Bitcoin Price Outlook – Bitcoin Continues to Rally Hard on Thursday

Bitcoin Technical Analysis

The Bitcoin market rallied yet again during the trading session on Thursday, as it looks like the original $98,000 target has at least been attempted and this target was based on the rounded bottom that we had broken out of. I would suspect that the market is probably going to do everything it can to reach the $100,000 level but the question then is does $100,000 cause some type of psychological pushback? Are there a lot of options being traded there?

There’s a lot of different questions to ask, but clearly, we’ve gotten to the point where we are getting overdone. If you don’t have any Bitcoin, this is probably not the point to jump in with a huge amount of money. If you’re already involved, then obviously you’re doing quite well. The question now is whether or not $88,000, or maybe even $87,000 will hold as support on a pullback.

If it does, that would be a very strong sign. One of the things that is starting to worry me though about this trend is I’m starting to see a lot of the C-grade celebrities talk about how great Bitcoin is again, and we all know what that normally means, so keep an eye on that. It is a Wall Street ETF, so it’ll be interesting to see what the next massive pullback looks like.

Maybe it dampens it down a bit because of the institutions holding it but suffice to say the bubble popping this time probably ends up being a little bit different, but we just don’t have any history or anything to compare it to right now because this is the first time that I can think of that as an asset that doesn’t actually exist now has an ETF. It’s not like a base metal ETF or portions of healthcare companies or something like that.

So, the dynamics are probably going to be quite different on the way back down. Do I think that we are going to melt down imminently? No, but I do recognize when the wrong people were talking about an asset, that means you’re getting kind of close to some type of severe pullback. Would not surprise me in the least for us to break above $100,000, but I think there’s going to be some type of resistance there.

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