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Bitcoin Price Forecast – Bitcoin Continues to Look Rangebound

By:
Christopher Lewis
Published: May 28, 2024, 13:28 GMT+00:00

The Bitcoin market continues to bounce around in a range during the session on Tuesday, as the market is now a Wall Street asset. This is a market that will more likely than not start to act like an index, like the S&P 500 or Dow Jones 30.

In this article:

Bitcoin Technical Analysis

The Bitcoin market on the four hour chart has seen a lot of volatility, but all things being equal, I think we have a situation where the $67,000 level is a massive floor. At this point, the market is likely to continue to see a lot of questions asked about the trend due to the fact that we are consolidating and trying to clean up all of the froth that entered the market.

At this point, you also have to keep in mind that Bitcoin is now an institutional asset, so it will behave quite a bit differently. In general, this is a market that I think continues to see an attempt to rally from here, and perhaps go looking to the $73,000 level. The $73,000 level, of course, is an area that I think a lot of people pay close attention to for a potential breakout.

At this point in time, anything above 73,000 then kicks off the next leg higher. This is a market that I don’t have any interest in shorting and I do believe that there is not only support at 67,000 but also 66,000. So, with that being said, I’m just a buyer of dips. I think Bitcoin starts to act like an index. It’s just going to be like the S&P 500 or the NASDAQ 100 now that Wall Street has its hands in it. The same thing will be for Ethereum eventually, but ultimately this is a market that I think has a proclivity to go higher. So, you have to be bullish, although you also have to understand that the 15% gains in a day, those are things that are in the past.

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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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