Bitcoin Forecast for the Week (05-02-2024)

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 05-02-2024.

Bitcoin Forecast for the Week

Monthly timeframe
Hello, I’m Victor from CryptoViktor UA. Analysing the monthly timeframe for bitcoin, I see that after a period of growth, we are in a correction phase. This decline, in my opinion, could last for several months and could potentially mean a 10% price drop. This is a time when investors should be especially careful and ready to act.

Weekly timeframe
On the weekly timeframe, the stochastic oscillator indicator shows that we may be in an underbought zone, which could indicate a potential small rise before a further decline. This rise, however, I believe, will be short-lived and traders should be cautious.

Daily timeframe

On the daily timeframe, a small increase is possible, but the overall trend remains downwards. This is important for crypto traders because volatility can create short-term opportunities.

Buyer/seller sentiment
Market sentiment remains mixed. Some traders see buying opportunities, while others are preparing for further declines. This creates additional uncertainty in the market.

Weekly exchange rate outlook summary
Overall, I expect bitcoin to show a slight increase this week, but the overall downward trend remains. It is important for investors to remain cautious and use strategies to minimise risks.

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The Bitcoin (BTC) price forecast for the upcoming week suggests a downward trend. According to CoinCodex, Bitcoin is expected to experience a decline, with its price projected to decrease by -3.18%, reaching $41,329 by February 12, 2024. This forecast is based on the analysis of recent trends and market behavior​​.

BeInCrypto’s analysis, while not providing specific numbers for the coming week, underscores the bullish sentiment in the longer term, emphasizing the role of technical indicators such as the RSI, Moving Averages, and the MACD in predicting Bitcoin’s price movements. This analysis suggests that despite short-term volatility, the overall trend for Bitcoin remains positive​​.

Furthermore, Coinspeaker highlights various predictions from influential figures in the crypto industry for 2024, with forecasts ranging significantly. For instance, Cathie Wood of ARK Invest predicts Bitcoin could reach $1 million by 2024, while Mike Novogratz of Galaxy Digital expects a $500,000 price point. Other notable predictions include Tim Draper’s $250,000 forecast and Tom Lee’s $180,000 estimate. These predictions, while for a longer time horizon, indicate a strong belief in Bitcoin’s growth potential​​.

These forecasts reflect a blend of technical analysis and expert opinion, painting a picture of both short-term challenges and long-term optimism in the Bitcoin market. Given the inherent volatility of cryptocurrency markets, it’s advisable to approach these forecasts with caution and consider multiple perspectives when planning investments.

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