Bitcoin Weekly Price Forecast – Bitcoin Continues to See Choppy Behavor

Bitcoin Weekly Technical Analysis

As you can see, it looks like Bitcoin is going to continue to go back and forth as it tries to sort out where it’s going next. The $67,000 level seems to be an area that offers significant support and I think at this juncture, we probably have a situation where we are just killing time between $67,000 on the bottom and $73,000 on the top. With this, I also recognize that we need to be somewhat cautious. We definitely don’t want to short this market, it’s far too bullish.

But I think if we do break down below the $67,000 level, it could drop all the way down to the $60,000 level. The $73,000 level above would be a major barrier that if we were to break above it, it would obviously attract a lot of attention, probably a lot of FOMO trading, if you will. In general, I think this is a situation where I like the market longer term, but we also recognize that there’s a lot of noise out there that could continue to be a major issue.

And with this, I’m a buyer of dips, but I’m also a realist in the sense that I think we have a lot of work to do to work off this ridiculous froth that happened previously. And it’s now an institutional grade asset. And institutions don’t like that kind of volatility, so they will dampen the volatility. The days of Bitcoin going up 12-15% a day, they’re gone.

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