Bitcoin Price Forecast – Bitcoin Continues to See Sideways Action

Bitcoin Technical Analysis

The Bitcoin market has shown itself to be rather sideways over the last several days. And at this point, I think you have a situation where it’s likely that traders will continue to just kick it around between the $58,000 level on the bottom and the $62,000 level on the top. Quite frankly, there isn’t a whole lot to move the market at the moment. And after this pretty significant bounce that we have had, it does make a certain amount of sense that traders may want to take a bit of a break.

With that being the case, I think you’ve got a scenario where on dips you probably find buyers. But quite frankly, I don’t know that we will get an explosive move to the upside in the short term. I think there are a lot of things to think about, not the least of which is the fact that the US economy is a little bit stubbornly strong.

So, although there could be interest rates being cut in the future, the question of course is going to be how aggressive. The market may or may not have gotten way ahead of itself at one point, and that does make a certain amount of sense that we would see market participants perhaps try to digest a lot of the noise. If we can break above the $62,000 level, then I think the $65,000 level probably gets targeted, followed by the $70,000 level. If we can break down below the $57,000 level, it opens up a move down to 55,000. Anything below 50,000, and I don’t think that happens anytime soon, would be disastrous though.

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