Bitcoin Price Outlook – Bitcoin Continues to See Buyers

Bitcoin Technical Analysis

Bitcoin has basically been hanging around the all-time highs over the last 24 hours or so as we are waiting to see if we can break above the $112,000 level. For what it is worth, the futures market has already done that. So, one would assume sooner or later, we may see this market really take off. If and when we can get above the $112,000 level, that opens up the possibility of a move to the $120,000 above based on the measured move of the consolidation we have been in.

Short-term pullbacks offer buying opportunities. And I think that’s exactly how you have to look at this market, and really at this point in time, we’d have to break down below the $100,000 level for me to be a bit concerned about the trend. That doesn’t necessarily mean that you pile in right away. I think you do look for opportunities on shorter term charts in order to take advantage of pullbacks and value. But as things stand right now, this is definitely a one-way market, despite the fact that we are still technically within the consolidation range.

The size of the candlestick on Wednesday definitely tells us that there is interest there, but the $112,000 level kicked off a pretty significant sell off previously. So, I would prefer to see the market either pull back and bounce, giving us an opportunity to get involved again or see a candle on the daily chart close above the $112,000 level. The initial target of $120,000 is not where I think we will end the run. I just think that’s the next obvious level.

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