Bitcoin Forecast for the Week (4-03-2024)

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 4-03-2024.

Bitcoin Forecast for the Week

Monthly timeframe
Hello, I’m Victor from CryptoViktor UA. Today’s video is dedicated to the analysis of Bitcoin (BTC) in early March 2024. On the monthly chart, we can see that BTC has shown significant growth since October 2023, which indicates a strong bullish trend. Last month showed a gain of 43%, and this month there is already a 4% increase. I believe that this trend will continue until the halving that will take place in two months, with the potential to reach new highs.

Weekly timeframe
The weekly chart shows that after the rapid rise, a slight pullback is possible, but the overall trend remains positive. I compare the current patterns with previous growth and correction phases, which suggests that after a short-term correction, we can expect growth to continue.

Daily timeframe

On the daily chart, we observe high volatility. Given the current overbought zone, a slight decline in the rate is possible, which would be a good buying opportunity before the next big move up.

Buyer/seller sentiment
Market sentiment remains generally positive, with high activity in social media and forums. Although there are scenarios of a short-term decline, the overall market perception indicates a strong belief in the future growth of bitcoin.

Weekly rate forecast summary
In general, I see two main scenarios: continued growth to halving with further growth potential to $100,000 per BTC or a short-term correction downwards by 10-15% before the next upward jump. Either way, I am optimistic about the future of bitcoin in both the short and long term.