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Is 2024 Bitcoin’s Year? Unpacking the Bullish Buzz and Bearish Whispers

Is 2024 the YEAR for BITCOIN or NOT?
Is 2024 the YEAR for BITCOIN or NOT?

Bitcoin traders, buckle up! 2023’s closing weeks have been a flurry of price swings, leaving everyone wondering: is 2024 the year for Bitcoin or not? This article dives deep into the technical analysis, dissecting the recent upsurge, current consolidation, and long-term predictions to help you navigate the volatile crypto landscape.

Bouncing Between Bullish Brags and Bearish Blues:

Bitcoin recently broke above the trendline, sparking hope for a sustained bull run. But alas, it slipped back, losing support on key technical indicators like the 200 EMA and 50 EMA. However, a glimmer of hope remains with temporary support found at the 50 SMA. The chart currently paints a diagonal picture, suggesting a three-wave structure rather than the classic five-wave bullish pattern.

Short-Term Turbulence Ahead:

While a brief upside movement is expected, prepare for a potential dip down to test the 200 EMA at $41,450. The daily stochastic RSI, currently in oversold territory, also hints at further downside before a potential reversal. Volume profiles reveal low activity, indicating a lack of strong conviction from both bulls and bears.

Long-Term Forecast: Buckle Up for Bearish Bumps:

Nick paints a cautionary picture for 2024, anticipating significant corrections with key support levels at $30,000-$32,000, $35,000-$37,000, and $39,600-$40,000. Remember, bear markets present buying opportunities, but tread carefully and invest only what you can afford to lose.

Investing Wisely in a Volatile Market:

Engage and Explore:

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