Bitcoin Price Forecast – Bitcoin Continues to Show Support

Bitcoin Forecast Video for 11-01-2024

Bitcoin Technical Analysis

As you can see, we have kind of gone back and forth here in the Bitcoin market as we continue to look for some type of footing. That being said, it is still very much a buy on the dip type of market. After all, Bitcoin has been in a massive uptrend for quite some time. While it looks bullish, I don’t necessarily know that this market breaks out without the next major catalyst coming.

Above, we have the $47,500 level as a major barrier. And I do think that the $47,500 level will continue to be difficult to break above. However, if we do break above there, the $50,000 level could be the next target. Pullbacks from here could see the 20-day EMA offer support and then eventually the $40,000 level as a bit of a hard floor in the market. The 50 day EMA hangs about this area and I do think that it will continue to attract a lot of attention. Ultimately, this is, like I said, a buy on the dips type of market as there is a lot of noise out there about a Bitcoin ETF coming out and it’s got everybody excited. However, once that’s announced, we could see a bit of a dip as people will sell the news as is quite often the case.

Longer term though, it should be bullish for the market, so I still like the idea of buying Bitcoin. I don’t necessarily know that we have a whole lot to do in the short term until we at least get that announcement, or we see a bigger move in the US dollar, because if we do see the US dollar really take it on the chin, then we could see Bitcoin be a major beneficiary. That being said, I have no interest in selling this market. I think we’ve got a long way to go before you could consider shorting Bitcoin. Perhaps breaking below $35,000 does bring up that question, but we’re nowhere near that right now.

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