Bitcoin Weekly Price Forecast – Bitcoin Continues to See Strength

Bitcoin Weekly Technical Analysis

The Bitcoin market has rallied rather significantly this week, slamming into the $100,000 region before pulling back slightly on Friday. This is a market that is overbought. I think that’s pretty obvious. But for the first time in really ages, it’s starting to show that hyper bubbly behavior that we used to see a few years ago. So, with that, I would be a little bit cautious. I mean, this is not normal behavior and despite what people will say on social media, Bitcoin is just a normal market has buyers and sellers, so psychology does come into the picture.

Really what I would like to see is some type of pullback that you can find value. And if you think about it, looking at this chart, it’s not outrageous to say, maybe we should pull back to 80,000. Well, that’s a 20% drop. That’s a pretty significant drop. We haven’t had a drop like that in a while. So, with that being said, I think you’ve got a situation where you have to be very careful here. And if you are looking to buy and hold, that’s one thing. But the real sign that you’re going to go higher would be a daily close above the $100,000 level, or perhaps even a weekly close.

Ultimately, this is a market that is, it’s an ETF now. It’s not even crypto anymore or digital asset. It’s an ETF, it’s based on Wall Street and the institutions are flooding it. They will keep it afloat despite a lack of use in the real world. If for no other reason to handbags off to people who don’t know any better. And that’s coming. That’s what Wall Street does for a living. So, I would be cautious. But there’s clearly only one direction to trade this chart that hasn’t changed. I don’t see it change anytime soon, but I would love to see some type of pullback before I put any of my money to work.

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