Bitcoin Price Outlook – Bitcoin Continues to See Buyers on Dips

Bitcoin Technical Analysis

Bitcoin has rallied a bit in the early hours on Friday as it looks like we are trying to break out of the recent consolidation, but it is worth noting that there is a lot of noise between where we are now and the $100,000 level. If we can break above the $100,000 level, then I think Bitcoin has a real shot at going toward the top of its overall range. Keep in mind that this is a market that has been sideways for ages, as we are waiting to see whether or not we can actually continue the uptrend.

I do think that happens given enough time, but right now we just don’t have any fundamental reason to get excited. Bitcoin had recently rallied due to the new Wall Street ETF going sideways for months after that. And then rallied again when Donald Trump was elected. The Trump administration is pro crypto, but at the end of the day, the market is now waiting to see if they actually are going to do anything. So far, they have not, and that is what you get on the chart here is sideways action in that environment.

I would point out that every time the market pulls back, there do seem to be plenty of buyers willing to take advantage of it. So, I think ultimately you have to look at it through that prism and understand that short-term dips offer accumulation possibilities down at the $90,000 level and slightly above. The support, I believe, extends down to the $88,000 level. So as long as we stay above there, I’m not overly worried about any dip.

To the upside, the $110,000 level is a major barrier and ceiling and it’s not until we can break above there that I would truly be excited about the Bitcoin move. At this point, I would anticipate the Bitcoin could go to the $130,000 level based on the measured move. But as I’m saying right now, it just looks like we are meandering back and forth and really don’t have any real clear directionality. Again, I’m accumulating more on short-term pullbacks.

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