Advertisement
Advertisement

Bitcoin Price Forecast – Bitcoin Continues to See Support

By:
Christopher Lewis
Published: Apr 19, 2024, 14:11 GMT+00:00

The Bitcoin market initially fell apart during the overnight session, but as the attacks on Iran seem to have been a small one, risk appetite returned, and we have seen a lot of buying from a crucial support level.

In this article:

Bitcoin Technical Analysis

The bitcoin market initially plunged overnight as the Israelis hit the Iranians with some type of strike, but it has since been acknowledged that it wasn’t necessarily a huge one. And it looks like quite a bit of restraint has been shown. With that being the case, the $60,000 level has held true and support, and I think that’s the biggest takeaway here.

It’s very likely Bitcoin will continue to try to rally from here. And I think could reach as high as $70,000 over the next couple of days because quite frankly, we’re in an area of consolidation. I suspect that Wall Street might pick this up as well via the ETF, because after all, you’ve had a little bit of a pullback, it’s a little bit of a value opportunity.

And therefore, they will probably look at it as an opportunity to get into Bitcoin on the cheap. That being said, if we were to break down below the lows of both Friday and Wednesday, then it could open up a move down to the $52,000 level where I see support as well. In general, I do think we’re still very much in an uptrend and have been consolidating.

It is a little bit of a frothy market at the moment, but quite frankly, I don’t think this is going to be anything more than working off the excesses that got us here in the first place. And if we can eventually break above 74,000, and I do think that we eventually do that, Bitcoin is very likely to take out 75,000 and then possibly aim for 80,000 above there.

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