Bitcoin Price Forecast – BTC Continues to Rise

Bitcoin Forecast Video for 09-02-2024

Bitcoin Technical Analysis

At this point in time, short-term pullbacks should continue to be a potential buying opportunity as the market has shown itself to be very bullish.

We had a major run higher based on the idea of the ETF coming out, then we’ve had the market sold off, and traders are now starting to bet on Bitcoin going higher again. The question at this point is whether or not we can break above the $50,000 level where we failed the last time, while the $48,000 level itself is a significant barrier as well.

Short-term pullbacks will be bought into and then perhaps lift this market eventually to the $52,000 level. Anything above there becomes more buy and hold, but at this point it’s very difficult to imagine a scenario where Bitcoin is going to just simply rip through all of that resistance. After all, this is a market that has been overdone for some time and now that we have the ETF, it’s going to be easier for people to short this market.

Furthermore, institutions are involved now, so it will no longer be this highly wild speculative asset. And sooner or later, they’re going to have to find a use for Bitcoin, which quite frankly, we haven’t seen yet. The UC’s case is probably the thing that’s going to kill Bitcoin eventually.

But right now, it still looks like people are willing to speculate. With this, there isn’t much to do but follow the pack, and be a buyer if you are going to get involved. Selling is something that will make a mint someday, but we are nowhere near that at this point in time. The entirety of the market is about momentum, as per usual.

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