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Bitcoin Price Forecast – Bitcoin Continues to Rocket Higher

By:
Christopher Lewis
Updated: Feb 14, 2024, 13:33 GMT+00:00

Bitcoin rallied yet again during the trading session on Wednesday as we are now testing the $52,000 level.

Crypto bull, FX Empire

In this article:

Bitcoin Forecast Video for 15-02-2024

Bitcoin Technical Analysis

The Bitcoin market rallied significantly during the trading session on Wednesday, as it looks like the $52,000 level above is being targeted. This is an area that I think you need to pay close attention to, because on the weekly chart, it has been significant resistance. At this point, we will try to figure out whether or not we can get above $52,000, because if we can, that becomes more of a FOMO trade, even more so than what we’ve already seen. At this point, short-term pullbacks continue to attract a lot of attention. And I do think that it is probably only a matter of time before we get one. That pullback is something that I think a lot of people will be paying close attention to, and it should attract quite a bit of attention.

The $47,500 level underneath should continue to be support. And a lot of this probably would be the inflow into the Bitcoin ETF. That being said, the Bitcoin ETF is of course, going to be something that Wall Street controls and therefore it will possibly end up being a market that is much easier to manipulate. With this being the case, I think you have to look at it through the prism of longer term uptrend, but plenty of volatility.

So, we’ll have to see whether or not this really ends up being a boom for the Bitcoin market or if it stabilizes because I do think that eventually Bitcoin may end up acting a bit like an index, and if that’s going to be the case, then we will see less of this impulsive movement all the time and probably more of a grind. If we break down below the $47,500 level, then it’s possible that we could go to the $40,000 level over the longer term. That to me, is the bottom in the overall trend. Anything below that level would be a potential sell off just waiting to happen, and therefore I think would have everybody rushing for the exits at the same time.

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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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