Bitcoin Price Forecast – Bitcoin Continues to Grind in Consolidation

Bitcoin Technical Analysis

We have rallied slightly during the early hours on Monday, and it looks like we are doing everything we can to grind to the upside, but we are in the midst of consolidating, so that is probably something worth paying attention to. With that being said, I think the market is likely to be a situation where what you’re going to be looking at is $60,000 underneath, offering a massive amount of support. The $60,000 level is an area that I think a lot of people have paid close attention to, and the fact that we are hanging around above there suggests that there will be plenty of support in that region, especially with the 50-day EMA reaching towards it.

With that being said, I think you’ve got a situation where value hunting is probably going to be the best way forward. Ultimately, I think you have to look at buying on the dip as the best route. Keep in mind that this market shot straight up in the air for a while, and it does suggest that perhaps we need to just simply grind away to the sideways action and work off some of this excess volatility. Ultimately, the more stable this market gets, the more people are willing to jump in and hold the asset. The massive inflows from the ETF are probably somewhat over at the moment, and now it’s just a matter of making it a normal market again, so although I am bullish, I recognize another 90 percent run is very unlikely.

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