Bitcoin Price Outlook – Bitcoin Continues to Grind

Bitcoin Technical Analysis

The Bitcoin market has pulled back a bit from the $100,000 level in early trading on Thursday, which is essentially fair value if you look at the chart from the longer term standpoint. We have shot straight up in the air towards the $108,000 level and then pulled back to the $90,000 level. So somewhere around $100,000, you would think that we’re basically in the fair value range. A pullback does make a certain amount of sense. We had an explosive move during the trading session on Wednesday, so more churn. This quite frankly is probably a time of accumulation.

This is a lot like most of 2024 and at this point in time, it looks like it’s very likely to continue to be a timeframe where traders are willing to buy the dips, but there’s just no real fundamental reason for Bitcoin to go higher in the short term. Eventually that changes, but right now it does not. If we were to break down below the $88,000 level, then it could drop towards the 200 day EMA at $80,000 and again, could drop even further down to the $74,000 level.

Quite frankly, I think most people who are interested in Bitcoin would love to see that in order to pick up some cheaper coins. Nonetheless, this is a market that I think remains fairly neutral for a while, at least until we start getting some type of information out of the Trump administration as to whether or not they are just going to be pro crypto or if they are actually going to do anything. That’s probably your next major catalyst.

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