Bitcoin Price Forecast – Bitcoin Continues to Look Supported on Monday…

If we were to turn around and break down below the 50 day EMA, then the market could go looking to the $60,000 level, but really at this point in time, $60,000 I think is your floor. Anything below there, then you start to worry again. When you look at Bitcoin over the last several months, it really hasn’t gone anywhere. So, I think we’re just trying to grind toward the top of the overall consolidation area that most of this year has been about.

Wall Street has its Bitcoin ETF now so they will protect it. They will make sure that it at least stays stable but whether or not it takes off is a completely different question. There will come questions about adoption center later because quite frankly, it’s not being used for anything so there’s a lot of the population who has zero interest in Bitcoin and that is kind of its inherent problem, and I think that’s what you’re seeing play out on the charts, just how FOMO driven it is but in the real world, we haven’t even found the proper use for it. So beyond cross border transactions, it really doesn’t serve much of a purpose at this point. And therefore, I think the price will continue to reflect a lot of confusion.

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