- The first thing that I notice is that we have broken above the top of a couple of daily candlesticks from last week.
- At this point, it looks like Bitcoin will continue to try to rally from here. And I do think it's probably only a matter of time before we see momentum continue to drag this market higher, as the market is one that is still underinvested by the general public as a whole.
That being said, we are getting just a touch stretched in the ultra-short term and therefore I think there will be the occasional pullback. That pullback should be thought of as a potential opportunity to get long as the market continues to be positively affected by the Wall Street ETF coming online. And now we have seen the German liquidation of Bitcoin and the Mount Gox settlement come into the picture as well, and the market has absorbed all of that supply. With this being the case, I do think it's probably only a matter of time before Bitcoin find a buyer on every dip with the 50 day EMA and the $64,500 level being a likely short term for the $73,000 level above will continue to be very difficult to break to the upside.
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When We Finally Breakout
But if and when we do, and I do think it happens, sooner or later, the market is likely to truly take off to the upside. And I think at that point you could be looking at Bitcoin price reaching the $85,000 level. The $85,000 level is based on a measured move of the recent consolidation. And quite frankly, there is nothing special about the level more than that. I don't think that's the ceiling. Wall Street now has an ETF following in Bitcoin, and therefore everybody is going to start treating this like an index. That means it will have the proclivity to rise over time.
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