Bitcoin Price Forecast – Bitcoin Continues to Grind Back and Forth

Bitcoin Technical Analysis

The Bitcoin market has gone back and forth during the course of the trading session on Wednesday, as we continue to grind sideways in general. I think at this point in time it’s worth paying close attention to the $65,000 level, which of course is a significant barrier, but if we can break above there, then the market is likely to go looking to the $70,000 level. Short-term pullbacks at this point in time could open up the possibility of a move to the $62,000 level below where there is a lot of support. Anything below there then opens up a move down to $60,000.

In general, I think Bitcoin continues to rally based on the idea of the Federal Reserve cutting interest rates and therefore those interest rates should be driving Bitcoin higher. And we have seen a little bit of that, but it’s not as aggressive as we had seen in the past. After all, Bitcoin was designed to work against the idea of fiat money.

But here we are. Bitcoin is essentially a Wall Street ETF now and therefore I think it’s going to be much more like an ETF that follows the S&P 500, for example, I think traders are going to have to get used to the idea of very slow and steady returns instead of 15% in a day like we had seen a couple of years ago. If we were to break out to the upside, I don’t really have a longer term target. I think Bitcoin is just more or less going to be a steady as she goes type of scenario.

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