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Bitcoin Price Forecast – Bitcoin Continues to Look Bullish

By:
Christopher Lewis

Bitcoin has initially dipped ever so slightly during the Friday trading session but looks as if it is trying to turn things around and continue its overall uptrend.

Bitcoin, FX Empire

In this article:

Bitcoin Forecast Video for 11.12.23

Bitcoin Technical Analysis

Bitcoin initially dropped a bit during the trading session on Friday but turned around to show signs of life. All things being equal, the market looks as if it is trying to go higher, perhaps trying to reach the $45,000 level in the short term. Everything looks as if it is going to be a bullish market going forward, but at this point I think any time the market pulls back, you will be looking for buyers to jump in and support the market, giving you the opportunity to find a bit of value.

Ultimately, I think this is a market that has a huge “floor in the market” at the $40,000 level. The 20-Day EMA is also heading toward that level as well, so I think it all lined up quite nicely. That being said, the market is going to continue to be one that I think has a lot of volatility in it, but that’s nothing new for Bitcoin or crypto in general. It’s worth noting that the Relative Strength Index is still in the overbought condition, but that doesn’t necessarily mean that we need to break down, we could see the market more or less consolidate in the meantime.

Pay attention to interest rates in the United States because the reality is that the interest rates have a negative correlation to Bitcoin, because if the interest rates are lower, that means that people are looking further out in the risk spectrum to find returns. On the other hand, if the market has high interest rates, it doesn’t make sense to take that type of risk, at least not for institutional investors. Another thing that you need to keep an eye on is the possibility that there is going to be a Bitcoin ETF coming out in the next few months, which of course has everybody excited. It’s a bit ironic, considering that the ETF would be the exact opposite of what Bitcoin was created for, but it seems like people are still looking to the old financial network in order to propel what could be the new financial network.

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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