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Bitcoin Price Forecast – Bitcoin Continues to Power Higher

By:
Christopher Lewis
Published: Mar 4, 2024, 14:16 UTC

The bitcoin market has broken yet another barrier during the early hours on Monday as we continue to see ETF inflows boost this market.

In this article:

Bitcoin Technical Analysis

Bitcoin continues to show a lot of momentum during the trading session on Monday, as we see a lot of buyers out there willing to get involved and jump into this market right away. With this being the case, I think you continue to see a lot of traders out there chasing, and I think that’s unfortunately just going to be the way that people look at this.

With that being said, there is a high chance that somebody’s going to get hurt, but clearly you cannot be a short seller at this point. It’d be a great way to lose money, quite frankly. So with that being the case, I think you have to look at each dip as a potential buying opportunity. I also think that traders will continue to get involved every time they can.

And with that being said, look at dips as an opportunity to get involved in what is a bit of a melt up at the moment. The Bitcoin market is likely to go looking towards the $70,000 level before it’s all said and done. And that is just simply the way it is. Anytime we pull back, there will be plenty of people right around $62,000, assuming that we get there.

And then after that, we have 52,000. That being said, looking at this chart, it’s very difficult to say that we are not in some type of a melt up bubble phase. Because of this, you have to be aware of the fact that a lot of this is driven by ETF inflows, and that means Wall Street’s involved. So a lot of money is going to go flying into this. Just as a lot of money will pull out of it when it’s opportune time to hand other people your bags. So while I do like buying dips, I do recognize just how dangerous this is. To chase it all the way up here, unless it’s for a quick smash and grab type of setup, is just simply playing with fire.

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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