Bitcoin Price Forecast – Bitcoin Continues to Attempt a Bounce

Christopher Lewis
Published: Apr 18, 2024, 13:31 GMT+00:00

The Bitcoin market is in the middle of trying to bounce a bit, as the $60,000 level is an area that seems to be important as the market continues to consolidate overall.

In this article:

Bitcoin Technical Analysis

You can see that Bitcoin has bounced a bit during the trading session here on Thursday as we continue to test the $60,000 level for support. In general, if we can continue to bounce from here, then I think we could very well turn around and go looking to the $70,000 level.

The 50 day EMA is an indicator that a lot of people pay attention to and in general, I think this is a situation where we are a little oversold but ultimately this is a market that is working of froth from a huge move higher. So, although it’s been a bit of a shocking drop, the reality is if any hint of risk appetite comes back into the markets, Bitcoin’s going to rally.

Keep in mind that ETF inflow of 92% gains in six weeks, of course, has to be worked off. So, I think we will probably have a large consolidation area in the foreseeable future. But if we were to break down below the $60,000 level, we could go looking to $52,000 underneath, which is an area where we had seen some resistance previously.

Alternatively, if we can break above the $74,000 level, then it frees Bitcoin to go much higher. While there are starting to be words about the halving coming out, I think really at this point in time, this is more or less about Wall Street getting excited about its latest game. Whether or not they pump and dump, Bitcoin remains to be seen. They are known to do that on Wall Street with various assets, so do keep that in mind, but as things stand right now, there’s really nothing here that suggests the Bitcoin can’t recover. With that, I remain cautiously optimistic.

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About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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