Bitcoin Price Outlook – Bitcoin Continues to See Buying Pressures

Bitcoin Technical Analysis

The Bitcoin market has broken higher to get above the $94,000 level on Wednesday, as it looks like we are in fact going to try to get to the target from the rounded bottom of $98,000. I suspect that a lot of traders will actually be targeting $100,000. And that wouldn’t be a surprise because a lot of time these measured moves from technical analysis get exceeded anyway. So that in and of itself is not really anything special. But what I would suggest is that the $100,000 level probably has a lot of options there and we’ll have to see how it behaves. It wouldn’t surprise me at all if it was very difficult to get above. Very similar to the $74,000 level that we just saw.

All things being equal, the one thing that you do have to be careful with is this is a market that’s driven on emotion and really nothing else. At this point, the big drive into Bitcoin has been because the United States might be more crypto friendly. The reality is they’re not going to give up the US dollar. So, I do think you have to keep in mind that’s only somewhat of a potential reason for the market to go higher.

So, if Bitcoin isn’t going to be money, we have to figure out what it’s going to be. I understand that Bitcoin fixes this, whatever this is. But the reality is, it’s not really being used for anything other than speculation. And this does worry me. Furthermore, we’re starting to see a lot of the dumbest celebrities come out on social media talking about it, thank you for getting me into Bitcoin. So that’s generally a bad sign. Now that doesn’t mean that Bitcoin’s going to zero. I don’t think that at all. Wall Street has their new shiny ETF.

They’re not going to let it fail. But I do think that we are getting close, maybe within a month or two of a pretty steep correction. So, keep that in mind. In the meantime, though, it looks very strong and there’s no way to fight that. And I do think that the market is going to do whatever it can to at least test the $100,000 level. $90,000 underneath will offer support just as the $88,000 level will.

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