Bitcoin Price Forecast – Bitcoin Continues to See Buyers

Christopher Lewis
Published: May 13, 2024, 13:43 GMT+00:00

The bitcoin market has seen a bit of pressure to the upside, as the $60,000 level acts as a floor in this market. However, there is a lot of noise above that could get into the equation.

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Bitcoin Technical Analysis

The Bitcoin market rallied a bit during the early hours on Monday, as $60,000 continues to be very important. At this point in time, we are breaking above the 50 day EMA, and I think we are trying to get back to the $64,000 level. If we can clear $65,000, then it’s very likely that the market could continue to go higher, perhaps even reaching as high as $73,000 above, which had been a major ceiling. Underneath, we have plenty of support near the $57,000 level, and I think that extends all the way to the aforementioned $60,000 level. It’s a range of support if you will.

Giving that up, it’s very likely that if we were to break down below there, then the $52,000 level and the 200-day EMA both come into the picture as support as well. This is a very bullish market from a longer-term standpoint, but there’s a lot of noise out there as, quite frankly, Wall Street is now in the mix. It’s going to change the attitude and the behavior of this asset. I don’t know if we’re going to see 10% gains on any particular day anymore because of this, and it’s going to behave more like an index.

But what it will do, I suspect, is have a proclivity to go higher over the longer term. So, you can look at it through that prism. I have no interest in trying to short this market, and I do recognize that if you are patient enough, it’s not a huge surprise if we reach the highs again.

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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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