Bitcoin Price Forecast – Bitcoin Pulls Back Slightly

Bitcoin Forecast Video for 18-01-2024

Bitcoin Technical Analysis

As you can see, we have pulled back just a bit during the course of the trading session on Wednesday. But ultimately, this is a market that I think is still very bullish in the long term. We may have to be a little sideways for a minute here, trying to sort out where we’re going next. I believe that’s the case with a lot of financial markets, so the fact that Bitcoin is doing the same makes quite a bit of sense at this point. Although bullish overall, caution is something that you should be practicing in this pair.

Underneath, we have the 50 day EMA and the $40,000 level, which I think both will offer a significant amount of support that you should pay attention to. After all, this is a market that given enough time could show extreme amounts of volatility and will have to sort out the whole idea of a Bitcoin ETF. That’s part of what drove Bitcoin so high in the first place.

In fact, that’s probably already been priced in as we have already gotten the announcement. So at this point, we’re looking for the next catalyst and underneath I think there will be plenty of value seekers, but at the same time we have to sort out whether or not Bitcoin can break through 47,500, which has been a major, major resistance barrier over the longer term and a lot of people will continue to look at it as something that’s going to be difficult to overcome.

With that being the case, building up a little bit of momentum might be exactly what this market needs. Working off some froth is also because we had gotten here so quickly, as we rallied about 90%. With this, now Bitcoin is going to have to figure out how it’s going to behave because now that it’s in an ETF form, there will be the possibility of shorting Bitcoin at a much easier pace than previously. So therefore, it may start to trade more like an index. We’ll have to wait and see.

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