BTC Poised To Breakout In September

Due to market volatility and Bitcoin (BTC) price fluctuations, identifying the best times to buy the pioneer cryptocurrency can be challenging.

A crypto analyst has pinpointed key price levels for investors to monitor for potential buying opportunities in light of Bitcoin’s (BTC) recent price movements.

The analyst, known as ‘Stockmoney Lizards,’ took to X (formerly Twitter) on August 1 to discuss Bitcoin’s recent price actions, highlighting key buy levels and the cryptocurrency’s propensity for a price increase.

According to the analyst, Bitcoin’s current price actions show a classic 5-wave uptrend followed by an ABC correction with an overarching wave B.

An ABC correction is a continuous pattern that occurs during uptrends or downtrends. It is a pattern within the Elliott Wave Theory that reflects a three wave correction and helps identify a trend continuation.

Sharing a Bitcoin price chart that illustrates each wave (A, B, and C), the analyst noted that Wave B ended at the Value Area High (VAH) around the $69,885 price point. This price level has historically acted as a resistance, which means that Bitcoin’s price may encounter difficulty moving above this point.

The analyst also highlighted the $66,745 price point, which acted as a resistance level for Bitcoin. This critical level was marked on the BTC price chart, with the red line indicating a Point Of Control (POC) for the cryptocurrency.

Furthermore, the 1.618 Fibonacci extension level for Bitcoin is identified as a potential support area for a new uptrend. This crucial level coincides with the 0.5 Fibonacci retracement level and the Value Area Low (VAL), which are all important support levels, the analyst disclosed.

Concluding his analysis, the crypto analyst suggested that the support area between $61,800 and $62,300 was an important buying level to watch out for. He noted that on the higher timeframe, Bitcoin’s potential uptrend was still intact, adding that if the cryptocurrency’s price breaks below the $61,800 mark, then a further decline to test the 2.618 Fibonacci extension at $56,800 should be expected.

Overall, the crypto analyst appeared to be leaning towards a bullish outlook for the short term and mid term timeframes in Bitcoin’s price. At the time of writing, Bitcoin is trading at $61,594, reflecting a 4.21% decline in the last 24 hours, according to CoinMarketCap.

BTC Poised To Breakout In September

Other analysts have also remained relatively bullish on Bitcoin’s price, predicting rallies to new all-time highs for the pioneer cryptocurrency. According to a crypto analyst, who goes by the handle ‘TOBTC’ on X, Bitcoin experienced a significant decline in its price, falling below the $63,000 price mark.

The analyst noted that despite Bitcoin getting rejected at the $70,000 resistance, a potential breakout is expected by September. This bullish sentiment is shared by another crypto analyst, Michael van de Poppe, who predicts that if Bitcoin holds above $60,000 to $61,000, the cryptocurrency could witness an upward movement to new all time highs in September or October 2024.