Bitcoin Price Forecast – Bitcoin Pulls Back Slightly

Christopher Lewis
Published: Apr 23, 2024, 13:29 GMT+00:00

The Bitcoin market has pulled back a bit to show signs of hesitation, but at the end of the day, we are still in the middle of consolidation, and in a longer-term uptrend. With this, I am looking for dips to start buying again.

In this article:

Bitcoin Technical Analysis

As you can see, the Bitcoin market has shown itself to be a little bit exhausted during the Tuesday session. That does make sense because we’re right in the middle of the overall consolidation phase. And I think you’ve got a situation where if we do pull back a bit, then there should be plenty of buyers near the 50 day EMA. Perhaps the $60,000 level also offers quite a bit of support. If we break above the top of the candlestick, then the $73,000 level then ends up being a target.

That could be a significant barrier. In general, we’re working off a lot of the froth from the 92% run up in six weeks. With that being said, I think you’ve got a situation where you look at dips as buying opportunities because I do think that eventually we’ve got a situation where you’re just trying to find value. Eventually we continue to go higher, but we have to absorb all of that inflow. With that being the case, I think eventually we do break out and go to $75,000 and then $80,000.

In general, this is a market that I think is going to continue to be choppy and volatile, but you still have to look to the upside more than anything else. If we were to break down below the $60,000 level, then you have a cluster at $52,000 that could offer quite a bit of support as well. And we would still very much be in an uptrend.

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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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