Bitcoin Price Forecast – Bitcoin Continues to Threaten The Upside

Bitcoin Technical Analysis

The Bitcoin market continues to be very positive in general, but it still has a major resistance barrier that it needs to get through somehow. Ultimately, this is a market that I think will continue to see a lot of questions asked about the future of Bitcoin, because quite frankly, we don’t really know what people are going to be doing with it, as there’s no real use case scenario yet. But at the same time, it’s Wall Street’s latest toy, and therefore we do have a certain amount of excitement around it due to the ETF. And that’s part of what kept it alive through what had been a very lackluster performance.

Now that we find ourselves near the $65,000 level, we have to ask the question as to whether or not we can break through there, because if we can, it opens up a move to $70,000. Otherwise, we could very well end up with short-term pullbacks that get bought into with an eye on the $62,000 level underneath as support. I do think overall, you have to look at this through the prism of a market that’s just now trying to make a higher high, but we haven’t done that since we have the ETF released. So it’s been a miserable few months.

We really haven’t gone anywhere but lower, so the question now is whether or not we can finally pick up that momentum and break out to the upside. The next day or two should tell us that story. If we do, that would be the first sign that perhaps Bitcoin is ready to take off again.

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