Bitcoin is a focus for many.
Some big investors believe that even at current levels the Bitcoin it is only the beginning of a major up move.
Other Investors are more sceptical and believe that the Bitcoin is one big hype and air bubble.
At GMTT we have analysed the Bitcoin for a while and update our view in our three weekly GMTT Research Report.
Our highest target so far was 62000 and that came already very close.
After that target was reached, we saw a relatively small pullback and now Bitcoin is stuck in a trading range.
We expect to see a more serious pullback and the value of Bitcoin can evaporate further before it finds a tradable low.
Short term outlook is that Bitcoin cancels its technical buy signal below 54700.
On the chart we showed possible breakout levels, but to see a new up-move (not very likely) BTC/USD needs a good close above 62000.
In summary, at GMTT we expect to see a significant correction (fast and furious) which is supported by our overall technical model.
If you like to stay up to date with our outlook and forecast on Bitcoin but also the many other sectors that we cover you can sign up for a 14-day free trial by clicking on the below link
Bitcoin USD Mar 22 2021