As a seasoned cryptocurrency researcher with over a decade of experience in the financial markets, I find the analysis presented by ‘Stockmoney Lizards’ and other analysts intriguing. The use of technical analysis tools such as Elliott Wave Theory and Fibonacci extensions provides valuable insights into potential Bitcoin price movements.
Because of the unpredictable nature of the market and the ups and downs in Bitcoin (BTC) value, deciding when to purchase the original cryptocurrency can be tricky. With that said, a crypto expert has highlighted significant price points that investors should keep an eye on for possible buying chances.
Buy Levels To Watch For The Bitcoin Price
A user known as ‘Stockmoney Lizards’ shared insights on X (previously Twitter) about Bitcoin’s recent price fluctuations on August 1st. They pointed out crucial buy points and suggested that Bitcoin might be due for a price surge, given its typical uptrend pattern. The analyst explained that the current Bitcoin price patterns seem to follow a classic five-wave upward trend, followed by an ABC correction, with wave B serving as a broader uptrend in the overall scheme.
A ABC correction represents a recurring sequence in market trends, whether they’re rising (uptrends) or falling (downtrends). This pattern is significant in the Elliott Wave Theory as it signifies a three-part correction, assisting in predicting that the trend will carry on.
As a researcher examining the intricacies of Bitcoin’s price fluctuations, I’d like to draw your attention to an interesting observation. I’ve plotted a chart showing the waves (A, B, and C), and it appears that wave B reached its peak at the Value Area High (VAH) approximately $69,885. Historically, this level has served as a resistance point, implying potential challenges for Bitcoin’s price to surpass this mark.
The analyst pointed out that the price of $66,745 served as a barrier for Bitcoin’s increase, acting as a significant resistance level. He underlined this crucial point on the Bitcoin price graph, explaining that the red line denotes a Key Control Point (KCP) for the digital currency.
Furthermore, the significant 1.618 Fibonacci extension point in Bitcoin’s price chart could act as a potential foundation for an upcoming bullish trend. The analyst highlighted that this pivotal level aligns with the 0.5 Fibonacci retracement line and the Value Area Low (VAL), which are all key areas of support.
Summarizing his findings, the crypto expert indicated that the region between $61,800 and $62,300 could serve as a key buying point to monitor. He highlighted that Bitcoin’s overall upward trend might continue on larger timeframes, implying that if the currency’s value drops below $61,800, a potential drop towards testing the 2.618 Fibonacci extension at approximately $56,800 could transpire.
In summary, the crypto expert seems optimistic about Bitcoin’s price trend for both the immediate and medium-term periods ahead. Currently, Bitcoin is being traded at $61,594, showing a decrease of 4.21% over the past day as reported by CoinMarketCap.
BTC Poised To Breakout In September
Some other experts have remained optimistic about Bitcoin’s price, forecasting further gains that could lead to new record highs for this trailblazing digital currency. As per ‘TOBTC’, a well-known crypto analyst on platform X, Bitcoin underwent a substantial drop in value, dipping below the $63,000 price threshold.
Although Bitcoin has been denied at the $70,000 barrier for now, there’s a possibility it may break through this level by September, according to one analyst’s outlook. This optimistic view is also echoed by another crypto expert, Michael van de Poppe, who believes that as long as Bitcoin maintains its position above $60,000 to $61,000, it could reach unprecedented highs – potentially in September or October of 2024.
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2024-08-04 02:10