Bitcoin Price Forecast – Bitcoin Continues to do Very Little

Bitcoin Forecast Video for 08-02-2024

Bitcoin Technical Analysis

Bitcoin right now is doing absolutely nothing. That area between the $42,000 level on the bottom and the 44,000 level on the top continues to be what constraints price as we coil up, perhaps trying to build up some type of inertia. If that inertia springs free, then we could continue to go much higher and I think that’s probably what happens, but we need to clear the $44.000 level before we can have that conversation. If and when we do, then the $48.000 level could be targeted, which is where we turned over from. Anything above there, then opens up the possibility of a move to $52.000 after that, which of course is an area on longer-term charts that has been important.

Underneath, if we were to start selling off the $40,000 level, I think it serves as a hard floor in the market as we’ve recently seen the market pull back to that level, but there’s also a lot of psychology around a big round figure like $40,000. The market has been extraordinarily bullish since late last year when markets tried to sniff out the idea that perhaps the ETF was coming. Well, now that we know it’s here. And there is something that I see as a bit of a surprise for “Bitcoin Bros” out there that have pumped this asset for so long….

It’s going to probably slow down the momentum of Bitcoin, not accelerate it. After all, it’s just become yet another ETF on Wall Street. So with that, the Bitcoin market is going to change a lot this year. I don’t know that traders who have enjoyed the volatility up to this point are going to like that outcome. Bitcoin could very much end up being trading like Walmart before it’s all said and done. However, I do think it does have more upward momentum than down. So, I do believe we eventually break towards this $48,000 level.

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