Bitcoin Price Forecast – Bitcoin Continues to Threaten a Move Higher

Bitcoin Technical Analysis

You can see that we did fall pretty hard early in the session, but it looks like we have more buy-on-the-dip behavior out there. With that being the case, I do think it’s probably only a matter of time before we take off again, with the $74,000 level above offering a significant barrier. That being said, we also have massive support all the way down to the $60,000 level and the 50 day EMA as well. That being said, buyers are coming in a little more aggressively than they had in the past, thereby making a series of higher lows.

This is a sign that we very well could take off to the upside given enough time. But in the process, we are also working off some of this massive froth that we had from all of that hot money running into the ETF. That being said, now that institutions are in Bitcoin, it’ll be interesting to see how it plays out because it may become less volatile, you never know.

After all, most institutions don’t like massive amounts of volatility. Nonetheless, if we do break above the $74,000 level, then I think $75,000 gets targeted next. And then after that, we could go looking to the $80,000 level. I have no interest in trying to short this market, quite frankly. I think we still have further to go. But a lot of the momentum that we had recently may be waning a bit so I think it may be more of a grind higher than anything else. Buying on dips continues to see the best path forward.

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