With that being the case, I like the idea of buying Bitcoin, but I don’t necessarily think that it needs to be a huge part of your portfolio. If we were to turn around and break down below the $58,000 level, then we could see a significant sell-off, but keep in mind that the $60,000 level is the bottom of the overall consolidation range that we’ve been in after that massive inflow into the Wall Street ETF.
So I definitely think market memory has come into play and I think a lot of people are going to continue to look at this general vicinity as potential value. That doesn’t mean that it’s going to be easy for Bitcoin to take off from here, but if the overall pattern continues, we should continue to drift higher from here, eventually looking towards the $67,000 level, maybe even as high as $73,000.
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