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Bitcoin Price Forecast – Bitcoin Continues to Look for Buyers at The Same Price

By:
Christopher Lewis
Published: Jun 13, 2024, 13:41 GMT+00:00

The Bitcoin market has bounced slightly from the same level that we have seen attractive time and time again. At this point, the market looks as if it is simply killing time after that massive inflow of institutional money via the BITB ETF.

In this article:

Bitcoin Technical Analysis

Bitcoin on the four hour chart shows very clearly that it is in a consolidation area. It does make sense that the $67,000 level continues to attract attention, it has been very supportive for quite some time. With that being the case, we are now working on three weeks of testing this as support, and it has held true so far. If we can break above the 68,500 level, then the market could go looking to the 70,000 dollars level followed by the 73,000 dollars level.

If we break down below the $66,000 level, that could send Bitcoin lower. But really at this point in time, even if that were to happen, I think there are plenty of buyers underneath willing to get involved, especially the closer we get to the $60,000 level. Remember, Bitcoin has seen a massive inflow of money due to that ETF that Wall Street finally got, and that has everybody excited.

However, you should also keep in mind the fact that Wall Street is involved and will dampen some of the volatility. I believe at this point the Bitcoin market is likely to continue to be transformed into something akin to the S&P 500. I think it is going to be a situation where traders will just look at this as something that goes higher over the longer term, but not necessarily at light speed. Keep in mind that this market continues to see a lot of inflows, but now that the bigger money is involved, it will be much more stabilized.

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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