The price of Bitcoin is always moving, making it tough to know when to buy. But a crypto analyst has some tips on what to watch for.
Key Levels to Watch
One analyst, known as “Stockmoney Lizards,” has identified some key levels that could signal good buying opportunities.
- Resistance Levels: Bitcoin has struggled to break through $69,885 and $66,745 in the past. These are considered resistance levels, meaning the price may have trouble moving higher.
- Support Levels:
The analyst sees potential support around $61,800 to $62,300. This could be a good time to buy. - Fibonacci Levels: The 1.618 Fibonacci extension level is also seen as a potential support area. This level aligns with other important support levels.
What if Bitcoin drops below $61,800? The analyst believes Bitcoin could fall further to test the 2.618 Fibonacci extension at $56,800.
Bullish Outlook for Bitcoin
Overall, this analyst is optimistic about Bitcoin’s short-term and mid-term prospects.
Other analysts are also bullish on Bitcoin. “TOBTC” believes Bitcoin could break out in September, even though it recently fell below $63,000. Michael van de Poppe thinks Bitcoin could hit new all-time highs in September or October 2024 if it stays above $60,000 to $61,000.
