Bitcoin Price Forecast – Bitcoin Continues to Look Strong on Dips

Bitcoin Technical Analysis

Bitcoin was slightly bullish in the early hours on Wednesday as we continue to see a lot of noisy behavior. That being said, I think this is a situation where you have to be cognizant of the fact that traders are more of a buy on the dip type of market right now. And I do think that you have to be understanding that the institutional flows are most definitely coming in, not going out. So overall that creates an upward bias. We have a Federal Reserve meeting later in the day, which of course can cause a bit of havoc, and I think ultimately that is probably what will be the next leg higher or lower.

We’ll just have to wait and see. But I would pay attention to the $67,000 level because after that it could open up a move to the $70,000 level. Short-term pullbacks at this point in time could open up the possibility of a move down to $64,000. But all things being equal, I do think that we try to do everything we can to get to the $73,000 level above, which of course was the top of the overall market multiple times in the past.

So, I remain bullish, but I recognize we have a shot higher followed by a lot of choppy and grinding to the upside behavior. That’s a good healthy sign, but that doesn’t necessarily mean we’re going to take off right away, and therefore you will have to be patient with any move unless the Fed shocks the markets.

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