Bitcoin Price Outlook – Bitcoin Continues to Chop Back and Forth

Bitcoin Technical Analysis

Bitcoin has initially fell pretty significantly during the trading session on Tuesday, but it looks like the 50 day EMA is at least trying to come back into the picture and offer a bit of support. Ultimately, this is a market that I think given enough time will turn around and rally, but I also recognize that we have a scenario where the market is going to be noisy.

It does make a certain amount of sense because quite frankly, we’ve had a couple of major pushes higher, but without any real action other than the ETF on Wall Street. And now institutional traders are wondering what the US government is actually going to do. It’s one thing to be pro crypto, it’s another thing to actually do something.

So, at this point in time, I think we’re in a waiting pattern. We just continue more of the same consolidation we’ve been in since basically Christmas time. I think ultimately, we are just going to go back and forth between the $90,000 level underneath and the $110,000 level above. If and when we can break above the $110,000 level, it’s very likely that this market will break out and goes much higher.

In that environment, I would anticipate a measured move of $20,000 to reach the $130,000 based upon the rectangle, although to be honest, it would more likely than not go even higher than that, given enough time. With that being said, I am bullish. I do believe in buying on dips. I also believe in accumulating, which is exactly what I’ve been doing this entire time.

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