Bitcoin Price Forecast – Bitcoin Continues to Show Strength

Bitcoin Technical Analysis

The Bitcoin market continues to stretch a bit at this point in time and we are testing the $67,000 resistance barrier. If we can break above there, then I think you could go looking towards the $73,000 level, which was the recent swing high and of course an area that a lot of people would pay attention to. This has been a very bullish couple of weeks for Bitcoin and I think that probably continues to be the case over the longer term, just simply due to the fact that the Mt. Gox sell-off has already occurred and we’ve absorbed just about all of those coins into the market. And then of course Germany dumped theirs. And while it was a little ugly there for a minute, it certainly looks as if the market absorbed all of that quite easily and then rallied.

The thing about Bitcoin now is that it is a Wall Street asset. It’s essential to be thought of as an index. And what that means is it will have a natural bias to the upside. How long that lasts, we don’t know. The reality is Bitcoin’s not really used in the real world for anything, at least not yet. It’s been well over a decade and we’re still trying to figure out exactly what it is.

And at this point in time, what is important is that firms on Wall Street are starting to get involved and get a little bit of the cut. And as long as that’s going to be the case, Bitcoin will survive. Whether or not it’s used in the real world, we’ll have to wait and see. But follow price, not what is. Remember price very rarely has to do with reality. All one has to do is take a look at the recent run we had in Nvidia.

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