Bitcoin Price Outlook – Bitcoin Somewhat Stagnant on Friday

Bitcoin Technical Analysis

The Bitcoin market was somewhat quiet during the day on Friday, but quite frankly, I think what we’re looking at here is a situation where we are simply trying to work off a little bit of froth. After all, this is a market that has, in the last couple of days, sliced through the crucial $74,000 level, a level that has been like a brick wall since February. So, we obviously just expended quite a bit of energy to make that happen. Because of this, I think you’ve got a situation where short-term traders will continue to look at dips as buying opportunities and longer-term traders are probably still hanging on.

The 50 day EMA is currently at the $67,000 region and rising, which happens to support the most recent pullback. I think pullbacks at this point in time will more likely than not end up being buying opportunities in the Bitcoin market as it obviously has quite a bit of momentum.

As far as a target is concerned, you can make an argument for a roughly $25,000 target based on the previous consolidation, and that would get you to $99,000. I don’t think that happens easily, and I don’t think that happens quickly. But it’s very possible. We’ll just have to wait and see. After the election, we’ve seen a lot of upward trajectory in the Bitcoin market, mainly due to the fact that a lot of the people being elected are actually crypto-friendly, which would be a new set of circumstances in the United States.

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