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Bitcoin Price Forecast – Bitcoin Continues to Grind Higher

By:
Christopher Lewis
Updated: Mar 28, 2024, 15:02 GMT+00:00

Bitcoin markets rallied again during the trading session on Thursday as we continue to see a lot of bullish pressure in this market. Ultimately, this is a “buy on the dips” set up just waiting to happen.

In this article:

Bitcoin Technical Analysis

You can see that we have rallied a bit early during the trading session on Thursday, but keep in mind, the market certainly seems to have slowed down, and it makes a certain amount of sense considering that we are trying to work off massive amounts of froth. Ultimately, this is a market that I think each time it pulls back, you have to be a buyer of, and it does look like the $60,000 level underneath is going to be a massive floor. The 50 day EMA is reaching that area as well. So, a lot of this looks to me like a market that I think you’re just looking for value.

The initial surge into the ETF that everybody was so excited about is probably over, at least for the short term. And therefore, I think you’ve got a situation where it’s going to be more of a grind. That’s fine, the grind can continue to push towards $75,000. Breaking $75,000 then kicks off the next buy and hold segment. I have no interest in shorting Bitcoin because quite frankly, it is far too strong, but ultimately, I do think that you have a situation where traders are going to continue to look at this through the prism of, Can I get a bargain?

I think, as long as we can stay above $60,000, not much will have changed. Even if we drop $3,000 in the process, it’s only going to offer value.

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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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