Bitcoin Price Forecast – Bitcoin Continues to Look For Floor in Consolidation

Bitcoin Technical Analysis

You can see that Bitcoin has fallen a little bit during the trading session on Monday. But really at this point in time, the 50 day EMA looks very likely to be a bit of support. And at this point, even if we do break down from here, the $60,000 level, I believe ends up being a major influence on where the market goes. Given enough time, I do think that we rallied, and I think $60,000 is the bottom of the overall consolidation area to reach and the top of the consolidation area is as high as $74,000. All things being equal, this is a market that I think continues to see a lot of noisy behavior, but at this point in time, it’s likely that we will remain “buy on the dip.”

So, here’s a question. What happens if we break down below the $60,000 level? The $52,000 level underneath would be a significant support level based on previous action. And that might be where we find buyers. All things being equal, this is a market that I think continues to go higher over the longer term, as we now have an ETF that a lot of institutions are involved in.

Speaking of the ETF, this consolidation makes a lot of sense as the market had shot straight up in the air, gaining 92% in just six weeks. So now we’re just working off some of that excess. I don’t think that’s changed. It’s just kind of in a holding pattern here in the Bitcoin market. I remain bullish, but I also recognize that it’s probably not going to be an easy shot higher. But at the end of the day, I do think that we’re more likely to go higher than lower.

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