Bitcoin Price Forecast – Bitcoin Market Continues to Grind Back And Forth

Christopher Lewis
Published: May 22, 2024, 13:50 GMT+00:00

The Bitcoin market has been going back and forth in the early hours of Wednesday, as the market is trying to build enough momentum to get long and rally again.

In this article:

Bitcoin Technical Analysis

You can see that the market has been very choppy and sideways during the trading session on Wednesday as we’re hanging around the psychologically important 70,000 level. Any short-term pullback from here more likely than not will find plenty of buyers due to the fact that of course Bitcoin only goes higher over the long term, at least that’s what a lot of the pundits will tell you, but the reality is that institutional traders are involved. So, I suspect that the Bitcoin market is going to start acting like the S&P 500. They don’t like that type of volatility, so they will squash these 15% moves that happen in a few short hours that retail traders are used to.

That being said, I think the $67,000 level underneath is significant support. On the other hand, if we turn around and break out to the upside, the $73,000 level is resistance, and breaking above that opens up a move to the $75,000 level, possibly even $80,000. Even if we were to break down below the $67,000 level, I think it’s only a matter of time before value hunters come back into the market and try to pick things up.

With this, I think it remains a buy on the dip. And I think you probably want to be a longer term holder of Bitcoin, but you can’t put a ton of your money into it just due to the fact that we have to see how this market is going to actually behave now that it’s a real asset on Wall Street. This is a completely different market. Don’t forget that.

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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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