Bitcoin Price Forecast – Bitcoin Looking to Continue The Uptrend

Bitcoin Technical Analysis

The Bitcoin market continues to show signs of strength as we have rallied again, and it looks like we are going to continue to see a lot of upward momentum. And now that we are above the $67,000 level, that could very well open up a move all the way back to the highs that we had recently seen about the $73,000 level. I think short-term pullbacks will continue to be buying opportunities, and you have to look at it through that prism.

The 65,500 level is an area that could offer support as well. So again, on dips, I do think you are a buyer. We have absorbed 141,000 Bitcoin dumped on the market after the Mt. Gox settlement and of course, Germany has dumped most, if not all of its coins into the market, I believe.

So, the market has absorbed quite a bit, and it has done quite well. So, with that, I think you’ve got a situation where buyers continue to look at Bitcoin as something that should go higher over the longer term. And that does make a lot of sense in the sense that Wall Street now has an ETF that is involved in it. So, it’s going to behave more like an index, and they naturally go higher over time. So, I think that’s what you’re looking at here.

Whether or not there’s ever any utility for Bitcoin remains a completely open question because quite frankly, it doesn’t seem so. But it is what it is. And at this point in time, you trade the market in front of you, not the market that you think makes sense. At this point, it looks like dips are to be bought into.

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