Bitcoin Price Forecast – Bitcoin Continues to Consolidate Overall

Bitcoin Forecast Video for 22-01-2024

Bitcoin Technical Analysis

Bitcoin was relatively quiet during the trading session here on Friday, as the market I think is still trying to sort out what to do now that we have the ETF announcement. I mean, after all, you have to think what’s going to be the driver.

And as a result, I do believe that we are entering a significant region of consolidation. And if that’s going to be the case, then it makes sense that we probe a little lower in order to find that floor. The $40,000 level, of course, is a significant large round number that a lot of people will pay attention to. I do believe that this is a market that will continue to carve out a range, and that’s essentially what we are doing at the moment. The $40,000 level obviously will attract a lot of attention, and therefore you need to be very cognizant of that level as a potential signal for algorithmic trading to go into place.

But we also see this as a market that if we break down below 40,000, then we could be looking at the $38,000 level as well. With that being said, I think you have a situation where market participants will continue to buy the dip. I mean, after all, we have a Bitcoin market that has been very strong and of course is showing no signs of slowing down. Because of this, I don’t really have any interest in shorting this market, but if we were to perhaps break down below 35,000, then you can make that argument.

With that being said, I think you’ve got a situation where market participants are just starting to dip into the market every time it does drop and perhaps with a small position, building up a larger position over the longer term. With that, I do believe that eventually we get to the 47,500 level again. That being said, if we can break that level, then we could go to 52,000. All in all, I do believe that Bitcoin is relatively bullish. It’s just we’re looking for a catalyst at the moment.

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