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Bitcoin Price Forecast – Bitcoin Continues to See Buyers

By:
Christopher Lewis
Published: Mar 13, 2024, 13:32 GMT+00:00

Bitcoin continues to see a lot of noisy behavior, but ultimately it looks like the buyers are willing to step into the market every time there’s a little bit of trouble.

In this article:

Bitcoin Technical Analysis

Bitcoin rallied again during the early hours on Wednesday as we continued to stretch. This is a market that is starting to slow down and starting to show signs of choppiness. So, a pullback is coming. When that is, we don’t know as traders. All we can do is just wait to see when it happens and react accordingly.

As things stand right now, I have no interest in shorting Bitcoin, but at the same time I have no interest in chasing it all the way up at this astronomical level. A pullback to $65,000 would be an ideal entry, possibly even getting a pullback to the $60,000 level. This is an area that I think continues to be very interesting, as the $60,000 level also is a major psychological big figure that a lot of people will be paying attention to.

Right now, it’s difficult if you are not involved in this market to simply sit on your hands. But experience tells me that this type of choppiness and this type of upward parabolic move typically has a vicious pullback. Keep in mind that if you just take the most recent pullback and then rally and then extrapolate that out, you have a move of about 91% in just two months.

That being said, if we were to give back half of this, which is something that’s relatively common, you’d be looking at a move down to about $60,000, maybe even $58,000. That would be very normal, and reasonable. So at this point, I just don’t have any interest in trying to pay $72,000 for a Bitcoin. You could scale in, I suppose, but that’s only if you’re willing to hang on through…Who knows how long? Remember, we’ve seen this before in Bitcoin and now that Wall Street is out there pushing the paper version of Bitcoin. We’ll see how that plays out.

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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