Bitcoin Price Forecast – Bitcoin Continues to Find Buyers

Bitcoin Technical Analysis

Bitcoin has rallied slightly during the early hours on Thursday, but really at this point in time, I think you’ve got a situation where traders are going to continue to look at this as a buy on the dip types of move. The 50 day EMA underneath, of course, is an area that would be rather supportive.

The $60,000 level underneath, I think continues to be massive support as it is a large round psychologically significant figure. And I think it’s also possible that the market probably extends its support down to the swing low, which was a little closer to the $57,000 level. Longer term, I think the market is going to try to get to the $73,000 level, which makes sense considering the way the risk on move suddenly enveloped the market on Wednesday as traders saw a flat retail sales number. So, the idea is that the Federal Reserve would have to cut rates. Wall Street celebrates bad economic news. The Bitcoin market is going to behave differently though because there’s an ETF on Wall Street.

So, this is now an institutionally controlled asset. It’s not a retail traders asset anymore in the sense that you probably won’t have this thing mooning anytime soon. But it more or less, I believe, will start to behave like an index. We are in the midst of still digesting that massive inflow when the ETF was opened up to institutions. So, you know, it’s hard to get negative on this market, but I also recognize that a 92% gain in just a mere six weeks is a lot to ask the market to absorb. So, I think we continue to see somewhat choppy sideways action with an upward tilt.

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