Navigating the crypto market’s volatility and Bitcoin’s price fluctuations can be daunting for investors. In light of this, a prominent crypto analyst has identified crucial price levels that could present buying opportunities for the cryptocurrency.
A crypto analyst, known as ‘Stockmoney Lizards,’ took to X (formerly Twitter) on August 1 to discuss Bitcoin’s recent price movements. He highlighted key buy levels while noting Bitcoin’s current price actions, indicative of a classic 5-wave uptrend followed by an ABC correction pattern, a concept within Elliott Wave Theory that reflects a three-wave correction and aids in identifying a trend continuation.
The analyst shared a Bitcoin price chart that illustrated each wave (A, B, and C), revealing that Wave B concluded at the Value Area High (VAH) around $69,885. This price level has historically served as a resistance point, suggesting potential difficulty for Bitcoin to move beyond it. Additionally, the analyst pointed out that the $66,745 price level also acted as resistance, marked as a Point Of Control (POC) on the BTC price chart.
Further analysis highlighted the 1.618 Fibonacci extension as a potential support area initiating a new uptrend. This level coincides with the 0.5 Fibonacci retracement level and the Value Area Low (VAL), all critical support points. Concluding his insights, he emphasized the significance of the $61,800 to $62,300 range as a vital buying level. Should Bitcoin’s price dip below $61,800, a further decline to test the 2.618 Fibonacci extension at $56,800 could be anticipated.
Overall, the analyst maintains a bullish outlook for Bitcoin in the short to mid-term. As of the time of reporting, Bitcoin was trading at $61,594, marking a 4.21% decrease in the last 24 hours.
Other analysts share this optimistic perspective. One, identified as ‘TOBTC’ on X, observed that Bitcoin had fallen below $63,000. Despite being rejected at the $70,000 resistance, he anticipated a potential breakout by September. This sentiment is echoed by another analyst, Michael van de Poppe, forecasting that if Bitcoin holds above $60,000 to $61,000, it could surge to new all-time highs by September or October 2024.
