Bitcoin Price Forecast – Bitcoin Continues to See Consolidation

Bitcoin Technical Analysis

Bitcoin continues to grind back and forth and as you can see not much is going on. And I think that makes sense because the rush to get into Bitcoin is over. That doesn’t mean that the trends change, it just means that we’re not going to be seeing 90% gains over the next month and a half like we did the previous month and a half.

So, with all of that being said. I think you have a situation where market participants continue to see a lot of support underneath, especially near the $60,000 level. So, if you do see the market pullback to $60,000, then one would assume that there should be a significant amount of interest there. I think at this point in time, we’re trying to sort out some type of consolidation area between $60,000 on the bottom and the $75,000 level above the 50 day EMA is sitting right at the $60,000 level.

And the fact that we had shown pretty significant support there, I think all ties in together for a bit of a floor in general. This is a market that I think continues to see a lot of noisy behavior in general. I do think that Bitcoin continues to see inflows overall, but not in the volume that we saw before when the ETF was released. So, it would make a certain amount of sense after that big move that we had to simply go back and forth and put everybody to sleep for a while. You know, try to build up a little bit of confidence. Where we go after 75,000 gets broken to the upside remains to be seen.

Probably 80,000 would be my next shot. That being said, I am starting to see the million dollar bitcoin predictions again, so that’s generally a sign you’re going to see a correction. So just keep that in mind. If we were to drop down below 60,000, 52,000 underneath would be your next support level.

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