Bitcoin Price Forecast – Bitcoin Continues to Look Cautious

Bitcoin Technical Analysis

The Bitcoin market rallied a bit during the early hours on Monday, as it looks like we are trying to turn around and reach towards the $57,500 level. If we can reach that area, it’s an area that previously had been support, so it should now be resistant. On the other hand, if we turn around and drop from here, we could go looking to the $50,000 level, which I think is massive and it’s important. If we drop down below there, then the bottom falls out in Bitcoin. It’s worth noting when you zoom out on the charts, Bitcoin has done pretty much nothing for some time now really since the ETF came out.

So, with this being the case, markets are looking very likely to continue to see a little bit of a ceiling above. Now, having said that, if we could break above the $57,500 level, we could go to the $62,000 level, but we don’t make a fresh high until we break the $65,000 level. So, I still think Bitcoin has a lot to prove. And I think we’re just losing momentum in a massive way as Wall Street has sold everybody their ETF. And I read a little bit over the weekend how the inflows from the boomers that were going to come in and lift Bitcoin just isn’t there. So, if that’s the case, Bitcoin’s probably at the end of its cycle and getting ready to nosedive again.

We don’t really know what causes that. I would suspect some type of panic in the stock market, but it’s really not until you see 50,000 broken below that you could short Bitcoin and stay aggressively short. In the meantime, it’s kind of back and forth, but it’s got a downward trajectory. There’s no way to look at it in any other light over the last several months. Whether or not that changes remains to be seen, but you can clearly see that after the ETF was announced, we hit that peak high. We’ve done nothing but drift lower since then.

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