invest

Bitcoin Forecast for the Week (01-01-2024)

Greetings to you on the crypto site. My name is Viktor and today I will share my opinion about #bitcoin, #btc-usdt, using the TradingView service, here Bitcoin Rate Forecast for the week of 01-10-2024.

Bitcoin Forecast for the Week

Monthly timeframe
Hello, my name is Victor. Today, on the 1st of January 2024, I would like to share with you my analysis of Bitcoin for this week. On the monthly timeframe, I see a potential upside for bitcoin, but also a possible consolidation to a halving. I predict that the rate could drop by 10% in the coming months, but then rise again.

Weekly timeframe
On the weekly chart, the stochastic oscillator indicator shows that the rate is trending downwards, which may indicate the beginning of a downward phase. I’m expecting a correction, which hasn’t happened yet, and it’s possible that the overbought phase will last longer than I thought.

Daily timeframe

On the daily chart, the stochastic oscillator indicator is showing downward signals, which may indicate a need for accumulation before growth. I expect the market to consolidate, but the exact time of the start of this downward movement remains uncertain.

Buyer/seller sentiment
There is a split opinion on the bitcoin market. Although many predict continued growth, there are also short ideas that I hold. The market sentiment is split roughly in half.

Weekly exchange rate forecast summary
In summary, I believe that bitcoin could go through a period of consolidation in the coming months. However, a return to previous highs is possible in 2024, especially if there is a correlation with bitcoin.

The current technical analysis for Bitcoin (BTC) presents a mix of bullish and bearish sentiments:

Some analysts are highly optimistic, predicting a long-term bullish trend for Bitcoin with a potential target of $180,000. They emphasize Bitcoin’s consistent growth over the years and suggest that, despite potential short-term fluctuations, the long-term trajectory is upward.
Another perspective warns of a potential end to Bitcoin’s bull market, suggesting that it will not make a new all-time high in the foreseeable future. This analysis is based on a detailed study of market cycles and technical patterns.
A more immediate analysis sees Bitcoin in a stable accumulation phase near $38,000, with expectations of a rise to $42,000 in the near future.
Contrarily, another analysis suggests a bearish outlook in the short term, with potential targets as low as $24,000, indicating a correction after recent gains.
Another viewpoint sees Bitcoin regaining support after a short-term decline, with an expected increase to around $39,000.

📈 Key support and resistance levels for Bitcoin: