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Bitcoin Weekly Price Forecast – Bitcoin Continues to Find Buyers

By:
Christopher Lewis
Published: Apr 19, 2024, 15:09 GMT+00:00

The week has been very noisy over the past few sessions, as this week has been a lot of noise. However, the crucial $60,000 level has been held as support so far.

In this article:

Bitcoin Weekly Technical Analysis

Bitcoin has spent most of the week falling but has turned around to show signs of life at the $60,000 level. This is an area that has a lot of psychology attached to it, and it’s worth noting that we have recovered after initially falling apart during that attack on Iran by Israel. With that being the case, it looks very much like a market that wants to go higher.

Given enough time, and I think conservatively, it makes sense to expect that perhaps we’ll try to get back to the $70,000 level, after all, this is a market that quite frankly, has been working off a lot of froth from the run higher that we saw. Basically, it was about 92 ish percent in six weeks. And that, of course, is a little bit much.

So, with this being the case, I think you have to look at it through the prism of a market that, you’re buying dips, you’re trying to get to $74,000. And if we can clear $74,000, it’s very likely that this market could go ripping much higher. At that point, I would expect $75,000, followed by $80,000 rather quickly, as long as we can hold above $60,000.

This is a market that looks as if it is going to do everything it can to go higher, but we may have to work off some of this froth in the short term, which of course makes perfect sense after the massive run higher. This is simply the nature of a market – digesting gains.

For a look at all of today’s economic events, check out our economic calendar.

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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