Analyst Predicts the Timing for Bitcoin to Hit $67,000 Once More

Bitcoin (BTC) has plunged to a recent low within a four-month span, touching $60,000, and is presently valued at $61,500. Amidst ongoing developments, cryptocurrency analyst CrypNuevo envisions a climb for BTC to the $67,000 mark by late July.

The forecast by CrypNuevo was disseminated in his latest “Sunday Update,” which took the form of a thread on X dated June 30. He anticipates a week characterized by pronounced volatility, partly due to pivotal macroeconomic developments expected to influence BTC’s pricing.

Significant among the anticipated news, he mentioned the MiCa legislation unfolding in Europe, coupled with economic indicators from the United States such as the non-farm payroll figures, jobless rates, and the release of FOMC minutes.

He also highlighted three crucial levels for Bitcoin to monitor in the coming two to three weeks, summarizing that we should anticipate a test of the $64,000 resistance, a retraction to $59,000, and a subsequent rise to $67,000.

Analyzing Bitcoin’s Price Trajectory to $67,000

CrypNuevo has identified a couple of vital liquidity zones at $62,500 to $63,500 in the immediate term and at $67,100 over a medium period. In his view, these areas represent possible liquidation points for major traders in the event of short squeezes.

Moreover, the analyst draws attention to a prominent wick in the chart, suggesting a need to fill it and thereby close the gaps in open interest. CrypNuevo affirms that there is a strong likelihood that this wick-filling episode will transpire shortly.

Looking ahead, he projects a tripartite pattern in Bitcoin’s movement spanning the next couple of weeks.

Initially, an impulsive ascension to the $64,000 threshold is anticipated, aiming to liquidate overly leveraged short bets. This could be followed by a descent to approximately $59,285, covering half of the aforementioned wick. The final phase might witness Bitcoin’s surge to the $67,000 milestone, post an assumed accumulation phase.

Market participants are advised to keep a vigilant eye on these pivotal price points, staying agile in response to expected market fluctuations. Despite near-term irregularities, the prevalent sentiment gears towards a bullish narrative for Bitcoin over the forthcoming weeks, highlighted by the fact that three quarters of Bitcoin traders on Binance have initiated long positions within a single day.

Disclaimer: The information provided herein is not to be construed as investment advice. Investment activities are speculative by nature and come with a risk to capital.