Bitcoin Price Forecast – Bitcoin Continues to Rally

Bitcoin Forecast Video for 16-02-2024

Bitcoin Technical Analysis

Bitcoin rallied slightly during the early hours on Thursday as we broke above the crucial $52,000 level. The $52,000 level is a significant barrier from the past that a lot of people will be paying close attention to. If we turn around and pull back from here, there is plenty of support all the way down to the $47,500 level. The 20 day EMA is reaching towards that area as well as the 50 day EMA. If we were to break down below the $47,500 level, we would have plenty of support all the way down to the $40,000 level. Keep in mind, Bitcoin is still enjoying a lot of inflow coming from the ETF.

So therefore, it does make a certain amount of sense that we continue to see this bullish pressure. That being said, we have risen almost 39% since the latest swing low. So needless to say, it’s probably only a matter of time before we have traders coming in to pick up cheap Bitcoin. I don’t have any interest in shorting the market, but I do recognize that a pullback is probably necessary at this point in time.

As the ETF continues to attract more institutional traders, it will see a lot of bullish pressure, but eventually it is more likely than not to turn into a completely different asset. With larger institutions being able to buy and sell Bitcoin at will, that will probably make it more like an index and less like a highly speculative wild west type of asset. But that’s going to be the case, it’ll be interesting to see how bitcoin behaves in 2025 as it matures into a larger financial asset.

In general, it is a buy on the dip market, and I don’t think anything has changed, but a little bit of caution might be warranted as we are a little overdone at this point in time. That being said, Bitcoin is known for getting a little overdone so it’s not a huge surprise.

For a look at all of today’s economic events, check out our economic calendar.