Bitcoin Price Forecast – Bitcoin Continues to Look Bullish

Bitcoin Technical Analysis

Taking a look at the Bitcoin market you can see Bitcoin had initially dropped just a bit during the trading session on Thursday but then turned around to show signs of life again. That being said, it is still very much in consolidation, but it is worth noting that every pullback ends up being a little bit higher.

And therefore, it looks like we continue to see buyers step in and try to take advantage of cheap coins. Ultimately, I think this is a situation where you look at this through the prism of trying to find value, and if and when you find it, you take advantage of it. The market had risen far too quickly, in too short of amount of time to sustain that type of momentum.

So, I think at this point it makes a lot of sense that we grind away and then eventually continue the overall trend. The $60,000 level underneath could be a sort of flaw in the market, and that is especially true now that the 50 day EMA is there, and it has already proven itself at least once. To the upside, it looks like the $75,000 level is a significant ceiling in the market, but I don’t see anything particularly interesting about that number other than the fact that there’s a little bit of psychology attached to it.

And therefore, I do think that eventually Bitcoin breaks above there. The hot money going into the ETF has probably abated. So at this point in time, we are working off some of that froth and will continue to trend in a more normal way. Buying dips continues to be the way forward.

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