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Bitcoin has once again dropped to its lowest level in four months, reaching $60,000 and currently trading at $61,500. However, according to cryptocurrency analyst CrypNuevo, BTC is projected to return to the $67,000 price range by the end of July.
CrypNuevo shared this analysis in their recent “Sunday Update” as a thread on X, highlighting the potential for a volatile week ahead. They believe that BTC’s price will respond to macroeconomic news, particularly news regarding the MiCa regulation in Europe as well as economic data from the United States, such as the non-farm payroll, unemployment rate, and FOMC minutes.
The analyst also points out three Bitcoin levels to monitor over the next two to three weeks. They anticipate that Bitcoin will test resistance at $64,000, then retrace to $59,000, before ultimately surging to $67,000.
In terms of liquidity areas, CrypNuevo identifies $62,500 to $63,500 in the short term and $67,100 in the mid-term as significant targets for crypto whales when setting squeezes. Additionally, CrypNuevo notes a long wick on the chart that needs filling to balance open interest gaps. This wick-filling process is likely to occur soon, according to the analyst.
Based on their analysis, CrypNuevo envisions a three-phase movement for Bitcoin in the upcoming weeks. The first phase involves an impulsive move up to $64,000, followed by a retracement to around $59,285 to fill 50% of the wick. Finally, Bitcoin could surge to $67,000 after forming a potential accumulation range.
Traders are advised to closely monitor these key levels and be prepared for potential price swings. Despite short-term volatility, the overall trend suggests a bullish outlook for Bitcoin in the coming weeks. Interestingly, around 75% of BTC traders on Binance have opened long positions in the last 24 hours.
It is important to note that the content on this site should not be considered investment advice, as investing always carries risk.