Bitcoin Price Outlook – Bitcoin Continues to Look Strong on Tuesday

Bitcoin Technical Analysis

The Bitcoin market rallied rather significantly during the early hours on Tuesday, as it looks like we are at least attempting to threaten a breakout at this point. This is the healthiest that the market has looked at in about five months.So, it’ll be interesting to see how this plays out.

I do see a lot of noise between here and roughly $73,000. So, I’m not convinced yet, but I would say that this is the best opportunity Bitcoin has had of breaking out since early May. So, with that being the situation, we definitely want to watch this, and if we make a fresh new high, then obviously that’s a bullish sign. Either way, it’s obvious at this point in time you cannot short this market, it’s far too strong.

But I also recognize that this is a market that has a lot of support underneath. So, if we do get a pullback, it might be a nice buying opportunity. The Federal Reserve has cut interest rates by 50 basis points. Maybe that’s part of what’s going on. But at the same time, interest rates have actually risen. So, it shows a bit of confusion. I do think Bitcoin will eventually go higher.

I have thought that all along, although I don’t necessarily buy the argument that it’s going to be something that’s used in day-to-day life. In fact, at least in the United States and Canada, a couple of countries I’ve been to, I don’t see it being used at all. That being said, it is what it is, and it’s a new toy for Wall Street to kick around in the form of an ETF, and ETFs generally go higher over the longer term because there’s money to be made by making them viable.

At this point in time, Bitcoin may have been hijacked or might have the best of both worlds of the traditional finance and the alternative finance scenarios. We’ll just have to wait and see, but either way, it looks like there is quite a bit of support underneath.

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