Analyst Identifies Upcoming Bitcoin Purchase Opportunity Ahead of Potential Surge to $73,000
Currently hovering around the $60,000 benchmark, Bitcoin (BTC) has stirred a wave of excitement with diverse optimistic and pessimistic perspectives across the trading arena. Market participants are eager to identify the ideal moment for their next investment in anticipation of a potential uptrend in value.
Bitcoin analyst CrypNuevo recently shared insights in his “Sunday Update” on August 18 regarding the near-future price actions of BTC, captured in his detailed analysis.
He anticipates a short-lived rise above a descending broadening wedge—a pattern observed by several market watchers. Notably, this pattern has been referenced in two Finbold reports, predicting completely different outcomes: one suggests a surge to $100,000, while another cautions about a potential price drop.
Further, CrypNuevo surmises the price might falsely spike to near $62,000, temporarily misleading traders, before reversing to a lower trajectory potentially below $54,000.
Bitcoin (BTC/USDT) 4-hour price chart. Source: TradingView / CrypNuevo
Bitcoin and Its Two Key Entry Points
A long-term perspective reveals that this interim downtrend might present an optimal purchasing window. “Fill the wick” strategy, a method with a strong track record, serves as the basis of this anticipation.
There are two prominent wicks on various time scales observed by the analyst. His acquisition intentions are situated at $53,600, and at the midpoint of the one-week and one-day charts’ wicks, $51,500. Nonetheless, a dive below $50,000 isn’t out of the question if market forces target a complete wick retrace.
The Ascension of BTC Towards $73,000
While a bearish sentiment may precede the comments from Jerome Powell at the forthcoming Jackson Hole Symposium, CrypNuevo maintains a longer-term positive outlook that could project the BTC valuation back to its historical peak of $73,000.
He pinpoints substantial liquidity pools at price points of $63,000, $67,000, $70,500, and the apex at $73,000. His strategy in following these liquidity accumulations has repeatedly proven its precision in forecasting directional tendencies.
In conclusion, CrypNuevo envisions BTC’s pursuit of these higher valuation targets, possibly reaching the pinnacle of $73,000. In the interim, potential dips to $53,600 and $51,500 could forge fruitful purchasing scenarios for strategic in
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