Bitcoin (BTC) has crashed assist to a four-month vary low of $60,000, for the time being trading at $61,500. As issues draw, cryptocurrency analyst CrypNuevo projects BTC returning to the $67,000 ticket zone by the stay of July.
CrypNuevo shared this issue evaluation in his “Sunday Change” as a thread on X on June 30. Particularly, the analyst foresees a volatile week forward ensuing from macroeconomic news, which he expects BTC ticket to answer to.
Total, he talked about news associated to the MiCa legislation in Europe and various economic records, mostly from the US, like non-farm payroll, unemployment fee, and FOMC minutes.
Furthermore, the reliable vendor formulation out three key Bitcoin ranges to peek in the following two to three weeks. In summary, he believes Bitcoin will test resistance at $64,000, retrace to $59,000, and surge to $67,000.
Bitcoin ticket evaluation and the avenue assist to $67,000
CrypNuevo identifies two key liquidity areas: $62,500 to $63,500 in the short term and $67,100 in the mid-term. Fixed with him, these are liquidation targets that crypto whales customarily detect for when surroundings squeezes.
Alternatively, the analyst notes a lengthy wick on the chart, which on the total needs filling to steadiness initiate pastime gaps. This wick-filling course of has a high likelihood of happening soon, says CrypNuevo.
As a consequence, the analyst projects a 3-section trail for Bitcoin over the subsequent two to three weeks.
First, BTC will doubtless make an impulsive switch as a lot as $64,000, liquidating high-leverage short positions. Then, it would possibly possibly perhaps additionally honest retrace to around $59,285, filling 50% of the wick. Sooner or later, Bitcoin would possibly possibly perhaps surge to $67,000, after forming a potential accumulation vary.
Traders need to calm closely video show these key ranges and be ready for potential ticket swings. No topic short-term volatility, the total pattern suggests a bullish outlook for Bitcoin in the coming weeks. In particular, three in every four BTC merchants on Binance own opened lengthy positions in the last 24 hours.
Disclaimer: The assert on this position need to calm no longer be notion to be funding advice. Investing is speculative. When investing, your capital is at anguish.
