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

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.

Alexander Stefanov