Bitcoin Price Forecast – Bitcoin Continues to See Support on Dips

Bitcoin Technical Analysis

The Bitcoin market has been ever so slightly bullish during the early hours on Wednesday, but quite frankly, not much is going on here. I think we are working off some of the excess move to the upside that’s typical for Bitcoin. And now I think traders are going to have to adjust to this new reality that it is essentially an index on Wall Street. If that’s going to be the case, then you’re going to have sudden moves and then choppiness, sudden moves and then more choppiness.

The $67,000 level, of course, is an area that a lot of people have been paying attention to. And if we can break above the $60,500 level, then I think we have a real possibility of going to the $73,000 level. Short term pullbacks at this point in time should see plenty of support near the $63,500 level. This is a market that has recovered quite nicely after the massive selling that entered the market via the Mt Gox settlement, and of course, the Germans dumping their Bitcoin in the world.

So, with all of that, it is bullish. It’s just that we can’t go straight up in the air forever. So, a little bit of consolidation and choppiness makes perfect sense. And with that I still remain bullish. I think you’re still looking to buy the occasional dip in this market. The market will continue to attract a lot of attention as per usual, as the market is one that runs a lot on momentum.

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