Bitcoin Price Outlook – Bitcoin Continues to See Buyers

Bitcoin Technical Analysis

Bitcoin rallied a bit during the early hours on Monday as we continue to see the breakout take full effect with a crypto friendly US government coming in a couple of months that has really put a lot of momentum into this market. And now we have to look at the previous rounded bottom that formed over the course of the year for some type of guidance as to where we could go. That roughly measures the $98,000.

Now that doesn’t mean we get there tomorrow, nor does it mean that it’s easy, but it does suggest that Bitcoin remains a buy on the dips type of situation. And as long as that’s the case, you certainly can’t get short of the market, that would be a great way to lose money. I think given enough time though, we have a scenario where Bitcoin does eventually reach that pinnacle of price. And I think the $74,000 level underneath will probably continue to be rather important as it was significant resistance before. It should now be significant support based on market memory.

It’s really not until we break down below about $64,000 that I would be concerned, and that’s a massive drop from here. So, this looks like a one-way market from everything I can tell, which does make a certain amount of sense. As I’ve been saying, this is Wall Street’s new toy, so they are going to try to run it up. That doesn’t mean that you jump in aggressively and with abandon, but what it does mean is that this is a market that you need to be looking in one direction going forward.

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