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Bitcoin Weekly Price Forecast – BTC Continues to Look Sideways

By:
Christopher Lewis
Published: Feb 2, 2024, 17:28 UTC

Bitcoin was very sideways for most of the week, but at this point in time I think we are distantly working off a lot of profit we had seen thrown into this market.

Bitcoin under the light, FX Empire

In this article:

Bitcoin Forecast Video for 05-02-2024

Bitcoin Weekly Technical Analysis

On the weekly timeframe, you can see that Bitcoin has done very little, just kind of hanging around again, as I think we’re just sitting in consolidation and don’t really have any real reason to go anywhere. We had rallied 85 to 90% heading into the Bitcoin ETFs, so now, Who’s left to buy except for bag holders?

From now on I think dips might be bought into, with 40,000 being a major support level, but I just don’t see a scenario where Bitcoin is something that people want to pile into until we get some type of fundamental reason. Interest rates in America did spike on Friday, so that causes some issues as well. But I think 40,000 is your floor, extending down to 38,000. You can buy on dips, but you have to take out this candlestick from a couple of weeks ago to make any serious bid to get the 52,000. This is my longer-term target, but it may take some time to get there and therefore you will have to be a significantly patient trader in order to take advantage of this.

I have no interest in shorting this market anytime soon as it has shown its resiliency, but if we were to break down below the 38,000 level I would have to start to think about the other direction, as we do have the ability to see Wall Street come in and short the market through the ETF instrument that everybody was so excited about as it works in both directions.

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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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