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Bitcoin Price Forecast – Bitcoin Continues to Look For Higher Levels

By:
Christopher Lewis
Published: May 29, 2024, 13:52 GMT+00:00

The Bitcoin market found a bit of short-term support in the early hours of Wednesday, as the market continues to hang about the same consolidation region. With all of this, I remain a buyer overall, but I also don’t jump into this market with a huge position.

Bitcoin chart. FX Empire

In this article:

Bitcoin Technical Analysis

Bitcoin has bounced slightly from the support level of the overall consolidation that we have been in on the four hour chart with the $67,000 level being a massive floor. Whether or not we can break out to the upside is a completely different question. But at this point in time, I think we’ve got a situation where you are looking for value to take advantage of.

If we can break higher from here, the $70,000 level will of course be important. Anything above there opens up the possibility of a move to the $73,000 level, which I believe is the top of the short-term consolidation area that the market is currently paying attention to. Remember, this is now an institutional traded market, so I think at this point it’s going to behave more like an index and less like the Wild West. That’s a good thing but it also means that you need to understand that this kind of choppy back and forth noise is going to be more common than not.

If we can break above the $73,000 level, then I think we go looking to the $80,000 level possibly even higher than that. In general, this is a market that I think will continue to be noisy but have more or less a positive twist on it as there has been so much interest in this market after the announcement of the ETF.

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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