Bitcoin Price Forecast – Bitcoin Continues to Kill Time Waiting For Momentum

Bitcoin Forecast Video for 05-02-2024

Bitcoin Technical Analysis

Frankly, nothing going on on Friday, just like there has been all week for bitcoin. This is a market that has seen a lot of momentum to the upside and now we’re just hovering around 43,000. Remember, everybody got excited about the ETF and drove Bitcoin off 80% or so, but ultimately, now there’s nobody left to buy. And if that’s going to be the case, then it’s not a surprise that we are doing what we are doing.

If we can break above 44,000, then we could go to 48,000, which is where we saw a lot of selling pressure underneath, while the 40,000 level underneath is a massive support level, which is something that we will be paying attention to down to about 38,500. Being neutral on Bitcoin at the moment is not a good or a bad thing, it’s just the thing, and I think Bitcoin is probably going to continue to put people to sleep for a while.

As we try to churn through a lot of those massive gains, given enough time, I do think that we probably break out and go looking to the 52,000 level, but we need to see interest rates in America drop. With the jobs number coming out twice as what was expected on Friday there was a major shift in the bond market, and that may have suppressed any idea of stepping out and picking up risk assets such as Bitcoin. Nonetheless, it is an uptrend and at this point any short-term pullback I do think offers plenty of value that people are willing to step in and take advantage of.

In general, I think the future is bright, but there isn’t much to do other than perhaps build a position over time. Do it slowly, and be careful of volatility if and when it does show up again as this is a market that can be a beast at times. The trajectory over the longer-term is still bullish, so keep that in mind as you trade.

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