Bitcoin Price Outlook – Bitcoin Continues to See Floor

Bitcoin Technical Analysis

Bitcoin has bounced just a bit during the early hours on Friday, as we continue to see a lot of noisy behavior, but quite frankly, this is a market that I think is in the midst of trying to work off some of the excess froth from the couple of massive shots higher than we had seen over the last 12 months. In this environment, I would anticipate that a lot of longer term traders are just simply accumulating Bitcoin like they’ve done previously and multiple times in the past as we have seen Bitcoin just really take over the markets in general.

With that being said, I think you have to look at this through the prism of perhaps trying to just simply relax and let things play out and be very patient. The $90,000 level down to the $88,000 level, I believe, is a massive support level. And if that is in fact the case, then it’s probably only a matter of time before buyers will push this higher. If and when they do, then I think you’ve got a situation where we will threaten the $100,000 level again.

If we can break above the $100,000 to $3,000 level, then it really opens up a move to the upside that could get rather aggressive. If we were to break down below $88,000, then we may have to retest $74,000, but right now that doesn’t look like the base case scenario.

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