Bitcoin Price Forecast – Bitcoin Continues to Look to The Upside

Bitcoin Forecast Video for 09-01-2024

Bitcoin Technical Analysis

Bitcoin had initially dipped a bit during the trading session on Monday but has turned around to show signs of life again as we now look like we are going to try to break off to the upside. That being said, I do think that the market eventually not only breaks out but goes looking to the 47,500 level based upon the resistance that we’ve seen on the weekly charts. Short-term pullbacks at this point should be buying opportunities with the 20-day EMA offering support, as we have seen during the day on Monday, and the $40,000 level underneath there offering support right along with the 50-day EMA that is currently hanging about that same region.

Anything below there starts to question the overall uptrend, but truthfully, I’m not overly concerned about the uptrend until we break down below the $35,000 level. It appears that Bitcoin is going to continue to celebrate the idea of a Bitcoin ETF, but one would have to wonder whether or not it becomes a sell the news event. Longer term it’s probably bullish, but right now it appears that traders will just simply be content to buy each dip and see how far the market can go.

Loose monetary policy out of the Federal Reserve will continue to help this market, assuming that’s exactly what happens, as traders are anticipating multiple rate cuts this year. If they do not get them, that will probably be rather ugly for Bitcoin, but right now it looks like it’s full steam ahead. In that environment, I think you continue to see plenty of momentum, especially if we start to see the US dollar lose strength again, as more often than not Bitcoin is priced in US dollars.

I would expect a certain amount of volatility, but ultimately this is a scenario that you still have to look in one direction, at least as things stand right now. The market has spent the last month or so trying to build up enough momentum to continue going higher, and it looks like we are definitely getting closer to seeing that happen.

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