Bitcoin Price Forecast – Bitcoin Continues to Bounce Around

Christopher Lewis
Published: Jun 20, 2024, 13:35 GMT+00:00

The Bitcoin market continues to see a lot of noisy behavior overall, as the chart shows just how confused we are at the moment. The central banks around the world look likely to continue cutting, as the Swiss National Bank cut in the morning. However, this is all about the Federal Reserve more than anything else.

In this article:

Bitcoin Technical Analysis

Bitcoin rallied a bit during the early hours on Thursday, although we are struggling just a touch underneath the $67,000 level. At this point, I am a bit cautious about jumping in, but if we can recapture 67,000, then that would be a very bullish sign opening up a move to the $72,000 level. Short-term pullbacks at this point in time would, of course, have to pay close attention to the 64,000 region, which is where we have seen quite a bit of support a couple of different times.

Breaking down below there opens up the possibility of a move to the $60,000 level. Keep in mind that Bitcoin has been chopping back and forth after the massive shot higher of 92% gains in just six weeks after the announcement of a Bitcoin ETF. With that being said, I think we’re still trying to figure out exactly what Bitcoin is going to be in the future. After all, Wall Street has everybody involved.

Now they have to come up with a narrative. Bitcoin has been accused of being multiple different things over the years and because of this, nobody really knows what it is. The central banks around the world are starting to cut rates and that could help Bitcoin, but the big one, the one that actually matters is the Federal Reserve and they still remain tight. So that might be working against Bitcoin as well.

I think a short-term buying opportunity exists above 73,000 that could send this market towards the 80,000 level, but we’ve got to get there. On a shorter timeframe, if we can get a close on the daily chart above $67,000, then I think you’ve got a short-term trade there as well. I have no interest in shorting.

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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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