Bitcoin Price Forecast – Bitcoin Continues to Look Threatened

Bitcoin Technical Analysis

Bitcoin has fallen rather hard overnight, but in the early hours of Friday, it looks like we are trying to pick things back up. We have broken down below the $56,500 level, which is a big deal. We’ve made a fresh low in this consolidation. The question now is whether or not we can get back above there. If we can, then I’ll be paying close attention to the $60,000 level. The $60,000 level above is a large round psychologically significant figure and if we were to break above that level, it could bring more momentum into the market.

Breaking above that opens up the possibility of going all the way to the $67,000 level, but there are a lot of questions asked about the market as Mt. Gox will release 141,000 Bitcoin into the market from that debacle years ago. So maybe that’s putting a little pressure on the market, but ultimately, we also need to keep in mind that we still don’t have a use for Bitcoin in most developed economies, which is where all the money is.

So, we’ll see. If we break down below the $54,000 level, then I think we just dropped down to the $51,000 level. I think you’re probably better off waiting to see if Bitcoin can pick its feet back up before jumping into this market. Caution will be the better part of valor at this point in time, as the market suddenly seems to be struggling overall. I am not willing to just jump into it aggressively.

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