Bitcoin Price Forecast – Bitcoin Does Very Little During The Thursday Session

Bitcoin Forecast Video for 26-01-2024

Bitcoin Technical Analysis

You can see the Bitcoin market has done very little during the trading session on Thursday, as the $40,000 level continues to be a bit of a magnet for price. And of course, we have the 50-day EMA sits just above.

At this point, I think we continue to bounce around between the 50-day EMA and the $38,000 level underneath. In general, I think this is a situation where we are just going to go back and forth until we can build up enough momentum to perhaps take off to the upside. After all, Bitcoin is bullish overall, but recently we’ve seen a lot of selling pressure because of the, you know, sell the event type of behavior. We had seen Bitcoin rally something like 90% or close to it before the ETF was announced. So once the ETF was announced, there wasn’t a whole lot to move the market, and that might be where we’re now.

We’re just looking for some type of catalyst and quite frankly, we don’t have one. We’ll have to pay attention to central banks and their monetary policy if they start to loosen monetary policy. Again, that could be a reason for Bitcoin to take off. After all, the Bitcoin market has been very sensitive to the idea of what’s going on with central banks and interest rates because loose monetary policy is certainly a major factor. The whole idea of debasing a currency is what Bitcoin is supposed to solve.

However, now that we have the ETF, there will be institutional traders out there more than willing to short this market, so the behavior of Bitcoin is going to change rather drastically. In fact, it is more likely than not just going to become another financial asset, so I anticipate that the volatility will dampen quite a bit. If we do break down below the 38,000 level, as long as we stay above 35,000, I think overall the market is relatively healthy. To the upside, if we break the 50 day EMA, the 20 day EMA gets targeted, followed by $43,500, and then eventually $47,500 is your ceiling.

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