- The Bitcoin market has rallied slightly during the early hours of the day Thursday but at this point in time it still looks to me like it's a market that is trying to sort out whether or not it can continue to go higher.
- I think more likely than not we are still very much in a consolidation area, and this of course makes a lot of sense.
We had shot higher for quite some time and therefore I think a little bit of a breather makes sense Nonetheless, this is a market that I think looks like it is going to continue to pay close attention to the $60,000 level. The 50-day EMA is sitting right around there as well, so it does make quite a bit of sense.
We Can Go Higher Still
Ultimately, I think this is a situation where if we can continue to go higher, then the $75,000 level would be worth paying attention to because it is a large round number and it did of course cause a certain amount of noise in general. So, with that being said, I think you have to look at this from the prism of a market that you are buying short-term pullbacks as eventually we will continue to go higher. The idea of trying to short this market is ridiculous. I just don't see how that can happen.
All things being equal, this is a situation where you're trying to find value and take advantage of it. The massive ETF inflows are over by now, or at least the rush to get in. So now it's going to be more or less a normal market grinding higher over the longer term. This is actually a good thing for the bullish as the massive amount of momentum continuing would actually set the market up for a massive selloff. Yes, there is also the “halving” coming, but at the end of the day – this is only a speculative market, as there is no real demand for Bitcoin in the real world, and now that Wall Street is involved, its likely that we can continue to see this market get inflated.
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