Bitcoin Price Forecast – Bitcoin Continues to Pressure to The Upside

Bitcoin Forecast Video for 22-12-2023

Bitcoin Technical Analysis

Bitcoin rallied a bit during the trading session on Thursday as it looks like we are trying to break out to even higher levels. At this point, I think you have to pay close attention to the $45,000 level, because that’s an area that will cause quite a bit of interest due to the fact that it is a large, round, psychologically significant figure and an area where we have seen a little bit of resistance of the last couple of weeks. If we were to break above there, then the market could really start to take off to the upside, perhaps reaching the $47,500 level, an area where we have seen a lot of selling pressure previously.

Any pullback at this point in time should be a nice buying opportunity as there is obviously a lot of bullish pressure in this market. The 20-Day EMA offered support earlier in the week, but we also have the $40,000 level underneath that could offer a significant amount of support as well. All things being equal, this is a market that I think has a hard floor in it, and as interest rates continue to drop, it does make a lot of sense that institutional investors will jump out and try to take advantage of “cheap coins” as they appear. Ultimately, this is a market that I have no interest in shorting, and I think that although liquidity could be a bit of an issue over the next several sessions, the longer-term trend is certainly ensconced in this market.

The market has often shown a negative correlation with interest rates, and as those continue to drop in the United States, it means that institutional investors are willing to step out on the risk spectrum, which of course crypto is pretty far out on the risk spectrum. You have to be willing to take a lot of risk to jump into the crypto markets, and falling interest rates certainly will push investors to do so. With this, I do think that we will continue to see plenty of upward momentum over the longer term. With this, we would have to break down below the 50-Day EMA to even remotely consider shorting.