Bitcoin Price Forecast – Bitcoin Continues to Stretch

Bitcoin Technical Analysis

As you can see, the Bitcoin market has gone back and forth during the early hours here on Thursday, but quite frankly, this is a market that is a bit overdone. Because of this, I think it’s probably only a matter of time before we see buyers coming back into the market in order to pick it up.

Basically, I think you do have to look at this through the prism of a market that is extraordinarily stretched. If we break down below the $65,000 level, we could see the $60,000 level come into the picture and support. After that, we have the 20 day EMA and then eventually the 50 day EMA.

That being said, we are near all-time highs and therefore I think we have a situation where the market is likely going to be very noisy and very choppy. Sooner or later, we’re probably going to get a pretty ugly retrace. Keep in mind that the ETF has really propelled the momentum, but whether or not that ends up being something that you can hang on to remains to be seen, because quite frankly, there’s only so much money that will go into these ETFs.

And of course, there are people out there who have made an 80% profit in just a couple of weeks. A lot of institutional traders will take that. So keep in mind that not everybody is a crypto bro. So with that being said, I do think that we are due some type of punch in the face. I don’t know when it will happen, but I certainly recognize that if we see some type of massive sell off, there will be buyers underneath willing to chase it and perhaps try to find some value.

That’s probably what you’re going to look like you are doing at this point. $70,000 above it seems to be a bit of a formidable barrier. And of course, the market at the very least will have to work off some of this excess froth.

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