Bitcoin Price Forecast – Bitcoin Continues to See Support

Bitcoin Technical Analysis

The Bitcoin market rallied during the early hours on Friday, as it looks like we are going to continue to see a lot of noise. That being said though, there are a couple of things worth paying close attention to here. Not the least of which is that we just made a higher high for the first time since the ETF was released. By doing so, by breaking above the $65,000 level, it suggests that there is a certain amount of momentum that will continue to be present in this market.

The core PCE numbers missed, and therefore, I think that just adds more fuel to the fire. Remember, Bitcoin was essentially built and designed to fight ultra-loose monetary policy, and if monetary policy is in fact going to continue to get looser, one would assume that Bitcoin should rally.

A pullback at this point in time should see plenty of support all the way down to the $62,000 level. The $62,000 level of course is an area that’s been important multiple times so I think you need to pay close attention to that and if we were to break down below there, then it could change some things. But right now, I think we’ve got a situation where there are enough traders out there willing to get involved that eventually we will rise and go much higher. The next target for me at least is going to be the $67,500 level and then to the $70,000 level.

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