Advertisement
Advertisement

Bitcoin Price Forecast – Bitcoin Continues to See Buyers

By:
Christopher Lewis
Published: May 21, 2024, 13:32 GMT+00:00

The bitcoin market has rallied again in the early hours of Tuesday, as the market continues to enjoy institutional interest.

In this article:

Bitcoin Technical Analysis

On the four hour time frame, you can see that we have rallied pretty significantly during the day to take out some resistance, shooting up about 5%. However, this is a market that has a major barrier in the form of $73,000 above it. So, I do think that you’re eventually going to run into some trouble here probably sooner than later.

Now, I don’t think it’s necessarily something you need to be concerned about. You just need to be aware of the fact that a little profit taking is probably due here fairly soon. If we do clear the $74,000 level, then that opens up more FOMO trading. But right now, this is a market that recently had formed a bit of an inverted head and shoulders, and it looks like it is trying to reach the target, which would be somewhere around that $74,000 level.

I certainly would not be a seller, and I think there’s plenty of support near the $67,000 level. So, with that, I am optimistic. I am cautiously optimistic, but I am looking for value to get involved because there’s no point in chasing Bitcoin. There are a lot of people who did it at the $73,000 region in the beginning of March and are just now getting close to breakeven again.

So, you do have to be cautious with that. Keep in mind, this is an industry grade asset now, meaning that institutions are going to be coming in and putting money to work. So, while it does tend to make it positive, it won’t make it as violently positive as it has been at times in the past. So, with this, it looks like we are approaching the top of the range, and we will have a lot of questions asked of Bitcoin near $74,000.

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.

Did you find this article useful?

Advertisement