Bitcoin Price Forecast – Bitcoin Continues to See Buyers

Bitcoin Technical Analysis

You can see that we have stabilized the bid during the day on Monday. But let’s be honest here, Bitcoin has been very rough over the weekend. It is overdone. And I do think eventually you get a buying opportunity on a dip. That being said, I think you have to look at this through the prism of trying to find value.

You don’t necessarily want to jump into it with both feet right now. You could be looking at a massive 15, 20% drop before we find fair value. Yes, the ETF will continue to see a lot of inflows and that will cause money to flow into Bitcoin, but to think that it behaves like this forever is foolish at best. And in fact, there’s a very real possibility that Bitcoin starts to act more like an index like an S&P 500 or something, and that will probably truly suck some of the momentum out of this market once everybody’s in it. We’ll have to wait and see though. At this point though, it certainly looks like there are still plenty of buyers, and the trade is to buy the pullbacks. 60,000 would be ideal if we can get down there, and then of course 52,000. We’ll have to wait and see whether or not that happens. Either way, you cannot get short of Bitcoin anytime soon.

This is either a “buy on the dips” market for short-term traders, or a wild investment for longer-term traders. With the advent of the Bitcoin ETF in the USA, it is impossible to sell anytime soon. This is a market that will be noisy, but it is positive at this point.

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