Bitcoin Price Forecast – Bitcoin Continues to Find Support

Bitcoin Forecast Video for 14.12.23

Bitcoin Technical Analysis

Bitcoin initially fell a bit during the trading session on Wednesday, as we are sitting just above the $40,000 level. At this point, the market continues to see a lot of noisy behavior and a lot of questions asked about interest rates, which we should get answers to over the next 24 hours or so. The market participants will continue to look at the bond yields as a bit of a lead for crypto markets overall. After all, crypto markets don’t do very well in the higher interest rate environments, therefore we need to pay close attention to what happens after the interest rate decision in both the United States and the European Union, as well as Switzerland and the United Kingdom. In other words, the bond markets will probably continue to be very noisy, and therefore probably throw crypto around.

That being said, the market does look very bullish, and therefore I think it’s probably only a matter of time before the buyers come back in. The $40,000 level of course is an area that a lot of people would pay close attention to, but at this point in time, we could drift below there, and still see plenty of support near the $37,500 level. On the other hand, if we turn around and take off to the upside, perhaps rallying above the $42,000 level, then I think it opens up a move to the $45,000, eventually to the $47,500 level which is an area on longer-term charts that has been crucial more than once.

Going forward, it looks like the Bitcoin market is likely to continue to see a lot of “buy on the dips” type of trading, and therefore we need to pay close attention to any pullback that shows a bit of a bounce as it could be a nice entry. In general, I don’t have any interest in shorting Bitcoin, at least not until we break down below the $35,000 level at the very least. If we break down below there, then it’s possible that we could go even further to the downside but it seems unlikely.