Bitcoin Price Outlook – Bitcoin Continues to See Consolidation

Bitcoin Technical Analysis

Bitcoin has pulled back just a bit during the early hours of Wednesday as it looks like we continue to see a lot of noisy behavior overall. That being said, I am watching the market for dips as potential buying opportunities, and I have been buying these dips between $90,000 and $110,000. I do think eventually we break to the upside. It’s just that most of the world is either trying to digest the gains or determine whether or not the Trump administration is actually going to be as pro crypto as they claim. I mean, it’s one thing to say you’re for crypto, but it’s another thing to actually do something.

So, the question then becomes when is the next catalyst? Well, that we don’t know, but there’s a really good chance there will be one. And that’s what this trade’s all about. It’s about buying dips and hopefully getting a nice rip above the $110,000 level. The measured move of that would be a run to the $130,000 level.

A breakdown below $88,000 underneath would signal that perhaps we have to return to $75,000. But at this point in time, there’s really not much on this chart that suggests that, and it is probably worth noting that over the last several days, we’ve seen volume pick up a bit. So perhaps we are getting ready to build enough inertia to take off to the upside.

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