Bitcoin Weekly Price Forecast – Bitcoin Reaches The Top of The Range

Bitcoin Forecast Video for 12-02-2024

Bitcoin Weekly Technical Analysis

Bitcoin had a strong week as we have moved straight up in the air to reach the $47,500 level. This is an area that is a significant resistance barrier and now at this point in time it will be interesting to see how this plays out. If we break above the shooting star from a couple of weeks ago, then we could go looking to the $52,000 level. That’s an area that has previously been important, so with that being said, the market is likely to continue to see that as a major barrier that a lot of people will be paying attention to.

Breaking that then opens up the $60,000 level. All things being equal, if this market were to pull back, the $45,000 level will be support, and then again, the $40,000 level. I think at this point in time, the Bitcoin market certainly looks very bullish, but we’ll see. We’ll see if it has to pull back a little bit to pick up a little bit of momentum. That would make a certain amount of sense.

Right now, we’re at the top of the range so this remains to be seen. It’s interesting that we’re doing that heading into the weekend so that might be an extraordinarily strong sign. I do think that could very well happen, but it is going to take a certain amount of momentum to make it a reality. Bitcoin of course is going to continue to be something that a lot of institutional traders will be jumping into in the short term due to the ETF.

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