Bitcoin Price Forecast – Bitcoin Continues to Look Strong

Bitcoin Technical Analysis

The Bitcoin market has rallied a bit during the early hours on Wednesday as we are threatening the $68,000 level. At this point, I do think that the market looks likely to continue going higher eventually, but we are facing a significant amount of resistance in this general vicinity. So, I think a short-term pullback, more likely than not, will offer value that people can jump on. I think you probably have a big amount of support all the way down to the $62,000 level.

Ultimately, I just don’t see a situation where you want to get short of Bitcoin, but that doesn’t necessarily mean that we’re going to take off to the upside. Keep in mind that since we got the ETF for Bitcoin, the market really hasn’t done much. And in fact, we still are lower than that swing high.

Nonetheless, the market does look as if it is trying to curve to the upside, and if we can break above the $74,000 level, then we have a situation where we kick off the next leg higher. This, of course, will be helped by the idea of central banks around the world flooding the markets with liquidity. But really, at this point, the biggest problem that Bitcoin has is that it’s now a Wall Street asset.

Wall Street money managers don’t want to hear about 15% shifts in one day. They don’t like that, and they won’t allow that. BlackRock and others own enough now that they have a major influence on the market. And while positive, it’s probably going to be much more like a stock index than anything else.

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