Bitcoin Price Forecast – Bitcoin Continues to See Support

Bitcoin Technical Analysis

Bitcoin has rallied a bit during the course of the early hours on Monday and Tuesday of the week, but really at this point in time, it looks like we are consolidating and trying to pick our feet up as it were. The market has recently bounced from the crucial $60,000 level, which of course is a large round psychologically significant figure and an area that a lot of people will be paying close attention to. Given enough time, I do fully anticipate that Bitcoin will recover and continue to grind higher, perhaps to the $67,000 level above, which is a major area of previous support.

Short-term pullbacks at this point in time should continue to see plenty of support, especially near that $60,000 level. But really, I think that’s an area that extends down to the $58,000 level as well. So ultimately, I remain buying on the dips. I just don’t see a situation where you’re a seller of Bitcoin down at these lower levels. That doesn’t mean that it’s going to be easy, nor does it mean that it’s going to be a clean shot higher. But I do think that we continue to grind higher.

And it’s probably worth noting that we are close to the bottom of the four-month trading range. So, odds favor some type of rally at this point in time. And I think most traders are banking on continuing to be a major area of interest. After all, the market now has the backing of Wall Street, as the asset now is “mainstream.”

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