Bitcoin Weekly Price Forecast – Bitcoin Continues to Build a Base

Bitcoin Weekly Technical Analysis

The Bitcoin market has gone back and forward during the course of the week as we continue to look at the $60,000 level as major support. The $60,000 level is an area that I think a lot of people will pay close attention to, but ultimately, this is a market that continues to be bullish overall, I think, but we have a lot of work to do.

That being said, the market looks likely to go looking towards the $73,000 level above. The previous week was a hammer, and that of course is a technically bullish sign. And of course, you have to keep in mind that we did have all of that inflow into the Bitcoin market via the ETF, so I think a lot of people are looking at it through that prism.

If we can eventually break above the $73,000 level, then I think we’ve got a situation where we go to $75,000 and then eventually $80,000. If we break down below the bottom of the hammer from the trading week, then it opens up a move down to $52,000, possibly even as low as the 50-week EMA, right around the $46,000 level.

I don’t expect that, but what I do expect is a lot of choppy sideways behavior in the short term, meaning the next several weeks. Eventually we will have digested the 92% run higher in six weeks. And then we will more likely than not continue the upward trend.

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