Bitcoin Price Forecast – Bitcoin Continues to See Support Below

Bitcoin Technical Analysis

Bitcoin bounced a bit during the early hours on Thursday, as it looks like we are trying to recover from the $63,500 region. At this point, the market has been consolidating quite significantly over the last couple of months. And now I think you’ve got a situation where short-term pullbacks continue to get bought into. I think the $63,000 range of support is very difficult to break below. If we do, then I think that’s a very negative sign.

That being said, the market continues to attract a lot of inflows, and I do think that every dip continues to be thought of, at least in theory, as a potential buying opportunity. If we can break above the $67,000 level, then I think the market probably goes looking to the $70,000 level in the longer term. In general, this is a market that I think continues to see a lot of volatility, but that’s nothing new for Bitcoin.

However, that volatility is going to be in the form of one or maybe 2% moves per day. Long gone are the days where Bitcoin moves 15% in 24 hours. Institutional money is here now, and that means it’s going to trade more like an index, but that also means that it’s going to have more of an upward proclivity. Because of this, Bitcoin will enter the mainstream, but will it ever be used and adopted? This is still the biggest sticking point. It appears that people are willing to gamble in the meantime, and that’s really all that traders will care about, at least until the next big fad comes to Wall Street.

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