Bitcoin Price Forecast – Bitcoin Continues to Look Positive

Bitcoin Technical Analysis

The Bitcoin market rallied slightly during the trading session on Wednesday, as it looks like we are trying to threaten the $71,000 level. This is an area that has been minor resistance before.

I still believe that the $73,000 level above is a major ceiling in the market and the goal of buyers to break through. It’s hard to understand why or what will make that happen, but it certainly looks as if Bitcoin continues to be one of these markets that you buy on the dips. Underneath we have $67,000 offering a bit of a floor in the market.

And I do believe that the overall consolidation will continue in the short term, at least until we get some sign that the Federal Reserve is actually going to cut. Once they do, that will send Bitcoin much higher. If you think about it, Bitcoin really hasn’t had much experience with higher interest rates. You can make an argument that that’s the exact reason Bitcoin exists is because of the ultra-loose monetary policy.

I would anticipate a little bit of a pullback in the short term, but I think that pullback is a buyable event. I’ve been range trading this for a moment now, for a couple of months. We are trying to more or less work off the froth from the massive shot higher after the institutions came in and started buying into the ETF. But really at this point, it is still a bullish market. It still looks like it wants to break out eventually but that $73,000 level above looms large.

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