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Bitcoin Price Forecast – Bitcoin Continues to See Buying

By:
Christopher Lewis
Published: Apr 8, 2024, 13:53 GMT+00:00

The Bitcoin market continues to see a lot of momentum to the upside, and therefore I think you have a situation where the market is ready to breakout yet again.

In this article:

Bitcoin Technical Analysis

Bitcoin rallied rather significantly during the trading session on Monday, and it looks to me like we are just simply hanging around and trying to break through this massive resistance barrier above. I think eventually we will try to get above the $75,000 level which obviously is a large round number, but at this point in time, the overall bullish attitude of Bitcoin continues.

With that being the case, I do think it is probably only a matter of time before we go much higher. And every short-term pullback ends up being a buying opportunity. The 50-day EMA is sitting right around the $60,000 level and should offer a massive floor. That’s of course, assuming that we can even drop that far.

I think more likely than not any short-term pullback will get bought into well above that area and we will continue to pressure this market and eventually we will break through the selling pressure above. Once that happens, I think the market could go looking to the $80,000 level. In general, I think this is a situation where everybody’s chasing the trade, but we did just spend a good month trying to work off that massive froth.

I think that’s healthy. Now it just comes down to whether or not we can make a fresh new high. If we do, then we’ll just continue to see more momentum to the upside. This will continue to be the case, as the market will continue to pay traders to be long of this market, and investors will continue to see a lot of traders like me stay in this market.

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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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