Bitcoin Weekly Price Forecast – Bitcoin Continues to Look Bullish

Bitcoin Forecast Video for 26.12.23

Bitcoin Weekly Technical Analysis

The Bitcoin market has initially fallen during the course of the week only to show signs of support near the $40,000 level. By doing so, the market has found enough buying to send Bitcoin back to the $44,000 level. If we can break above the $45,000 level, I think it’s very likely that the Bitcoin market goes looking to the $47,500 level. The $47,500 level was an area where we had seen a lot of selling pressure previously, therefore, I think it does make a major resistance barrier.

If we turn around and break down below the $40,000 level, it’s possible that we could drop down to the $37,000 level, perhaps even down to the $35,000 level. I think the $35,000 level is a major support level and could determine the overall floor in the market for the uptrend as the 20-Week EMA is coming into the picture.

Bitcoin rallies due to the idea of loose monetary policy coming out of the Federal Reserve, which of course is the main driver of risk appetite for institutional investors. Keep in mind that Bitcoin of course is a major risk asset, so we need to see a certain amount of risk-taking in order to make that happen. The market will continue to be very noisy, but I do think that given enough time we do find enough buyers to push this market higher. That being said, if we see some type of major “risk off event”, then it could work against the value of Bitcoin, and could raise the value of the US dollar, which of course Bitcoin is priced in, at least on this chart.