Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Bitcoin Analyst Predicts Short-Term Dip, Mid-Term Rally

Bitcoin Analyst Predicts Short-Term Dip, Mid-Term Rally

Cryptodnes2024/08/19 06:21
By:Cryptodnes

Bitcoin (BTC) is once again hovering around the significant $60,000 mark, stirring mixed sentiment among market participants.

As traders and investors anticipate the next potential buying opportunity, the market remains divided on whether a bull rally is imminent.

On August 18, Bitcoin analyst CrypNuevo shared his “Sunday Update,” detailing possible price movements for BTC. He predicts a short-term breakout from a descending broadening wedge pattern, a formation observed by various traders. Some analyses suggest this pattern could push BTC to $100,000, while others caution about potential declines.

CrypNuevo anticipates a brief surge to around $62,000, which he believes will lure breakout traders before a subsequent decline to below $54,000. This move, he suggests, will create a “bull trap.”

READ MORE:
We Still Haven’t Experienced the Real Bitcoin Bull Run, According to Blockstream CEO

On a broader scale, CrypNuevo sees this dip as a potential buying opportunity. Using his “fill the wick” strategy, he identifies two key targets: $53,600 and $51,500, with a possibility of prices dropping below $50,000 if market conditions align.

Despite this short-term bearish outlook, CrypNuevo maintains a mid-term bullish stance, forecasting a rise to BTC’s all-time high of $73,000. He points to significant liquidity pools at $63,000, $67,000, $70,500, and $73,000 as targets, suggesting that BTC will likely pursue these levels.

CrypNuevo advises traders to watch for these price points, noting the high volatility of cryptocurrencies and the inherent risks. Even experienced traders must navigate unexpected market movements with caution.

SHARE: SHARES
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!