Bitcoin Price Forecast – Bitcoin Continues to See Noise

Bitcoin Technical Analysis

The Bitcoin market initially fell during trading on Monday but has turned around to show signs of life again. Ultimately, this is a market that I think given enough time probably tries to get back to the $67,000 level, but there is the potential for a little bit of a barrier there. If we can break above $67,000, then I think we open up the door to $69,500.

We’ve recently seen a lot of negativity in the Bitcoin market, but that does seem to be changing, and therefore I think you’ve got a situation where you have to look at this through the prism of whether or not we can stay above the $65,000 level, which is the next massive support level from a psychology standpoint underneath. Because of this, I think you are going to continue to be a bullish trader, but I also recognize that you are going to have to be somewhat cautious because if we do break down below that support level, things could get a little ugly.

And at that point, we could be looking at a move down to $62,000 and then eventually $60,000. Bitcoin of course has been in an uptrend for quite some time. So, it would not be a huge surprise to see the market give back a little bit and then try to collect itself. And that might be what we’re looking at here. I am more inclined to the upside. I don’t necessarily want to short this market. And even if we do break down, I’ll just look to buy it at lower levels.

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