3 months ago
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Crypto analyst CrypNuevo has highlighted key price levels to watch out for this week for those seeking a buying opportunity for Bitcoin. The analyst also provided other valuable insights into Bitcoin’s current price action and what to expect from the flagship crypto in the future.
Potential Bitcoin Buying Opportunity For As Low As $51,500
In an X (formerly Twitter) post, CrypNuevo suggested that Bitcoin investors could again get the chance to buy the flagship crypto for as low as $51.500. This followed his analysis of a spot buy opportunity on Bitcoin’s higher timeframe. The analyst noted that $53,600 and $51,500 are two potential levels the crypto could drop to the wicks on the 1-week and 1-day time frames.
BTC’s price rebounded from a critical level on the weekly chart. Source: BTCUSDT on Tradingview
As such, CrypNuevo remarked that those who missed the most recent Bitcoin crash, when it dropped below $50,000, will get another chance to buy the flagship crypto at a discount. Meanwhile, while analyzing Bitcoin’s price action in the lower time frame, the analyst noted that retail will pay attention and look to trade price levels around $59,830.
As such, he claimed that there could be some manipulation from market makers around that price level. CrypNuevo stated that there could be a fake-out above that price level at the start of the week, after which Bitcoin drops to the new wick at $56,000.
Meanwhile, while CrypNuevo believes that Bitcoin could present a new buying opportunity as it drops to lower levels in the $50,000 range, the analyst is confident that Bitcoin still has enough legs to run to the upside. He stated that the “liquidity in the bigger picture is clearly to the upside up to $73,000.”
Therefore, the crypto analyst opined that it is safe to enter spot positions at these low prices since the flagship crypto is still likely to rise to its current all-time high (ATH) at $73,000.
An Interesting Week Ahead
CrypNuevo also mentioned that this week is interesting, with the Jackson Hole Economic Symposium coming up on Friday. The crypto community will watch this event as US Federal Reserve Chair Jerome Powell will speak and possibly provide clues on what to expect from the macro side.
The crypto analyst remarked that Bitcoin will experience a lot of volatility this week, as the flagship crypto historically reacts massively to this event. Powell is expected to discuss a potential rate cut, which Bitcoin investors eagerly anticipate could come in September. This move will boost confidence in risk assets, including Bitcoin.
Bernstein analysts have already suggested that Bitcoin’s price will continue to trade sideways and will only become bullish again after the Fed decides to cut interest rates.
Cover image from Dall-E, chart from Tradingview
