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On the upside, if we can recapture the $90,000 level, then I think we could go look into the 50 day EMA, but whether or not we can actually pick up any momentum is a completely different story. After all, we have rallied twice on two different occasions. The first one, of course, was Wall Street ETF being approved. The second one is the Donald Trump administration being elected. Well, they haven’t done anything crypto related yet. Not that it’s been that long, but I think that’s what the market’s waiting on. They’re waiting to see whether or not the United States government will do something with crypto.
It’s also worth noting that there are economic fears out there and Bitcoin is not something that you buy in a lot of economic fear. So, it does make a certain amount of sense that Bitcoin is struggling a bit. At this juncture though, I don’t think it’s time to start selling. I think buying the dip continues to be the case. It’s been that way for a while now. And if we can re-enter the consolidation phase, which we’re basically there now, then I would have to assume it’s going to be more of the same.
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