Bitcoin Price Forecast – Bitcoin Continues to See Upward Pressure

Christopher Lewis
Updated: Feb 29, 2024, 15:14 UTC

The bitcoin market continues to see a lot of noisy behavior, mainly to the upside. As we approach the recent all-time high, it’s possible that we may see a lot of noisy behavior.

In this article:

Bitcoin Technical Analysis

As Bitcoin climbs, we continue to probe this area up here of major resistance, all-time highs basically. So, we haven’t broken out yet, but we’re getting there. I do think that we have a fight on our hands and like I stated yesterday, I would love to see this thing pull back. I don’t really like the idea of chasing it all the way up here. At the very least, we need to have some type of breakout to the upside that’s sustainable and a daily close. I don’t like that though. I would prefer to see this thing pull back, possibly even as deep as 52,000.

The 20 day EMA is sitting right around there, and I think that comes into the picture as well. In general, I don’t have any interest in trying to get too big in a position because regardless of what you do right now, you are chasing the trade. Pullbacks and adding incrementally will continue to be the best way of Bitcoin getting a bit of a boost as of late. Furthermore, this is a market that is getting a lot of inflow from institutions due to ETFs and now it’s going to be interesting to see how the market behaves. There will be the initial shot higher and then eventually Wall Street will want to collect its profits.

This isn’t a buy and hold believers type of market anymore. This just became more like any other financial instrument in the world. And in fact, I think a lot of the true Bitcoin believers are going to be disappointed in this, not necessarily because the price has to drop. It’s just that it will become institutionalized and it’s one of those things where I don’t think it’s a one way trip anymore. That being said right now, you certainly can’t be a seller. Buying on dips is by far the best way to approach it. Be cautious, and make sure that you keep your emotions under control 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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