Due to the inherent volatility in the cryptocurrency market and fluctuating Bitcoin (BTC) prices, pinpointing the ideal times to invest can be challenging. A crypto analyst, known as ‘Stockmoney Lizards,’ has highlighted specific price levels for investors to watch for potential buying opportunities.
Bitcoin’s Current Price Movements and Key Levels
On August 1, ‘Stockmoney Lizards’ shared insights on Bitcoin’s recent price patterns via X (formerly Twitter). The analyst noted that Bitcoin’s current movements follow a classic 5-wave uptrend, succeeded by an ABC correction—a pattern often seen in Elliott Wave Theory, indicating potential trend continuations.
The analyst’s chart illustrates these waves, with Wave B ending around the Value Area High (VAH) near $69,885, a historical resistance level. Additionally, the $66,745 price point has been marked as another critical resistance level, represented by a red line denoting the Point Of Control (POC) for BTC.
The 1.618 Fibonacci extension level, which aligns with the 0.5 Fibonacci retracement level and the Value Area Low (VAL), has been identified as a significant support area for a potential new uptrend. The support range between $61,800 and $62,300 is highlighted as a crucial buying zone. Should Bitcoin’s price fall below $61,800, a further decline towards the 2.618 Fibonacci extension at $56,800 could be anticipated.
Short-Term and Mid-Term Outlook for Bitcoin
The analyst maintains a bullish perspective for Bitcoin in both short-term and mid-term timeframes. As of the latest data, Bitcoin is trading at $61,594, reflecting a 4.21% decline over the past 24 hours, according to CoinMarketCap.
Predictions for a Potential Breakout
Other market analysts also maintain a positive outlook for Bitcoin’s price trajectory. Another analyst, ‘TOBTC,’ has observed Bitcoin’s decline below the $63,000 mark but anticipates a breakout by September. Michael van de Poppe, another prominent crypto analyst, suggests that if Bitcoin holds above the $60,000 to $61,000 range, the cryptocurrency could see an upward movement towards new all-time highs by September or October 2024.
These analyses suggest that while Bitcoin may face resistance at certain price levels, the overall sentiment remains optimistic, with potential for significant upward movement in the near future.
