Bitcoin Price Forecast – Bitcoin Continues to Recover

Bitcoin Technical Analysis

The Bitcoin market has been very strong over the weekend, and we are now well above the $60,000 level that I had been talking about. Because of this, I do believe the short term dips will more likely than not attract people trying to pick up momentum and cheap Bitcoins, and that eventually we will break out to the upside, perhaps trying to break above the $64,000 level and then the $67,000 level after that.

In general, it’s probably worth noting that we had recently bounced from the 50% Fibonacci retracement level, and it’s likely that this market will continue to see a lot of interest paid to, and due to the fact that there are people out there banking on the Federal Reserve cutting rates, whether or not that’s going to be the case remains to be seen. But that seems to be the accepted situation at the moment and therefore, if people believe that the Federal Reserve is going to start cutting rates, then that means it’s very likely that they will run into riskier assets such as Bitcoin.

At least that’s the theory. Whether or not that pans out, we’ll have to remain cautious, but wait to see. But it certainly does make quite a bit of sense we do continue to the upside. I just wouldn’t get massively aggressive at this point. Bitcoin has shown itself to be a little lackluster, but we have absorbed at least 141,000 Bitcoin being released for Mount Gox, and of course Germany has been selling bitcoin hand over fist and has completed its transaction. So, this might be the beginning of a run back to the upside.

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