Bitcoin Weekly Price Forecast – Bitcoin Continues to Bounce Around in Bullish Trend

Bitcoin Weekly Technical Analysis

You can see that we have fallen pretty hard during the week, but at this point in time, we have a situation where the market is going to continue to see volatility. The $60,000 level offering significant support I think, comes into the picture as well. Therefore, you have to look at this as a potential buying opportunity.

If we were to break down below the $60,000 level, then it’s likely that we could drop down to the $52,000 level. We have been very parabolic and a lot of that hot money flowing into ETFs will be pretty much gone. So now it has become a little bit more of a stable market and quite frankly, that’s a good thing. You can’t have 90% runs in two months and expect the market to continue the same way it has been. So, it’s going to be the same story here. You’re going to be buying dips as they occur. And I think 52,000 would be ideal if we can get down there. I don’t know that we do, but that is my ideal zone for a longer term buy and hold situation. More often than not, you’re going to see buyers coming in and picking up every dip.

So, this is a market that you’re either long of or you’re on the sidelines. You simply cannot short Bitcoin at the moment. That being said, there will come a time to do that, especially now that there is an instrument on Wall Street that they can do that through. We’ll see how it plays out, but right now, it still looks like you’re looking for valuable pullbacks to take advantage of.

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