Bitcoin Price Forecast – Bitcoin Continues to Attempt a Recovery

Bitcoin Forecast Video for 30-01-2024

Bitcoin Technical Analysis

As you can see Bitcoin rallied a bit during the early hours on Monday but really at this point, I think it’s just a continuation of recovering from the massive pullback that we had recently seen.

Going forward, I think this is a scenario where we are now going to try to get to the top of what could end up being the overall consolidation range between $40,000 and $47,000. Ultimately, I think we have a situation where you continue to buy dips, but ultimately beyond that, I think we have a situation where market participants will continue to see a lot of volatility and if that’s going to be the case, then you will get the occasional buy on the dips opportunity present itself.

Underneath, I see the 38,000 level as the swing low that held up quite nicely last time. But below there, I think we have the $35,000 level, which I believe is a major floor in the market, especially as the 200 day EMA is racing toward it. In this environment, I think you have to look at that as the end of the trend. If we break down below 35,000, that would be very bad for Bitcoin. So now that we have the Bitcoin ETF, it is going to change the dynamics of Bitcoin, and this year is going to be all about trying to sort that out.

In the short term though, I do think that we will continue to try to find consolidation, and it’s pretty much worth noting that the $47,500 level is a major spot on the chart. So, it does make sense that we pull it back from there as well. Quite frankly, if we were to break above the $47,500 region, that would be a bit surprising and it would open up a move to the $52,000 level, but I think that is “putting the cart before the horse.” Bitcoin will continue to move in a new manner because now Wall Street has its hands on everything, so it does make a certain amount of sense that the ETF will eventually be manipulated, which of course will have its effect on the spot market as well.

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