Bitcoin Price Outlook – Bitcoin Pulls Back to Find More Buyers

Bitcoin Technical Analysis

The Bitcoin market was slightly negative during the trading session on Wednesday, but ultimately, this scenario continues to see the $120,000 level as having a major influence on the market. Even if we do pull back from here, and it does look like we’re going to, I think there’s plenty of support underneath to consider the possibility of buying the dip. Furthermore, when you look at the chart, you can make a bullish flag pretty quickly.

So, I think all things are leaning towards a breakout eventually. It just comes down to whether or not you have enough patience to wait for that. The measured move of the potential bullish flag is for another $10,000. So that would have us looking at $130,000 rather quickly. So I think ultimately that’s where we’re going. It is a somewhat quiet time of the year, being summer, and Bitcoin has held its own against pressures.

So with all of that and the concerns about the spending in the United States, as well as the shrinking of the U.S. dollar, I think it all works towards the favor of Bitcoin. And I think ultimately Bitcoin will find a way to go higher. If we were to break down below the $108,000 level, then you have to look for a little bit of a deeper correction. But as things stand right now, it looks like a market that every time it drops, there are buyers just waiting to pick it up.

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