Bitcoin Price Forecast – Bitcoin Continues to Look Lost

Bitcoin Technical Analysis

The Bitcoin market has done very little during the last several weeks and the early hours on Wednesday seem to be more of the same. It’s interesting exactly how Bitcoin has behaved since the ETF in America came out because the market spiked. And then it’s just kind of really just been in a range since then. The reality is that each high starts to drop. And the question now is, can we ever make a new high? I think we do eventually. But in the short term, it’s very possible that Bitcoin will continue to underperform.

Everything that you thought would send it higher hasn’t. We got the ETF and that’s fine. But since then, we’ve spent an inordinate amount of time trying to work that off. Then we had the halving. And after that, we have central banks around the world starting to cut rates and bring in more easy money. None of this has made Bitcoin continue to go higher.

That might be a warning sign. I think in the longer term this behaves like an index and I do think eventually we go higher, but all things being equal, this is a market that I think shows a lot of sideways lackadaisical trading. Really at this point, as long as we can stay about $50,000 I think Bitcoin is okay, but it’s really not performing at the moment. So, it’s neutral at best.

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