Bitcoin Weekly Price Forecast – Bitcoin Continues to Look Bullish

Bitcoin Weekly Technical Analysis

The Bitcoin market has rallied this week. Although it is probably worth noting that most of the gains occurred in a single session, the rest of the week has been basically Bitcoin just grinding back and forth. At this point, I think we are getting ready to head into a consolidation area. And right now, I believe that the bottom of that consolidation range is at $60,000. I currently believe that the $75,000 level above will be a significant resistance barrier as well. This leads the market into bouncing around in a $15,000 range, which seems about right for typical trading.

All things being equal, the ETF inflows are probably over. Now, it’s not to say that people won’t be buying more, it’s just that the initial surge of money is probably over with. So having said that, I think it’s very likely that short-term pullbacks will be bought into as they offer value, but I don’t necessarily see the market selling off, but I don’t necessarily see it shooting straight up in the air, at least not without some work being done in order to stabilize some of the excess momentum.

So, I remain positive, but I also recognize we may have to kill some time. In this environment, it is likely that the value hunters will come back into play, and a lot of people will be taking advantage of any opportunity as the markets are so bullish. It would take a massive turn in momentum to change this market, but at this point I think things have an obvious direction.

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