BTC/USD Forecast 25/09: Showing Signs Of Life (Chart)

(MENAFN- Daily Forex)

• Bitcoin initially dipped a bit during the early hours on Wednesday but has turned around to show signs of life.
• By doing so, the market suggests that we are in fact going to see some type of recovery, but the question now is going to be whether or not we can find any momentum to make that happen significant recovery, or if we are just simply trying to jump back into a consolidation range again?

Risk Appetite and Off Sentiment

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Keep in mind that the risk appetite out there is in flux, as there are a lot of questions about the global economy, and while Bitcoin enthusiasts will swear that they are not part of the“normal financial system”, the reality is that Wall Street now has its clause in Bitcoin, and it will never be the same thing again. At this point, it looks like Bitcoin is essentially an ETF to measure risk appetite and sentiment.

EURUSD Chart by TradingView

In other words, what happens with the price of Bitcoin probably has nothing to do with Bitcoin itself. Quite frankly, it's not used for anything in major economies, other than speculation. While that's fine, the reality is that we been hearing about“innovation” for 15 years but have yet to see it in the real world. Bitcoin has proven itself not to be money, nor is it digital gold, but now the latest suggestion is that it is a“store of value.” That can be true, we will just have to wait and see, but I do have the sneaking suspicion that sooner or later, people start to ask questions about value.

All of that being said, I still think that Bitcoin rises in value for the time being, and that will be the case as long as Wall Street continues to pump the ETF. After all, there are a whole class of investors that have just started buying Bitcoin, and Wall Street's job is to sell you stocks, or in this case an ETF. I believe at this point in time some of the bigger players such as BlackRock have decided to buy the dip, and that's all you are seeing. The $110,000 level continues to be a floor, with the $117,000 level above being a bit of a ceiling.

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