Bitcoin Weekly Price Forecast – Bitcoin Continues to See Pressures

Bitcoin Weekly Technical Analysis

Bitcoin has fallen rather significantly during the course of the trading week, breaking below the crucial $57,500 level. That being said, we have even fallen enough to threaten the $55,000 level. And I think that’s an area that will continue to matter.

When you look at this chart, the easiest thing that you can notice is that we took off like a rocket ship when the ETF was announced. But since then, we’ve done nothing. And in fact, each successive high in the market has actually been lower. Does that mean that we’re in a downtrend? No, not necessarily. But what it does tell me is that the market really doesn’t have anywhere to be. I think that continues to be the case.

And I think Bitcoin is going to find itself turning into an index like the S&P 500. This will be a risk index, if you will. People will use it for speculation, almost like an anti-VIX, if you will. And that might be what this market ends up being before it’s all said and done. It’s an ETF, that’s all it is. It’s nothing else, it’s not being used in the world.

It’s not taking over anything. I hear about Bitcoin developers, but I don’t understand why there’s developers because quite frankly, they haven’t developed anything. So, you have to look at the underlying fundamentals and whether or not this is something that’s going to actually be used. I think it does have some years left to it, but longer term, it’s still an open question. And I think that’s part of what we are seeing right now. A lot of excitement is going into it Wall Street selling the ETF, getting its money. And now we’re left with what now?

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