Bitcoin Price Forecast – Bitcoin Continues to Stretch Higher

Bitcoin Forecast Video for 19-02-2024

Bitcoin Technical Analysis

Bitcoin rose during the early hours on Friday again as we continue to flirt with the $52,000 level. This is an area that is significant resistance on longer term charts, and therefore, it’s not a huge surprise to see that the market has stalled here a bit. That being said, it looks like an area where we could see a little bit of a pullback, and quite frankly, I think that pullback is desperately needed. After all, the market has risen about 33% in the last couple of weeks, and that’s just not sustainable. At this point, any pullback should be thought of as a potential buying opportunity, but you are also going to have to be cautious about jumping into the market with both feet right away. I prefer to buy on the dips and just add to a position for a longer term move.

The $47,500 level underneath should be significant support. And that is where I expect to see a lot of market memory. All things being equal, this is also a market that is enjoying a lot of inflow due to the ETFs. And I think that is something that a lot of people are getting excited about. So, the question now is whether or not that is sustainable. And the answer of course is no, eventually all of the panic buying disappears.

I think the market breaking higher at this point in time could become more of a buy and hold situation, but again, I think it’s more of a longer term move. Keep in mind that now that there’s an ETF, this is probably going to behave more like a traditional financial market, meaning the days of 10% gains are probably over. It’ll be interesting to see how retail traders react to this as the market may completely change its overall dynamic and perhaps even put some of the gamblers out of the marketplace altogether.

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