Bitcoin Price Forecast – Bitcoin Continues to See Buyers on Dips

Bitcoin Technical Analysis

You can see that it looks like we are trying to hang on to just above the $60,000 level. It’s not a huge surprise that we’ve seen this pullback despite the fact that it’s been somewhat brutal, the reality is the market shot straight up in the air and therefore we needed to see a little bit of a pullback to offer value. $60,000 of course is a large round number and this is something that will attract a lot of attention. Furthermore, later in the day on Wednesday we will have the Federal Reserve FOMC policy statement, press conference, et cetera, et cetera, which will move interest rate markets and that has a major influence on crypto, especially Bitcoin.

So with that being said, if the Federal Reserve sounds somewhat dovish today, it’s likely that Bitcoin will just simply take off. And if they sound a bit hawkish, that might open up a buying opportunity a little closer, perhaps as low as $52,000, which quite frankly would be a very interesting level. I don’t think we get down there, but it is something to hope for.

Ultimately, this is a market that has seen a lot of inflows due to the ETF on Wall Street, and while it has shot straight up in the air, you do eventually have profit taking, and that’s exactly what we’ve seen over the last, say, week and a half or so. I do think we will probably continue to go higher. Wall Street will continue to ride this bull as long as they can. It’s what they do. Nonetheless, retail inflows into the ETF probably have peaked by now and I think we may see a bit of a return to normalcy. But first we need to find out where the floor is.

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