Bitcoin Price Forecast – Bitcoin Continues to See Consolidation

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Bitcoin Technical Analysis

It’s just another day of grinding back and forth for Bitcoin. That being said, we have already gotten through the massive inflows into the ETF. So, I think at this point in time, we’re going to see more of a normalized market and that means we’re probably going to have to work off some of this froth.

Remember, Bitcoin isn’t actually used for anything yet, not of any significant transactional value. So, we’re at a weird point in the Bitcoin world because now that Wall Street’s here to pump it up, it truly needs to perform in the real world. In the short term, I think a lot of people are going to continue to buy into the mania, but I do think eventually this ETF is going to bite Bitcoin because after all, institutions can dump it so much easier now.

That being said, in the short term, it looks like $60,000 is going to be supported with the 50-day EMA coming to that same region. $75,000 above is resistance, and of course, a psychologically important figure. I do think that we will break $75,000 eventually, but I would not be surprised at all to see some back and forth consolidation working off this massive move higher. The idea here that Bitcoin is going to continue to go higher is based mainly on the idea of Wall Street squeezing it higher. Wall Street will eventually drive it to wherever they want and then they will say here, hold my bags.

And at that point in time, we’ll get the next major sell-off, which will be 80% or whatever. Nonetheless, we need to see some type of breakout of this range to know that we are going to go looking to 100,000. However, I’m starting to hear predictions of a million. And anytime you start to hear that, you know you’re getting kind of close to the next major pullback. So definitely be careful. Make this part of your portfolio, don’t make this your entire portfolio.

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This article was originally posted on FX Empire

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