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Bitcoin Weekly Price Forecast – Bitcoin Continues to Rock it Into The Stratosphere

By:
Christopher Lewis
Updated: Mar 1, 2024, 19:39 GMT+00:00

Bitcoin had a very strong week yet again, as we find ourselves testing major highs now.

In this article:

Bitcoin Weekly Technical Analysis

The Bitcoin market has seen about an $8,000 rally during the course of the week, showing signs of extreme mania. And it is interesting to see that we are getting very close to the all-time high. I would warn you that all of the financial channels are starting to talk about Bitcoin ad nauseum. That’s almost always a hint that we’re about to turn around. Nonetheless, we have an ETF now, and Wall Street has gotten their hands on Bitcoin, and I think at this point in time, they will begin to dump off to the retail trader Bitcoin. Now that doesn’t mean that we’ll collapse or that it’ll be a major shift in the trend, just that you have to understand that most of the ETF companies have already made 50%.

So, to do that in a month is a pretty big feat, and therefore, it’s not surprising we’re seeing a little bit of resistance above. At this point, it is chasing the trade if you’re getting involved, so really what you need to see is some type of pullback. I do like the idea of buying closer to 52,000, but that’s a $10,000 drop from where I’m looking at right now.

So, with that being said, it’s going to take an extreme amount of patience, or you’ll just have to be able to withstand a 25% pullback because that could be coming. On the other hand, we may just break out, and if we can get above the $65,000 level, we may continue to go to 70,000. But at this point, you have to wonder how much more momentum there can be. This certainly looks very dangerous.

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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