Bitcoin Weekly Price Forecast – Bitcoin Continues to See Range Unfold

Bitcoin Weekly Technical Analysis

The Bitcoin market has fallen during the course of the week to drift all the way down to the $60,000 level before bouncing a bit. At this juncture, it looks like we are paying close attention to the $62,000 level above, and if we can recapture that, it would be a very bullish sign. That being said, the market is very noisy and very choppy for most of the year after shooting straight up in the air during the announcement of the ETF on Wall Street.

In general, this is a situation where we haven’t really fallen apart, but at the same time, we really aren’t going anywhere. And I think that’s probably the rub here. Bitcoin won’t be gaining 15% in a day. It’s done. You’ll probably never see that again. It is now an ETF that trades on Wall Street and, as such, will behave as such. The market is still somewhat positive, but lackluster is the word I would have for this entire year, really after we peaked during that rush into the ETF.

For what it’s worth, there are still plenty of people who did get involved in that ETF that are still underwater. So, keep that in mind as well. I think this is more or less thought of as controlled demolition, and then eventually we’ll turn things back around. But I think it’s more of a grind to the upside, not some type of straight shot.

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