Bitcoin Price Forecast – Bitcoin Continues to Look Strong

Bitcoin Technical Analysis

Bitcoin has gone back and forth in the early hours on Tuesday as it looks like we are trying to digest some of those big gains from the Monday session. Quite frankly, this is a market that I think is trying to set up some type of consolidation region, which does make a certain amount of sense after the 90 plus percent rally that we had in just a couple of months. The inflows into ETF certainly are slowing down now. The initial rally into that sector was outrageous, but now all of the hot and desperate money has flown into it. So I think at this point we will probably be more likely than not have a somewhat normalized market, and therefore I think short-term pullbacks will continue to be buying opportunities.

With this being the case, I think you’ve got a situation where you have to pay a couple of levels great attention. The most obvious one to me is the $60,000 level, but I also like the 50-day EMA. Above, I like the $75,000 level as a short-term ceiling, and if we were to break above there, it’s likely that the market could go much higher.

This sets up a potential $15,000 range, and therefore you need to pay close attention to how we behave in this region. Short-term pull backs will continue to be bought into as potential value plays, and it’s clear to me that Bitcoin is still very much in an uptrend, just like everybody else can see that. I have no interest in shorting this market, at least not as things stand right now, because quite frankly, it’s just far too bullish. That doesn’t necessarily mean that I jump in out of the blue with a ton of money, just that I’m looking at pullbacks as potential value plays that I can take advantage of.

For a look at all of today’s economic events, check out our economic calendar.