Bitcoin
This is when Bitcoin will hit $67,000 again, according to analyst
Bitcoin (Bitcoin) has fallen back to a four-month low of $60,000 and is currently trading at $61,500. As things develop, cryptocurrency Analyst CrypNuevo projects that BTC will return to the $67,000 price zone by the end of July.
CrypNuevo shared this specific analysis in its “Sunday Update” as a wire about X on June 30th. Notably, the analyst predicts a volatile week ahead due to macroeconomic news, which he expects BTC price to respond to.
Overall, he mentioned news related to MiCa regulation in Europe and other economic data, mainly from the United States, such as nonfarm payrolls, unemployment rate and FOMC minutes.
Furthermore, the professional trader points out three key Bitcoin levels to watch over the next two to three weeks. In summary, he believes Bitcoin will test resistance at $64,000, return to $59,000 and rise to $67,000.
Bitcoin Price Analysis and the Road Back to $67,000
CrypNuevo identifies two main areas of liquidity: $62,500 to $63,500 in the short term and $67,100 in the medium term. According to him, these are liquidation targets that crypto whales tend to look for when it comes time to squeeze.
Bitcoin (BTC) settlement heatmap. Source: Hyperblock Capital/CrypNuevo
However, the analyst notes a long wick on the chart, which typically needs to be filled to balance open interest gaps. This wick filling process has a high probability of occurring soon, says CrypNuevo.
Consequently, the analyst projects a three-phase move for Bitcoin over the next two to three weeks.
First, BTC will likely make an impulsive move to $64,000, liquidating high leverage short positions. Then, it could pull back to around $59,285, filling 50% of the wick. Finally, Bitcoin could rise to $67,000 after forming a potential accumulation range.
Traders should closely monitor these key levels and be prepared for potential price swings. Despite the short-term volatility, the overall trend suggests a optimistic outlook for Bitcoin in the coming weeks. Particularly, three out of four BTC traders on Binance have opened long positions in the last 24 hours.
Disclaimer: The content of this website should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.