Can Bitcoin Break Out Above $20,000?

[Wesley Murphy]

I think that soon bitcoin will rise again to the previous levels or even higher. At least, there will be no drop below $15,000.

 

[edgarf76]

It's expected to as this and perhaps the whole 2023. We have been officially in crypto winter for months now though. We failed to close above the 200wma which was 22,000$ and we've never had btc go down due to inflation. I'm in it for the long term, dollar cost averaging at the moment to have a good if not an excellent entry point once the rally comes back and everyone fomos in.

I would love to see some additional 50% btc correction (expected btw, a lot of the charts point sub 16k $ up to 12k ) and get a few more, and perhaps sub $600 eth next to a few other alt coins I have. As long as it's money you can afford to lose, which would not force you to sell at a time you shouldn't be selling but buying (like now) you are going to be okay.

As long as the price is only affected by those buying/selling on CEX (centralized exchanges like Binance FTX, Coinbase etc) and not by those who trade on the OTC (over the counter aka wallet to wallet), it's bound to be manipulated by the big players. Just check the top 200-1000 BTC wallets. They are all stacking massive amounts daily, which isn't affecting the price one bit.

On one hand I would love to have an opportunity to buy btc at 12K and eth at 600. However, there has been a correlation between bitcoin and the Nasdaq, and that would mean (most likely) that the nasdaq is going to trade much lower. Unfortunately, I think that is most likely.

 

[Pokitren]

On one hand I would love to have an opportunity to buy btc at 12K and eth at 600. However, there has been a correlation between bitcoin and the Nasdaq, and that would mean (most likely) that the nasdaq is going to trade much lower. Unfortunately, I think that is most likely.

Is the correlation direct or inverse? Sorry, this is the first time I've heard of a correlation between bitcoin price and nasdaq. I'm not very deep into the subject, but there are some bitcoin acquisitions, small ones.

 

[casinobonusguy]

I am curious what Revenue Network moving away from Bitcoin will do to the price and if others will follow..

 

[leah_shepherd]

I think that soon bitcoin will rise again to the previous levels or even higher. At least, there will be no drop below $15,000.

That's cool to answer this thread now, seeing the price of Bitcoin ($19000+ right now).
I am interested in how August will end. Hope it will be more than $20000. Fingers crossed.

 

[slotplayer]

With this rally today, the question is keep the btc coins that are still under water or dump them and reduce the loss?

 

[BoatDrinks]

Prediction is this run up gets close to $30K then bumps back down to $25K due to some other unforeseen news.
The financial hijackers want to sell wrapped BTC EFTs and this speculation will take it way up. Defi is dead for a while.
Then WHAMO the unexpected will knock it down. More up and down for the foreseeable future with mini bull run.

 

[slotplayer]

Prediction is this run up gets close to $30K then bumps back down to $25K due to some other unforeseen news.
The financial hijackers want to sell wrapped BTC EFTs and this speculation will take it way up. Defi is dead for a while.
Then WHAMO the unexpected will knock it down. More up and down for the foreseeable future with mini bull run.

Yeah, but it would have to get around twice that amount for it to breakeven. It was just a small amount.
I was hoping at the time that it was just a dip and it would recover.

 

[edgarf76]

I think Bitcoin is going to dip below 20K again before it makes another run. However, with banks failing, you never know.

 

[KasinoKing]

With this rally today, the question is keep the btc coins that are still under water or dump them and reduce the loss?

That is the HARDEST question!

So I have X amount of Bitcoin: Some of it I received when they were £17,000 each, others were at £46,000 at the time... and lots of others in between.
I just sold some today @ £22,700 - but have I made a Profit or a Loss???

I just can't get my head around that!

KK

 

[slotplayer]

That is the HARDEST question!

So I have X amount of Bitcoin: Some of it I received when they were £17,000 each, others were at £46,000 at the time... and lots of others in between.
I just sold some today @ £22,700 - but have I made a Profit or a Loss???

I just can't get my head around that!

KK

The first amount of BTC @£17,000 is a profit because you sold it for more than the fair market value (FMV-£17,000)

The second amount of BTC @£46,000 is a loss because you sold it for less than the fair market value (FMV-£46,000). In the US FMV is defined as how much the coins were selling for at the time of receiving them.

You'd have to add the two results from both transactions together to see if its an overall profit or loss.

Not sure about the UK but here in the states we can pick which coins (or fractional amount of coins) we can sell to lower tax liability.

 

[edgarf76]

That is the HARDEST question!

So I have X amount of Bitcoin: Some of it I received when they were £17,000 each, others were at £46,000 at the time... and lots of others in between.
I just sold some today @ £22,700 - but have I made a Profit or a Loss???

I just can't get my head around that!

KK

What is your cost average?

 

[KasinoKing]

What is your cost average?

£22,928

But I still feel like I'm losing out when I'm selling the ones that came in at £46,890!
So in my mind, the ones I'm cashing out now are the ones that came in lower - even though they are all lumped together in one wallet.
And I'm crossing my fingers that the price goes back up to double what it is now!

KK

 

[edgarf76]

£22,928

But I still feel like I'm losing out when I'm selling the ones that came in at £46,890!
So in my mind, the ones I'm cashing out now are the ones that came in lower - even though they are all lumped together in one wallet.
And I'm crossing my fingers that the price goes back up to double what it is now!

KK

I got rid of a little when it hit 28K a few days ago. I think its going back down before it goes up.

 

[MaryJack]

now to the question of whether bitcoin can rise to 20 k, you know that it can and more, this is cryptocurrency, here you can expect everything

 

[Strider1973]

£22,928

But I still feel like I'm losing out when I'm selling the ones that came in at £46,890!
So in my mind, the ones I'm cashing out now are the ones that came in lower - even though they are all lumped together in one wallet.
And I'm crossing my fingers that the price goes back up to double what it is now!

KK

No worries, that's wrong. You have to calculate your average purchase price. You lowered your average cost per coin by buying cheaper coins.
If for example you bought 1 BTC @ 46890 and 2 BTC @ 17000 then you spent 80890 for 3 BTC or 26963 for 1 BTC. So as soon as you sell coins at 26964 or higher, you make a profit.

 

[edgarf76]

In order for Bitcoin to hold these levels, the Nasdaq (of symbol QQQ) has to hold these levels. If the Nasdaq fades (as I think it will), Bitcoin will drop. However, with such a great start for stocks in the first quarter, it is probable that the Nasdaq may have some legs.