Bitcoin Price Forecast – Bitcoin Plunges Again

Bitcoin Technical Analysis

The Bitcoin market has fallen rather significantly over the last couple of days as we are now below the $62,000 level. While I don’t necessarily think this is a massive negative sign, it does show that Bitcoin’s got nowhere to be. This is a market that died almost immediately after getting its ETF, and now, although I do believe that Wall Street will make sure that it succeeds and that it doesn’t fall apart, the reality is that this trades almost like a bond fund, which seems really bizarre to say out loud.

It just goes back and forth between roughly $50,000 and $70,000. The market continues to see a lot of volatility and of course it follows risk appetite in general. Remember Bitcoin’s pretty far out there on risk appetite spectrums, but at the same time, as Wall Street has this ETF that it needs to defend, it won’t allow it to go to zero.

I think the days of Bitcoin moving significantly in a single day are gone. I think this starts to grind. Overall, more of a buy on the dip market, but it’s going to be a grinder. It’s not going to be a free flowing market. We will more likely than not never see another 15% day again in this asset. The $57,500 level underneath will be an area that we could find a hard floor, but between here and there, we also have the $60,000 level that comes into the picture as well.

For a look at all of today’s economic events, check out our economic calendar.