Bitcoin Weekly Price Forecast – Bitcoin Finally Gets Its ETF

Bitcoin Forecast Video for 15-01-2024

Bitcoin Weekly Technical Analysis

During the course of the week, Bitcoin has rallied rather significantly as we got wind that the ETF is finally going to appear. Ultimately, we broke above the $47,500 level, but then turned around to show signs of hesitation. This is more likely than not due to the fact that the Bitcoin ETF was probably one of the worst kept secrets on Wall Street.

All things being equal, this is a market that I think will continue to look at that area as major resistance, so a little bit of a pullback would make a certain amount of sense. You could also see a situation where the $40,000 level underneath offers enough support to keep this market somewhat sideways in this overall area, with the $47,500 level above being resistance and a bit of a barrier.

However, if we were to break above there, then I think the next target is probably going to be closer to the $52,000 level, which is an area that we have seen quite a bit of support and resistance at previously. The last couple of months have seen Bitcoin rally about 80%, so really at this point I think the markets are exhausted, and clearly the ETF was already priced in.

In this environment, I think you’re looking for some type of value and you’re taking advantage of it. If we were to break down below the $35,000 level, that would obviously be very negative, but until then, I’m not concerned about the trend at all, but just simply recognize that momentum does need a little bit of work.

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