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Bitcoin Price Forecast – Bitcoin Continues to See Choppiness

By:
Christopher Lewis
Published: Apr 12, 2024, 14:53 GMT+00:00

The BTC market has been back and forth for some time, and it looks as though we are going to continue to see a lot of “Buy on the dips” behavior.

In this article:

Bitcoin Technical Analysis

This really isn’t a huge surprise as we continue to consolidate in general. But at this point in time, it looks like Bitcoin is going to continue to go back and forth looking for buying opportunities on the dip. This is a market that has had to digest massive gains over the last couple of months so a little bit of side action makes sense.

In fact, I think the fact that it’s been six weeks of consolidation is actually a very healthy sign due to the fact that we gained 92% over the course of about 6 or 7 weeks. Because of this, I think you have a certain amount of time to work off some of this excess momentum, and then eventually we could kick off the next leg, which at this point in time, I believe is still going to be higher.

Underneath, we have the 50 day EMA, which sits just above the $60,000 level and is rising quite rapidly. The 74,000 level above, I think, is a resistance barrier that a lot of people will be paying attention to. In general, this is a $14,000 consolidation range, which, although very big, does make sense considering the massive gains previously. At this point, every time we pull back, I think that there will be plenty of people willing to get involved, especially now that there is ETF trading on Wall Street that directly jumps into the spot Bitcoin market.

If we do break above the $74,000 level, then I think we have a real shot at going to 80,000 as we start to break out. With that, I remain bullish.

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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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