Bitcoin (BTC) has crashed again to a four-month vary low of $60,000, presently buying and selling at $61,500. As issues develop, cryptocurrency analyst CrypNuevo initiatives BTC returning to the $67,000 value zone by the tip of July.
CrypNuevo shared this explicit evaluation in his “Sunday Replace” as a thread on X on June 30. Notably, the analyst foresees a unstable week forward as a consequence of macroeconomic information, which he expects BTC value to reply to.
Total, he talked about information associated to the MiCa regulation in Europe and different financial information, largely from the US, like non-farm payroll, unemployment fee, and FOMC minutes.
Moreover, the skilled dealer factors out three key Bitcoin ranges to observe within the following two to 3 weeks. In abstract, he believes Bitcoin will take a look at resistance at $64,000, retrace to $59,000, and surge to $67,000.
Bitcoin value evaluation and the highway again to $67,000
CrypNuevo identifies two key liquidity areas: $62,500 to $63,500 within the brief time period and $67,100 within the mid-term. In keeping with him, these are liquidation targets that crypto whales normally search for when setting squeezes.
Nevertheless, the analyst notes an extended wick on the chart, which generally wants filling to steadiness open curiosity gaps. This wick-filling course of has a excessive chance of occurring quickly, says CrypNuevo.
Consequently, the analyst initiatives a three-phase motion for Bitcoin over the following two to 3 weeks.
First, BTC will seemingly make an impulsive transfer as much as $64,000, liquidating high-leverage brief positions. Then, it might retrace to round $59,285, filling 50% of the wick. Lastly, Bitcoin might surge to $67,000, after forming a possible accumulation vary.
Merchants ought to intently monitor these key ranges and be ready for potential value swings. Regardless of short-term volatility, the general development suggests a bullish outlook for Bitcoin within the coming weeks. Notably, three in each 4 BTC merchants on Binance have opened lengthy positions within the final 24 hours.
Disclaimer: The content material on this web site shouldn’t be thought-about funding recommendation. Investing is speculative. When investing, your capital is in danger.