Bitcoin Price Forecast – Bitcoin Continues to Build Momentum

Bitcoin Forecast Video for 08-01-2024

Bitcoin Technical Analysis

Bitcoin has initially pulled back just a bit during the trading session here on Friday with the volatility of the jobs number adding to the noise. That being said, the one thing that we continue to see in the Bitcoin market is buyers step in to pick up value every time we drop.

I do believe that the $40,000 level underneath probably offers a very significant floor, especially after the candlestick that we had on Wednesday. We have the 50-day EMA sitting there as well, so that of course attracts a certain amount of attention in and of itself. I do believe that eventually Bitcoin will go looking to reach the $46,000 level and then after that the $47,500 level but in the meantime I’d be very careful because liquidity is a little bit of an issue and we also have some concerns out there that perhaps traders will sell the news if and when a Bitcoin ETF is announced. This is something that has caused quite a stir in the crypto world and therefore it’s not a surprise if it does get pushed through.

At that point, most people would be willing to take their profit. Nonetheless, I do think that Bitcoin goes higher over the longer term, and therefore I don’t think that selling is feasible, at least not until we break down below the crucial $35,000 level. If we were to do that, then I could rethink the whole situation, but right now, this looks like a market that is heavily defended near $40,000 and that’s something that you just cannot ignore.

Ultimately, it looks like a lot of traders are paying close attention to the idea that crypto will have a good year, and that of course means that Bitcoin will be the leader as it typically is. With new institutional money likely to flow into the Bitcoin market, it does make sense that we continue to find plenty of buyers throughout the rest of the year and therefore unless we break down below that $35,000 level, something that I just don’t see happening anytime soon, this is a market that should remain very bullish.

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