Bitcoin Resumes Up Trend Amid Positive Forecasts
Crypto Industry News:
Bitwise, a leading cryptocurrency index fund manager, projects that Bitcoin will surpass $80,000. This forecast for 2024 is grounded in significant changes in the crypto sector and macroeconomic factors.
Bitcoin's Upward Trajectory
Two key events are anticipated to boost Bitcoin's value in the coming year. The expected launch of a spot Bitcoin ETF in early 2024 could draw substantial capital from retail and institutional investors. Additionally, the Bitcoin halving in April or May 2024 will halve the new Bitcoin supply, potentially reducing it by $6.2 billion at current prices. The primary factor for optimistic price predictions is the interplay of increased demand and reduced supply.
Bitwise also predicts significant developments beyond Bitcoin's price growth. The firm foresees the approval of spot Bitcoin ETFs, which could be history's most successful ETF launch. Furthermore, Bitwise expects substantial revenue growth for Coinbase, potentially outperforming Wall Street forecasts by tenfold. This growth will be driven by the bull market, innovative product introductions, and Coinbase's likely role as the primary custodian for most Bitcoin ETFs. Bitwise also anticipates significant advances in the tokenization of real assets.
Technical Market Outlook
The BTC/USD pair rallied from $40,328 to a local high of $43,515. The levels of $42,424 and $42,851 now serve as intraday technical support, keeping the outlook bullish. The next target for bulls is $48,200, the weekly high from March 28, 2022. The key short-term demand zone on the H4 chart lies between $38,477 and $38,029, with a sustained breakout below this zone potentially shifting the short-term outlook to bearish. The current strong and positive momentum supports a short-term bullish outlook for BTC.
Weekly Pivot Points
- WR3: $48,882
- WR2: $45,536
- WR1: $43,937
- Weekly Pivot: $42,173
- WS1: $40,583
- WS2: $38,818
- WS3: $35,484
Trading Outlook
The long-term bullish target is set at $48,200, with sustained momentum provided the critical support at $19,572 remains unbreached. Key long-term supports are at $32,829 and $31,790.
Intraday 1H Indicator Signals
- Buy Signals: 18 out of 21 technical indicators
- Neutral Signals: 2 indicators
- Sell Signals: 3 indicators
- Moving Averages: 16 show Buy, 2 show Sell
Sentiment Scoreboard
General market sentiment is bullish (73% bulls vs. 27% bears). Last week's sentiment was bullish (65% bulls vs. 35% bears), mirroring the bullish sentiment over the past three days (57% bulls vs. 43% bears).
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Important Reminder
The begginers in forex trading need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp market fluctuations due to increased volatility. If you decide to trade during the news release, then always place stop orders to minimize losses.
Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes. For successful trading, you need to have a clear trading plan and stay focues and disciplined. Spontaneous trading decision based on the current market situation is an inherently losing strategy for a scalper or daytrader.
