Bitrabo Editorial
Crypto analyst CrypNuevo has identified crucial price levels to monitor this week for potential Bitcoin buyers. The analyst shared insights into Bitcoin’s current price movement and future expectations.
Opportunity to Buy Bitcoin at $51,500
In a recent post on X, CrypNuevo suggested that investors may have another chance to purchase Bitcoin at a low price of $51,500. By analyzing Bitcoin’s higher timeframe, the analyst pinpointed $53,600 and $51,500 as possible levels where the cryptocurrency could retrace based on wicks in the 1-week and 1-day time frames.
CrypNuevo noted that individuals who missed the recent Bitcoin dip below $50,000 might have another opportunity to acquire the cryptocurrency at a discounted rate. Analyzing Bitcoin’s price action in a lower timeframe, the analyst anticipated retail interest around the $59,830 mark, highlighting possible market maker manipulations.
Although CrypNuevo sees potential for buying opportunities at lower levels in the $50,000 range, the analyst remains optimistic about Bitcoin’s upward trajectory, suggesting liquidity favors a climb to $73,000.
Considering the potential for Bitcoin to reach its all-time high of $73,000, CrypNuevo advises entering spot positions at these advantageous price levels.
Anticipated Volatility This Week
As the Jackson Hole Economic Symposium approaches this week, CrypNuevo highlighted the significance of this event. Market participants will eagerly await US Federal Reserve Chair Jerome Powell’s speech for insights into macroeconomic conditions.
Bitcoin is expected to face heightened volatility due to historical reactions to this event. Speculation surrounds Powell’s discussion on a potential rate cut in September, which could bolster confidence in risk assets like Bitcoin.
Bernstein analysts have suggested that Bitcoin’s price may trade sideways until an interest rate cut by the Fed triggers a bullish trend once again.
Image source: Dall-E, chart source: Tradingview