Bitcoin Price Forecast – Bitcoin Continues to See Buyers

Bitcoin Technical Analysis

Bitcoin has rallied a bit during the trading session in the early hours of Thursday as it looks like we are trying to recover from a significant floor in this market, which is down at the $57,500 level. At this point in time, this is a market that I think is still technically bullish, but we have been sideways for a while, at least three and a half weeks. And it looks to me like the market is going to continue to see a lot of upward pressure. And if we can break above the $62,000 level, then it opens up the possibility of moving to the $65,000 level.

Ultimately, this is a scenario where we see a lot of back and forth, but I do think buyers continue to come back into the Bitcoin market via dips. After all, this is a market that now has its ETF that people can play with. And therefore, I think you have a situation where traders are going to continue to look at dips as value. And now it looks like the 57,500 level is really starting to kind of reinforce itself as support.

All things being equal, I do think that Bitcoin will go higher over the longer term, but I do think that it’s probably not going to be in the way that people are used to. We’re not going to see 10% gains in a single day anymore. This is now a Wall Street asset, so it will behave more like an index, something along the lines of the S&P 500, for example.

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