Bitcoin Weekly Price Forecast – Bitcoin Continues to See Buyers on Dips

Bitcoin Weekly Technical Analysis

The Bitcoin market initially plunged for the week, but for the third week in a row has seen buyers jump in and take advantage of cheap coins. All things being equal, I think we’ve got a situation where the $100,000 level of course offers a significant barrier and with that being the case I think each time we pull back, we’re just proving the resiliency of the market.

The fact that everybody’s comfortable here tells me that eventually we’ll find a reason to go higher. We might get a short-term pullback, and that short-term pullback will more likely than not end up being a nice buying opportunity. The $90,000 level underneath could be a significant support level, but even if we break down below there, I see support all the way down to the $70,000.

This is a market that just simply got too far ahead of itself, and it is trying to work off some of that excess inertia. Once we get through a lot of the so-called hot money, then eventually a fundamental reason may come along and send Bitcoin higher. One such one could be happening next week with the Federal Reserve, depending on, maybe not the interest rate cut, but what it is they say about going forward.

Remember, Bitcoin loves it when central banks start printing cash. So that is one thing. We may find ourselves going sideways for a while and quite frankly, the longer the better because that just means that people are okay with it. I would draw your attention to the consolidation we’ve spent most of the year in. While it was boring, it did show that people weren’t worried about holding it. And as long as that’s going to be the case, I do think that between the ETF and just the headline that crosses the occasional wire, we probably go higher for a much bigger move over the longer term.

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