Bitcoin Price Outlook – Bitcoin Rallies to Touch 100K

Bitcoin Technical Analysis

Bitcoin has rallied significantly during the early hours on Wednesday as we have touched the $100,000 level. The $100,000 level of course is a large, round, psychologically significant figure and an area that’s been important multiple times in the past. That being said, we have sliced through it a couple of times as well. So, the resistance is probably somewhat limited, although I wouldn’t be surprised at all to see a little bit of a pullback, because quite frankly, we’ve shot straight up in the air, we had this little extension and now we’re really a little overextended.

It’s interesting because Bitcoin led Wall Street on the way down and it led it on the way back up. So the times and the attitude in Bitcoin are definitely different than it once was. This was the first real nasty sell-off we had after institutional traders got involved and I think Bitcoin has shown itself to be a bit more solid this time around. That being said, a little bit of a pullback offers value and that’s what you should be looking for in this environment. We are extended like I said, and I’d be very interested somewhere near the $95,000 level and most certainly closer to the $90,000 level.

However, we may not get that pullback and if we don’t, then I think we will just extend towards $110,000 a little quicker than anticipated. That is where we had the previous double top from the all-time high, and I do think that’s the target for the time being. I just think we’re a little overdone in the short term. Not a bad thing. It happens in all of trends, and it should be thought of as an opportunity where you look to buy the dip to take advantage of value.

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