Market volatility is a result of the market. Bitcoin (BTC) price fluctuationsIt can be difficult to determine the right time to purchase the first cryptocurrency. A crypto analyst took this into account and has identified key levels of price for investors. potential buying opportunities.
What to Watch for in Bitcoin Prices?
A crypto analyst identified as ‘Stockmoney Lizards’ took to X (formerly Twitter) on August 1 to discuss Bitcoin price movement highlights recent Bitcoin movements key buy levels And the tendency of the crypto to rise in value. Analysts note that Bitcoin’s current price actions The ABC correction is followed by the classic 5 wave uptrend with an overarching B-wave.
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ABC corrections are a pattern which occurs in uptrends and downtrends. This is an ABC pattern. Elliott Wave Theory This reflects three waves of correction, and can help identify the continuation of a trend.
An analyst revealed that the Wave B of Bitcoin’s price ended around the Value Area High ($69,885). According to the analyst, this price level historically acted as a resistance. The analyst believes that Bitcoin may have difficulty rising above this level.
Further, the analyst revealed that $66,745 was also used as a price marker. resistance level for Bitcoin. The red line on the BTC Price Chart is a critical point, he said.
Then, there is the 1.618% Fibonacci extension level Bitcoin’s support level is seen as the potential area to start a trend upwards. This crucial level is a 0.5 Fibonacci retracement level All of these levels are important.
The crypto analyst concluded his report by stating that the area of support between $61,800 to $62,300 is an important level for buying. On the longer timeframe, he noted: Bitcoin’s potential uptrend It was also noted that the price structure of Bitcoin remained intact. If the bitcoin’s value falls below the mark at $61,800, then it is likely to continue falling, testing the Fibonacci expansion of 2.618%, which sits at $56,800.
The crypto analyst leans towards the overall trend. bullish outlook Bitcoin is priced according to the long-term and short-term timelines. According to CoinMarketCap, Bitcoin’s price is $61,594 at the moment of this writing. This represents a decline of 4.21% in the past 24 hours.
BTC Set to Breakout in September
The other analysts also remain relatively unchanged. bullish on Bitcoin’s priceAccording to a crypto analyst identified as ‘TOBTC’ on X, Bitcoin experienced a significant drop. According to a crypto analyst identified as ‘TOBTC’ on X, Bitcoin experienced a significant decline Its price is below $63,000.
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The analyst revealed Bitcoin may have been rejected by the $70,000 barrier, but a breakout could occur in September. Michael van de Poppe shares the same bullish view. predicts Bitcoin could experience an upswing if it holds at or above $60,000. new all time highs In September or October of 2024.
Featured image was created with Dall.E chart, from Tradingview.com
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Source: www.newsbtc.com