Bitcoin Price Forecast – Bitcoin Continues to See Chop

Bitcoin Technical Analysis

The Bitcoin market has gone back and forth during the last couple of days as we continue to see a lot of questions asked, questions about whether or not the market has the momentum to break to the upside. In the short term, I see the $62,000 level as a bit of a barrier, but if we can get a bow there, then it’s likely that we will go looking to the $65,000 level. Underneath we have the $60,000 level offering support, and a breakdown below there would open up the possibility of the $57,500 level being targeted.

All things being equal, this is a somewhat neutral and choppy market, which I think surprised a lot of people after we got the ETF announcement. We’ve actually done nothing but go lower over the longer term. The question now is, do we continue to build this somewhat of a bullish flag kind of choppy, messy, noisy pattern, or do we finally make some decisions? I do know that now that Wall Street has its ETF and institutions are involved it’s very likely that the market will end up being more like an index or even a bond fund.

Welcome to the new Bitcoin. So, the days of 12% gains in a single 24 hour session are probably over and now it’s just something you hold onto and in a twist of irony, it went from being the cool kids type of investment to probably something very similar to a money market fund or perhaps even some type of safety ETF in the form of a bond trading. It’s a very similar action.

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