Bitcoin Price Forecast – Bitcoin Continues to Sit at “Fair Value”

Christopher Lewis
Published: Apr 24, 2024, 13:50 GMT+00:00

The Bitcoin market has been quiet again on Wednesday, as the market is sitting in the middle of the overall consolidation area, which has been so clearly defined over the last two months.

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Bitcoin Technical Analysis

The Bitcoin market has done very little during the early hours on Wednesday, which does make a certain amount of sense considering we are in the midst of overall consolidation. In fact, we’re basically right in the middle of it. So, at this point in time, it is essentially fair value assuming that the consolidation holds.

I still like the idea of buying Bitcoin, and I still think that the occasional pullback may or may not appear to offer value. The $60,000 level underneath offered quite a bit of support based on previous action. And of course, above there we have the 50 day EMA. The 50 day EMA is a technical indicator that a lot of people will be paying attention to, as it is so widely followed.

The market recently rallied 92% in six weeks, so that makes quite a bit of sense. That we would go sideways for a couple of months. I do think eventually buyers will come back in, but right now, it’s more or less just a matter of churning through all of that excess froth and trying to sort out what to do next.

With that being said, I like the idea of buying closer to the 50 day EMA, or perhaps even the $60,000 level. If we do break to the upside, the $74,000 level ends up being an area where I think a lot of people would be looking at, and that being broken opens up the possibility of a move for Bitcoin to reach all the way to 80,000, which I think is very reasonable at this point. That doesn’t mean we will get there today. It just means that longer term traders are still looking to the upside.

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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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