Bitcoin Price Outlook – Bitcoin Continues to See Upward Trajectory

Bitcoin Technical Analysis

Bitcoin markets continue to levitate a bit as we are essentially trying to digest some of the biggest moves that we’ve seen in quite some time. By breaking above the $74,000 level, the market then entered another FOMO area. And with that, we challenged the $90,000 level, but we have not been able to break above there. That being said, the last 48 hours or so has been a lot of sideways action, but that’s exactly what you want to see. You don’t want the market to go straight up in the air drastically, because if it goes too far, it tends to turn around and collapse.

That being said, we could pull back from here, and I think those pullbacks will end up being buying opportunities with the $74,000 level now offering a bit of a floor in the market, especially as the 50-day EMA is racing toward that level. All things being equal, this is a market that I think longer term we continue to see Bitcoin rally based on the rounded bottom and the measured move does suggest somewhere around $98,000 level.

I think it probably takes some time to get there despite the fact that we’ve seen such a huge move out of the gate just simply because you don’t want to get there too quickly. I think also another thing to keep in mind is that this is an ETF on Wall Street, and it will behave a little bit differently. A lot of what we’ve seen have been due to the elections in the United States perhaps opening up the possibility of a more crypto-friendly government. So, we’ll have to wait and see how this plays out, but it definitely looks like a buy on the dip market.

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