Bitcoin Price Forecast – Bitcoin Continues to Stagnate

Bitcoin Technical Analysis

The Bitcoin market has been very quiet over the last several days. And really at this point in time, although it does tend to tilt more to the upside. The reality is that when you look at the longer term charts, we are most certainly in a scenario where traders are going to look at this from the prism of lower highs. And that is something that you just cannot get away from. We had the shot higher on the ETF announcement and since then have just underperformed.

I think at this point in time, Bitcoin still struggles for some type of identity. And really, it’s just being used as an ETF like an index at this point. The $62,000 level above could be a target if we get a little bit of bullish momentum. But quite frankly, the last five swing highs in a row, six swing highs in a row actually, are all lower than the major swing high. So, with all that being said, you still have to assume that there’s a lot of lackluster momentum in this market. And let’s be honest, the only thing Bitcoin runs on is momentum.

It’s not really being used for anything. So here we are. Whether or not it actually becomes a viable asset in the future remains to be seen, but people are speculating on it, so you do have to keep that in mind. The $50,000 level underneath is the floor in the market right now, and as long as we can stay above there, I think there is a hope of a pullback and a bounce again.

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