Bitcoin Price Forecast – Bitcoin Continues to Look For Direction

Bitcoin Technical Analysis

The Bitcoin market has been somewhat quiet in the early hours on Friday as we continue to see a lot of questions asked about risk appetite, for when it’s worth, some of the risk appetite gauges out there in the form of other markets are pointing down, so that does not help Bitcoin at all. Remember, Bitcoin’s pretty far out there on the spectrum of risk appetite, so we need people to feel comfortable to start piling into this market.

The recent run higher after the ETF was shattered recently as the risk appetite around the world fell through the floor. And now we’re in a situation where we have bounced quite nicely from that area. But it’s hard not to notice that since we have the surge higher after the Bitcoin ETF, we’ve seen a lot of noise, but we continue to see lower highs. We haven’t exactly broken down significantly, but what we have done is seen is just a general malaise. And I think at this point, a lot of people are trying to sort out what does it mean that Bitcoin is now on Wall Street?

More likely than not, what it’ll mean is that Bitcoin becomes something like the S&P 500. It’s just simply an index that people buy and hold over time and there’s a natural proclivity to drift higher, but that doesn’t necessarily mean that it goes higher all the time, nor does it mean that it’s going to replace money and everything else and kick off new religions and all this other stuff that you read about on the internet.

The reality is it’s a fairly neutral market at the moment and it just is what it is. If we do break down below the 50,000 level, something that I don’t see happening in the short term, that would be a very bad sign. So do be cognizant of that.

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