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Bitcoin Weekly Price Forecast – Bitcoin Continues to Struggle at Same Level

By:
Christopher Lewis
Published: Feb 23, 2024, 17:03 UTC

Bitcoin continues to struggle at the $52,000 level, as market memory has come back into the picture. Whether or not we can truly break out remains to be seen.

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Bitcoin Weekly Technical Analysis

The Bitcoin market has struggled a bit in the $52,000 level, an area where longer term traders continue to see a lot of noise. And quite frankly, the market has just got that over extension and it’s trying to work over that level. I don’t know if it will happen anytime soon, but we need a short-term pullback. More likely than not, we will get that opportunity over the next week or so, but I do see plenty of reasons to get long yet again.

However, if we do break above the recent highs of the last couple of weeks, then it opens up at $55,000 followed by $60,000. There’s no reason to short this market, but then again, there’s no reason to chase it either. The optimal entry is probably somewhere around $47,500, but we’ll have to see whether or not Bitcoin pulls back enough to offer that for value hunters to get involved. Chasing all the way up at $52,000 has not worked out so far.

I don’t know if it’s going to work out either this week or next. You need to see a little bit of value offered in order to get involved so that you can pick up “cheap coins.” After all, the Bitcoin market has been overdone for some time, and therefore I think a bit of grinding does allow other people to get involved, something that we need to do. In general, this is a market that remains extraordinarily bullish, but it also needs offer an enticing price for people to get interested again.

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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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