidence and motivate you to continue growing and hodli your bitcoin overtime. $109k isn't the last ATH, there are many more to come.
That's part of basic technical analysis, my friend - "supply and demand."
You see, funds are flowing into ETFs, which means people are investing. This creates demand, and obviously, if thats real, Bitcoin will rise. But it wont happen easily because accumulation has been going on for a while, especially from institutional investors. What we need now is some news or hype to trigger the market, and honestly, what OP shared isnt really worth the hype, in my opinion.
just_pixelNewbie
Posts: 259 · Reputation: 25
#4Aug 31, 2023, 11:32 AM
It seems the momentum is there. Less than a month ago, the price even went down below $75,000. Today, it's above $96,000. If this momentum goes on a little longer, just a little longer, perhaps the ATH could be broken. It's not far away, anyway.
Aside from the resumption of ETF inflows, it seems the overall market sentiment is pretty optimistic. There seems to be more positive Bitcoin news than negative. It looks like there's a boost in institutional adoption. Outside of it, the tariff war also seems to have mellowed down. Moreover, there's an existing bet among traders and speculators that the Fed will cut rates as soon as June. That's another reason for a better outlook. There must be a new ATH soon.
Of course it is already very prominent that BTC will break ATH and continue.... If it eventually get past 100k within the next few days or weeks, I don't see it going back below 90k for the longest time possible
Whales are continuing with their accumulations that are opposite with small investors who are selling. Whales lead the market and after accumulate enough, they will pull Bitcoin up for taking profit.
If you can follow whales, you will get profit but they set up games for a long time and you must have enough patience and discipline for maintaining your investment plan and having proper actions.
I can not say whether new ATH will be made soon, but I believe Bitcoin will make it.
hodler_orbitNewbie
Posts: 77 · Reputation: 21
#7Sep 2, 2023, 11:54 PM
Classic pump and dump? Maybe
but things feel a bit different now.
I think the whales are kind of divided these days. Back then, whales were mostly market manipulators, buy low, hype it, then dump hard. But now weve got a new breed of whales like institutional investors (hi there, MicroStrategy) who are more into long-term holding.
Thats just my observation, though. I havent seen the kind of massive dumps like we used to, and the fact that Bitcoin bounced back to this level? Thats proof its got more strength now.
So yes, to answer the question.. But I like to throw a question too : how soon?
Many crypto analysts have predicted that Bitcoin is likely to break it's current ATH in the current quarter of the year, citing different factors like increasing institutional demand, recent regulator developments like the the establishment of the US Strategic Reserve and current market momentum how Bitcoin recently recovered from April's low of less than $77k to the current price of a little over $96k.
These reasons I think are valid enough to believe that this trend is beyond bait to attract more people to buy Bitcoin before the market drops. The technical analysis I did also strongly suggests that the recent downtrend was as a result of Bitcoin trying to make necessary corrections after the December/January price surge.
With the above reasons, I believe that you should be convinced enough to take the trend serious and position yourself to make profits when the predictions finally happens.
whale_novaMember
Posts: 76 · Reputation: 106
#9Sep 3, 2023, 05:12 AM
I hear the same thing like OP heard and I think its true. Institutions are coming in pack and they are filing ETFS even the altcoins are being filed as well. This could be a sign of what they said supercycle but sure it may not be as fast as it does rocket after halving.
But what is happening in geopolitics is really a sign that current financial system is crashing and the banks and institutions are coming to blockchain.
I will call it a fundamental analysis Instead because technical is majorly about pattern and the chart like. My reason for it been fundamental analysis is because it is news and this news is to trigger greed where many investors tend to buy bitcoin as they whales or institutions accumulating. This kind of news doesnt take effect in a short period of time rather it takes effect after a long period of time. But as you have said this isnt huge to cause a pump yet.
The one key thing Today that can cause a huge pump will be positive economic news but as long as there is news of tariff war still lurking around or news of potential inflation it will be difficult to see that huge pump. But for a week now we have been consolidating so there should be some leg up soon and possibly yes a new ATH this second quarter of the year
pixelhq444Member
Posts: 298 · Reputation: 65
#11Sep 3, 2023, 04:35 PM
Sooner or later this is going to become a reality, only that we don't know the exact date, but as we speculate the more, we continue to have the clue on when this is probably going to come, but I've seen lots of speculations saying that we are going to make all time high before the end of the year, some have already been buying and holding in preparation for this, right form when the market dips to $74,000 and will be probably selling at $110,000 and above as they may want it, this confidence is there because we are dealing with bitcoin and not any other altcoin.
shard_ravenNewbie
Posts: 149 · Reputation: 20
#12Sep 4, 2023, 02:59 PM
Whether it will break or not break is speculation. ETF getting money flowing in or out, will continue to see flux but it might not always lead to a bullish or bearish trend.
Try not to correlate these things, they might never be linked and we can never prove that to be correct or wrong. The more you think about these things the more your head will start to hurt.
The easier move is to stay on your toes for every cycle to begin and place orders accordingly.
raven_neonMember
Posts: 84 · Reputation: 45
#13Sep 4, 2023, 05:51 PM
$75K was the ideal bounce point and now we are back bullish so at first glance it is quite easy for Bitcoin to break through its highs again. The bull run is not over considering how positive sentiment towards Bitcoin investment demand will continue to be triggered from various directions starting from large companies and even developing and developed countries are starting to use Bitcoin as a hedge after gold.
pixelhub542Newbie
Posts: 134 · Reputation: 12
#14Sep 4, 2023, 08:03 PM
Some Bitcoin holders do follow the news, but some others may ignore the news. Because those who already hold it don't need to worry about it all, they have their own plan, and only glance at the news.
Even now, many are saying that we have not left the bull market. Some previous declines did not make us fall into a bear market. Now what we will see is an increase, and many still believe that Bitcoin will reach a new ATH this year.
I'm not so sure, right now people will easily believe and use the news as a reason to buy. Right now, people are getting smarter in their thinking.
blockone12Newbie
Posts: 54 · Reputation: 14
#15Sep 4, 2023, 09:09 PM
Great piece of information but one thing that I have understand in crypto currency is that panic buying due to these kind of News is not a good one because I see people who only go in to the market and buys Bitcoin and holds for a while due to news like this as Fair weather holders, Bitcoin has consistently shown a that it can reach ATH so am not going to rush the market because of this news , what you need to is that most of these news are there to play with the emotions of investors so that they will rush into the market you have to believe in bitcoin that its going to break new grounds in terms of the price personally I believe that the price of Bitcoin will hit ATH this year am predicting a all time high of $150k by the end of this year
I agree with what you said, why do people wait for good news to come out in the hope that prices will rise, even though when good news occurs the increase only lasts relatively short before returning to sideways, as Bitcoin is experiencing now, sometimes i think, wasn't Bitcoin created for freedom but why now prices tend to be controlled by several parties, it's sad.
And also, when we as retail or investors really understand the potential and benefits of the assets we invest in in the future, i don't think we need to think about prices, what is needed is consistency in buying gradually, we know the potential of Bitcoin, with limited supply, wider adoption because over time more and more people will realize and then buy, then there are institutions that start making Bitcoin as one of the assets that has the potential to generate profits, this proves that Bitcoin's future will be bright, it's just a matter of time for the price to go up.
The price of bitcoin got to $97k today, isn't that sign of a bullish trend? i believe that we are close to a new ATH, but no one knows exactly when it will happen but even if the price drops again, should we worry? never again because it will still rise again. Many times, we have come across the price of bitcoin falling and gives investors who are weak tensions and since they are not emotionally strong, it will be difficult to convince them that the price will not continue falling for a long time that is why it's not good to invest with emotions because whenever the market is falling, it might affect their feelings.
If you base your bitcoin investment decisions on the news in the internet, you are obviously going to make mistakes. I agree with you that there are a lot of bullish news recently all over the internet, but since after the approval of ETF Bitcoin, the industry has been bullish in news till date. If there is best time for anyone to hold Bitcoin, I think it is now. The industries are trooping into Bitcoin, once an enemy of Bitcoin (The government), is embracing Bitcoin, more individuals are finding their way to the Bitcoin ecosystem yet the largely sort bitcoin remains limited in supply. I am of the opinion that bitcoin is not yet making the massive movement desired of it. When the movement starts is going to be explosive and shocking.
All are predictions and many have predicted this before now. In the ti.e of Joe Biden, bitcoin hit $109+ and I don't think bitcoin has hit $100k when Donald Trump has taken over the government. But that is not withstanding, bitcoin will hit all time high again in this year before the end of year.
I am expecting bitcoin to hit $110k to $115k before the end of this year.
Well, the news always look for something to attribute to Bitcoin price movements, and they most times attribute it to centralized influences because that's what they are part of, and they try to promote their own. This also makes things look like they are in control. But their data or explanation for the price movements is hardly consistent with the fact.
Anyway, they are never a reliable sources of news on Bitcoin as far as decentralization, public consensus and trustlessness is concerned. A reliable source of news on Bitcoin would be one with little to zero issues after a thorough vetting by a decentralized/Bitcoin community.
There is a reason why the price is going up and will probably break its all time high. It is connected to decentralization and other ideals of Bitcoin. It has nothing to do with what you said the news attribute it to.
By the way, you shouldn't buy or sell based on what you read on the news. They are often incorrect or misleading, and won't help in the understanding of why the market behaves the way it does .
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