Bitcoin Price Forecast – Bitcoin Continues to See Upwards Pressure

Bitcoin Technical Analysis

You can see Bitcoin has rallied a bit during the early hours on Friday. As it looks like we continue to threaten a bit of a breakout. The $67,000 level I do think is important, and we are going to have to pay close attention to it. This area has been important several times now, and I think it will continue to be so.

If we can break above that level, then I don’t see much keeping this market from going to the top of the overall consolidation area. And therefore, I like the idea of waiting for the breakout and then buying the top of the consolidation area, which of course, is the $73,000 level. And that is an area that’s been like a brick wall multiple times.

With that being said, if we were to break above there, then it becomes buy and hold. Most people think of Bitcoin as buy and hold anyway. It is an institutional asset now that we have the ETF. So that’s something worth being aware of. And therefore, it might start to behave quite a bit like an index. And if that’s going to be the case, probably buy on the dip ends up being a long term strategy.

Underneath we have the $60,000 level offering support and then the $57,000 level after that. I think this remains buy on the dip. And that’s really the only way to trade a market that has been so bullish, and of course has more and more institutional inflows as traders will do everything, they can to catch the next momentum move.

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