Bitcoin Price Forecast – Bitcoin Continues to See Sideways Action

Bitcoin Technical Analysis

Bitcoin reached the $62,000 level early during the trading session on Tuesday, only to turn around and show signs of support. It’s not only the $62,000 level that I think is coming into the picture, but it’s the fact that we have such a massive amount of market memory in that area. If we turn around and rally from here, the market could go looking to the $63,750 level. All things being equal, this is a market that continues to see a lot of questions asked about central banks around the world, because quite frankly, Bitcoin was born on the idea of getting away from money printing and it looks like central banks are going to do that again.

So, the question is, why isn’t Bitcoin taking off the way it normally had? The answer of course is, it’s now controlled by Wall Street. BlackRock is buying more and more Bitcoin as the ETF comes into vogue. And we will probably see more or less Bitcoin start to act like a passive investment. While longer term, that’s probably positive for the market, shorter term, it’s going to crush volatility.

In fact, if you look at the daily chart from the point of the ETF adoption at the very beginning of the year, not only are we down from the highs, but it’s been a gradual, range-bound market. And I think that’s probably going to be the case going forward. It’s not that you can’t trade and make money on Bitcoin, it’s just that you’re not going to be making 15% in a day anymore. As it is an ETF, I do believe that Wall Street will protect it, it will go higher over the longer term, but the returns are going to be much slower than they once were.

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