Bitcoin Weekly Price Forecast – Bitcoin Looks Lost at The Moment

Bitcoin Weekly Technical Analysis

The Bitcoin market has been somewhat negative during the course of the week to reach down toward the $57,500 level, an area that has been important more than once. That being said, the market has also found a little bit of support there. And I think really what we’re looking at is just massive choppiness in a market that doesn’t really know what to do with itself. There’s not enough negativity out there to send Bitcoin reeling, but there’s really not a lot of risk appetite when it comes to Bitcoin. Pretty much at this point, anybody who wanted to buy the ETF has done so.

So, the question then becomes what next. And I think that’s really what everybody’s doing. When you look at this, we peaked in this market in the beginning of March. And here we are five months, almost six months later, and we’re actually down. Now it’s a big consolidation area. So, I don’t think it’s anything to be overly concerned about, at least not yet, but the euphoria is gone.

So now I think this is probably going to unfortunately move like the S&P 500 and worse could even move like bonds. And that is going to absolutely kill the Bitcoin community who has been spoon fed 15% returns in a single day. Those days are long gone. I could see a scenario where you lose 15% based on external factors, other markets crashing, for example.

We had seen that about a month ago with the NASDAQ and other indices in the United States crashing and Bitcoin falling right along with it. So, it is now correlated to Wall Street. It’s no longer its own thing and it will move as such. At this point, pretty neutral. If you believe in it long-term, I think there are buyers out there picking up little bits and pieces, I do believe that, but there’s nothing compelling on this chart.

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