Bitcoin Forecast: Can BTC Build A Base After The Sharp Sell-Off?

• Bitcoin is trying to stabilize after what was a brutal day on Tuesday.

• Wednesday has been pretty quiet, and quite frankly, that's exactly what you need to see in this environment.

With that being the case, I like the idea of perhaps having a small position. That being said, this is more of an investment, it's not a short-term trade. This isn't necessarily going to be easy. It never really is. So, with that, I would look at this market as one that could offer an opportunity. But again, this is more of an investment, this isn't really a day trade if you will. I think you have a long way to go before that becomes a thing.

Institutional Demand and Support Levels

Ultimately, I do think Bitcoin probably continues to see at least some interest, mainly due to the fact that a lot of institutions have recently gotten involved in the ETFs, and that is a sign that perhaps there's real institutional demand. Even if we break down below here, I think it's really hard for Bitcoin to break 60,000. I do believe that there is enough demand in that general region to keep it somewhat afloat.

To the upside, and for my target right now, I'm thinking 72,000 dollars makes the most sense, as it is an area that's been important multiple times, and obviously does attract some type of reaction. Anything above there might be a bonus, but right now I think what we're probably going to see more than anything else is Bitcoin make an attempt to at least kind of stabilize itself. That in and of itself would be a victory and could get traders interested in buying yet again.