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Bitcoin Price Forecast – Bitcoin Continues to See Sideways Action
Published: Dec 13, 2024, 15:49 GMT+00:00
The Bitcoin market continues to see a lot of sideways action, and at this point in time, it looks like the market is trying to work off some of the excess we have seen lately.
In this article:
Bitcoin Technical Analysis
The Bitcoin market continues to do very little around the $100,000 level, but really, that’s actually a bullish sign and the reason I say this is that the market is very comfortable hanging around this area. It’s not necessarily concerned about it and that tells me that sooner or later we’ll find a reason to go higher.
That’s not to say that we can’t pull back and can’t pull back significantly, we very well could, but this is not a market you’re trying to short. You’re not looking at this and going, well, it’s gotten too expensive, I have to get short. There has to be a reason for it to fall apart.
Is It Still Value Here?
While whether or not it’s actually worth $100,000 is completely up for debate. The reality is the fundamentals haven’t changed. There is a Wall Street ETF that will protect this on a pullback to the $90,000 level, that would be a 10% pullback and it also is sitting right around the 50 day EMA. So that is an area that I might be interested in, assuming that we even get there.
But if you’ll notice, as we’ve been grinding away over the last several weeks, we are starting to grind higher. So really at this point in time, I think you’ve got a situation where every time we pull back, there will be people willing to try to pick up a little bit of value. If we can clear the $104,000 level, I think that opens up a move to the $110,000 level given enough time.
About the Author
Christopher Lewisauthor
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
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