Bitcoin Price Forecast – Bitcoin Continues to See Consolidation

Bitcoin Technical Analysis

Bitcoin has been very quiet during the session here on Wednesday as we are working off some of the froth that we’ve seen as of late. The last couple of days have been more about stabilizing. The sixty thousand dollars level offered significant support last week. And now I think we’re just kind of taking a minute to get our collective breath, the $60,000 and $75,000 levels, I think, continue to offer a significant amount of barriers. So, all things being equal, short-term pullbacks, I do think, offer value that a lot of people will take advantage of. The 50-day EMA is racing towards the $60,000 level, which also offers more support. If we were to break above the $75,000 level, then it’s likely that we would go much higher.

In the meantime, though, I think this is a situation where you are just simply looking for opportunities to pick up value because Bitcoin continues to be extraordinarily bullish. The initial rush of money heading into the ETF probably has died off by now, so now we need to work off some of that exuberance, and then eventually go higher. I have no interest in shorting Bitcoin. I think that it will eventually break that $75,000 level and go much higher.

Beyond that, it is important to understand that the Bitcoin market is fundamentally different than it was just a few months ago. With Wall Street and institutions in the market, I suspect that this market will eventually start acting like an index more than anything else. However, the recent inflow of money looks likely to be done, and therefore, although bullish – this is a market that should move slower.

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