Bitcoin Price Forecast – Bitcoin Continues to Show Strength

Bitcoin Forecast Video for 03-01-2024

Bitcoin Technical Analysis

You can see that we have gapped higher to kick off the session in the CFD market on Tuesday, as it looks like we are ready to break even higher as the $45,000 level has been broken, and therefore I think it does open up the possibility of moving to the $47,500 level over the longer term. That is an area where we’ve seen a lot of major resistance in the past, so I do think it makes a juicy target. It’s also worth noting that a lot of the action that we’ve seen recently has simply been affected by the lack of liquidity during the holidays. That being said, cryptocurrency markets continue to see a lot of volatility, and therefore position sizing will be the biggest thing.

The market has remained bullish for quite some time, but ultimately you have to look at this through the prism of a buy on the dip strategy because Bitcoin is showing itself to be so strong. What I find interesting is that both Bitcoin and the US dollar are rallying early during the trading session. So, this is starting to break away from the anti-US dollar trade, which is actually a good sign as now people are starting to truly believe in Bitcoin in 2024. I do think that this ends up being a good year for Bitcoin, at least initially.

So, with that, I look at any pullback as a potential buying opportunity, extending down to the $40,000 level, the 50-day EMA, and possibly even as low as the $35,000 level. That being said, I don’t really expect much of that and I think that you probably just need to scale into a position and if and when you do get the occasional short-term pullback you have to take advantage of it. This is most certainly a market that you have no business trying to get short in until we break down below $35,000, something that I don’t think is going to happen very easily.

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