Bitcoin Price Forecast – Bitcoin Continues to Build a Case For Momentum

Bitcoin Forecast Video for 20.12.23

Bitcoin Technical Analysis

Bitcoin tried to rally just a bit during the trading session on Monday, as we are reaching the $43,000 level. The $43,000 level is an area where you see a lot of noisy behavior and that extends to the $44,000 level. If we can break above there, then it is likely that we could go look into the $47,500 level, an area that previously had been rather significant resistance and selling pressure wrapped up in one.

All things being equal, the market pulling back from here is likely to test the 20-Day EMA, perhaps reaching down to the $40,000 level as well. The $40,000 level of course is a large, round, psychologically significant figure, and an area that has been important previously as well. All things being equal, I do think that this is a situation where traders continue to come in and pick up short-term dips because Bitcoin is obviously in a very bullish market.

In general, this is a market that I think continues to see a lot of noise, especially as we head toward the end of the year and the lack of liquidity will accompany that. Ultimately, this is a market that I do think is higher, but we probably have a lot of noise that we have to get through over the last couple of weeks of the year as we continue to see a lot of liquidity being drained and, of course, questions asked about whether or not people will be taking profit at the end of the year. Furthermore, Bitcoin has yet to truly take off in its real-world use, so with that being said, there are some questions to be asked about whether it will ever be more than just digits?

Part of what we have seen has been the excitement of a potential spot Bitcoin ETF, so if that does not materialize anytime soon, you could see Bitcoin get hammered again because a lot of what you may have seen over the last couple of months is people trying to front run that potential catalyst.