bullish

Value

Bitcoin

Due to market volatility and <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-traders-beware-analyst-warns-of-potential-traps/">Bitcoin (BTC) price fluctuations</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 <a href="https://www.newsbtc.com/news/best-long-term-bitcoin-buy-signal-flashes/">potential buying opportunities</a>.&nbsp; 
<h2 id="buy-levels-to-watch-for-the-bitcoin-price">Buy Levels To Watch For The Bitcoin Price</h2> 
A crypto analyst identified as ‘Stockmoney Lizards’ took to X (formerly Twitter) on August 1 to <a href="https://x.com/stockmoneyl/status/1819111433097154919?s=46" rel="nofollow">discuss</a> Bitcoin’s recent price movements, highlighting <a href="https://bitcoinist.com/bitcoin-important-levels-buying/" rel="nofollow">key buy levels</a> and the cryptocurrency’s propensity for a price increase. The analyst notes that <a href="https://bitcoinist.com/bitcoin-weak-btc-recovery-will-be-delayed/" rel="nofollow">Bitcoin’s current price actions</a> indicate a classic 5-wave uptrend followed by an ABC correction with an overarching wave B.&nbsp; 
An ABC correction is a continuous pattern that occurs during uptrends or downtrends. It is a pattern within the <a href="https://www.newsbtc.com/news/bitcoin-wyckoff-elliott-wave-predict-next-price-move/">Elliott Wave Theory</a> that reflects a three wave correction and helps identify a trend continuation.&nbsp; 
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&nbsp; a resistance. This means that Bitcoin’s price may face difficulty moving above this point.&nbsp;&nbsp;&nbsp;&nbsp; 
<img loading="lazy" decoding="async" class="size-medium wp-image-632975" src="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin-1.jpg?w=460&amp;resize=460%2C235" alt="Bitcoin 1" width="460" height="235" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin-1.jpg?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin-1.jpg?w=460&amp;resize=460%2C235 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
The analyst further revealed that the $66,745 price point also acted as a <a href="https://bitcoinist.com/bitcoin-price-analysis-btc-faces-resistance-despite-positive-inflation-report/" rel="nofollow">resistance level for Bitcoin</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.&nbsp; 
Moreover, the 1.618 <a href="https://bitcoinist.com/bitcoin-161800-target-fibonacci-elliott-wave-theory/" rel="nofollow">Fibonacci extension level</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 <a href="https://www.newsbtc.com/bitcoin-news/microstrategy-buys-additional-11930-btc-fibonacci-analysis-hints-at-160k-bitcoin-price-peak/">Fibonacci retracement level</a> and the Value Area Low (VAL), which are all important support levels.&nbsp; 
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, <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-pump-70k/">Bitcoin’s potential uptrend</a> 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.&nbsp; 
Overall, the crypto analyst is leaning towards a <a href="https://bitcoinist.com/bitcoin-take-charge-traders-flow-back-up-next-72000/" rel="nofollow">bullish outlook</a> 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.&nbsp; 
<h2 id="btc-poised-to-breakout-in-september">BTC Poised To Breakout In September</h2> 
Other analysts have also remained relatively <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recovers-65k/">bullish on Bitcoin’s price</a>, predicting rallies to new all-time highs for the pioneer cryptocurrency. According to a crypto analyst identified as ‘TOBTC’ on X, Bitcoin experienced a significant <a href="https://x.com/_tobtc/status/1819632649998422479?s=46" rel="nofollow">decline</a> in its price, falling below the $63,000 price mark.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium wp-image-632976" src="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin-2.jpg?w=460&amp;resize=460%2C249" alt="Bitcoin 2" width="460" height="249" srcset="https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin-2.jpg?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/08/Bitcoin-2.jpg?w=460&amp;resize=460%2C249 460w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
The analyst <a href="https://x.com/_tobtc/status/1819633508819914946?s=46" rel="nofollow">revealed</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 <a href="https://x.com/cryptomichnl/status/1819274433908875739?s=46" rel="nofollow">predicts</a> that if Bitcoin holds above $60,000 to $61,000, the cryptocurrency could witness an upward movement to <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-course-to-new-77604/">new all time highs</a> in September or October 2024.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/CoicCZtz/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1518">

Wondering When To Buy Bitcoin? Here Are The Levels To Watch

Table of Contents

NewsBTC

Other articles published on Aug 3, 2024

Bitcoin Investment: Analyzing Essential Metrics for Optimal Timing

How to Make $800 a Day in Passive Income with Free Cryptocurrency Investing

Indian Court Backs Crypto, Grants Bail to Yes World CEO

Bitcoin Whales Accumulate Heavily in July

Morgan Stanley Bets on Bitcoin with ETF Offering for Clients

Understanding Hoppy Coin’s Market Dynamics as World’s Best Crypto Presale Enters 7th Stage

Join our free newsletter for daily crypto updates!