Bitcoin Price Forecast – Bitcoin Continues to Look to The Other Side

Bitcoin Forecast Video for 15.12.23

Bitcoin Technical Analysis

Bitcoin has gone back and forth during the course of the trading session on Thursday as it looks like we are still bullish, but maybe in a region where we are going to consolidate a bit after such a huge move to the upside. The 20-Day EMA sits right at the $40,000 level and could offer a little bit of support based upon that indicator and of course the fact that the $40,000 level is such a large, round, psychologically significant failure. When we broke through it, it certainly caused a bit of a reaction so it would not be a huge surprise to see it do so the next time we reach down there.

On the upside, I think that the $45,000 level will be a major area of interest, as it is a large, round, psychologically significant figure as well, and an area that has already caused a bit of resistance. If we can break to that level, it opens up the possibility of moving to the $47,500 level, which is an area that has been important in the past, and an area where we had seen a lot of selling pressure appear. Because of this, I think it does make a certain amount of sense that we would target that level. Breaking above the $47,500 level could open up the possibility of a move to the $50,000 level.

At the moment, it looks like people are reacting to the possibility that central banks are going to loose their monetary policy. If that in fact, is going to be the case, then it does make a lot of sense that Bitcoin starts to rally. After all, Bitcoin is a huge beneficiary of loose monetary policy and I do believe that the last couple of weeks have been all about the market trying to price in the idea the central banks are going to start loosening again. That being said, if we get some type of major “risk off” event coming, that could short the rally link, and turn Bitcoin break back around.