- In today’s BTC/USD forecast I see price as basically consolidating, perhaps trying to find a floor ahead of a major announcement.
- Bitcoin has been slightly positive during the trading session on Thursday as we continue to dance around the $60,000 level for potential support.
- At this point, if we can break above the $62,550 level, then I think it's possible that we go looking towards the 50-day EMA, possibly even the $67,000 level after that.
Big Announcement on Friday
Keep in mind that the Core PCE Price Index numbers come out on Friday and that will have a major influence on what happens with the US dollar because it is the favorite indicator of the Federal Reserve to measure inflation. Remember, Bitcoin is all about fighting loose monetary policy. So, if monetary policy starts to loosen in America, that will help Bitcoin. It's worth noting that recently we had seen a massive 92% rally over the course of about six weeks in Bitcoin when they announced the ETF for Wall Street to gamble with.
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Now that Wall Street owns a big part of this market, this is going to pay more attention to volatility and therefore it's going to act more like an index. If you've wondered why BTC/USD has become so range-bound over the last four months, it's because it's how most indices are after a huge run higher. I think that's the new face of Bitcoin. It's not something that Bitcoin bros go out and YOLO for 15% a day. That being said, as it is a Wall Street asset, they will generally try to push it higher. It’s time to start thinking of Bitcoin more along the lines of the S&P 500, and less like a casino.
The question now will of course start to focus on the idea of whether or not Bitcoin has any real use. So far, it really doesn’t, at least not on a large scale. It’ll be interesting to see once the mining stops, what happens next. That being said, the short term it looks like we are going to stay in the same consolidation region.
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