At this point, the only question is whether or not we can take out the $60,000 level to continue going higher?
The Bitcoin markets have rallied a bit during the Thanksgiving session on Thursday, showing signs of life again. At this point, it looks like we are getting ready to try to take out the $60,000 level, and it should be noted that several alt coins also had big days as well, with Shiba Inu gaining as much as 30% at the time of writing. In other words, this is a move that has been seen all across the crypto markets, which is quite often the case when talking about Bitcoin as it tends to lead the rest.
The 50 day EMA has offered quite a bit of support, and I do think that it is probably only a matter of time before we see the momentum continue. As you can see, the last several days had been spent consolidating right around that indicator, and I had mentioned that it could offer a little bit of a springboard. At this point, the only question is whether or not we can take out the $60,000 level to continue going higher?
I would anticipate that the answer is a definitive “yes” given enough time, but whether or not it happens in the first attempt might be a completely different situation. If we do take out the $60,000 level, then I would anticipate that the next target will be somewhere near $65,000, followed by the recent all-time highs that were sitting just below the $70,000 handle. Regardless, crypto and by extension Bitcoin is in a major uptrend overall, and I just do not see that changing in this environment. At this point, any time crypto falls there will be plenty of buyers willing to come in and pick up the dip because they have been conditioned to do so.
Beyond that, central banks around the world continue to print like crazy, thereby offering plenty of incentive to buy into the crypto ecosystem. Bitcoin is the first place people go, especially now that we have an ETF dedicated to it. With this, I think it is only higher from here over the longer term but leveraging yourself into this position is where people get into trouble. Slow and steady wins the race, and it certainly will win the race here. I anticipate that the next couple of sessions should be positive, albeit somewhat noisy.