CrypNuevo Cryptocurrency Analyst Highlights key price levels to watch out for this week for those looking for a buying opportunity in Bitcoin. The analyst also provides other valuable insights into Current Bitcoin Price Action And what to expect from the leading cryptocurrency in the future.
Potential Opportunity to Buy Bitcoin at Low Price of $51,500
In X (formerly Twitter) mailCrypNuevo has suggested that Bitcoin investors could once again get a chance to buy the leading cryptocurrency at a price as low as $51,500. This came after he analyzed an immediate buying opportunity on Bitcoin Higher Time FrameThe analyst pointed out that $53,600 and $51,500 are two potential levels where the cryptocurrency could fall to the wicks on the 1-week and 1-day timeframes.
As such, CrypNuevo noted that those who missed the recent Bitcoin crash, when dropped to less than $50kInvestors will get another chance to buy the leading cryptocurrency at a discounted price. Meanwhile, while analyzing the Bitcoin price action on the lower timeframe, the analyst noted that retail traders will be paying attention and eyeing the trading price levels around $59,830.
As such, he claimed that there might be some manipulation by market makers around this price level. CrypNuevo stated that there might be a con above this price level at the beginning of the week, after which Bitcoin would drop to the new wick at $56,000.
Meanwhile, while CrypNuevo believes that Bitcoin can offer New buying opportunity With it falling to lower levels in the $50,000 range, the analyst is confident that Bitcoin still has enough strength to move higher. “The liquidity in the bigger picture is clear,” he said. Rise to $73,000“.”
Therefore, the crypto analyst felt it was safe to enter spot positions at these low prices as the leading cryptocurrency is likely to rally to its highs. Current All Time High (ATH) Priced at $73,000.
Interesting week ahead
As CrypNuevo noted, this week is an interesting one, with JExxon Hall Economic Symposium The event will take place on Friday. The crypto community will be watching as the US Federal Reserve Chairman speaks. Jerome Powell He will talk and possibly give clues about what to expect from the macro side.
The cryptocurrency analyst noted that Bitcoin will see a lot of volatility this week, as the historically leading cryptocurrency reacts significantly to the event. Powell is expected to discuss Possible interest rate cutwhich Bitcoin investors are eagerly anticipating in September. The move is expected to boost confidence in risky assets, including Bitcoin.
Bernstein analysts already have Proposed Bitcoin price is expected to continue trading sideways and will not become bullish again until the Federal Reserve decides to cut interest rates.
Cover image from Dall-E, chart from Tradingview