Analyst predicts Bitcoin will hit 67000 again at this specific time
Bitcoin (BTC) has tumbled to a four-month low within the range of $60,000, presently hovering around $61,500. Forecasts from cryptocurrency analyst CrypNuevo indicate that BTC could rebound to the $67,000 mark by the close of July. This analysis was shared by CrypNuevo in his recent “Sunday Update” discourse on Twitter on June 30. Anticipating a volatile upcoming week influenced by macroeconomic developments, the analyst predicts that Bitcoin’s price will react accordingly.
Among the various news items highlighted by CrypNuevo are the MiCa regulation in Europe and significant economic data, predominantly from the United States, including non-farm payroll figures, the unemployment rate, and the release of FOMC minutes.
In addition, the seasoned trader outlines three pivotal levels for Bitcoin to monitor over the next two to three weeks. In essence, the trajectory proposed suggests that Bitcoin will challenge resistance at $64,000, retrace back to $59,000, and then surge towards $67,000.
Identifying key liquidity zones, CrypNuevo pinpoints the levels between $62,500 to $63,500 for the short term and $67,100 for the mid-term. These areas are deemed as targets for liquidation sought by large crypto investors when initiating market squeezes.
CrypNuevo also observes a notable long wick on the chart that typically necessitates filling to address open interest gaps. This process of filling the wick is highly likely to occur in the near future, as per CrypNuevo’s analysis.
The analyst envisions a three-phase trajectory for Bitcoin in the coming weeks. Initially, BTC is expected to make a swift upward movement towards $64,000, thus liquidating highly leveraged short positions. Subsequently, a retracement to approximately $59,285 is foreseen to fill 50% of the wick, followed by a potential surge to $67,000, forming a potential accumulation range.
Traders are advised to carefully monitor these critical levels and brace themselves for potential fluctuations in prices. Despite short-term volatility, the prevailing trend indicates an optimistic outlook for Bitcoin in the near future. Notably, a significant majority of traders on Binance, specifically three out of every four BTC traders, have initiated long positions within the last 24 hours.
Disclaimer: The information presented in this content should not be regarded as financial advice. Investment decisions carry inherent risks, and caution should be exercised while considering investment opportunities.