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Bitcoin Price Forecast – Bitcoin Continues to See Buyers

By:
Christopher Lewis
Updated: Apr 11, 2024, 14:20 GMT+00:00

The Bitcoin market continues to see buyers on dips, as it looks like we are pressuring the upside for a bigger move.

In this article:

Bitcoin Technical Analysis

You can see that Bitcoin has shown itself to be rather bullish over quite some time here. Ultimately, this is a market that recently has been consolidating, but making higher lows, suggesting that there is more and more pressure to the upside just waiting to happen.

At the end of the day, I do think that Bitcoin ends up breaking above the crucial $74,000 level and ends up going much higher, probably $80,000. But in the meantime, we’re working off some of that excess froth from gaining 92% in just about six to seven weeks, which is extreme to say the least. The 50-day EMA sits just above the $60,000 level, so a lot of people will be paying close attention to that as well.

Nonetheless, this is a market that I think given enough time, it does break out, so each and every pullback seems to be a buying opportunity. It’s probably worth noting that inflation numbers in America weren’t as hot as feared from the PPI announcement, so that might be giving a little bit of a boost during the Thursday session, but ultimately, this is all about inflows into the ETF at the moment.

I have no interest in selling or shorting this market anytime soon, and I think the momentum being built up probably allows us to kick off the next leg higher sooner rather than later. This could send Bitcoin to the $100,000 level before it is all said and done, but it doesn’t mean that we get there quickly or even easily.

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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