Bitcoin Price Forecast – Bitcoin Rallies Slightly to Kick Off The Trading Week

Bitcoin Forecast Video for 06-02-2024

Bitcoin Technical Analysis

Bitcoin has rallied slightly during the trading session on Monday, but we are still very much in a consolidation area. We will have to wait and see, but at this point in time it looks like the $44,000 level will more likely than not offer short-term resistance. If we can break above that level, then we could go looking to the $46,000 level and then eventually $48,000.

Short-term pullbacks at this point in time should see the 42,000 level as support. Breaking down below that then opens up the possibility of the $40,000 level being targeted. Pay close attention to interest rates in the United States because they start to rise again, that could work against Bitcoin. Remember, the whole idea is that money printing is what made Bitcoin so attractive in the first place and now that it looks like the Federal Reserve may be tight for longer, that might put a little bit of a drag into this market, but longer term, I do think that we tried to go not only to the $48,000 level, eventually the $50,000 level. Short-term pullbacks should continue to offer buying opportunities, especially those of you who are longer term holders.

And of course there is the negative correlation between interest rates that, although they did get a little bit of a shot higher on Friday, the reality is that the bond market in general thinks that the Federal Reserve is going to be cutting multiple times this year. And if that is in fact the case, then there’s really nothing to keep this market from going higher over the longer term. Ultimately, the simple fact that there is a lot of FOMO out there again could get this market running higher.

However, remember that the ETF makes it easier for sellers to exert pressure as well, and the nature of the BTC market may change quite a bit this year as a result. Only time will tell, but it is something that you will have to pay close attention to.

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