- Bitcoin has initially pulled back just a bit during the trading session on Thursday, but then turned around to show signs of life again.
- Ultimately, this is a market that I think continues to go higher and we have been consolidating for a while after that massive 92% run higher earlier this year.
- This of course is an astronomical amount of return in a very short amount of time, so it does make quite a bit of sense that we would have to take a little bit of a breather at this point.
All things being equal, this is a situation where we continue to find buyers on dips. But it's probably worth noting that the ETF hot money has already come and gone, and at this point in time, we have a situation where traders will continue to look at this through the prism of having a floor at the $60,000 level, especially where the 50 day EMA coincides with it.
To the upside…
On the upside, we have the $75,000 level. And that, of course, is an area that is a large round, the psychologically significant figure and will attract a lot of attention. In the meantime, I just think you look for short term dips to start buying.
This is a market that will continue to attract inflows. Although a lot of the hot money going into the ETF probably gone at this point in time, and now it's going to be more of a grind. That's actually a good thing because the market can only go straight up in the air for so long. I have no interest in shorting BTC/USD, and I do believe that it eventually goes much higher. It's a bullish run for the time being, and I think that the recent pullback is just that, a short term pullback that people will be willing to take advantage of as it offers value in an asset that everybody is rushing into.
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