Bitcoin Weekly Price Forecast – Bitcoin Continues to Look Lost

Bitcoin Weekly Technical Analysis

The Bitcoin market has been all over the place during the week as we continue to dance around the $62,000 level. The market has been grinding lower since we made our high in March and quite frankly, been killing time. In this scenario, I think you’ve got a situation where buyers continue to come in and pick up the dip, but they don’t have enough momentum to push Bitcoin higher. And now that we have seen about eight months of a slow and choppy decline, you have to ask questions.

I read an interesting report earlier that every time Bitcoin has gone sideways this long it has lost about 70% of its value. I don’t know that I’m looking for that to happen, but I do recognize that Bitcoin certainly is running out of momentum and a lot of people are going to be concerned. A lot of people got excited by the ETF, and they said we were going to $1 million a coin.

That was about 17% higher than where we are now. So that being said, I think a lot of expectations need to be dampened and tampered down because quite frankly, this is now a Wall Street ETF. It’s nothing more, nothing less. And what that means is that liquidity will be higher, and it also means that it will be controlled by the institutions.

The days of retail traders jumping in and pushing this thing 15% straight up in the air in a 24 hour period is a thing of the past. I think at this point in time, it’s probably more or less buy on the dip, but it’s very lackluster to say the least.

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