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Bitcoin Price Forecast – Bitcoin Continues to Underwhelm

By:
Christopher Lewis
Published: Jun 21, 2024, 15:28 GMT+00:00

Bitcoin drifted a bit lower during the trading session on Friday as it simply does not have any momentum. I think at this point in time, Bitcoin is going to quite frankly bore a lot of retail traders out of the market and become an index.

In this article:

Bitcoin Technical Analysis

The Bitcoin market has continued to drift lower, and it just seems as if it cannot pick up its feet. At this point, I think we are going to have to go lower in order to find some type of support and there are a couple of areas that I think you would see support at. The most obvious one, of course, would be the $60,000 level as it is a large round psychologically significant figure.

Remember, Wall Street ran this thing up 92% in about six weeks, but since then, we’ve done nothing. I’m starting to wonder what the case for Bitcoin is going to be. I think a lot of traders are sitting there wondering, well, we got the Wall Street acceptance, now what? And the answer is, it might end up being an index. They may absolutely kill the volatility in this market. I will tell you this, a lot of institutional traders and institutions don’t like the idea of wild volatile swings.

So, this is a market that is most certainly going to change. With this being said, I think you have to look at this as potentially a buying opportunity, but I don’t think we’re near enough support yet to start putting money to work. If you do choose to, you want to do in small increments because you need to see some type of momentum perhaps looking to trade on the right side of the V, which is just simply after it starts bouncing because at least then you have some momentum working in your favor. As far as shorting Bitcoin is concerned, I just don’t have any interest because quite frankly this is a market that is extremely well supported just below.

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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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