Bitcoin Price Forecast – Bitcoin Continues to Look Strong

Bitcoin Forecast Video for 12-02-2024

Bitcoin Technical Analysis

The Bitcoin market has shot straight up in the air to the 47,500 level again, which is an area we’ve seen a lot of resistance previously. It’s so interesting that we got here so quickly, as Bitcoin has been very bullish over the last couple of days. So, I do question whether or not we have the momentum to simply just rip through the top here. I think it’s probably more likely than not that we get some type of pullback, but that pullback could go all the way down to the $40,000 level and not really change much.

The 20 day EMA is between here and there. The 50 day EMA is also between here and there. So, I think at this point you are just simply looking for some type of value. If we do rally from here, the $49,150 level was the high that we had previously. And if we can break out above there, then the market could go looking to the 52,000 level.

Keep in mind a lot of this is probably being driven by the idea that central banks around the world are going to start loosening monetary policy, and of course the ETF that is now available. What most traders don’t understand is that although there’s an ETF that could drive institutional demand, if they want to short Bitcoin, there is going to have to be some correlation between that and the spot market.

So, this has become a normal market, I think, in a lot of ways. We still have to ask questions if there’s any real use for Bitcoin. Right now, everybody just uses it as a speculative instrument, and of course, Wall Street will join that competition. What they’re going to do is once this is extremely high, then say, here, hold my bags, and pass that off to the retail trader. It’s what they do with everything else. I can’t imagine this is going to be any different. If we were to turn around and break down below the 38,000 level somehow, then we could go looking to $35,000 where the 200-day EMA is, but right now, it doesn’t look very likely.

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