Bitcoin Price Forecast – Bitcoin Continues to Go Sideways

Bitcoin Forecast Video for 07-02-2024

Bitcoin Technical Analysis

As you can see, Bitcoin is putting us to sleep again. That being said, it is a good sign that we are just hanging around this $42,000 area because it does seem to be acting as support. And right now we’re just stuck between $42,000 on the bottom and $44,000 on the top, giving us a short-term range from which to build momentum to go higher. Also, I think a lot of this is going to come down to whether or not central banks around the world continue to cut rates, which certainly looks as if they are going to. So with that being the case, you have to look at the Bitcoin market as a buy on the dip type of opportunity. I believe that the $40,000 level will offer a certain amount of support followed by $38,000.

To the upside, the $48,000 level has been very resistant and I think breaking above there then opens up a move to the $52,000 level. I like the idea of going long when I get an opportunity, but right now you’re going to have to be very patient with that opportunity because there’s really nothing to move the markets around. After all, we had that massive run higher during the ETF excitement. So now, what is the market looking at? Probably waiting on the halving coming, but we’ll see.

That of course is when production of Bitcoin gets cut in half per block, making it a little bit more difficult to obtain it, but at the end of the day it’s all digital and it’s not real anyways. So I think we’re rapidly approaching that point where people are going to ask, are we ever actually going to use Bitcoin for anything beyond speculation? So I do expect another rip and I expect another collapse over the next year or two. It might just be the norm of the market, we just don’t know yet. Because of this, most traders only put a small portion of their portfolio in this asset, which is probably sage advice at this point in time.

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