Bitcoin (BTC) Price Analysis: Key Levels and Optimal Entry Points to Watch Out For

A crypto analyst has meticulously outlined a detailed list of key levels and optimal entry points for investors to buy and sell Bitcoin (BTC) for potential profits.

A crypto analyst has outlined several key levels for buying and selling Bitcoin (BTC) for potential profits.

The analyst, known as ‘Scient,’ shared a detailed chart on July 22, highlighting crucial zones to watch out for in BTC’s price action. According to Scient, these levels are crucial for both current BTC owners and sideliners.

The first key level to watch is the Range-Mid S/R, which is currently where the market is at, spanning between $65,300 and $66,500. The longer Bitcoin’s price consolidates above this level, the higher the probability of reaching new all-time highs, presenting a prime selling opportunity.

Bitcoin has had three daily closes above the Range-Mid S/R level, making the trend more bullish.

Possible scenarios for Bitcoin’s price movements based on market conditions and key levels are as follows:

A higher squeeze from Range-Mid level toward the $72,000 price mark will present decent sell pressure around this zone without an immediate break out to new all time highs.

This zone would be a good area to take profit or go short on a scalp trade.

Scalp trading involves hyper short term trading strategies that require quickly buying and selling cryptocurrencies to gain fast profit from small price changes.

If Bitcoin closes back below the Range-Mid S/R zone, there will be an opportunity to buy the cryptocurrency at a lower price.

The range lows, presenting a strong buy zone, are between $59,000 and $60,000, where there is a confluence of 1-Day 200 EMA, 1-Day FVG and 1-Day demand.

According to the crypto analyst, if investors tap into this crucial area, it could provide another great opportunity for scalp trading.

Another crucial buy zone for BTC is between $57,256 and $55,888. This second buy zone is a “must-hold area,” presenting macro diagonal trend support from 2019.

Losing this diagonal support could lead to a prolonged downtrend for Bitcoin, signaling the beginning of a long winter.

Bitcoin Sets Sight On A Breakout To $100,000

In his post, Scient also shared his outlook for Bitcoin, disclosing that the cryptocurrency could witness a bullish breakout to new all-time highs of around $100,000.

He highlighted his optimistic outlook for BTC, attributing his bullish sentiment to the current market strength.

The analyst described his ideal market scenario as a squeeze into the sell zone from Bitcoin’s current position, followed by several weeks of consolidation between the sell zone and Range-mid, culminating in a price breakout exceeding $100,000.