- Bitcoin markets initially pulled back a bit during the trading session on Thursday, but let’s be honest here, this is a market that is nowhere near falling apart.
- Even if it were to pull back, we could drop all the way down to the $65,000 level without thinking too much of it.
Bitcoin continues to see inflows.
The Bitcoin market continues to see a lot of inflows from Wall Street and the new bitcoin ETF, and that is going to continue to be the story here. Because of this, I think you have to look at this through the prism of trying to find value every time it pulls back. If it pulls back, you have to assume that there will be people underneath willing to pick it up. After all, Bitcoin has been on a tear for some time and although it is overdone, there’s no real sign of it falling apart yet.
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The 20-Day EMA currently sits right around the $62,500 level and is racing toward that crucial $65,000 level, so I think it all ties together for that area being a potential buying opportunity. Whether or not Bitcoin can hold onto these gains forever remains to be seen, but quite frankly I think this is the type of market that will go much further than people anticipate, and then blow up. That is the nature of Wall Street, and that is the nature of “the latest thing”, which of course the ETF for Bitcoin is.
If we were to break down below the $60,000 level, that would probably attract a lot of headlines but at the end of the day the $52,000 level then becomes massive support. Quite frankly, I think you should welcome that type of move because it means you could get a much larger return on your purchases. Ultimately, this is a market that you cannot short at the moment, and right now doesn’t even look like it’s going to offer that opportunity anyway. With all that in mind, I remain bullish but I also recognize that I don’t want to chase the trade all the way up at this massive spike that we have seen. I have no potential target other than the next psychologically important one, which of course is the $75,000 level.
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