Bitcoin Price Forecast – Bitcoin Continues to Work Off Momentum

Bitcoin Technical Analysis

We are taking a look at the Bitcoin market, which has pulled back a bit from the $52,000 level, an area that I think a lot of people will continue to pay close attention to, which has caught my eye. After all, this is an area that previously has seen sellers and therefore a little bit of market memory comes into the picture yet again.

All things being equal, this is a market that will continue to be very noisy and that does make quite a bit of sense considering that we have a situation where the market has shot straight up in the air and now people are trying to sort out whether or not we are going to be able to continue going higher. Now, while I do think that’s very probable, the reality is that we may have to go sideways to work off some of the excess volatility or perhaps just pull back down to the $47,500 level.

In general, I do believe that Bitcoin is enjoying a bit of a boost after the ETF announcement, but that is going to change the overall market. After all, it has become a Wall Street asset now, and that means they’ll drive it up, dump it off, and drive it back down again before buying it again and running back up knowing full well that the retail trader is almost always last to the party.

Remember, Wall Street has one job, and that job is to sell you stocks. And in this case, it would be an ETF. That being said, we also have to keep in mind that Bitcoin still isn’t being used for anything. So other than speculation, I’m not sure what we’re going to do here.

However, in the meantime, if we can break above the highs of the last couple of days, it opens up the possibility of a move to the $55,000 level, which then opens up a move to the $60,000 level. If we were going to drop down below the $47,500 level, then we’ll have to test moving averages for dynamic support.

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