TL;DR
- Short-Term Bull Trap: Bitcoin analyst CrypNuevo predicts a brief breakout to around $62,000, followed by a drop below $54,000, creating a “bull trap” for traders.
- Buying Opportunities: Despite the short-term bearish outlook, CrypNuevo identifies potential buying opportunities at $53,600 and $51,500, with a possibility of prices dipping below $50,000.
- Mid-Term Bullish Outlook: CrypNuevo maintains a mid-term bullish stance, forecasting a rise to Bitcoin’s all-time high of $73,000, targeting key liquidity zones at $63,000, $67,000, $70,500, and $73,000.
As traders and investors eagerly await the next potential buying opportunity, the cryptocurrency market remains divided on whether a bull rally is imminent. On August 18, Bitcoin analyst CrypNuevo released his “Sunday Update,” outlining potential price trends for BTC.
New HTF potential spot buy opportunity? 👀
$53.6k and $51.5k are two potential levels that price will go to in order to fill those wicks in 1W & 1D time frames.
So if you missed this move, you could likely be able to buy back at those levels again. pic.twitter.com/ZKM8nB6r76
— CrypNuevo 🔨 (@CrypNuevo) August 18, 2024
He anticipates a brief breakout from a descending broadening wedge pattern, a setup recognized by numerous traders. Some analyses suggest this pattern could push BTC to $100,000, while others caution about potential declines.
CrypNuevo expects a short spike to approximately $62,000, which he thinks will attract breakout traders, followed by a drop below $54,000. He argues that this pattern will form a “bull trap.”
Potential Buying Opportunities
In a wider context, CrypNuevo views this downturn as a chance to make strategic purchases. Employing his “fill the wick” approach, he has pinpointed two significant price targets: $53,600 and $51,500. There’s also a chance that prices could fall below $50,000 if the market conditions are favorable.
Even with a cautious short-term perspective, CrypNuevo holds an optimistic mid-term view, predicting that Bitcoin could soar to its previous peak of $73,000. He highlights key liquidity zones at $63,000, $67,000, $70,500, and $73,000 as potential targets, indicating that BTC is likely to aim for these price points.
Navigating Market Volatility
CrypNuevo advises traders to watch for these price points, noting the high volatility of cryptocurrencies and the inherent risks. Even seasoned traders need to approach unforeseen market fluctuations with care.
Bitcoin (BTC) is again trading around the $60,000 psychological level, encouraging both bullish and bearish analyses in the market. While the leading cryptocurrency decides its direction, traders and investors look for the next buying opportunity before a bull rally starts.
In particular, Bitcoin’s trading expert CrypNuevo posted his “Sunday Update” on August 18, highlighting potential movements for BTC price.
Initially, the analyst anticipates that Bitcoin will make a short-lived breakout from a descending broadening wedge chart pattern identified by various traders. Finbold has previously highlighted two analyses discussing this pattern, with one targeting the $100,000 milestone and the other cautioning about possible downward risks.
CrypNuevo anticipates a possible shift in the trend that could “trap breakout traders” as it approaches the $62,000 mark. He is then biased toward the short-term downside potential after this expected bull trap, driving prices to sub-$54,000.
Bitcoin’s Two Potential Buying Opportunities
Taking a broader perspective, a higher time frame chart suggests that this movement might present a “potential spot buy opportunity.” The analyst bases this on his “fill the wick” strategy, which has demonstrated significant accuracy in previous trades.
He keenly identified two promising wicks across various time frames, preparing to hit the “buy” button. The first target is set at $53,600, while the second aligns with 50% of the one-week and one-day charts at $51,500.
Nevertheless, there’s a chance of witnessing prices dip below $50,000 if market makers pursue the full extent of the wick. As the market continues to evolve, traders and investors must stay vigilant and adapt to the ever-changing landscape of cryptocurrency trading.
