Bitcoin Weekly Price Forecast – Bitcoin Continues to See Upward Tilt

Christopher Lewis
Published: May 24, 2024, 15:58 GMT+00:00

The Bitcoin market continues to see upward trend in momentum, although this past week has been a bit difficult. Nonetheless, there is no real way o short this kind of move.

In this article:

Bitcoin Weekly Technical Analysis

The Bitcoin market did rally initially during the week but has since crashed towards the $67,000 level. This is an area that I think will continue to be important as it has been both support and resistance. So therefore, I think you’ve got a situation where buyers are trying to find some type of value. Ultimately, they will certainly find it soon, judging by the way the market has behaved over the last several months.

Even if we were to break down below here, I think there is plenty of support down to the $60,000 level and therefore any dip I think you have to look at as a potential buying opportunity. Yes, we have been very choppy over the last several months, but with the institutional money now in this market, there’s been a lot to absorb.

Remember, at one point we gained a little over 90% in just six short weeks. And that’s not something that large institutions typically participate in. So, there is a bit of hesitation. Nonetheless, it is a positive asset. It probably starts to behave more like an index at this point. And that index typically will go higher, just like the Nasdaq 100 or the S&P 500.

It doesn’t mean that it goes straight up in the air, and it doesn’t mean that there won’t be the occasional pullback. But when it does mean is that institutions will probably favor the upside over the longer term. So that’s how I look at this, despite the fact that the weekly candlestick is a bit ugly.

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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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