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Bitcoin Price Forecast – Bitcoin Continues to Launch

By:
Christopher Lewis
Published: Feb 27, 2024, 14:05 GMT+00:00

The bitcoin market continues to jump straight into the stratosphere as the market has rallied quite drastically early during the Tuesday session. At this point, the mania continues to feed itself.

In this article:

Bitcoin Technical Analysis

You can see another day, another surge higher. At this point, we are looking at a pretty big move that is trying to take out the $57,000 level. Looking at the longer term charts, there doesn’t seem much to keep it from going much higher at this point. So, I would anticipate that Bitcoin continues to be a buy on the dip asset, assuming you even get those dips. Bitcoin has gotten a major boost due to the ETF that came out for it, and Wall Street, of course, is going to pump it up. There’s a lot of money chasing this ETF now, and that has people running into the spot market to pick it up as well.

Ultimately, this is a scenario that will have dire consequences down the road, but right now, we’re still in that inflating bubble phase, and therefore the only thing you can do is buy the dip. The ETF will change the attitude of the market eventually, but everybody is still trying to chase it right now. So as things stand in the short term, it certainly looks like we will continue to see plenty of momentum. If that’s going to be the case, then you just have to join right along with everybody else or avoid it. You can’t short this market. We are a long way from that being a possibility.

If we were to break down at this point below the $50,000 level, then you have the 20 day EMA and the $47,000 area that could offer support. Above, we’re probably looking at $60,000 in the short term, which has a certain amount of psychology attached to it. But quite frankly, it looks like we are going to do everything we can to feed the mania before Wall Street dumps this on everybody. We don’t look to be anywhere near that happening though, so in the short term, it’s still a chase the trade type of scenario. FOMO is a very real thing in the crypto markets, and Wall Street in general.

For a look at all of today’s economic events, check out our economic calendar.

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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