{"id":632974,"date":"2024-08-03T23:00:30","date_gmt":"2024-08-03T23:00:30","guid":{"rendered":"https:\/\/wncen.com\/?p=632974"},"modified":"2024-08-03T14:23:31","modified_gmt":"2024-08-03T14:23:31","slug":"buy-bitcoin-levels-to-watch","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/buy-bitcoin-levels-to-watch\/","title":{"rendered":"Wondering When To Buy Bitcoin? Here Are The Levels To Watch"},"content":{"rendered":"

Due to market volatility and <\/span>Bitcoin (BTC) price fluctuations<\/span><\/a>, identifying the best times to buy the pioneer cryptocurrency can be challenging. Taking this into consideration, a crypto analyst has pinpointed key price levels for investors to monitor for <\/span>potential buying opportunities<\/span><\/a>.\u00a0<\/span><\/p>\n

Buy Levels To Watch For The Bitcoin Price<\/h2>\n

A crypto analyst identified as \u2018Stockmoney Lizards\u2019 took to X (formerly Twitter) on August 1 to <\/span>discuss<\/span><\/a> Bitcoin\u2019s recent price movements, highlighting <\/span>key buy levels<\/span><\/a> and the cryptocurrency\u2019s propensity for a price increase. The analyst notes that <\/span>Bitcoin\u2019s current price actions<\/span><\/a> indicate a classic 5-wave uptrend followed by an ABC correction with an overarching wave B.\u00a0<\/span><\/p>\n

Related Reading: Fox\u2019s Tucker Carlson Drops Bombshell: Did The CIA Create Bitcoin?<\/a><\/div>\n

An ABC correction is a continuous pattern that occurs during uptrends or downtrends. It is a pattern within the <\/span>Elliott Wave Theory<\/span><\/a> that reflects a three wave correction and helps identify a trend continuation.\u00a0<\/span><\/p>\n

Sharing a Bitcoin price chart illustrating each wave (A, B, and C), the analyst disclosed that Wave B ended at the Value Area High (VAH) around the $69,885 mark. According to the analyst, this price level historically acted as\u00a0 a resistance. This means that Bitcoin\u2019s price may face difficulty moving above this point.\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

\"Bitcoin
Source: X<\/figcaption><\/figure>\n

The analyst further revealed that the $66,745 price point also acted as a <\/span>resistance level for Bitcoin<\/span><\/a>. He highlighted this critical level on the BTC price chart, emphasizing that the red line represents a Point Of Control (POC) for the cryptocurrency.\u00a0<\/span><\/p>\n

Moreover, the 1.618 <\/span>Fibonacci extension level<\/span><\/a> for Bitcoin is identified as a potential support area for a new uptrend. The analyst disclosed that this crucial level coincides with the 0.5 <\/span>Fibonacci retracement level<\/span><\/a> and the Value Area Low (VAL), which are all important support levels.\u00a0<\/span><\/p>\n

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, <\/span>Bitcoin\u2019s potential uptrend<\/span><\/a> was still intact, adding that if the cryptocurrency\u2019s price breaks below the $61,800 mark, then a further decline to test the 2.618 Fibonacci extension at $56,800 should be expected.\u00a0<\/span><\/p>\n

Overall, the crypto analyst is leaning towards a <\/span>bullish outlook<\/span><\/a> for the short term and mid term timeframes in Bitcoin\u2019s 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.\u00a0<\/span><\/p>\n

BTC Poised To Breakout In September<\/h2>\n

Other analysts have also remained relatively <\/span>bullish on Bitcoin\u2019s price<\/span><\/a>, predicting rallies to new all-time highs for the pioneer cryptocurrency. According to a crypto analyst identified as \u2018TOBTC\u2019 on X, Bitcoin experienced a significant <\/span>decline<\/span><\/a> in its price, falling below the $63,000 price mark.\u00a0<\/span><\/p>\n

Related Reading: Crypto Analyst Warns That Bitcoin Could Crash To $42,000 If This Happens<\/a><\/div>\n
\"Bitcoin
Source: X<\/figcaption><\/figure>\n

The analyst <\/span>revealed<\/span><\/a> that despite Bitcoin getting rejected at the $70,000 resistance, a potential breakout is expected by September. This bullish sentiment is shared by a different crypto analyst, Michael van de Poppe, who <\/span>predicts<\/span><\/a> that if Bitcoin holds above $60,000 to $61,000, the cryptocurrency could witness an upward movement to <\/span>new all time highs<\/span><\/a> in September or October 2024.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC price drops below $62,000 | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Due to market volatility and Bitcoin (BTC) price fluctuations, identifying the best times to buy the pioneer cryptocurrency can be challenging. Taking this into consideration, a crypto analyst has pinpointed key price levels for investors to monitor for potential buying opportunities.\u00a0 Buy Levels To Watch For The Bitcoin Price A crypto analyst identified as \u2018Stockmoney Lizards\u2019 took to X (formerly Twitter) on August 1 to discuss Bitcoin\u2019s recent price movements, highlighting key buy levels and the cryptocurrency\u2019s propensity for a price increase. The analyst notes that Bitcoin\u2019s current price actions indicate a classic 5-wave uptrend followed by an ABC correction with an overarching wave B.\u00a0 Related Reading: Fox\u2019s Tucker Carlson Drops Bombshell: Did The CIA Create Bitcoin? 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.\u00a0 Sharing a Bitcoin price chart illustrating each wave (A, B, and C), the analyst disclosed that Wave B ended at the Value Area High (VAH) around the $69,885 mark. According to the analyst, this price level historically acted as\u00a0 a resistance. This means that Bitcoin\u2019s price may face difficulty moving above this point.\u00a0\u00a0\u00a0\u00a0 The analyst further revealed that the $66,745 price point also acted as a resistance level for Bitcoin. He highlighted this critical level on the BTC price chart, emphasizing that the red line represents a Point Of Control (POC) for the cryptocurrency.\u00a0 Moreover, the 1.618 Fibonacci extension level for Bitcoin is identified as a potential support area for a new uptrend. The analyst disclosed that this crucial level coincides with the 0.5 Fibonacci retracement level and the Value Area Low (VAL), which are all important support levels.\u00a0 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\u2019s potential uptrend was still intact, adding that if the cryptocurrency\u2019s price breaks below the $61,800 mark, then a further decline to test the 2.618 Fibonacci extension at $56,800 should be expected.\u00a0 Overall, the crypto analyst is leaning towards a bullish outlook for the short term and mid term timeframes in Bitcoin\u2019s 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.\u00a0 BTC Poised To Breakout In September Other analysts have also remained relatively bullish on Bitcoin\u2019s price, predicting rallies to new all-time highs for the pioneer cryptocurrency. According to a crypto analyst identified as \u2018TOBTC\u2019 on X, Bitcoin experienced a significant decline in its price, falling below the $63,000 price mark.\u00a0 Related Reading: Crypto Analyst Warns That Bitcoin Could Crash To $42,000 If This Happens The analyst revealed that despite Bitcoin getting rejected at the $70,000 resistance, a potential breakout is expected by September. This bullish sentiment is shared by a different 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.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":632977,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-632974","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nWondering When To Buy Bitcoin? 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Wondering When To Buy Bitcoin? 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