Bitcoin Weekly Price Forecast – Bitcoin Continues to See Major Strength

Bitcoin Weekly Technical Analysis

The Bitcoin market has rallied rather significantly during the course of the week and is now threatening the crucial 67,000 level. The 67,000 level is an area that previously has been both support and resistance. So, I find it very interesting that we’re here. In other words, I would anticipate that there is going to be a lot of noise in general.

Ultimately, we’re basically in the middle of the overall consolidation area that I’ve been paying close attention to. With the $73,000 level above offering resistance and the $60,000 level underneath offering support. The size of the candlestick is very impressive, and that probably is the main story here. The fact that the impulsivity of the buyers in the Bitcoin market has come back.

Whether or not we break out of the range is a completely different question, but at this point in time, it certainly looks as if short term pullbacks will continue to be bought into the longer term. If we can break above the $73,000 level, then the market is likely to go much higher. I think at that point, the first target is $75,000 and then possibly $100,000.

But keep in mind that Bitcoin is not the same market it was just three months ago. It is an institutionalized market now, and what that means is big money will come in and hold it. But they also don’t like the volatility. So, it will behave more like an index from what I gather. With that being said, I remain bullish.

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