Bitcoin Price Forecast – Bitcoin Continues to See an Upward Trajectory

Bitcoin Forecast Video for 31-01-2024

Bitcoin Technical Analysis

Bitcoin has rallied again during the early hours on Tuesdays, as we continue to see the recovery in full force. That being said, the market of course is a little extended over the last couple of days, so it does make a certain amount of sense that we would get a pullback. A pullback at this point should end up being a nice buying opportunity, and with that being the case, I think the buying opportunity is something that a lot of people will be paying close attention to. The $40,000 level is an area that has a lot of support attached to it and it extends down to the $38,000 level, which of course we bounced from previously.

All things being equal, even if we were to break down below there, I think the $35,000 is the actual floor in the trend, especially now that the 200-day EMA is racing toward it. On the upside, we have the $47,500 level offering resistance, and it is where we had pulled back from previously. This being the case, I think it is a decent target for buyers to aim for.

But if we can break above there, it seems that we could go to the $52,000 level. In general, this is a market that I think continues to see an upward trajectory being played out, mainly due to the idea of central bank policy being fairly loose. That of course is like rocket fuel for crypto, due to the fact that it is a way to find an asset that is not being printed. In other words, it is what is called “hard money.”

Keep in mind that Wednesday has the FOMC meeting and that of course will have a major influence on risk appetite and risk assets such as cryptocurrency. So, if Jerome Powell sounds very dovish, that will only help Bitcoin. If he sounds hawkish, that could be the catalyst for the pullback that you should be taking advantage of.

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