Bitcoin Price Forecast – Bitcoin Continues to Threaten The Upside

Bitcoin Forecast Video for 12-01-2024

Bitcoin Technical Analysis

Bitcoin rallied a bit during the trading session on Thursday morning and now we’re threatening to try to break out above the $47,500 level. That is an area that has been important multiple times. And the fact that we rallied back up to this area should not be a huge surprise. It certainly looks like Bitcoin is trying to do everything it can to break out, so short-term pullbacks offer buying opportunities, especially near the 20-day EMA, and then again at the 40,000 level.

The 40,000 level also features the 50-day EMA, so that comes into the picture as well. Bitcoin has been bullish based on the idea that we are going to be getting a Bitcoin ETF soon and therefore traders will be looking at it through the prism of trying to find more value as institutional money should flow into the market. That being said, we’ve known that this is coming for a while now, so it’s more or less been priced into the market. Now we need some type of catalyst to send Bitcoin above and then looking towards the $50,000 level.

After that $52,000 is an area that we have seen a lot of resistance in the weekly chart. So that on a breakout will be your ultimate target. Either way, Bitcoin looks rather bullish. I certainly wouldn’t want to sell the market right now. Although some people are probably out there selling in order to take profit. So be aware of that. Because of this, this is a situation where you need to understand that the market is bullish and therefore you have to look at it that way.

If we break down below the $40,000 level, then $35,000 is the next major support level. Anything below there would change the trend, but right now it doesn’t look like we’re anywhere near there. Because of this, I think you will continue to find value hunters and of course people who believe in Bitcoin taken off over the longer term.

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