Bitcoin Price Forecast – Bitcoin Continues to See Lackluster Movement

Bitcoin Technical Analysis

The Bitcoin market has gone back and forth in the early hours on Tuesday, as it looks like we are hanging around and trying to sort out what we are going to do next. Quite frankly, the 57,500 level underneath should continue to be support. But I also think above we have the $62,000 level that not only makes a nice target, but I think it also makes a ceiling in a sideways market that just has nowhere to be and hasn’t had anywhere to be for quite some time. The Wall Street traders got their ETF and of course the brokerage firms got their little bit of money in the latest scheme to put Bitcoin in an ETF. And since then, the market really hasn’t done anything.

So, Wall Street’s done its job to get you to buy ETF positions. And now the question is whether or not Bitcoin can actually fly on its own. It could, but one of the biggest signs that I think we probably don’t is that I’m seeing people over the last month or so talking about Bitcoin reaching $1 million or even just $250,000 this cycle.

That’s not going to happen. I would think that’s obvious at this point. However, it is an ETF, so that means it behaves like an index, like the S&P 500. So Wall Street will continue to support it and it will eventually go higher. But I think it’s going to be a lot less volatile than it once was. Right now, we just don’t have anywhere to be.

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