Bitcoin Price Forecast – Bitcoin Continues to Look Strong

Bitcoin Technical Analysis

The Bitcoin market has gone back and forth during the course of the trading session in the early hours on Tuesday, but it’s obvious to me that it looks like the recovery is in full force. At this point, we are well above the $60,000 level that I had suggested as a signal, and now we are starting to focus on the idea of rallying towards the $67,000 level. Keep in mind that the Mount Gox settlement is done. They have released 141,000 Bitcoin into the market and of course, Germany is done selling off its reserves.

So, it all ties together for a more normalized market and at this point in time, as Bitcoin has an ETF, I think a lot of people are focusing on the idea of it’s a buy and hold asset. I think it’s going to become more or less like an index at this point, which will dampen a bit of the volatility, but it also means that it has a natural proclivity to rise.

After all, it’s a product that Wall Street wants to sell people, so don’t for a second think that they will let it completely collapse. They want to sell you this, get their fees in the ETF and want you to be interested enough to buy again and pay the fees again. In general, it’s worth noting that the technical analysis is pretty strong from the previous surge.

In January, we pulled back to the 50% Fibonacci retracement level only to bounce, and now we are above the 50 day EMA. Both of these have positive outcomes, and I think at this point pullbacks will be looked at as potential buying opportunities.

For a look at all of today’s economic events, check out our economic calendar.