Bitcoin Price Outlook – Bitcoin Continues to See Buying

Bitcoin Technical Analysis

The Bitcoin market rallied a bit during the early hours on Friday as we continue to see a lot of noisy behavior. Nonetheless, this is a scenario where short-term dips I do think attract a lot of attention and this is a barrier underneath in the form of $90,000 that so far, I think is going to be a big winner. If we do break above the $100,000 level, then we could see the market go looking to $110,000 due to the measured move of this consolidation. Even if we were to turn around and break down below the $90,000 level, I think there’s plenty of support at the 50 day EMA and then again at the $80,000 level as Bitcoin and crypto in general tends to be very technical analysis focused.

Keep in mind Wall Street has its ETF now so there’s no real reason to think that they are going to let Bitcoin fall apart and with that being the case I think it remains a buy on the dip situation and in fact dollar cost averaging becomes a thing now due to the fact that the Bitcoin ETF is going to function like the S&P 500 and remember, if they get money in, they’ve got to go out into the Bitcoin market and pick up these coins.

Thereby, it makes a pretty tight loop. This isn’t to say the Bitcoin can’t fall. I think it will. It wouldn’t surprise me at all to see a 20 or 30% correction again. That’s just the nature of the asset. But there is an underlying bid now, and that of course has changed.

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