Bitcoin Price Forecast – Bitcoin Continues to See 100k as The Target

Bitcoin Technical Analysis

The Bitcoin market initially did try to get to the $100,000 level, but it pulled back just a bit in the early hours on Friday, which probably isn’t a huge surprise. I suggested that perhaps traders would look at that as a bit of a barrier and there was quite a bit of selling pressure on several exchanges right around that level as well.

So, I think a pullback makes sense. We could pull back all the way to $90,000 and still be very bullish. In fact, it’s really not a chart that I would want to short, despite the fact that you have to wonder why it’s gone higher like this. There are all kinds of theorems out there, but the reality is it’s all about liquidity more than anything else. So as long as that’s going to be the case and Wall Street has in CTF, I do think there’s a bit of a floor in this market.

If we can break above the $100,000 level, it obviously would be very bullish and could open up a next leg higher. That being said, one has to wonder when the market will actually demand that Bitcoin has a use. I have this conversation all the time. And there are some use cases in smaller economies as far as cross border payments. But as somebody who lives in a fairly wealthy country, the United States, I can’t use it. There’s really no way to use it on a day to day basis.

So, I think we’re still in that process of trying to sort out what exactly Bitcoin is going to be beyond a religion, I guess. So, I do think that there are a lot of buyers in this, but I think you need to let it come back to you like any other market. It’s not any different to any other market. Occasionally, gravity gets in the way and that might be what we’re seeing here. I wouldn’t short it, but what I would do is hope for a bit of a pullback in order to get involved if you do in fact want to buy it.

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