Bitcoin Weekly Price Forecast – Bitcoin Continues to Look Supported

Bitcoin Weekly Technical Analysis

The Bitcoin market dipped below the $60,000 level again during the course of the week, but has turned around to show signs of life again. By bouncing the way we have, it looks like we are going to continue to dance around in a consolidation range.

And this, of course, is a market that is still trying to digest this massive move higher. The 92% gain in six weeks of course was a lot, but now that Wall Street controls this asset, and let’s not kid ourselves, Wall Street controls it, this is a situation where they will squash volatility. The days of 15% gains in Bitcoin, they’re gone.

So now you have to look at this more or less as an index. It’s almost like an S&P 500 or something along those lines. We are just simply working off that froth and then I think eventually we probably go higher. If we break down below the $57,500 level, it’s possible that we could go down to the $51,000 level.

In general, this is a market that I think continues to be very noisy, but I suspect that we are just going to continue the same bounce around that we’ve been in for about four months now. Ultimately, if we can break above the $73,000 level, then it’s possible that we could go much higher, but ultimately, I think this is a market that you are just killing time now that Wall Street has jumped into the picture.

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