Bitcoin Price Forecast – Bitcoin Continues to See Lackluster Momentum

Bitcoin Technical Analysis

All things being equal, this is a market that continues to see a lot of volatility and therefore I think you’ve got to look at this as a market that’s difficult to get overly excitable with and I don’t think you throw a ton of money into the market right now. However, if we can break above the $57,500 level, then we could go much higher, perhaps looking to the $59,000 level. If we break down below the crucial $55,000 level, then I think you’ve got a situation where we could drop down to the $50,000 level.

In general, this is a market that I think continues to see a lot of noise and a lot of unrest, especially as it’s worth noting that the markets have really done nothing since the ETF came out. And I do believe that the Bitcoin market has changed forever. And I think it’s going to be very disappointing for those who have been Bitcoin maximalists. While I do believe that there will be an underlying support level for Bitcoin going forward as it has essentially become an index.

The reality is it’s not the rocket ship it once was. I don’t think you’ll ever see another 12% move in one day unless it’s to the downside in some type of panic. So, with that being the case, this is now a buy on the dip index dollar cost averaging type of asset, at least until somebody makes a bigger decision about Bitcoin, because quite frankly, we’re still not seeing it used in any wide adoption.

I mean, it’s nowhere near being adopted at this point. So, it’s still a highly speculative asset and that might be what you’re seeing here. Maybe it’s a situation where everybody who, in the normal public that wanted to bid a Bitcoin in their portfolio, maybe they’ve all bought it through the ETF and this is just what we get. At best, this looks like a range bound with a slightly upward bias type of market.

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