Crypto trader CrypNuevo shared a detailed Bitcoin (CRYPTO: BTC) forecast, predicting a bullish mid-term target.
What Happened: CrypNuevo addressed three key questions: the target of a potential retrace, the new CME gap and upside targets.
$BTC update: I'm feeling confident with my plan and I believe that the next natural mid-term target is the range highs. In this analysis, I'll try to answer these 3 question Q1: What's the target of a potential retrace? Q2: What about the new CME gap? Q3: Upside targets? pic.twitter.com/6OjSAw8wK1
— CrypNuevo (@CrypNuevo) July 17, 2024
For a potential retrace, CrypNuevo suggested that many are predicting a retest of the $60,000 range lows, but he believes it's less likely to occur. He identified chart targets between $61,500 and $62,500, and liquidity targets at $62,000 and $61,700. By combining these, he proposed an ideal area between $62,500 and $61,700.
Regarding the new CME gap, he stated, "Big CME gaps don't necessarily get filled immediately." He cited previous examples where a delay of at least 50 days was common, implying that the current CME gap doesn't need to be filled right away.
Addressing his last question, the trader identified the untapped highs between $71,500 and $73,700 as the next natural move. He also mentioned the liquidations at $68,000 as a good first-take profit area for a swing long.
Also Read: Trump, Bitcoin, Ethereum ETFs, Tokenization: Trader's Reasons For The 'Most Bullish Crypto Setup'
CrypNuevo's analysis provides valuable insights into Bitcoin's potential movements. His assertion that the CME gap doesn't need to be filled immediately could alleviate concerns about a potential immediate drop in Bitcoin's price.
What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
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オーストラリアでは、moomooの投資商品及びサービスはMoomoo Securities Australia Limitedによって提供され、オーストラリア証券投資委員会(ASIC)の管理を受けております(AFSL No. 224663)。「金融サービスガイド」、「利用規約」、「プライバシーポリシー」などの詳細は、Moomoo Securities Australia Limitedのウェブサイトhttps://www.moomoo.com/auでご確認いただけます。